Andersen elects Grafton to resolve row
Tuesday 01 July 1997
The 27-strong board said the unanimous election of Robert Grafton, a 25-year veteran of the Chicago-based firm, "decouples the CEO electoral process from the separate and distinct process of achieving constructive organisational change".
At a meeting in Paris earlier this year the firm's 2,700 partners overwhelmingly decided to keep the Arthur Andersen accounting arm and the Andersen Consulting operation together. But it is clear that continuing tensions about the future of the world's biggest accounting and consulting firm were behind the failure last month of first Jim Wadia, head of the UK accounting operation, and then George Shaheen, world-wide head of Andersen Consulting, to secure the two-thirds majority necessary to succeed Lawrence Weinbach as managing partner-chief executive.
Mr Weinbach - seen as a "statesmanlike" figure and one of the architects of the 1989 split between the traditional business advisory arm Arthur Andersen and Andersen Consulting, which has increasingly become associated with information technology projects and outsourcing - is not seeking a third term as head of a firm that employs about 100,000 people and last year reported revenues of $9.5bn (pounds 5.7bn). He plans to retire to pursue other interests at the end of next month.
Under the interim arrangements announced yesterday, following the board's weekend meeting in New York, a group of about 10 partners will be selected to conduct a wide-ranging review by next spring.
It is understood that the group will examine "anything and everything", including such issues as reorganising the board to reflect the fact that the consulting operation is now as large as the accounting firm and friction over believed differences in earnings between US partners and those in the rest of the world. The team will also look at ways of improving the firm's already renowned technology and training efforts as well as how to build on its service to clients.
The board hopes that having a much smaller group than the Andersen 21 body, which involved more than 70 partners when discussing the first overhaul of the firm since the consulting operation became a separate entity, will speed up the decision-making process.
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...