BusinessCompany NewsCompany boards evict former Xerox chief

Company boards evict former Xerox chief

Former Xerox chief executive Paul Allaire and five other former executives of the copying company have agreed to pay the Securities and Exchange Commission $22m (£13.2m) to settle long-running allegation of accounting fraud.

Link: Xerox admits GAAP was ‘misapplied’

Allaire is said to have paid £4.5m to the SEC as part of the settlement.

Following this agreement yesterday, Lucent Technologies announced Allaire was to leave its board of directors. He was also asked to leave the board of GlaxoSmithKline following a row over director’s pay at the shareholder’s meeting last month.

GSK shareholders have held him responsible for the controversial £22m golden parachute pay for chief executive Jean-Pierre Garnier should he leave the company.

The Xerox settlement shows the SEC’s determination to hold individuals to account as it cracks down on corporate crime.

It filed charges for inflating revenue earlier this year against the six directors and Big Four firm KPMG, regarding audited results filed from 1997 to 2000.

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