GRC News Roundup: Citigroup Names New CFO, Bayer Names Ombudsman, Satyam Termed an “Aberration”
We are back with another edition of the GRC News Roundup. A number of interesting stories to get to this afternoon, so let’s jump right in. Titles, excerpts, and links below.
Citigroup shakes up top management, replaces CFO
“Citigroup Inc (C.N) on Thursday announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 percent equity stake.
The changes come as Chief Executive Vikram Pandit faces heavy pressure to improve performance and shed unwanted assets after Citigroup got a series of government bailouts and posted $36 billion of losses in the six quarters ended March 31.
Edward “Ned” Kelly, who became chief financial officer in March, will become a vice chairman focused on strategy and merger activity.
The new CFO will be John Gerspach, who has been controller and chief accounting officer. He will be Citigroup’s fifth CFO in five years.”
>>>read the entire article at Reuters
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Broker challenges Sports Direct over corporate governance
“Ahead of Sports Direct’s full-year results next week broker Investec has issued a note challenging the sports retailer to answer some key corporate governance questions and fully disclose business information.
The call for clarity comes after revelations that Sports Direct founder Mike Ashley lent JJB Sports executive chairman Sir David Jones £1.5m, raising concerns that Jones faced a conflict of interest.”
>>>read the entire article at Retail Week
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Satyam an ‘Aberration,’ Minister Says After Probe
“Satyam Computer Services Ltd., the company at the center of India’s biggest fraud probe, is an “aberration” and no other incidents have been found, Salman Khurshid, minister for corporate affairs, told lawmakers today.
“Satyam scam is an aberration and the events are specific to the company in question,” Khurshid said in a written reply to a question in parliament in New Delhi today. “No other scam of this nature has come to notice since then.”
The Serious Fraud Investigation Office has completed its probe into Hyderabad-based Satyam and the government is taking steps to prosecute those found involved of criminal wrongdoing, Khurshid said. The fraud office is conducting inquiries into a total of 28 companies, Khurshid said in a separate reply, without identifying the companies.”
>>>read the entire article at Bloomberg
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Bayer Corporation Names Melissa Cameron Ombudsman
“Bayer Corporation has appointed Melissa Cameron Ombudsman, reporting to President and CEO Greg Babe. She succeeds Kimberly Koerner, who held the position since 2004.
The Ombudsman is a neutral dispute resolution practitioner who serves as a resource for employees with questions and concerns about various laws, policies and company practices. As such, the Ombudsman serves as a key component of Bayer’s overarching objective to embed compliance as a fundamental business operating principle.”
>>>read the entire announcement at Business Wire
Tags: Bayer, citigroup, corporate governance, John Gerspach, ombudsman, satyam, Sports Direct, Vikram Pandit
