WageWorks Inc. WAGE, -0.11% said late Thursday it has appointed Chief Operating Officer Edgar Montes as its chief executive, effective immediately, amid news it expects to lower 2016 profit and sales numbers after a restatement. Chief Executive Joe Jackson will become executive chairman of the board, the company said. WageWorks' Chief Financial Officer Colm Callan and General Counsel Kim Milford have resigned, WageWorks said. In the same statement, the benefits administration company said financial statements for several quarters in 2016 and 2017 will have to be restated, with the restatement for fiscal 2016 resulting in a decrease in sales and profits. The company earlier this year had announced an independent investigation into the company's financial reporting in fiscal 2016 and 2017, including a review related to a government contract in fiscal 2016. WageWorks said it expects the fiscal 2016 restatement to lower revenue, previously reported as $364.7 million, by between $6.5 million and $9.5 million. It estimated a drop in net income for that year, previously reported as $20.2 million, in the range of $3.5 million to $5.5 million. The review of 2017 is ongoing but so far no adjustments have been identified, WageWorks said. Shares of WageWorks ended the regular trading day off 0.1%. The shares traded at a two-year low in early March after the company said its fourth-quarter results and the filing of its 2017 had been delayed. The stock has lost 36% in the past 12 months, versus 13% gains for the S&P 500 index. SPX, +0.69%