PracticeAccounting FirmsRegret over resignation of Andersen CEO

Regret over resignation of Andersen CEO

Andersen Worldwide Board of Partners chairman Aldo Cardoso, today expressed his regret over Joe Berardino's decision to resign as CEO, and thanked him for leading the firm 'through the most difficult period in its history.'

Berardino, managing partner chief executive officer, announced his departure saying the move was in the best interests of the firm, following the shredding of Enron related documents while he was in charge.

His resignation, after 14 months in the post, will take effect after the Andersen board chooses an interim replacement, expected to be announced in the next few days.

‘Joe Berardino has led this firm well, with integrity and courage, through the most difficult period in its history’, said Aldo Cardoso, chairman of the Andersen Worldwide Board of Partners. ‘We regret Joe’s personal choice to step down, and thank him for his service.’

Earlier, in his message, Berardino said: ‘There has been a great deal of scepticism about whether we would take the leadership necessary to make fundamental changes in our US firm, even though we had brought in (former US Fed Chairman) Paul Volcker with a broad mandate to recommend changes’.

‘In the wake of an unprecedented criminal indictment of the U.S. firm, I have concluded that my continuing could become an impediment to the efforts of Mr. ‘Volcker and many others to save the US firm. While my nature is to keep fighting to protect our people and our clients, the fact is that the improper shredding of documents took place on my watch – and I believe it is now in the best interests of the firm for me to step down from the CEO position’, he added.

Berardino concluded his message by saying: ‘I hope that in some way my decision today will add further to the momentum of partners and employees who want to see our firm and its spirit continue’.

Related Articles

BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

3d Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

6d Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

1w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor
RSM announces two partner promotions

Accounting Firms RSM announces two partner promotions

2w Emma Smith, Managing Editor
Backsourcing: The latest accountancy trend?

Accounting Firms Backsourcing: The latest accountancy trend?

1m Pillsbury Winthrop Shaw Pittman