Time for an End Run?  

Oleh:

Fryer, Bronwyn

Jenis: Article from Bulletin/Magazine - ilmiah internasional
Dalam koleksi: Harvard Business Review bisa di lihat di link (http://web.b.ebscohost.com/ehost/command/detail?sid=f227f0b4-7315-44a4-a7f7-a7cd8cbad80b%40sessionmgr114&vid=12&hid=105&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&jid=HBR) vol. 87 no. 11 (Nov. 2009), page 33.
Topik: Peter Cruikshank; Scotia Assurance

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Perpustakaan Pusat (Semanggi) Nomor Panggil: HH10.40 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Arlyn James and Geoff Simon watched grimly as two security guards frog-marched Peter Cruikshank, CEO of Scotia Assurance, through the glass doors of the headquarters’ palatial lobby. It was a bitter Sunday morning—thanks not only to the cold November rain falling but also to the fact that Cruikshank was about to be investigated for securities fraud. It was nearing the end of a very bad year at the 150-year-old firm, where Arlyn had served for a decade as group human resources director. The Manchester, UK–based global insurance company sold life, pension, and general insurance, as well as reinsurance. It had already suffered financial setbacks as a result of exposure in the U.S. subprime-housing market when Scotia’s internal auditors began looking into the company’s finances. They found that roughly £500 million in liabilities had been either recorded incorrectly or not properly released in earlier reporting periods. The company would have to restate results for the current fiscal year, as well as those for 2006, 2007, and 2008. Cruikshank and his chosen successor, the CFO, had been forced to resign, and the Financial Services Authority had launched an investigation.

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