Bank of America Corporation (NYSE:BAC): Last year, Fannie Mae (FNMA) presented Bank of America with nearly 20 percent more than it was contractually obligated to transfer the servicing of bad loans to another firm, according to a report by the inspector general for the Federal Housing Finance Agency, reports Reuters.
Advanced Micro Devices (NYSE:AMD): Thomas Seifert has decided to resign as the company’s chief financial officer. In a statement that was released late Monday, AMD made sure to go to great lengths to explain Seifert’s departure, which is to be effective Sept. 28. The company stated that the resignation was “not based on any disagreement over the company’s accounting principles or practices, or financial statement disclosures.” Seifert is stepping down “to pursue other opportunities,” the company added. Last year, he served as AMD’s CEO on an interim basis, and Devinder Kumar, who is a corporate controller and a 28-year AMD veteran, will take the role of interim CFO as the company searches for a permanent replacement.
Toyota Motor Corporation (NYSE:TM) and Honda (NYSE:HMC) dealerships located in the Chinese city of Qingdao saw major damage at the hands of arsonists during demonstrations, The New York Time reports. Due to this anti-Japanese violence around China, Nissan (NSANY) has made the decision to suspend production in the country for two days, according to the publication. Additonally, Mazda Motor intends to pause production at its Nanjing factory, which is jointly operated with Chongqing Changan Automobile and Ford Motor (NYSE:F), for four days. A Panasonic (NYSE:PC) plant saw a great deal of damage and will continue to be closed through today, and Canon (NYSE:CAJ) also closed three out of four of its Chinese factories today, the newspaper added.
OCZ Technology Group (NYSE:OCZ) announced the resignation of Ryan Petersen as president and CEO of the company. Alex Mei, who is currently OCZ Technology’s chief marketing officer, will serve as interim CEO. The announcement comes only two weeks following management’s statement that Q2 revenue would miss company expectations. In the company’s announcement of his resignation, Petersen stated: “I am very pleased to have transitioned the company from a niche developer, manufacturer, and seller of high-performance DRAM memory modules to a global leader in solid-state storage solutions.”
Apple Inc. (NASDAQ:AAPL): Sprint (NYSE:S) is expected to cease offering the iPhone 4 beginning on September 21, according to 9to5Mac, who cites Sprint’s pre-launch materials. The iPhone 5 will launch on September 21.
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