Hartz, who held the position for seven years, will be replaced by Tom O?Neill, PwC’s chief operating officer, new CEO Sam DiPiazza announced today.
‘It was a mutual decision that we are going in different directions. The new guy wants his own team,’ the FT reported Hartz as saying.
PwC has been looking to separate its consulting arm from the firm following the crack down on auditor independence by the Securities and Exchange Commission.
PwC suffered a failed attempt to sell its consulting division to Hewlett Packard for around $18bn in 2000. Since then no other buyers have emerged.
The firm is rumoured to be about to announce an initial public offering of its consultancy division in February.
‘PwC Consulting is continually pursuing possible business opportunities forlegal separation from PricewaterhouseCoopers, including, third-partytransaction, strategic investment or initial public offering (IPO). Ourbusiness is ready for the future and has the overwhelming support of ourpartners and staff. We will do a deal which suits us, when it suits us,’ the firm said.
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