Grant Thornton's US chief resigns
Grant Thornton's executive committee in the US last week recommended Dom Esposito, executive partner and chief executive officer, step down due to differences over the firm's direction.
Edward E Nusbaum will act as interim executive partner until the firm finds an internal replacement for Esposito.
Esposito said: ‘I am extremely proud of all we have achieved during my tenure as executive partner. We are in the best financial position in our history as I begin to explore opportunities both inside and outside the firm.’
Appointed executive partner in February 1999, Esposito has presided over a period of record growth and high profile achievements at the firm.
Revenues at Grant Thornton?s US arm grew 11% to $416m (£283.5m) for the year-end 31 July 2000, the highest in the firm’s 76-year history.
In February, the firm provided accounting and auditing services to KPMG Consulting for one of the industry’s largest initial public offerings. The US firm also sold its e-business consulting group for $175m (£119m) last October.
Russell G Wieman, chairman of GT’s executive committee, said: ‘We appreciate Dom’s contributions to our firm throughout his career and especially during his term as executive partner. He came into office to set the direction for future growth and achieved significant goals.
A spokesman for the UK arm of the firm said the move would not affect them due to the organisation’s structure.
The change will not affect the firm’s UK arm due to the organisation’s structure.