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LONDON, May 14, 2017 (GLOBE NEWSWIRE) -- The share of CEOs forced out of office for ethical lapses has been on the rise, according to the 2016 CEO Success study released today by Strategy&, PwC’s strategy consulting business. The study, which analyzed CEO successions at the world’s largest 2,500 public companies over the past 10 years, reports that forced turnovers due to ethical lapses rose from 3.9 percent of all successions in 2007–11 to 5.3 percent in 2012–16 — a 36 percent increase, due in large part to increased public scrutiny and accountability of executives. The increase was more dramatic at companies in the U.S. and Canada. Forced turnovers for ethical lapses at these companies increased from 1.6 percent of all successions in 2007–11 to 3.3 percent in 2012–16 — a 102 percent increase. In Western Europe, the share of CEOs forced out for ethical lapses increased to 5.9 percent from 4.2 percent, and in the BRIC countries, to 8.8 percent from 3.6 percent. “Our data cannot show — and perhaps no data could — whether there’s more wrongdoing at large corporations today than in the past. However, we doubt that’s the case, based on our own experience working with hundreds of companies over many years,” says Per-Ola Karlsson, partner and leader of Strategy&’s organization and leadership practice for PwC Middle East. “Over the last 15 years, five trends have resulted in boards of directors, investors, governments, customers, and the media holding CEOs to a far higher level of accountability for ethical lapses than in the past.” The Five Trends Shaping CEO Accountability Despite the global increase in forced turnovers for ethical lapses, companies in the U.S. and Canada have the lowest incidence of such dismissals — 3.3 percent in 2012–16 compared to 5.9 percent in Western Europe and 8.8 percent in the BRIC countries. More stringent governance regulation is one likely reason. Both the legislative requirements for codes of conduct and anti-bribery statutes have been tightened significantly in the United States. The study also found that at the largest companies (those in the top quartile by market capitalization) in the U.S. and Canada and Western Europe, the overall share of CEOs forced out of office was significantly greater than the share forced out in the other market-cap quartiles. “The fact that forced turnovers for ethical lapses were even higher at companies in the top quartile by market capitalization in these regions supports our hypothesis, since the largest companies are the most affected by the five trends and are subject to the greatest scrutiny,” says Kristin Rivera, partner and global forensics clients and markets leader with PwC US. “The increasing incidence of CEOs being forced out of office for ethical lapses may have a positive effect on public opinion over time by demonstrating that bad behavior is in fact being detected and punished,” says DeAnne Aguirre, global leader of Strategy&’s Katzenbach Center of Innovation for Culture and Leadership, principal with PwC US. “In the meantime, CEOs need to lead by example on a personal and organizational level and strive to build and maintain a true culture of integrity.” More Facts from the 2016 CEO Success study About the 2016 CEO Success Study Over the course of the past 17 years, Strategy& has been tracking continuous data on CEO successions. The 2016 study analyzed CEO successions at the world’s 2,500 largest (by market capitalization) public companies over the last 10 years. For the purposes of this study, we define an ethical lapse as a scandal or improper conduct by the CEO or other employees; examples include fraud, bribery, insider trading, environmental disasters, inflated resumes, and sexual indiscretions. Ends To learn more about the 2016 CEO Success study, visit www.strategyand.pwc.com/ceosuccess. A copy of the global study, including findings by geography and industry, is available from the media contact. Multimedia content, including infographics and video, is also available. About Strategy& Strategy& is a global team of practical strategists committed to helping you seize essential advantage. We do that by working alongside you to solve your toughest problems and helping you capture your greatest opportunities. We bring 100 years of strategy consulting experience and the unrivaled industry and functional capabilities of the PwC network to the task. We are part of the PwC network of firms in 157 countries, with more than 223,000 people committed to delivering quality in assurance, tax, and advisory services.


News Article | May 9, 2017
Site: news.yahoo.com

FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba's extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo TOKYO (Reuters) - Toshiba Corp <6502.T> has told Western Digital Corp not to interfere in the sale of its prized chip unit, rejecting claims it has breached a joint venture contract and threatening legal action. The clash between Toshiba and Western Digital - both its business partner and one of the bidders for the chip unit - risks delaying or even quashing an auction that the Japanese conglomerate is depending on to plug a $9 billion hole in its accounts. Although the two companies jointly operate Toshiba's main semiconductor plant, Western Digital is not seen as a favoured bidder for the world's second biggest NAND chip producer, having put in a much lower offer than other suitors, sources with knowledge of the matter have said. The U.S. firm has argued the Japanese company is violating their contract by transferring their joint venture's rights to the newly formed unit and has asked for exclusive negotiating rights. Chief Executive Steve Milligan is currently visiting Japan to press its case. But in a May 3 letter sent by Toshiba's lawyers, the TVs-to-nuclear conglomerate disputed Western Digital's argument and said it would pursue all available remedies if it saw continued interference in the sale process. Western Digital's "campaign constitutes intentional interference with Toshiba's prospective economic advantage and current contracts. It is improper, and it must stop," the letter, which was seen by Reuters on Tuesday, said. In a separate letter, also dated May 3, the general manager of Toshiba's legal affairs accused Western Digital of failing to sign some joint venture agreements. If Western Digital refuses to sign by May 15, the chip unit would protect its intellectual property rights by suspending Western Digital employees' access to all of the unit's facilities, networks and databases, the letter said. A Western Digital spokeswoman in Japan declined to make immediate comment. For some analysts, Western Digital has the upper hand. "From a commonsense standpoint, it's hard to buy Toshiba's argument that it doesn't need approval from its JV partner because it's almost a 50-50 joint venture," said Masahiko Ishino, an analyst at Tokai Tokyo Research Center. Toshiba in its letter says that under the joint venture agreement neither party can block a change of control by the other partner, stating that Western Digital itself acquired the joint venture interest when it bought SanDisk and never sought or received Toshiba’s approval. Toshiba believes that a consortium of U.S. private equity firm KKR & Co LP and Japanese government-backed investors would be the most feasible solution, a source familiar with the matter said this week. Such a sale could eventually allow the chip unit - which Toshiba values at at least 2 trillion yen ($17.6 billion)- to aim for an IPO and keep the technology in Japan, the source said. KKR and state-backed Japan Innovation Network Corp are expected to submit a joint offer in the second round of bidding. Other suitors are Taiwan-based Foxconn <2317.TW>, U.S. chipmaker Broadcom Ltd , which has partnered with private equity firm Silver Lake Partners LP, as well as South Korea's SK Hynix Inc <000660.KS>. But Western Digital has vehemently said it is opposed to a deal with Broadcom. Other suitors could also be blocked by the Japanese government which has vowed to prevent any deal that could allow the transfer of sensitive technologies and represent a risk to national security. The source also said that Toshiba plans to report full-year results this month without an endorsement from its auditor - its second such earnings report - as disagreements over its books are unlikely to resolved. The move puts the troubled Japanese conglomerate's bourse listing in further jeopardy, after it submitted twice-delayed third-quarter results without approval from PricewaterhouseCoopers Aarata (PwC) last month. Toshiba has been on the Tokyo stock exchange's supervision list since mid-March as it has failed to clear up concerns about its internal controls after a 2015 accounting scandal. PwC has been questioning the numbers at nuclear unit Westinghouse - the root cause of Toshiba's current crisis - and is looking not only at recent results, but also probing the books for the U.S. unit for the year through March 2016, sources have said.


News Article | May 10, 2017
Site: globenewswire.com

Uppsala, Sweden, 2017-05-10 22:05 CEST (GLOBE NEWSWIRE) -- The notice will be published in Post- och Inrikes tidningar on Friday 12 May, 2017 and on the same day an announcement will be made in the newspaper Dagens Nyheter. The shareholders of Oasmia Pharmaceutical AB are hereby given notice of the extraordinary general meeting on 2 June 2017, at 10.00 a.m., at the offices of the company, Vallongatan 1, 752 28 Uppsala. The registration opens at 09.30 a.m. Shareholders who wish to participate in the general meeting must be recorded in the share register kept by Euroclear Sweden AB on Friday 26 May 2017 (record date is Saturday 27 May 2017), and give notice of intent to participate to the company no later than on Monday 29 May 2017, either by letter to Oasmia Pharmaceutical AB, Vallongatan 1, SE-752 28 Uppsala, Sweden, by fax: +46 18 51 08 73 or by e-mail: info@oasmia.com, and specify the number of assistants. If shareholder’s attendance and right at the meeting will be exercised by proxy, we would be grateful if such is provided in connection with the notification of attendance. A proxy form is available to shareholders upon request and at the company’s website, www.oasmia.com. Anyone representing a legal entity is asked to provide a copy of certificate of registration or equivalent documentary authority which evidences authorised signatory. To be entitled to attend the meeting, holders of nominee registered shares must instruct the nominee to have the shares registered in the shareholder’s own name, so that the shareholder is entered in the share register kept by Euroclear Sweden AB as of Friday 26 May 2017 (record date Saturday 27 May 2017). Registration in this way may be temporary. Resolution on the board’s proposal on authorization for the board to resolve on new issue of share, warrants and convertibles (item 6) The board in main proposes that the general meeting resolves to authorize the board to, on one or several occasions during the period up to the next annual general meeting of shareholders, resolve on an issue of shares, warrants and/or convertible instruments. The board shall be authorized to adopt decisions on an issue of shares, warrants and/or convertible instruments with or without deviation from the shareholders’ pre-emption rights and/or an issue in kind or an issue by way of set-off or otherwise on such terms and conditions as referred to in Chapter 2, Section 5, second paragraph, points 1-3 and 5, of the Swedish Companies Act. The new shares, warrants and/or convertible instruments shall, in the event of a deviation from the shareholders’ pre-emption rights, be issued at a subscription price based on the share price at the time of the issue, decreased by any discount in line with market practise that the board deems necessary. All other terms are decided by the board, but shall be in line with market practise. The board can however not make resolutions which entail that the share capital is increased with more than SEK 4,000,000. The reason that the board shall be authorized to resolve on an issue with deviation from the shareholders’ pre-emption rights and/or an issue in kind or an issue by way of set-off or otherwise on such terms and conditions as referred to above is that the Company shall be able to issue shares, warrants and/or convertible instruments in connection with acquisitions of companies or businesses, replace outstanding convertible instruments and to carry-out directed issues in order to raise capital or broaden the ownership of the Company. The board, or any person appointed by the board, is authorized to make such minor adjustments to this resolution that may be necessary in connection with the registration with the Swedish Companies Registration Office and/or Euroclear Sweden AB. THE BOARD’S PROPOSAL TO ISSUE WARRANTS SERIES 2017:1 AND TO CANCEL ISSUED WARRANTS SERIES 2016:1 (item 7) The board proposes that the general meeting resolves to issue and to transfer warrants of Series 2017:1, and to cancel the issued warrants Series 2016:1, in accordance with the following. 1.1 The board proposes that the general meeting resolves on a directed issue of maximum 3 750 000 warrants, entailing an increase in the company’s share capital on full exercise of the warrants amounting to a maximum of SEK 375 000. The following terms shall apply. 1.2 The right to subscribe for warrants is only given to the wholly owned subsidiary Oasmia Incentive AB, 556519-8818, with a right and obligation to transfer the warrants in accordance with section 2. No oversubscription is allowed. 1.3 The reason for derogation from the shareholders’ pre-emption rights is to implement an incentive programme through which employees, by an own investment, participates in and works for a positive growth of value of the company’s share for the period that the programme covers, and to ensure that the company can keep and recruit qualified and motivated personnel. 1.4 The warrants shall be issued free of charge. 1.5 Subscription is to take place within three weeks from the day of the resolution to issue warrants. The board may extend the subscription period. 1.6 Each warrant entitles the holder to subscribe for one new share of series A in the company. Shares can be subscribed for based on the warrants during the period from and including 16 June 2019 up to and including 16 August 2019. 1.7 The subscription price per share shall correspond to 175 per cent of the volume-weighted average price for the series A shares in the Company according to Nasdaq Stockholm’s official price list during the period from and including 9 June 2017 up to and including 16 June 2017. 1.8 The shares subscribed for based on the warrants shall carry a right to participate in dividends for the first time on the next record date for dividends which occurs after subscription is completed. 1.9 Warrants held by the subsidiary that are not transferred in accordance with section 2or that is repurchased from participants, may be cancelled through a decision by the board of directors, following consent from the board of directors of the subsidiary. The cancellation shall be notified to the Swedish Companies Registration Office. 1.10 The board, or the person appointed by the board, is authorised to execute the decision and to make such minor adjustments which may prove necessary in conjunction with registration with the Swedish Companies Registration Office. The right to acquire warrants from the subsidiary is to accrue to the following categories of employees: The right to acquire warrants from the subsidiary shall only vest in the persons that, at the end of the application period, has not terminated his or her employment and is not terminated by the company. Warrants may also be offered to future employees, whereby the same or equivalent terms shall apply, meaning, e.g., that the then current market value shall apply. Allotment requires that the warrants can be legally acquired and that, in the board’s opinion, such acquisition can take place using a reasonable amount of administrative and financial resources. Application for acquisition of warrants shall be made not later than on the day after the last day of the period set out in Section 1.7above. The board is authorised to extend the application period and to instruct upon an equivalent application period for new employees whose acquisitions takes place after the end of the initial application period. Should not all warrants have been allotted after all applied for warrants have been allotted, the remaining warrants may be allotted to other participants whereby the board of directors shall decide upon the allotment based on staff category and the number of warrants applied for. Such allotment may result in that the maximum number of warrants per person, as set out above, is exceeded, however not by more than 100 percent. The board of directors of the company decides upon the final allotment. The warrants shall be transferred on market terms at a price which is established based on a calculated market value for the warrants, applying the Black & Scholes valuation model calculated by the independent valuation institute PwC. For acquisitions made by new staff after the initial application period, a new market value shall be established on the same basis. The preliminary value is calculated to SEK 0,31 per warrant based on a share price of SEK 6,50. Payment for allotted warrants shall be made in cash within five days after application. For acquisitions made by new staff after the initial application period, an equivalent payment date shall be decided by the board. The warrants shall be subject to market terms, including a right for the company or the subsidiary to repurchase the warrants if the participant’s engagement with the company ends. The company’s or the subsidiary’s right to repurchase warrants in the event the participant’s engagement with the company ends shall include a share of the participant’s warrants which is based on the number of months that have passed between the date of the participant’s acquisition of the warrants and the date on which the participant’s engagement with the company ends. From the date of the participant’s acquisition of the warrants, a gradual reduction, which is similar in size for every reduction, is made monthly regarding the share of the participant’s warrants which the company or the subsidiary has the right to repurchase should the participant’s engagement with the company end. In the event of full exercise of the warrants, 3 750 000 new shares may be issued, which corresponds to a dilution of approximately 3 per cent of the total number of issued shares and votes in the company after full exercise of all warrants, subject to the recalculation provisions under the warrant terms. 3.2 Impact on key figures and costs for the company etc. The company’s earnings per share is not affected by the issue of the warrants since the present value of the warrant’s redemption price exceeds the market value for the share at the time of issue. The participants will acquire the warrants at market value, meaning that the warrants will not result in personnel costs for the company. The basis for the incentive programme has been prepared by the board of directors of the company. The work has been supported by external advisors and been made in consultation with shareholders. The board has thereafter decided to present this proposal for the general meeting. Except for the staff that have prepared the matter upon instruction from the board, no employee that may be in scope of the programme has participated in the preparations of the programme’s terms. Except from the now proposed program, the company has current share related incentive programmes in terms of warrants Series 2016:1 and Series 2016:2. However, in accordance with what is set out below in the board’s proposal, and in accordance with the proposal made by Alceco International S.A. with regards to issue of warrants Series 2017:2, it is suggested that the warrants under the current incentive programs are withdrawn and cancelled. A valid resolution by the general meeting regarding the issue of warrants, Series 2017:1, requires that the resolution is supported by shareholders representing no less than nine-tenths of the votes cast as well as the shares represented at the meeting. A valid resolution regarding cancellation of issued warrants in accordance with Section 4below requires simple majority. Due to that the warrants of Series 2016:1, which were issued through a resolution at the general meeting in Oasmia Pharmaceutical AB held on 21 November 2016, has not been followed by valid transfer of warrants from the subsidiary Oasmia Incentive AB to the participants in question in the warrant programme, the above proposal to resolve issue of new warrants Series 2017:1 also involves a resolution that all warrants under Series 2016:1, held by Oasmia Incentive AB, in conjunction are withdrawn for cancellation. Furthermore, it is proposed to instruct the board to cancel the warrants Series 2016:1, and to report such cancellation for registration to the Swedish Companies Registration Office. The cancellation of warrants is a result of the transfer of the warrants of Series 2016:1 being void under the so called LEO-act of the Swedish Companies Act. ALCECO INTERNATIONAL S.A.’S PROPOSAL TO ISSUE WARRANTS SERIES 2017:2 AND TO CANCEL ISSUED WARRANTS SERIES 2016:2 (item 8) The shareholder Alceco International S.A., controlling approximately 20,4 per cent of the votes and shares in the company, proposes that the general meeting resolves to issue and to transfer warrants of Series 2017:2, and to cancel the issued warrants Series 2016:2, in accordance with the following. 1.1 The shareholder proposes that the general meeting resolves on a directed issue of maximum 3 000 000 warrants, entailing an increase in the company’s share capital on full exercise of the warrants amounting to a maximum of SEK 300 000. The following terms shall apply. 1.2 The right to subscribe for warrants is only given to the wholly owned subsidiary Oasmia Incentive AB, 556519-8818, with a right and obligation to transfer the warrants in accordance with section 2. No oversubscription is allowed. 1.3 The reason for derogation from the shareholders’ pre-emption rights is that the shareholders of the company wish to promote a long term shareholding by implementing an incentive programme through which the board members, by an own investment, participates in and works for a positive growth of value of the company’s share for the period that the programme covers. 1.4 The warrants shall be issued free of charge. 1.5 Subscription is to take place within three weeks from the day of the resolution to issue warrants. The board may extend the subscription period 1.6 Each warrant entitles the holder to subscribe for one new share of series A in the company. Shares can be subscribed for based on the warrants during the period from and including 16 June 2019 up to and including 16 August 2019. 1.7 The subscription price per share shall correspond to 175 per cent of the volume-weighted average price for the series A shares in the Company according to Nasdaq Stockholm’s official price list during the period from and including 9 June 2017 up to and including 16 June 2017. 1.8 The shares subscribed for based on the warrants shall carry a right to participate in dividends for the first time on the next record date for dividends which occurs after subscription is completed. 1.9 Warrants held by the subsidiary that are not transferred in accordance with section 2or that is repurchased from participants, may be cancelled through a decision by the board of directors, following consent from the board of directors of the subsidiary. The cancellation shall be notified to the Swedish Companies Registration Office. 1.10 The board, or the person appointed by the board, is authorised to execute the decision and to make such minor adjustments which may prove necessary in conjunction with registration with the Swedish Companies Registration Office. The right to acquire warrants from the subsidiary is to accrue to the following categories of members of the board of directors: The right to acquire warrants from the subsidiary shall only vest in the persons that, at the end of the application period, are still board members of the company. Allotment requires that the warrants can be legally acquired and that, in the board’s opinion, such acquisition can take place using a reasonable amount of administrative and financial resources. Application for acquisition of warrants shall be made not later than on the day after the last day of the period set out in Section 1.7above. The board is authorised to extend the application period. Should not all warrants have been allotted after all applied for warrants have been allotted, the remaining warrants may be allotted to other participants whereby the board of directors shall decide upon the allotment based on the number of warrants applied for. Such allotment may result in that the maximum number of warrants per person, as set out above, is exceeded, however not by more than 100 percent. The board of directors of the company decides upon the final allotment. The warrants shall be transferred on market terms at a price which is established based on a calculated market value for the warrants, applying the Black & Scholes valuation model calculated by the independent valuation institute PwC. For acquisitions made by new board members after the initial application period, a new market value shall be established on the same basis. The preliminary value is calculated to SEK 0,31 per warrant based on a share price of SEK 6,50. Payment for allotted warrants shall be made in cash within five days after application. The warrants shall be subject to market terms, including a right for the company or the subsidiary to repurchase the warrants if the participant’s board assignment with the company ends. The company’s or the subsidiary’s right to repurchase warrants in the event the participant’s board assignment with the company ends shall include a share of the participant’s warrants which is based on the number of months that have passed between the date of the participant’s acquisition of the warrants and the date on which the participant’s board assignment with the company ends. From the date of the participant’s acquisition of the warrants, a gradual reduction, which is similar in size for every reduction, is made monthly regarding the share of the participant’s warrants which the company or the subsidiary has the right to repurchase should the participant’s board assignment with the company end. In the event of full exercise of the warrants, 3 000 000 new shares may be issued, which corresponds to a dilution of approximately 2,4 per cent of the total number of issued shares and votes in the company after full exercise of all warrants, subject to the recalculation provisions under the warrant terms. The total dilution for both programmes proposed at this extraordinary general meeting is approximately 5,4 per cent of the total number of shares and votes in the company after full exercise of all warrants in both programmes. 3.2 Impact on key figures and costs for the company etc. The company’s earnings per share is not affected by the issue of the warrants since the present value of the warrant’s redemption price exceeds the market value for the share at the time of issue. The participants will acquire the warrants at market value, meaning that the warrants will not result in personnel costs for the company. The basis for the incentive programme has been prepared by the shareholder Alceco International S.A. The work has been supported by external advisors. The shareholder has thereafter decided to present this proposal for the general meeting. No board member that may be in scope of the programme has participated in the preparations of the programme’s terms. Except from the now proposed program, the company has current share related incentive programmes in terms of warrants Series 2016:1 and Series 2016:2. However, in accordance with what is set out below in Alceco International S.A.s proposal, and in accordance with the proposal made by board of directors with regards to issue of warrants Series 2017:1, it is suggested that the warrants under the current incentive programs are withdrawn and cancelled. A valid resolution by the general meeting regarding the issue and transfer of warrants Series 2017:2 requires that the resolution is supported by shareholders representing no less than nine-tenths of the votes cast as well as the shares represented at the meeting. A valid resolution regarding cancellation of issued warrants in accordance with Section 4below requires simple majority. Due to that the warrants of Series 2016:2, which were issued through a resolution at the general meeting in Oasmia Pharmaceutical AB held on 21 November 2016, has not been followed by valid transfer of warrants from the subsidiary Oasmia Incentive AB to the participants in question in the warrant programme, the above proposal to resolve issue of new warrants Series 2017:2 also involves a resolution that all warrants under Series 2016:2, held by Oasmia Incentive AB, in conjunction are withdrawn for cancellation. Furthermore, it proposed to instruct the board to cancel the warrants Series 2016:2, and to report such cancellation for registration to the Swedish Companies Registration Office. The cancellation of warrants is a result of the transfer of the warrants of Series 2016:2 being void under the so called LEO-act of the Swedish Companies Act. Complete proposals and documents in accordance with Chapter 14, Section 8 of the Swedish Companies Act be available at the company’s website, www.oasmia.com, as of three weeks before the general meeting and will be sent, immediately and free of charge to the recipient, to those shareholders who so request and state their postal address. The documents will also be available at the general meeting. A proxy form is available on the company’s website. The board and the CEO shall, if any shareholder so requests and the board believes that it can be done without material harm to the company, provide information regarding circumstances that may affect the assessment of an item on the agenda. As per the day of this notice, the number of shares and votes in the company totals 126,098,166 respectively. The company does not hold any own shares. Oasmia Pharmaceutical AB develops, manufactures, markets and sells new generations of drugs in the field of human and veterinary oncology. The company’s product development aims to create and manufacture novel nanoparticle formulations and drug-delivery systems based on well-established cytostatics which, in comparison with current alternatives, show improved properties, reduced side-effects, and expanded applications. The company’s product development is based on its proprietary in-house research and company patents. Oasmia is listed on NASDAQ Capital Markets (OASM.US), Frankfurt Stock Exchange (OMAX.GR, ISIN SE0000722365) and NASDAQ Stockholm (OASM.ST). Information is also available at www.oasmia.com www.nasdaqomxnordic.com www.boerse-frankfurt.de twitter.com/oasmia ”This information is information that Oasmia Pharmaceutical AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 22.05 CET on May 10, 2017.”


The food and confectionery industries have long been challenged with satisfying demand for tasty treats, along with convenience and choice. Americans want healthier options, but they don’t want to give up their favorite chocolates or confections. In fact, the majority of consumers prefer classic indulgences like chocolate and other candies. Candy has been enjoyed for generations, and consumers still want the ability to indulge in sweet moments and treat themselves. At the same time, healthy eating is increasingly on consumer’s agendas. Millennials in particular are leading the charge here. Just last year, nearly half (47%) of millennials surveyed by PwC had changed their eating habits towards a healthier diet since the year prior. Providing more choices alongside all-time favorites is the best way to ensure the industry’s successful future. And the industry has taken notice. Today, Mars Chocolate and Wrigley, in collaboration with the Partnership for a Healthier America and other industry players announced the creation of the confectionery industry’s first and most significant consumer health and wellbeing standards and commitments. These commitments ensure the leaders of the industry are united in providing more choice and transparency to consumers. At Mars, we’re proud of the products we make – but we know chocolate isn’t a meal or snack, it’s a treat, and we need to make sure we give our consumers everything they need to make the best choices for themselves. We made the bold step to prominently display calorie counts on the front of all packaging, to stop marketing our chocolate to children, to remove “King Size” offerings for portionable “Sharing Size” options and lower levels of saturated fat. We were also the first confectioner to take these steps and look forward to pioneering more in the years ahead. We hear our consumers loud and clear in terms of what’s important to their diet today. That’s why we’ve committed over $200 million to keep meeting our consumers’ needs in a few key ways: Our consumers always come first – and our goal is to ensure we are doing everything we can to support them, particularly when it comes to their health and wellbeing. We also know everyone deserves a fantastic tasting treat every once and a while. That’s why getting this balance right is so important to us, and we’ll continue to do all we can to keep making meaningful progress. Changes like these aren’t easy, but neither is making a chocolate that melts in your mouth, not in your hands.


LONDON, May 14, 2017 (GLOBE NEWSWIRE) -- The share of CEOs forced out of office for ethical lapses has been on the rise, according to the 2016 CEO Success study released today by Strategy&, PwC’s strategy consulting business. The study, which analyzed CEO successions at the world’s largest 2,500 public companies over the past 10 years, reports that forced turnovers due to ethical lapses rose from 3.9 percent of all successions in 2007–11 to 5.3 percent in 2012–16 — a 36 percent increase, due in large part to increased public scrutiny and accountability of executives. The increase was more dramatic at companies in the U.S. and Canada. Forced turnovers for ethical lapses at these companies increased from 1.6 percent of all successions in 2007–11 to 3.3 percent in 2012–16 — a 102 percent increase. In Western Europe, the share of CEOs forced out for ethical lapses increased to 5.9 percent from 4.2 percent, and in the BRIC countries, to 8.8 percent from 3.6 percent. “Our data cannot show — and perhaps no data could — whether there’s more wrongdoing at large corporations today than in the past. However, we doubt that’s the case, based on our own experience working with hundreds of companies over many years,” says Per-Ola Karlsson, partner and leader of Strategy&’s organization and leadership practice for PwC Middle East. “Over the last 15 years, five trends have resulted in boards of directors, investors, governments, customers, and the media holding CEOs to a far higher level of accountability for ethical lapses than in the past.” The Five Trends Shaping CEO Accountability Despite the global increase in forced turnovers for ethical lapses, companies in the U.S. and Canada have the lowest incidence of such dismissals — 3.3 percent in 2012–16 compared to 5.9 percent in Western Europe and 8.8 percent in the BRIC countries. More stringent governance regulation is one likely reason. Both the legislative requirements for codes of conduct and anti-bribery statutes have been tightened significantly in the United States. The study also found that at the largest companies (those in the top quartile by market capitalization) in the U.S. and Canada and Western Europe, the overall share of CEOs forced out of office was significantly greater than the share forced out in the other market-cap quartiles. “The fact that forced turnovers for ethical lapses were even higher at companies in the top quartile by market capitalization in these regions supports our hypothesis, since the largest companies are the most affected by the five trends and are subject to the greatest scrutiny,” says Kristin Rivera, partner and global forensics clients and markets leader with PwC US. “The increasing incidence of CEOs being forced out of office for ethical lapses may have a positive effect on public opinion over time by demonstrating that bad behavior is in fact being detected and punished,” says DeAnne Aguirre, global leader of Strategy&’s Katzenbach Center of Innovation for Culture and Leadership, principal with PwC US. “In the meantime, CEOs need to lead by example on a personal and organizational level and strive to build and maintain a true culture of integrity.” More Facts from the 2016 CEO Success study About the 2016 CEO Success Study Over the course of the past 17 years, Strategy& has been tracking continuous data on CEO successions. The 2016 study analyzed CEO successions at the world’s 2,500 largest (by market capitalization) public companies over the last 10 years. For the purposes of this study, we define an ethical lapse as a scandal or improper conduct by the CEO or other employees; examples include fraud, bribery, insider trading, environmental disasters, inflated resumes, and sexual indiscretions. Ends To learn more about the 2016 CEO Success study, visit www.strategyand.pwc.com/ceosuccess. A copy of the global study, including findings by geography and industry, is available from the media contact. Multimedia content, including infographics and video, is also available. About Strategy& Strategy& is a global team of practical strategists committed to helping you seize essential advantage. We do that by working alongside you to solve your toughest problems and helping you capture your greatest opportunities. We bring 100 years of strategy consulting experience and the unrivaled industry and functional capabilities of the PwC network to the task. We are part of the PwC network of firms in 157 countries, with more than 223,000 people committed to delivering quality in assurance, tax, and advisory services.


News Article | May 10, 2017
Site: www.prnewswire.com

Notably, all new employees have the opportunity to meet with Rob Siegfried, CEO and Founder, about Siegfried's higher purpose: We help People become better Leaders to exponentially improve their Lives. "During your career you've gained a lot of knowledge, and as a result, you've joined our Firm. And we appreciate you for that," said Siegfried. On the first night of Orientation, a welcome reception was held at the Mandarin Oriental. For the remainder of the week, the group was joined by members of Siegfried's Leadership and Operations teams, as well as colleagues from their respective Regions, for dinners at Julian Serrano, Sage, and barMASA, as well as a ride on the High Roller Observation Wheel. Siegfried is pleased to welcome all of our talented new Professionals to the team! Tom Abbate joins the New York Metro Market as a Senior Associate. A methodical problem-solver, Abbate deploys simple solutions to a client's complex challenges. He earned his Bachelor of Science in both accounting and finance at Central Connecticut State University. Most recently, Abbate was an Accounting Analyst at United Technologies Corporation. Courtney Bowman, CPA, joins the New York Metro Market as a Senior Associate. Bowman is continuously inspired and motivated by building new connections. She attended Siena College, earning her Bachelor of Science in accounting and marketing, as well as her Master of Science in accounting. Most recently, Bowman was at KPMG, where she served as a Senior Audit Associate. Andrew Chandler, CA, joins the San Jose Market as a Manager. Chandler possesses a unique ability to integrate different aspects of a project and understand its nuances while maintaining focus on the end goal. He earned his Bachelor of Accounting at the University of Stellenbosch in South Africa. Most recently, Chandler was a Senior Audit Analyst at Bristol-Myers Squibb. Zach Ciullo, CPA, joins Siegfried's New York Metro Market as an Associate Manager. He consistently provides value through his unique and innovative ideas. Ciullo earned his bachelor's degree in accounting from Rutgers University and after spending several years at KPMG, was most recently a Senior Fund Accountant at SS&C Technologies. David Fox joins our Denver Market as an Associate Manager. Fox enjoys meeting people and working together to find solutions to complex and challenging issues. He earned his Bachelor of Science in Business Administration with an accounting concentration, his Bachelor of Science in Spanish, and his master's degree in accountancy from Colorado State University. Fox began his career at PwC and was most recently an Internal Auditor for Ball Corporation. Kevin Lydon, CPA, joins our Los Angeles Market as a Senior Associate. Lydon prides himself on his unique ability to integrate with a team quickly, build a strong foundation with the client, and deliver quality results. He attended the University of California, Santa Barbara for his Bachelor of Arts in Business Economics with an emphasis in accounting. After beginning his career at Deloitte, Lydon most recently held the role of Senior Accountant at Kilroy Realty. Ankit Patel, CPA, rejoins Siegfried's Chicago Market as an Associate Director. Patel's technical abilities and problem solving skills allow him to jump into any situation and immediately make an impact to help his clients navigate through difficult situations. Patel earned his Bachelor of Science in finance and accounting and his master's degree in accounting from Saint Louis University. He has more than 11 years of experience in various accounting roles, most recently at Hyatt Hotels Corporation as the Senior Manager of Global Policies and Procedures. Tamika Tabb joins the Atlanta Market as an Associate Manager. Tabb is known for being passionate and forward-thinking with a mindset that is always focused on helping clients enhance or improve processes and add real value. She earned her Bachelor of Science in Business Administration with a concentration in accounting and a minor in psychology from Virginia Commonwealth University. Most recently, Tabb was at EY, where she served as an Assurance Senior. For more information about a career at Siegfried, please visit siegfriedgroup.com. About The Siegfried Group, LLP The Siegfried Group, LLP (Siegfried) works alongside financial executives across the nation, on their most important accounting and finance projects. Filled with an innovative spirit and led by an ambitious entrepreneur, Siegfried provides unique Leadership Advisory combined with high potential talent. At the heart of our Firm is our approach to individual leadership and the continual pursuit of helping people grow both personally and professionally. As a whole, we value being fair, having fun, and fostering stakeholder value. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/siegfried-welcomes-new-professionals-from-across-the-country-300455024.html


SAN MATEO, Calif., May 10, 2017 (GLOBE NEWSWIRE) -- Zuora, Inc., the leading provider of subscription commerce, billing and finance solutions, today announced that it has signed a definitive agreement to acquire Leeyo Software Inc.®, the undisputed leader in revenue recognition automation. Zuora® will add Leeyo RevPro®, the cloud-based, enterprise-grade ASC 606 and IFRS 15 compliant revenue recognition solution, to its order-to-cash product portfolio. This creates a one-stop shop for automating financial operations, further increasing Zuora’s dominance in the $102 billion market for Subscription Economy® tools. In recent years, many reports have documented the global subscription movement. The Economist found that 80 percent of customers are demanding new consumption models and moving away from traditional ownership. Credit Suisse reported that people in the U.S. spent $420 billion on subscriptions in 2015, up from $215 billion in 2000. Companies like Salesforce.com, Amazon, Netflix, and Box were the early disruptors in the Subscription Economy. However, the story is now far broader and deeper, and relevant to every industry in the world. Companies in media and entertainment, consumer services, telecom and utilities, financial services, healthcare, education, manufacturing and even farming are all pivoting to subscription businesses. According to McKinsey & Company, digital services are expected to account for about three-quarters of global growth over the coming decade. As mixed business models emerge, the complexities of revenue reporting are forcing financial regulators around the world to change global accounting standards. As a result, beginning in fiscal 2018-2019 companies large and small, public and private, must now adopt the new ASC 606 and IFRS 15 revenue guidelines. This is the biggest change to accounting standards in the last 100 years. According to PwC, more than half of the affected companies - particularly those that bundle subscription and non-subscription services - are unprepared to adopt these new standards. “We’ve been saying that accounting standards have to change to accommodate the Subscription Economy, and now they have,” said Tien Tzuo, CEO and founder of Zuora. “Every company, regardless of revenue mix, product or service offerings, will be impacted by these new accounting standards. We’ve partnered with Leeyo for over three years, and today we join forces to help our customers alleviate the burden of dealing with these new standards.” Consistency and comparability of financial reporting across all industries, geographies and business models is beneficial to investors. However, the new standards significantly increase the compliance burden for reporting companies. This will lead to: Reporting becomes increasingly time consuming, labor intensive and risky, wreaking havoc on finance teams if the rules are not adopted accurately and on time. Leeyo’s RevPro software automates these critical revenue recognition processes, helping businesses save countless hours, improving investor confidence and building greater stability in public markets. RevPro has over one hundred customers running an estimated $266 billion annually through its revenue recognition engine. Together, the combined company becomes a one-stop shop for managing customer records, product catalogues, subscriptions, billing, orders, cash, and revenue recognition. “At Leeyo, we are tremendously proud of the company and market leading product we’ve built. Being part of Zuora allows us to reach a broader range of companies looking for revenue automation, transparency and consistency in corporate financials,” said Jagan Reddy, CEO of Leeyo. “RevPro is a natural fit for Zuora’s product portfolio and completes the full order-to-revenue process.” Zendesk VP Global Corporate Controller Christina Liu: “Traditional financial systems and manual processes don't work for the fast paced world of Zendesk. Zuora and Leeyo have been critical to our ability to automate and scale our financial operations. We're excited the two companies are coming together to allow us to have a single-source-of-truth for our order to cash process.” Connor Group CEO Jeff Pickett: “With the latest changes in the accounting standards to globally unify revenue recognition, Zuora’s acquisition of Leeyo makes perfect sense. Combining all these capabilities under one roof will significantly help simplify compliance and financial reporting.” MGI Research Managing Director Andrew Dailey: “This is a smart move that unites the best of breed leader in revenue recognition with an Agile Billing leader. It’s a win for Leeyo and Zuora customers, and adds breadth and depth to Zuora’s play in delivering an Agile Monetization Platform.” SurveyMonkey COO and CFO Tim Maly: “As the world’s leading online survey platform with more than 3 million responses every day, SurveyMonkey relies on Leeyo to handle high volume transactions for our self-serve business and Zuora’s subscription billing streamlines our high-growth sales supported business. The benefits of both products keep us focused on what matters most, our customers.” Learn more about Zuora and Leeyo at Subscribed on June 5-7, 2017 at the Marriott Marquis in San Francisco. Register here. Additional Resources Download the Zuora guide on ASC 606 and IFRS 15 “The Subscription Economy: A Business Transformation” by Tien Tzuo, CEO of Zuora SlideShare: “Drivers of Success in the Subscription Economy” MGI Research Forecast on Agile Monetization Platforms 2016-2020 About RevPro: https://leeyo.com/revpro/revpro-overview/ About Zuora, Inc. Zuora is a SaaS company and the world’s foremost evangelist of the Subscription Economy. Zuora’s leading subscription relationship management platform helps enable businesses in any industry to launch or shift products to subscription, implement new pay-as-you-go pricing and packaging models, gain new insights into subscriber behavior, open new revenue streams, and disrupt market segments to gain competitive advantage. Zuora serves more than 800 companies around the world in every industry, including Box, Komatsu, Rogers, Schneider Electric, Toshiba, Xplornet and Zendesk. The Subscription Economy Index (SEI) demonstrates that SEI companies are growing revenues approximately nine times faster than the S&P 500. Headquartered in Silicon Valley, Zuora also operates offices in Atlanta, Boston, Denver, San Francisco, London, Paris, Beijing, Sydney and Tokyo. About Leeyo Software, Inc. Leeyo’s next-generation revenue recognition software rescues companies and revenue teams of all sizes from the chaos of today’s manual data entry or customized processes. Leeyo RevPro – the most complete revenue recognition software suite on the market – automates and manages every process facing a revenue team, seamlessly integrating with the quote-to-cash processes of any ERP system to deliver unparalleled visibility, functionality and configurability to the revenue recognition and reporting process. Learn more about Leeyo and RevPro at: www.leeyo.com © 2017 Zuora, Inc. All Rights Reserved. Zuora, Subscribed and Subscription Economy are trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release. To learn more about the Zuora platform, please visit www.zuora.com. © 2017 Leeyo Software Inc. All Rights Reserved. Leeyo, the Leeyo logo, RevPro, and the RevPro logo are trademarks of Leeyo Software Inc. All other trademarks are property of their respective owners. Learn more about Leeyo and RevPro at: www.leeyo.com


News Article | May 10, 2017
Site: www.prweb.com

The Virginia Chamber of Commerce honored DIGITALSPEC, LLC. (DSPEC) at the 2017 FANTASTIC 50 awards banquet on April 27th at Westfields Marriott in Chantilly, VA. This twenty-second FANTASTIC 50 event showcased fifty of Virginia’s fastest growing companies and accepting the award on behalf of DSPEC was Dr. Charles Dadoo, CEO Vishal Dadoo, President, and Dr. M.L. Dadoo, CFO. The Virginia FANTASTIC 50 is the only program to highlight fifty of Virginia’s fastest growing companies on a statewide basis and is open to all types of businesses. “We know that companies will grow and expand where they have the skilled workforce to support their mission,” said Barry DuVal, president and CEO of the Virginia Chamber of Commerce. “We are glad to toast the entrepreneurial spirit of these Virginia business leaders and the dedicated employees who have brought these companies continued success.” Nominations for the 2017 FANTASTIC 50 were sought last fall from local chambers of commerce, economic development organizations, and through the sponsors’ networks: companies may also nominate themselves. “To have the opportunity to accept this award among so many outstanding VA businesses is a true honor,” stated Dr. Charles Dadoo, CEO of DIGITALSPEC. “We will continue to provide innovative solutions for our clients and look forward to an exciting 2017.” This signature event hosted over 400 of Virginia’s finest business owners and professionals as the VA Chamber recognized winners for their entrepreneurial success and contribution to Virginia’s economic vitality. In addition, the banquet was preceded by an engaging networking reception encouraging winning companies to connect and collaborate as well as recognition in the Virginia Business Magazine. DSPEC President, Vishal Dadoo, recognized the contributions of many noting, “As we continue to grow, our employees work hard to reach the highest level of customer satisfaction for our clients. We want to thank the VA Chamber of Commerce for recognizing DIGITALSPEC as one of the fastest growing companies in Virginia.” Founded in 2005, DSPEC is a leading provider of Government Acquisition solutions and Program management and Systems Integration consulting services, delivering true business value and return on investment to Federal clients in the metropolitan Washington, D.C area. The Virginia Chamber of Commerce is the largest business advocacy organization in the Commonwealth, with more than 26,000 members. The Chamber is the leading non-partisan business advocacy organization that works in the legislative, regulatory, civic and judicial arenas at the state and federal level to be a force for long-term economic growth in the Commonwealth. Learn more at http://www.vachamber.com DIGITALSPEC, LLC is a Small Business Administration (SBA) certified 8(a), ISO 9001, 20000, and 27001 program founded in 2005 and headquartered in Fairfax, VA. We are a leading provider of Government Acquisition solutions and Program Management and Systems Integration consulting services, delivering true business value and return on investment to Federal clients in the metropolitan Washington, D.C area. DSPEC portfolio of services includes PMO, CIO Advisory Support Services, Infrastructure Engineering Acquisition Management, Solution Development and Integration, and Assurance and ITIL Process Consulting. DSPEC provides solutions and services in markets such as: Investigation & Case Management, Financial, Education and Training. DSPEC’s Managing Principals leverage more than 100 years of combined business and IT experience, deep domain expertise, and rich technical knowledge to ensure client satisfaction. We work collaboratively with clients to create solutions that ‘fit’ the client environment and use industry best practices. DIGITALSPEC holds a performance rating of 95%+ with Dun and Bradstreet (D&B). It strives to hold 100% customer satisfaction. Our Federal clients include the U.S. Office of Personnel Management (OPM), , National Background Investigation Bureau (NBIB), Department of Justice (DOJ)/Drug Enforcement Administration (DEA), Transportation Security Administration (TSA), Department of Education/Federal Student Aid (FSA), Customs and Border Protection (CBP), Department of Homeland Security (DHS), Commodity Future Trading Commission (CFTC), Pension Benefit Guaranty Corporation (PBGC), and Federal Aviation Administration (FAA) along with our partners PricewaterhouseCoopers, (PwC), Accenture Federal Systems, International Business Machines Corporation (IBM), CSRA, Inc., and The Carlyle Group. Our headquarters are in Fairfax, Virginia, along with additional locations in Rosslyn, VA, Boyers, PA, Washington, DC, Fort Meade, MD, Crystal City, VA, Chicago, IL, and Vienna, VA. For more information, please contact us at 703-626-7445, 443-818-2736 or at info(at)digitalspec(dot)net.

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