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Accounting News Roundup: Di Piazza Joins Citi; Salzberg Has Job Marriage Advice; Koss Settles Suit Against Directors | 05.23.11

Lagarde is Front-Runner to Head IMF [Bloomberg]
Support mounted for French Finance Minister Christine Lagarde to head the International Monetary Fund as Mexico offered its central bank governor as an emerging- market candidate, challenging Europe’s 65-year hold on the job. U.K. Chancellor of the Exchequer George Osborne said in a May 21 statement his nation will back Lagarde to become the first woman to head the Washington-based lender. German Chancellor Angela Merkel said consensus was emerging in Europe for her to get the post, Deutsche Presse-Agentur reported two days ago.

Citi Hires Former PwC Chief Samuel Di Piazza As Senior Banker [Dow Jones]
Samuel Di Piazza Jr., the former Chief Executive of PricewaterhouseCoopers International LLP, joined the growing group of rainmakers Di Piazza, who left PwC in 2009, joined Citi as vice chairman of the bank’s “institutional clients group,” the bank’s name for its investment banking division, and as a member of the senior strategic advisory group. He is one of several prominent executives and politicians hired to help Citi get and maintain a seat at the table when multinational corporations and governments seek strategic advice for deals and issue securities.

The Right Job? It’s Much Like the Right Spouse [NYT]
Barry Salzberg’s interview with the Times features a lot of the same anecdotes as his speech at Wharton and he throws in a marriage metaphor for good measure.

House Arrest Starts for Strauss-Kahn [WSJ]
Dominique Strauss-Kahn is out of jail, but the experience of others who have faced house-arrest arrangements as tight as his suggests the former International Monetary Fund chief faces a trying time. Mr. Strauss-Kahn, accused of sexually assaulting a hotel maid earlier this month, will be forbidden to leave a New York City apartment for all but a few situations. The arrangement calls for at least one armed guard to keep him under close surveillance 24 hours a day, seven-days a week—all at Mr. Strauss-Kahn’s expense.

Sears CFO Departs, Company Taps Controller Phelan [WSJ]
Sears Holdings Corp. (SHLD) said Chief Financial Officer Michael D. Collins resigned Friday and appointed William K. Phelan, a senior vice president and controller at the department-store operator, as his temporary replacement. In a filing with the Securities and Exchange Commission, Sears said Collins resigned “to pursue another opportunity,” but said he would remain at the company until June 10 to ensure a smooth transition.

Koss settles suit against directors in embezzlement case [MJS]
Koss Corp. has reached an agreement to settle a shareholder lawsuit filed against the Milwaukee stereophone manufacturer last year in connection with the $34 million embezzlement by a former executive. The company said Friday that the agreement in Milwaukee County Circuit Court calls for the dismissal with prejudice of claims against individual Koss directors. Claims against former Koss auditors Grant Thornton and Sujata Sachdeva, Koss’ former executive vice president of finance, would be dismissed without prejudice, meaning they could be refiled.

SEC Asks Wipro to Prove KPMG Independence [WSJ]
Wipro Ltd. said it has received a notice from the U.S. Securities and Exchange Commission, asking the company to prove the independence of its financial auditor, KPMG India Pvt. Ltd., failing which the software exporter will have to appoint a new auditor. In an SEC filing dated April 20, Wipro said it is cooperating with the U.S. regulator’s request and that the outcome of the SEC’s review on the matter is uncertain.

Posted in ANR