LAFOX, IL -- Arthur Buckland has resigned as president, COO and board member of Richardson Electronics, effective immediately. According to the company, he is leaving to pursue personal interests.  Edward Richardson will take his place until a permanent replacement is found. 
 
The company also discovered errors in financial accounting at one of its Italian subsidiaries, according to a release on PR Newswire. The company has not yet determined the impact of these errors for any specific period, but it estimates that the errors will reduce stockholders' equity by approximately $3 million to $4 million. 
 
While the company continues to evaluate the magnitude and impact of these errors, its financial statements for the previous three years and their interim periods should not be relied upon, according to the report.  The company is evaluating the adequacy of its accounting for income taxes in certain foreign jurisdictions for prior periods and is in continuing discussions with the present and former auditors concerning these matters.
 
As a result of ongoing evaluation of these accounting errors, Richardson does not expect to file its Form 10-Q for its fiscal quarter ended March 4, 2006 by the filing deadline.