A filing with the Securities and Exchange Commission did not provide further details about why McHugh is stepping down on May 31.
Accretive loses another C-level officer
Sean Orr, CFO and treasurer, will take over McHugh's responsibilities until a replacement is found, the filing detailed.
Shares of Accretive have been trading on the over-the-counter market since March after being delisted from the New York Stock Exchange. The Chicago-based company has been restating financial results from as far back as 2011 and has failed to file financial reports for 2012 and 2013.
Its accounting challenges have topped off a host of other legal and operational woes.
The company also has faced churn at the top of the organization. Most recently, CEO Steve Schuckenbrock announced his retirement after just a year into the job. Schuckenbrock joined Accretive in April 2013 to replace company co-founder Mary Tolan in the top post. He will finish out his contract, which expires in October.
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