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SAN FRANCISCO (Reuters) – A former sales executive at clothing marketer Carter's (CRI.N) committed financial fraud by manipulating the amount of discounts granted to one of the company's largest customers, securities regulators alleged in a civil lawsuit on Monday.

The Securities and Exchange Commission accused Joseph Elles, a former executive vice president at Carter's, of concealing the discounts from the company's accountants, the lawsuit said.

R. Joseph Burby IV, an attorney for Elles, said Elles intended to vigorously defend himself in court, adding that his handling of customer discounts was "well known" to senior management at Carter's.

"Why the SEC has decided to selectively pursue claims against Mr. Elles will be one of the issues to be determined in the litigation," Burby said.

Carter's entered into a non-prosecution agreement with the SEC and will not be charged with any violations of federal securities laws, regulators said in a statement.

That agreement reflects Carter's "exemplary and extensive cooperation" in the investigation, the SEC said.

Carter's did not immediately respond to a request for a comment.

Because of Elles's actions, Carter's income in certain quarters was overstated, the SEC lawsuit said.

The lawsuit said that Elles made about $4.7 million in profit from his stock sales during this time.

Securities regulators are seeking disgorgement of any ill gotten gains, civil penalties and to bar from Elles serving as an officer or director at a public company.

(Reporting by Dan Levine; Editing by Robert MacMillan)

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In an extraordinary Award announcement, a chain of allegations were made against administrators of annual international, including corruption, nepotism and excessive remuneration.

Claims will add to concerns about AIM, corporate governance London junior market.

CIG is worth about 250 m ￡ and develops residential systems top retail range in Moscow and the surrounding area. He floated on AIM in December 2006.

Synergy Classic took a 22 25pc stake in the company in may after the subscription a placement of 90 m $ (￡ 57 m). However, in a letter to the shareholders Monday, Petr Shura, head of Synergy, called for a general meeting of emergency after "sudden and unexplained quit" Glenn Aaronson and Rafael Eldor as independent directors of CIG in the past three weeks.

Mr Shura alleges that Boris Kuzinez, Chief Executive and Jacob Kriesler, President, used funding to boost their earnings by $3. 9 m, violating the terms of the agreement.

Mr. Kuzinez and Mr. Kriesler are co-owners of Holdings Commercial, a shareholder of annual 40pc. In his letter, Mr Shura claims annual is "unduly influenced" by attending and "not work anywhere near way approaching acceptable standards for a company quoted on the London Stock Exchange aim market.

Mr Shura says when it management to their compensation, M. Kuzinez said he needed money "in exchange of bribery that it should give".

Synergy alleges that the annual runs up to "substantial costs" operating an Office in Israel, live well Kuzinez, family is that none of the development projects in the region, and the management wanted to pay the wife of Mr. Kuzinez $500,000 for executing development main project CIG, Tsvetnoy Mall. The letter argues the wife of Mr. Kuzinez has "no previous management experience in this highly specialized" and the shopping centre open up 30pc empty and with "virtually no base rents payable by the tenant.

Mr Shura, who is a member of the IRG Board said expresses its concerns about the company meetings, but annual won an injunction before the High Court of London by preventing sharing comments. The injunction was released last month.

Mr Shura calls for a vote on the removal of three directors, including Mr. Kriesler EGM and require that the company has an odd number of Directors, with the majority being independent.

He added: "I believe that it is essential that all shareholders have the opportunity to elect an improvement Committee to act independently on behalf of all shareholders and to ensure that appropriate standards are implemented and maintained.

CIG has refused to comment.

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However, when Pfizer, the world's largest pharmaceutical company, promoted Scottish-born Ian C Read to its top job, it's arguable that Witty lost the distinction. Unlike Witty, who also spent some of his career in the US, Read now has US citizenship.

The move caps a steady but remarkable ascent for Read, who joined Pfizer four years after graduating with a science degree from Imperial College in London in 1974. He also qualified as a chartered accountant. Pfizer's shareholders, who have had to stomach a 35pc decline in the company's share price over the past four years, will want to know how Read can blend spreadsheets and science into a brew that puts the share price back on track.

Being described as someone with a long relationship with drugs is not usually a compliment, but the analysts covering Pfizer seized on his experience as a virtue. "I think Ian will be able to talk more deeply and coherently about Pfizer given his many years of experience and his long background in the drug industry," said Tim Anderson, at Sanford C Bernstein.

Read will need to be able to communicate with the analysts: next year Pfizer loses patent protection in the US on its blockbuster Lipitor; it is still integrating its acquisition of rival Wyeth last year, and a robust recovery in developed economies remains far from guaranteed.

As well as being two of the most powerful men in the industry, the careers of Read and Witty have taken them to the growing markets that both companies need to find customers in.

For Witty, it was Africa and Asia. Read's odyssey took him to Mexico, Brazil and then Europe. It's something that Pfizer's board used to explain the promotion of Read, who for the past four years has run the company's global biopharmaceuticals business, which generates 85pc of sales and employs 40,000 people. If he can pull off further expansion in markets such as China, the board's reasoning is likely to be warmly welcomed.

And the 55 year-old takes the helm with his eyes wide open about the non-stop demands of the job. He only needs ask his predecessor.

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Sir John Rose spent 14 of his 26 years at Rolls Royce as Chief Executive. When he announced in September that he had to resign in the next year, he drew praise from the Government, analysts and peers. It is widely regarded as the industry leader in the country.

However reluctance of Sir John media - he has never courted advertising - has been seen to work against him in current problems on the engine of Rolls - Royce Trent 900.Dans explosion engine on the Qantas flight days, society has published few communications to calm investors concerned.

However, treatment of the case is consistent with this philosophy corporate .Sir John describes himself as "notorious coherent". coupled with this attribute, it is also known to friends and colleagues for almost ruthless efficiency and attention to detail.

In the long term, it is likely that he remembered more for these qualities and the success that they translated by Rolls-Royce effect in the short term of Qantas engine failure.

Prior to joining Rolls, Sir John had a career in the Bank, First National Bank of Chicago, then safety of Pacifique.Il was knighted in 2003 and is married and father of three children.

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Keith Ludeman decided to retire after securing an extension of South rail franchise to go ahead, overseeing the launch of the service high-speed St Pancras and leading to the company by the economic slowdown. Photo: JUSTIN SUTCLIFFE

Go-Ahead, which operates rail South, South East and London Midland franchise will replace Mr. Ludeman by David Brown, Managing Director of transport for London surface operations and former head of go-Ahead bus company London.

Retirement of Mr. Ludeman, who became Chief Executive in 2006 announcement comes just a month after Sir Moir Lockhead said he stood until FirstGroup pattern.

Mr. Ludeman decided to retire after securing rail South Go Ahead, franchise extension overseeing the launch of the high speed of St Pancras service and leading to the company by the economic slowdown.
"Which, combined with my 60th birthday in January, has led decide me now is the time to go," he said. "" ""It is good to be able to choose when you resign and be comfortable with your successor.?

He joined approved in 1996 when the company bought buses General Group in London, where Mr. Ludeman led a redemption management 1994.Il retires 4 July 2011 and said it was "clearly interested" in a non-executive roles.

Shares rose approved by almost 7pc at ￡ 13.58 Tuesday because alongside of announcing his retirement, Mr. Ludeman unveiled a "robust" trading update and reductions in spending public said had "no direct impact" on business this year.

For the period from 4 to 25 October, approved July said bus revenues increased 4pc outside of London and down 7pc in London, which was better than expected after the introduction of new contracts in January. Meanwhile, revenues gained 6pc, Southeast 10pc rail South and London Midland 7pc.

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Step Nayar would admit. The first idea of his book, first of all, employees the second client is the boss doesn't have the answers. The best is just good to train the right questions.

Asked questions HCL Nayar in 2005 were: why our company looks old and tired.Why our best engineers leave .and why HCL loses market rivals?

After only three months in work of the Chief Executive, the Nayar observation was that sector is changing rapidly, customers want different things and HCL had not followed.

"The company could block all day and had a quantity very limited time to prevent such a disaster,"he told 500 engineers in Chennai on his first visit to staff.""

The audience took implicit criticism personally, but message Nayar have to drive the change began to be digested.

There was not, as he admits in a video interview with the Sunday Telegraph, a linear process of change of position position (b).

His current transparent approach to management and financial reporting - 70 000 staff members write review of performance of 360 degrees is available on the intranet of the HCL and Group publishes financial results for the company individual units - was not present at the beginning.

But Nayar realized that while he should get personal HCL to see faults of the company that he also wanted to maintain their pride in what they had achieved.It has therefore focus towards the future and the vision of what could become HCL with their help.

It also placed at the heart of the organizational structure of the HCL and promised management employees would get out of the way.

Pyramid-shaped hierarchy have not disappeared, inverted Nayar just il.Il reinforced this message by breaking these easily recognizable barriers between staff and managers, once infamous dancing on a Bollywood song in the aisles room Conference packed with employees."I can't dance nut, right? I was dancing in the aisles with these employees and make lot of noise,"is how he said.""

He explains this mockery showmanship: "I wanted that halo [CEO] to be broken."I wanted to understand my incompetence.?

Nayar continues: "my point of view, is that the entrepreneurs in the traditional sense are quickly become irrelevant and the sooner they realize that the most successful they will be."Entrepreneurs do not have to be big talkers, but they do not have to be large audiences.

"CEOs need to see their role as for next-generation business requirements instead of throwing ideas; are entrepreneurs, accountability of enabling opening functions to create and build a training ground in the organization."

Influential management types seem to be listening .Fortune magazine a mark HCL as having "style of modern management of the world", while the London Business School pins Nayar as a"leader of organizational innovation.

Despite the title of his book, the shareholders of HCL seem happy trop.De sales and operating income the company tripled on four ans.Elle is now five times the number of it lucrative contracts with large clients in 2005.Le stock has outperformed its rivals.

Is - it really the death of the traditional Chief Executive Officer, the deferential hierarchy supporting him necessarily falling farther? Nayar believes ainsi.Pourtant, there is hope for these pillars in haut.Comme stated in the book, however committed employees are always someone make the strategic decisions that set the direction of travel; someone still needs to find the plan that others follow.

? The customer first, employees two, Harvard Business Press, $24.95

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Kraft Chief execuitve Irene Rosenfeld arrives at the factory of Cadbury Bournville, Birmingham.

Vice-President of Kraft said in March there is no other closures of the United Kingdom at least two years after renié Kraft on a commitment during the battle of support to keep open a plant to Somerdale, near Bristol, which had been planned for the closure of manufacturing facilities.

A few days after the completed transaction, said Kraft should close the plant with the loss of 400 jobs.

Speaking to BBC News yesterday, after a historic visit Cadbury Bournville base for the first time since striking agreement making (￡ 11 6bn) $18 eight months ago said Rosenfeld Kraft was "happy" to Bournville at the "heart and soul" chocolate company.

However, asked if it was at this point, unable to make over a commitment beyond the two years, Ms. Rosenfeld said: "that is correct".

It added that it was difficult to say if overall, the merger of the two companies lead net loss or a net gain in jobs.

"It will vary on important zone.Plus area, I think, we expect that the combination will allow the company combined with growth on the top row and the row background .c ' is well beyond the growth of all our peers", she says.

She said she regretted the uncertainty surrounding the closure of the plant Somerdale, adding that it was important to "look forward into the future."

Ms. Rosenfeld, who was earlier this week named number two on the list of most powerful women of the planet - Michelle Obama - Forbes said that the focus is on Kraft as a global company.

"We get together the combined company and we can share best practices, I think we have then the opportunity to take the company to a new location," she added.

Speaking about the benefits of the acquisition of Cadbury, Ms. Rosenfeld said that the company had an "iconic product portfolio" and expertise in "channels for immediate consumption.

"We know many historically on supermarkets and the combination of this expertise with an understanding of immediate consumer channels which generally have very attractive margins and are very rapid growth is of great interest to us," she says.

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