Bankrate Appoints Steven Barnhart As Interim CFO; Announces SEC Investigation

(RTTNews) - Bankrate Inc. (RATE) announced the appointment of Steven Barnhart, as interim CFO, effective immediately. He succeeds Edward DiMaria, Senior Vice President and Bankrate's current CFO. DiMaria has resigned as CFO. He will remain a Senior Vice President of Bankrate.

Barnhart was most recently Senior Vice President and CFO of Sears Hometown and Outlet Stores. Barnhart will report to Bankrate's President and CEO, Kenneth Esterow.

Bankrate also announced that the Securities and Exchange Commission, SEC, is conducting a non-public formal investigation relating to the company's financial reporting during 2012, with the principal focus on the quarters ending March 31, 2012 and June 30, 2012. The investigation is examining whether accounting entries in these periods may have improperly impacted the company's reported results, including relative to market expectations at such time. On September 14, the company's Audit Committee concluded that the company's previously issued financial statements for each of fiscal years 2011, 2012 and 2013 should no longer be relied upon pending the conclusion of a full internal review of the matters.