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Concedes local misappropriations and irregularities in certain countries.
Stephen Taub, CFO.com | US
February 3, 2004
Swiss-based employment company Adecco has announced that its board "has so far found no evidence demonstrating any major misappropriations or irregularities that would be financially significant to the company as a whole."
It did concede there were instances of local misappropriations and irregularities, mainly at the branch level, in certain countries.
The company added that its board "does not believe these instances will turn out to be financially significant to the company as a whole, although, as any such conduct would be, they are nonetheless of concern to the company."
Adecco also announced the appointment of Richard Kilsby as independent monitor, to ensure the independence of the investigation currently being conducted by the New York law firm of Paul, Weiss, Rifkind, Wharton and Garrison LLP. "We are working to reinforce and improve our [control] systems and our finance function, and are determined to work through and learn quickly from these problems," said Kilsby.
The company also appointed Ray Roe as chief executive officer of Adecco Group's North American operations. He will report to Jerome Caille, Adecco's chief executive officer.