Iteris Swaps CFO, Reports Accounting Issues

Santa Ana-based Iteris, which develops traffic management products and technology, said late Tuesday that it has replaced its CFO, and may face a "material weakness" in its internal controls over financial reporting. The company said it has named Craig Christensen as its interim CFO. Christensen was the company's VP and controller since April of 2012, and also has served at SM&A and Ernst & Young LLP. Christensen replaces former CFO Chuck McBride, who has resigned. According to Iteris, it will require additional time to complete its audit for the fiscal year ended March 31, 2014. The company blamed the delay in internal control issues over multi-element contracts.