This Deloitte Press Release Has an Awkward Quote From Apolo Ohno
Ahhhh, the Olympics. Competition, national pride, inspiring life stories, a bunch of young athletes swapping bodily fluids for two weeks. It's really a time-honored tradition. A time-honored tradition that needs a professional services firm to guide it through the complexities of international business. Deloitte is that firm and to celebrate its renewal of sponsoring the […]
Grant Thornton Names New Head Dynamic Organization Hunter
Ed Novak has been appointed Head of National Sales and he'll be tasked with bringing home the dynamo bacon. “Hiring Ed is a key pillar in our strategy to establish Grant Thornton as the leading accounting and consulting firm serving dynamic organizations,” said Tricia Conahan, Chief Marketing & Sales Officer. That's great and all, but […]
Grant Thornton Applauds President Obama’s Support of Start-Ups and Small Business Because, Duh, They Will Make More Money
Oh, Grant Thornton flacks. Could you put out a more ridiculously transparent, vapid, self-serving, bullshit press release? Grant Thornton LLP applauds President Obama for recognizing the importance of access to capital to start-ups and small business during his State of the Union Address last night. The Small Company Capital Formation Act, introduced by Rep. David […]
Ernst & Young Just Gave the New York Attorney General 22.9 Billion Reasons to Feel a Little More Motivated Today
Because business is good at E&Y. Not PwC good or Deloitte good but good enough.
Ernst & Young today announced combined global revenues of US$22.9 billion for the financial year ended 30 June 2011, compared with US$21.3 billion in 2010, a 7.6% increase. In local currency, revenues grew 5.3%. “We have had a very strong year in each of our four geographic areas. We continue to see very positive reactions to the way we have globalized our organization over the last few years, our investments in emerging markets and the great dedication and commitment of our people,” said Jim Turley, Global Chairman and CEO of Ernst & Young.
Also, Jimbo says that E&Y is “focused on building lifelong relationships with our people. This ensures we have outstanding talent to provide our clients the best service wherever they do business.” So if your heart belongs to show business, fine. But your ass belongs to Ernst & Young.
[via E&Y]
Promotion Watch ’11: Grant Thornton Admits 26 New Partners and Principals
Apparently everyone’s email at the Purple Rose of Chicago is broken because I had to learn about this from a press release.
Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations, admitted 26 new partners and principals to the firm, effective August 1. These partners and principals are based throughout the firm’s offices across the country.
Partners and principals admitted to the firm are thought leaders upon whom the firm relies to provide personalized attention in serving clients. These professionals have demonstrated consistently their extraordinary ability to understand and meet the needs of client companies and industries. They have also demonstrated long-term leadership in the accounting profession and the community.
“These professionals have demonstrated extraordinary client service, driving value for the dynamic firms we serve,” said Stephen Chipman, Grant Thornton’s CEO. “These leaders exemplify Grant Thornton’s mission of making a difference – to our colleagues, our clients, our profession and our communities.”
It’s also strange that no one from GT has dropped any news regarding compensation discussions as this is about the time we should start hearing it or sayeth comments from the last post on the subject. Anyway, give the new partners a slap on the back or at least a nice note.
Deloitte Announces Joe Echevarria as New CEO, Punit Renjen Chairman
Deloitte has announced today that Joe Echevarria will become the new CEO and Punit Renjen (who is oddly well-coifed for a leader at Deloitte) the new Chairman Board of the firm effective June 1. None of this is really news to anyone that frequents this site since we reported who the candidates were back in February. Joe takes over for Barry Salzberg who will assume the global CEO position and Punit will assume the Chairman role from Sharon Allen who is retiring.
This officially marks the end of the Deloitte election process that we brought to light after a partner reached out to us over concerns that the process is seriously flawed (or in that partner’s words, “broken”). Whether or not the rumored poor turnout had any effect on the timing is not known but the results remain the same, much to the chagrin of many partners at the firm who share the frustration of a unrepresentative election process.
[caption id="attachment_29175" align="alignright" width="150" caption="Renjen"]
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Both guys seem genuinely pleased with the result, “I am deeply honored to be elected by my partners and principals to be CEO of this great firm. As the largest professional services organization in the U.S., we have an obligation to lead,” said Echevarria. “Excellence in all of the professional services we provide constitutes the foundation of our success. As markets were shaken and major players disappeared overnight, we’ve made a clear choice to focus on superior performance, innovation and growth across all our practice areas. Great firms are growth firms.”
And Renjen, “This is a great privilege, and I deeply appreciate the partnership’s confidence in me,” he said. “I share Sharon Allen’s vision for Deloitte – to be the ‘Standard of Excellence.’ Setting this standard demands effective governance, transparency, accountability and uncompromised quality. I am committed to leading the board in providing valuable oversight and strategic guidance to management, and also to representing our exceptional organization and culture with external stakeholders.”
Congratulate your new leaders, green dots; these are the men you’ll be receiving a monstrous number of emails from for the next four years.
[via Deloitte]
Plante & Moran Encourages Employees to Make Tax Season a Family Affair
Plante & Moran, PLLC is encouraging its accountants and staff to bring their children to work on Saturdays during tax season, a tradition the firm has practiced for almost 20 years. The certified public accounting and business advisory firm offers free Saturday daycare in 11 of its Midwest offices – including Grand Rapids – during the height of tax season. Children ages 6 months to 18 are welcome to attend the drop-in program, which offers games, crafts, snacks, activities, movies – and an opportunity to enjoy lunch with Mom or Dad. [P&M]
There Are More Than a Few Texans Who Aren’t Impressed with Ernst & Young’s Auditing Abilities
And this has nothing to do with Lehman Brothers.
Attorneys from Houston’s Ahmad, Zavitsanos & Anaipakos are representing a group of investors in a lawsuit filed against hedge fund auditors Ernst & Young after the group lost more than $17 million following the collapse of a Plano, Texas-based hedge fund that promised low-risk investments.
The lawsuit focuses on two funds sold by Plano’s Parkcentral Global and was filed on behalf of Houston financial consultant Gus H. Comiskey and four Tucson, Ariz.-based entities, including the Thomas R. Brown Family Private Foundation. The now-defunct Parkcentral Global was operated by affiliates of billionaire and former presidential candidate H. Ross Perot before closing its doors after losing a total of more than $2.6 billion.
“Our clients were told that an investment in Parkcentral was designed to preserve capital. Instead, they lost every penny in record time. E&Y was supposed to be auditing Parkcentral, but the audited financial statements never once warned Parkcentral’s investors of their impending doom,” says attorney Demetrios Anaipakos, who will try the case with Amir H. Alavi.
Did you hear that E&Y? RECORD TIME! But why the Ross Perot mention, Ahmad, Zavitsanos & Anaipakos? Got something against eccentric Texas billionaires that like explaining complex things with charts? Sadly, the BPR does not elaborate.
The lawsuit includes claims that New York-based Ernst & Young falsely represented that the company fairly audited Parkcentral Global and the auditor failed in its “watchdog” [Ed. note: These quotation marks appear to be unnecessary. Also, the “watchdog” thing, sucks as metaphor.] role to warn relying investors of the risk of fraud and noncompliance by management. The suit accuses Ernst & Young of fraud, negligent misrepresentation, securities fraud and conspiracy.
This month, Brown Investment Management, L.P., one of the plaintiffs in this suit against Ernst & Young, won a Delaware Supreme Court ruling that requires Parkcentral Global to disclose its former investors. Those investors could be added to the new Houston lawsuit.
The investments of the Brown foundation, Brown Investment Management and the two other family-related ventures totaled $16 million and were lost within 90 days despite a “worst case loss” estimate of 5 percent. Mr. Comiskey, like his fellow investors, lost 100 percent of his investment when Parkcentral Global went under.
Mr. Anaipakos and Mr. Alavi have handled disputes against hedge funds and private equity firms for more than a decade. This lawsuit is separate from a class action filed in the U.S. District Court for the Northern District of Texas against Parkcentral Global.
Bob Herz Retiring as FASB Chair
Eight “successful” years is a helluva run, Bob. Not sure if he’s upstaging Tweedie’s exit next year or what. They’re buds and all. So now the speculation should probably start as to who will replace Roberto. Leslie Seidman will be running things as the “Acting” Chair and if you take the PCAOB’s as example, that “Acting” Chair can sit tight for awhile. Dan Goelzer has been “acting” as the Chair for over at the Board for over a year now.
So the important question is, who’s next to fly this ship? Taking shit from bank lobbies enerally being known as being the biggest double-entry nerd in a gray suit this side of the pond is not an easy gig. We’d suggest a deputy accountant but there’s probably some silly qualifications that she will disqualify her. Does Tim Flynn put down the bag at KPMG? Do we finally get serious and get a knight to run this thing? Suggestions welcome.
NORWALK, Conn.–(BUSINESS WIRE)–The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that the Financial Accounting Standards Board (FASB) will grow from five to seven members. The FASB previously operated with seven board members from its inception in 1973 until 2008. In addition, Chairman Robert Herz has decided to retire from the FASB after more than eight years leading the standard-setting board. FASB member Leslie Seidman has been appointed Acting Chairman, effective October 1, 2010.
“Returning the Board to the seven-member structure will enhance the FASB’s investment in the convergence agenda with the International Accounting Standards Board (IASB), while addressing the unprecedented challenges facing the American capital markets in the months and years ahead”
“Returning the Board to the seven-member structure will enhance the FASB’s investment in the convergence agenda with the International Accounting Standards Board (IASB), while addressing the unprecedented challenges facing the American capital markets in the months and years ahead,” said FAF Chairman Jack Brennan. “The FAF Trustees believe this is the right investment in the standard-setting process at the right time that will enable it to accomplish the many duties that are so critical to the organization’s constituents.” The transition to a seven-member board will occur as soon as the process to recruit and evaluate candidates is complete, which is expected in early 2011.
Mr. Brennan added: “On behalf of the Board of Trustees and, especially, all investors and others affected by the FASB’s work, I want to offer my sincere thanks to Bob Herz for his strong leadership of the FASB in, arguably, the most challenging period in its history. We greatly appreciate his service and congratulate him for a job well done. Moving forward, we are very fortunate to have a highly respected, experienced leader like Leslie Seidman to assume the duties of Acting Chairman.”
Robert Herz, Chairman of the FASB, said: “My more than eight years as Chairman of the FASB have been among the most professionally challenging and personally satisfying of my career. There are hundreds of people I need to thank for their strong support and invaluable contributions to our standard-setting activities. First and foremost, I offer my deep appreciation to my fellow board members and our dedicated and talented staff. I’m very proud of our accomplishments, and I’m confident the board will continue to successfully meet the challenges ahead.”
Ms. Seidman has been a FASB member since July 2003. She has also served the FASB in various staff roles. Prior to joining the board, Ms. Seidman managed her own firm, providing consulting services to major corporations, accounting firms and other concerns, and previously served as vice president of accounting policy at J.P. Morgan & Company. Ms. Seidman started her career as an auditor in the New York office of Arthur Young & Company (now Ernst & Young LLP) and is a certified public accountant.
Promotion Watch ’10: Rothstein Kass Names Four New Principals
Jeff Kollin, Camille Asaro, Frank Attalla and Navin Sethi come on down!
Asaro and Kollin rep the New York office, Attalla in Roseland, NJ and Sethi gets the nod in San Fran.
Ms. Asaro and Mr. Attalla are members of the Rothstein Kass Financial Services Group. Mr. Sethi, a tax Principal is a member of both the Financial Services Group and the firm’s Commercial Services Group. Mr. Kollin has been named Principal and Head of the Financial Services Advisory practice within Rothstein Kass Business Advisory Services, LLC, a Rothstein Kass affiliate. Rothstein Kass simultaneously announced the promotion of Rich Sumida to Senior Director at Rothstein Kass.
Son of the Kass (presumably, the firm is 50-ish) takes the mic:
“The collaborative culture at Rothstein Kass has ensured that our professionals are able to continually enhance their skills and expertise throughout their careers. Our ‘one-firm, one-floor,’ philosophy remains a cornerstone for our success. Staff at all organizational levels gain invaluable experience working side-by-side with seasoned industry veterans in support of our clients. The companies we serve, in turn, benefit from the continuity, proficiency and knowledge that result from our ability to hire and retain superior talent across practice areas and office locations,” said Steven A. Kass, Co-CEO and Co-Managing Principal of Rothstein Kass. “Camille, Frank, Navin and Jeff are engaged, insightful and dedicated members of the Rothstein Kass team, and have demonstrated exceptional leadership qualities during their time with our firm. On behalf of our entire organization, we would like to congratulate our new Principals on their achievements and thank them for their contributions to our success.”
Not much to add here other than 1) congrats to the new RK principals and 2) the “one-firm, one-floor philosophy” could have really helped a certain Crowe Horwath partner.
Eisner and Amper Politziner & Mattia End Suspense, Officially Announce Merger
This, after the two firms downplayed the rumors of the transaction last week. Charly Weinstein, EisnerAmper CEO and Howard Cohen, EisnerAmper Chairman got down to brass tacks in this video:
BPR announcing the exceptional service to the NY/NJ/PA corridior:
New York, N.Y. and Edison, N.J. — August 16 /PRNewswire/ — Eisner LLP and Amper, Politziner & Mattia, LLP announced today that they have combined their practices to form EisnerAmper LLP. The newly formed entity will be the 14th largest accounting firm in the United States and the leading regional firm in the Northeast, with more than $250 million in annual revenue.
Combined, EisnerAmper is the premier regional accounting firm in the New York-New Jersey-Philadelphia corridor, with more than 1,200 staff, including 170 partners. Its principal practice groups provide a variety of accounting, tax and other professional services to closely-held and publicly traded companies, financial institutions, and high net worth individuals and families. EisnerAmper’s core expertise extends to the financial services industry, technology, life and health sciences, software, clean tech, real estate, healthcare, manufacturing and distribution, as well as sports, media, entertainment and others. The firm is also the nation’s 10th largest auditor of SEC registrants.
“This combination is the most important and exciting development since the founding of our respective firms and it is hard to imagine two firms that represent a better strategic and cultural fit,” said EisnerAmper’s Charly Weinstein. “Given our complementary strengths in practice areas and regional reach, together with the combined knowledge of our talented professionals, EisnerAmper is exceptionally well positioned to continue to provide our clients with the highest level of expertise and service.” EisnerAmper’s Howard Cohen added, “Our firms share this common vision and strategy, and we look forward to deploying our combined resources and expertise to meet the increasingly complex accounting and business advisory needs of our clients throughout the Northeast and beyond.”
Expanded Services for an Evolving Business Environment
The firm’s expanded resources and expertise will benefit clients that face the challenges of a rapidly changing regulatory landscape, new taxation initiatives, and a volatile and competitive global business environment. EisnerAmper provides a broad array of professional services that address this changing competitive environment, while maintaining the personalized, quality service and relationships that its clients expect and value.EisnerAmper presents a unique combination of financial expertise in one organization. The firm offers comprehensive audit, tax and business advisory services for the insurance, banking and alternative finance markets (including hedge funds, private equity, venture capital funds and broker-dealers).
Beyond accounting, audit and tax, EisnerAmper’s advisory services include enterprise risk management, mergers and acquisitions, business and asset valuation, debt financing, internal audit, forensic accounting and litigation consulting, reorganization and insolvency and international expansion. Clients of the firm have access to a deep pool of talented professionals with expertise in many industries and practice areas, who can help clients address complex accounting, tax and compliance issues.
EisnerAmper will serve clients from its 11 offices which are located in New York City and its suburbs, across New Jersey, in Philadelphia, and in the Cayman Islands. EisnerAmper is an independent member of PKF International, the 11th largest global accountancy network of over 240 legally independent member and correspondent firms located in 125 countries. EisnerAmper’s affiliation with PKF International enables the firm to provide technical and advisory services across North America and around the world to clients with international requirements.
A Magnet for Talented Professionals
The expanded career opportunities resulting from the combination make EisnerAmper a firm of choice, enabling it to continue to attract and retain the best and brightest professionals in a wide spectrum of practice areas. Both firms are dedicated to providing fulfilling careers for our staff and have a long history of making the working environment and culture a priority as illustrated by each firm placing high in several Best Places to Work rankings.“The relationship between Eisner and Amper extends back many years and has always been one of mutual respect and admiration,” said Howard Cohen, who becomes the firm’s Chairman. “We have undertaken this combination with full confidence in our new partners and colleagues. Together, we are infinitely stronger in terms of regional reach, professional expertise and client service. We are well positioned for both immediate and long-term growth.”
“This combination is based on a strong foundation of trust that extends to the partners at both firms,” said Charly Weinstein, the firm’s new Chief Executive Officer. “Our teams have already begun working in concert to ensure not only a seamless transition for clients, but also to deliver to them the maximum benefits of our greater combined resources. This is truly a situation where the whole is greater than the sum of its parts.”
About EisnerAmper LLP
EisnerAmper is one of the premier accounting, tax and business advisory firms in the United States and the leading regional firm in the Northeast. EisnerAmper provides a wide array of services to a diverse client base including publicly traded and privately held companies and high net worth individuals and family groups. For more information, please visit EisnerAmper at www.eisneramper.com.
Accounting News Roundup: Deloitte Names Van Arsdell as New Chair, CEO of AERS; Maryland Might Be Figuring Out This Fiscal Responsibility Thing; Frank Navigates the Waters | 08.12.10
Stephen C. Van Arsdell Named Chairman and CEO of Deloitte LLP’s Audit and Enterprise Risk Services Subsidiary [PRNewswire]
Th tte vet Steve Van Arsdell replaces Nick Tommasino as the head of Deloitte’s AERS.
As is the wont of these particular announcements, SVA seems pretty flippin’ stoked about the new gig, “I am excited to take the helm of Deloitte & Touche during such dynamic times. We know that to succeed we must always be a leader in quality. This is a shared commitment from all within our organization. The goals we set for ourselves will raise the bar for quality throughout the profession.”
Barry Salzberg got in a few words too, “I am fully confident in Steve’s ability to lead Deloitte & Touche through the myriad challenges and opportunities presented by the economic recovery and regulatory environment changes. His extraordinary talent, experience and leadership style will help further the practice’s primary mission to conduct the highest quality audits. As a continuing and integral member of our senior leadership team, I know his contributions will be considerable. Nick Tommasino has demonstrated a deep sense of partnership and commitment to our organization, and we thank him for his leadership. We’re delighted to bring his client service skills back to the marketplace.”
So, Stevey. Time to get down to brass tacks – everyone’s wondering about those raises.
Microloans Helps Some Small Businesses Survive [WSJ]
“When President Barack Obama signed the American Recovery and Reinvestment Act into law in February 2009 to create jobs and promote spending, the law included $56.1 million for microloans for small businesses, to be doled out through the Small Business Administration through September.
While some critics complain about the government’s economic stimulus efforts, some lenders and borrowers say the stimulus spending that focused on helping small businesses is working.
Targeted toward start-up, newly-established, or growing small businesses, the microloans are short-term loans up to $35,000 each for working capital or inventory and equipment purchases. The intermediary lenders who distribute the loans can choose to lend more than that limit.”
China’s Rich Have $1.1 Trillion in Hidden Income, Study Finds [Bloomberg]
“China’s households hide as much as 9.3 trillion yuan ($1.4 trillion) of income that is not reported in official figures, with 80 percent accrued by the wealthiest people, a study showed.
The money, much of it likely “illegal or quasi-illegal,” equates to about 30 percent of China’s gross domestic product, the study, conducted for Credit Suisse AG and published last week by the China Reform Foundation, found. The average urban disposable household income in China is 32,154 yuan, or 90 percent more than official figures, according to the report.”
It’s Time to Give Up Spreadsheets for Tracking Carbon Emissions [Green Biz via AccMan]
Give up on spreadsheets? The horror. “CFOs, CIOs and sustainability teams at large companies have used spreadsheets for years to track corporate carbon emissions.
We are now, however, at a tipping point where the benefits of carbon management software, also known as enterprise carbon accounting (ECA) software, outweigh the benefits of spreadsheets.
With many large companies recently completing their Corporate Social Responsibility (CSR) reports and Carbon Disclosure Project (CDP) questionnaires, and entering budget planning in the fall, it is time to move away from spreadsheets to reduce risk, save money, increase productivity, and establish an enterprise-class source of record for carbon emission data.”
Budget surplus in Maryland? Believe it. [CPA Success]
California, New York – Pay attention.
Do I Owe My Employees a Career Path? [You’re the Boss/NYT]
“Being responsible for your workers’ jobs is hard. Being responsible for their careers is harder.”
TrueBlue Named to Top of Forbes’ “Most Trustworthy Companies” List [Business Wire]
“TrueBlue, Inc. ranked at the top of the list of companies with the ‘most transparent and conservative accounting practices and most prudent management,’ according to a new ‘Most Trustworthy Companies’ list compiled for Forbes by Audit Integrity, an independent financial analytics company.
Audit Integrity’s Accounting & Governance Risk rating, or AGR, rates companies’ accounting and management practices from 0 (very aggressive) to 100 (conservative); companies with a lower rating have been more likely to suffer equity loss, issue financial restatements and face class action suits, Forbes.com says.”
Maxine Waters Whacked, Barney Frank Untouched [Jonathan Weil/Bloomberg]
JW on the Maxine Waters’ ethics violations and how Barney Frank managet to be smart enough (or just politically savvy enough) to keep himself clean-ish.
The IRS Is Giving Small Nonprofits One Final Chance to File Their 990s
Remember the IRS’ failed outreach to small nonprofits back in the spring? Yeah, the May 17th deadline threw a lot small NFPs for a loop and they up and missed the filing deadline completely.
IRS Commish Doug Shulman figured that, despite the unprecedented outreach, the whole snafu was his bad and that nonprofits shouldn’t worry their pretty little heads about missing the deadline, the Service will still take your 990, tardiness notwithstanding.
But that can’t go on forever now, can it? Accordingly, the IRS set a new deadline today to file the 990s and it’s set for a much more memorable October 15th.
WASHINGTON — Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the Internal Revenue Service announced today.
The IRS today posted on a special page of IRS.gov the names and last-known addresses of these at-risk organizations, along with guidance about how to come back into compliance. The organizations on the list have return due dates between May 17 and Oct. 15, 2010, but the IRS has no record that they filed the required returns for any of the past three years.
“We are doing everything we can to help organizations comply with the law and keep their valuable tax exemption,” IRS Commissioner Doug Shulman said. “So if you do not have your filings up to date, now’s the time to take action and get back on track.”
It’s simple people. If your gross receipts are under $25,000, get yourself a 990-N (e-Postcard), fill it out and you’re done. If you have receipts up to $500k, you’ll have to fill out either Form 990 or 990-EZ which will probably take you all of 15 minutes.
Get it? No more blowing this off. OCTOBER 15TH is the drop dead date. After that, Shulman & Co. will be busting down the doors to inform you that you’re no longer tax exempt. And trust us, you don’t want to deal with that.
KPMG Is Overachieving in the Green Department
Klynveldians may remember back in 2008 that the firm embarked on a divine green mission to reduce waste, its carbon footprint, so on and so forth.
Well, the firm announced today that not only has it achieved its goals in two years instead of three but it also exceeded the percent reduction goal of 25% with a 26% reduction in its carbon footprint.
• Formation of Living Green Teams to harness the passion of KPMG’s employees and partners in local offices nationwide. – See a Living Green Team member at right.
• Recycling of every laptop, monitor and printer, for both reuse and disposal of toxic materials – This is good considering all the layoffs that KPMG did from 2007-2009, there was probably a lot of laptops sitting around just collecting dust.
In all quasi-seriousness, it’s good to see the firm taking steps to put the green back in green eyeshade. Now if we could get everyone to bike or walk to work, we’d really have something. Discuss your impressions with KPMG’s treehuggery below.
NEW YORK, Jul. 21 /CSRwire/ – KPMG LLP, the U.S. audit, tax and advisory firm, today announced it achieved a 26 percent reduction in its carbon footprint from 2007 through 2009, exceeding the firm’s stated three-year commitment of a 25 percent reduction in just two years.
In 2008, KPMG embarked on an ambitious environmental program in the United States called “Living Green” to support the firm’s commitment to reduce the amount of waste it generates, the volume of natural resources it consumes, and to reduce its carbon footprint. When it was announced, KPMG’s Living Green program targeted a 25 percent reduction in the U.S. firm’s overall carbon footprint by 2010.
The firm’s 26 percent reduction from 2007 through 2009 is based on the results of a recent analysis by KPMG’s Climate Change and Sustainability Services group that shows KPMG reduced its carbon footprint by 20 percent between 2008 and 2009, and 7 percent between 2007 and 2008.
“Living Green at KPMG has helped us better understand the need to adapt to climate change and invest in sustainable, eco-friendly business initiatives,” says Steve Clemente, KPMG principal and leader of the Living Green program. “Thanks to the commitment of our firm and the support of our 20,000 plus people nationwide, we are helping change the environment in which we live and work for the better.”
During the course of its Living Green program, the U.S. firm has reduced its electricity consumption by 9 percent and reduced paper consumption by 33 percent, while having increased the percentage of recycled paper used by 85 percent.
“KPMG’s successful carbon reductions represent the kind of corporate leadership we need at this time of environmental and economic crisis,” says Matt Petersen, president and CEO of Global Green USA, a national environmental non-profit organization dedicated to implementing solutions to global climate change. “KPMG is establishing – and beating ahead of time – reduction goals that save money and resources while reducing the carbon pollution that causes global warming.”
In achieving these results, KPMG is identifying leading practices and establishing new programs and processes at both the local office and national levels. They include:
• Formation of Living Green Teams to harness the passion of KPMG’s employees and partners in local offices nationwide. These teams implement the Living Green program at a grassroots level, driving innovation and making a difference through initiatives such as local specialized recycling programs, engagement with city-wide environmental programs, and hosting volunteer events with organizations dedicated to sustainability during KPMG’s annual Living Green week which is held each year in conjunction with Earth Day.
• Completion of a KPMG data technology center that uses multiple sources of electrical power, but features gas micro-turbines as its centerpiece. The natural gas-powered units provide exceptional energy efficiency, helping generate more than 70 percent of the power needed to run the facility and produce ultra-low carbon dioxide and particulate emissions.
• Recycling of every laptop, monitor and printer, for both reuse and disposal of toxic materials, while implementing server virtualization, which involves using one computer server to do the work of many. Server virtualization has prevented the emission of over 1,000 tons of carbon dioxide.
• In 2009, KPMG’s new Nashville office became the first firm office to be Leadership in Energy and Environmental Design (LEED) certified by the U.S. Green Building Council (USGBC), followed by offices in San Diego and Orange County, California. Recently, firm offices in Boston and Charlotte received gold-level LEED certification.
“Being a responsible corporate citizen is a key driver of KPMG’s business, affecting our relationships with clients, shaping the experiences of our people, and inspiring us to be a positive force in our communities,” says Kathy Hannan, KPMG national managing partner, diversity and corporate social responsibility.
Deloitte Tax Sells Deloitte Investment Advisors to Aspiriant
Don’t panic! DIA only has 40 professionals serving 450 clients so the band isn’t breaking up. Although, maybe this is a segue into Barry Salzberg’s shopping spree. Who’s to say?
Whatever it means, both c happy with how the deal turned out.
Deloitte’s Chet Wood: “We determined that divesting Deloitte Investment Advisors is in the best interest of DIA, our professionals and our clients. As part of the Aspiriant organization, the business will have greater latitude for growth through offering additional services and pursuing its own marketplace interests.”
Aspiriant’s Rob Francais: “This acquisition is another step in our long-term growth strategy to ensure that Aspiriant remains a leading independent wealth management firm that is well-positioned to serve the needs of wealthy families for generations to come. The employees at Aspiriant and DIA share the same high standards and values; we are truly cut from the same cloth, and we welcome this exceptionally skilled team to Aspiriant.”
So. D Tax is happy to free up some cash; Aspirirant is happy to get some exceptionally skilled cloth. Carry on.
BPR:
NEW YORK, July 19 /PRNewswire/ — Deloitte and Aspiriant today announced they have entered into a definitive agreement under which Aspiriant Investment Advisors, a subsidiary of Aspiriant, a leading independent wealth management firm, will acquire Deloitte Investment Advisors LLC (DIA), a fee-only registered investment advisory group owned by Deloitte Tax LLP. The transaction is expected to close in September 2010, subject to customary approvals and closing conditions. Terms of the agreement were not disclosed.
DIA commenced operations in 1998 and is comprised of approximately 40 professionals. The group provides investment advisory services to individual and institutional investors and currently has approximately $2.9 billion in assets under advisement for more than 450 clients.
After a review of strategic opportunities for the business and an analysis of regulatory considerations, Deloitte Tax concluded that divesting DIA provided the best opportunity for the group’s future growth.
“We determined that divesting Deloitte Investment Advisors is in the best interest of DIA, our professionals and our clients,” said Chet Wood, chairman and chief executive officer of Deloitte Tax LLP. “As part of the Aspiriant organization, the business will have greater latitude for growth through offering additional services and pursuing its own marketplace interests.”
“This acquisition is another step in our long-term growth strategy to ensure that Aspiriant remains a leading independent wealth management firm that is well-positioned to serve the needs of wealthy families for generations to come,” said Rob Francais, chief executive officer of Aspiriant. “The employees at Aspiriant and DIA share the same high standards and values; we are truly cut from the same cloth, and we welcome this exceptionally skilled team to Aspiriant.”
Once the transaction is completed, Aspiriant will serve approximately 800 clients through eight offices in the U.S., and have more than $7 billion in assets under management and advisement.
“We are confident that our expanded team and geography will enable us to deliver additional benefits to clients through a broader range of investment and financial planning services, as well as increased depth of management and investment talent,” Francais added.
KPMG Acquires Grant Thornton’s Supply Chain Advisory Services Practice
KPMG’s Advisory practice will take over Grant Thornton’s Supply Chain Advisory Services practice, the firm announced today, in a deal that closed on July 16th. The purchase includes “the addition of 23 highly-skilled, experienced professionals to KPMG” and the firm will also take over the existing projects “at select Fortune 500 companies.”
This is certainly appears to be a nice little boost for KPMG’s Advisory practice clear whether this will be a big part of the advisory practice or an area for potential growth in jobs and revenues, TPTB seem pretty excited about it (see boilerplate after the jump).
But we think the more interesting aspect of this particular deal is the strategy of Grant Thornton. Back in January when Stephen Chipman gave his first firmwide call to the troops, he discussed many things including the not so subtle warning that some people would not be “joining us on the next stage of our journey.” That’s a pretty clear message but nowhere in the message to the firm was the slightest indication given that this, dare we say, firesale would be occurring.
This is the fifth major move that we have covered involving Grant Thornton just this year. We have reported on sales of GT’s Albuquerque, Honolulu offices as well as the closure of the Madison and Greensboro offices.
This is the first sale of a practice that we have covered and KPMG is the largest firm to be involved in one of these transactions. Moss Adams purchased GT’s Albuquerque office and partners in the Honolulu office purchased the practice to become an affiliate of PKF.
Perhaps this part of the journey was too sensitive to share with the troops or maybe it was communicated in code that could only be deciphered with a secret book with all the definitions OR maybe the majority of people at GT weren’t paying attention to anything SC said unless it included the words “compensation,” “promotion,” or “bonus.” We can’t really say.
That being said, we are still hearing rumors of other office sales by GT. Nothing we’re permitted to share with you now but if you are aware of any talk about a possible sale in your city, get in touch with us. And if you’ve got thoughts or knowledge on this particular deal – from the perspective of either firm – share below.
NEW YORK, July 19 /PRNewswire/ — KPMG LLP, the U.S. audit, tax and advisory firm, today announced it has expanded its restructuring capabilities through acquisition of the Supply Chain Advisory Services practice of Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd.
The acquisition strengthens KPMG’s existing restructuring services practice in the automotive, pharmaceuticals, aerospace and defense and other manufacturing industries by expanding current capabilities in financial and operational restructuring, supply chain advisory, supplier services, technology and performance improvement. The transaction also includes Grant Thornton LLP’s Vontik software system.
“As organizations continue to reinvigorate their focus on growth, they are facing unprecedented pressures to transform their finance and operations functions,” said John Veihmeyer, Chairman and Chief Executive Officer, KPMG LLP. “This acquisition will enhance KPMG’s ability to help businesses address the four key drivers of business transformation: people, process, risk and control, and technology.”
The transaction, which closed on July 16, includes the addition of 23 highly-skilled, experienced professionals to KPMG. KPMG will also take over existing Grant Thornton LLP projects at select Fortune 500 companies.
“As the already strong demand for large scale transformation and restructuring assistance continues to grow, this acquisition helps us provide the functional breadth and depth needed by large organizations across several key industry sectors,” said Mark A. Goodburn, Vice Chairman and Head of Advisory, for KPMG LLP. “It’s also consistent with our continuing strategy to build superior large-scale transformation capabilities to serve the world’s top organizations.”
“Adding these tactical, operational restructuring and supply chain skills to KPMG’s strategic market position is a great fit, at the right time,” added Drew Koecher, partner and head of restructuring for KPMG LLP. “With the addition of this group, we broaden and deepen our client base and add to our already extensive advisory capabilities to serve businesses as they transform their business models to be successful in this new economy.”
Lots of Appointing Going on at KPMG Today
Namely Jim Liddy the new Vice Chair – Audit; Tom Duffy – National Managing Partner – Audit; Scott Ozanus Vice Chair – Tax; and Jeff LeSage National Managing Partner – Tax.
And on such a grand occasion, John Veihmeyer gets to say lots of nice things about all these guys even though at least one of these guys is probably gunning for his position.
Jimbo: “Jim Liddy has a remarkable record of providing deep insights to financial service clients and companies in other sectors about their businesses and growth strategies, and is a proven leader. I’m confident that with his intense focus on audit quality, Jim will build on the strong audit practice that Henry Keizer created over the past five years to help ensure KPMG’s continued success.”
Tom: “As the newly named national managing partner – audit, Tom Duffy will team with Jim Liddy to lead our audit practice. Tom has considerable industry experience and a proven track record of delivering audit quality and exceptional service to our clients.”
Scottie: “We’re looking forward to Scott’s leadership during this important period for our tax practice and KPMG’s clients – as companies cope with legislative and regulatory changes, and seek clarity in complex challenges related to transfer pricing, restructuring, renewable energy and a variety of other areas.”
Jeff: “As the new national managing partner – tax, Jeff LeSage will team with Scott Ozanus to lead tax, bringing global tax experience, industry insight and outstanding client service skills to this important role.”
Congrats gentlemen. Not sure if these particular positions get you 18 with Phil or not but we’re sure they are sweet gigs all the same.
KPMG Appoints Jim Liddy Vice Chair – Audit [PR Newswire]
KPMG LLP Appoints Scott Ozanus Vice Chair – Tax [PR Newswire]
RSM McGladrey Can Explain the Disappointing Year
H&R Block announced its earnings for fiscal 2010 yesterday which included the details for the fka RSM McGladrey. The company’s press release basically says that times are tough but RSM had some good reasons for that.
For starters, the small tiff with M&P sort of put a damper on things and a nasty goodwill write-off:
RSM McGladrey reported fiscal 2010 pretax income of $58.7 million, down nearly 39 percent from $96.1 million in the prior year. Revenues declined 4.2 percent to $860.3 million, primarily due to the impact of the overall weak economic environment, which continues to pressure billable rates and hours within the industry. Profitability was negatively impacted by costs associated with previously resolved arbitration proceedings involving McGladrey & Pullen and other costs of litigation totaling $14.5 million in the aggregate, as well as a $15.0 million goodwill impairment charge at our capital markets business unit.
A 39% drop in profits could explain the nationwide layoffs at McGladrey that we reported on earlier this month. It’s a good thing they didn’t have the ginormous golf cake in this year’s numbers, otherwise the results would have been worse.
But if you ignore all that, things were essentially flat and everyone knows that flat is the new up!
Excluding these charges, pretax income would have been approximately $88 million and pretax margin for the segment would have been 10.3 percent, essentially flat with the prior year. The shortfall in revenues was partially mitigated by cost reduction efforts throughout the year. These efforts included headcount reductions to reflect lower client demand, as well as other non-client facing cost reduction initiatives.
OH! There’s the layoffs and they’re citing “lower client demand.” Thoughts on that, anyone?
H&R Block Reports Fiscal 2010 Financial Results [Market Wire]
Grant Thornton Survey: More Bank Execs Think the Economy Will Suck Less Eventually, Maybe
No! It’s true! Forty-five percent think things are going to be WAYYYY better in the next months, just in time for Christmaskuh!
That’s up from 24% in December ’09.
John Ziegelbauer, national managing partner of Grant Thornton’s Financial Institutions practice, testifies:
Bankers across the country are starting to become more optimistic about both the U.S. economy and their own local economy…Their optimism about the economy is spilling over into their own banks, with bankers reporting that they are also cautiously optimistic about the number of people they expect to hire in the coming months. Overall, it appears that bankers believe that the economy has finally turned a corner.
Except that 55% of those surveyed expect to be the same (i.e. sucks) or get worse and don’t forget, no one is hiring.
On with the jobless recovery!
Big jump in number of bank execs that expect the economy to improve in next six months [GT]
Eight Accountants Opt to Risk Their Professional Reputations
We kid! We’re sure it it’ll be a rocking time being a Professional Accounting Fellow with the Office of the Chief Accountant and it will get them all into their respective partnerships with no problem.
The OCA hasn’t been overtly chastised by anyone to our knowledge so maybe this wing of the Commission is idiot and porn free.
• Jouky Chang, currently a director in Duff & Phelps LLC’s Valuation Advisory Services group based in Detroit, Mich.
• John M. Donohue, currently a senior manager in Moss Adams LLP’s audit practice based in Portland, Ore.
• Rachel M. Eckstein, currently a senior manager in Ernst & Young LLP’s National Professional Practice Group based in New York, N.Y.
• Michael Keehlwetter, currently a senior manager in KPMG LLP’s Department of Professional Practice based in New York, N.Y.
• Neil J. Laverty, currently a senior manager in Deloitte & Touche LLP’s Global IFRS and Offerings Services Group based in New York, N.Y.
• Josh D. Paul, currently a senior manager in PricewaterhouseCoopers LLP’s assurance practice based in San Jose, Calif.
• Christian J. Peo, currently a senior manager in KPMG LLP’s Department of Professional Practice based in New York, N.Y.
• Jason K. Plourde, currently a senior manager in Grant Thornton LLP’s audit practice based in Chicago, Ill.
Congrats to all honored. Try to stay out of trouble.
Office of the Chief Accountant Selects Eight Professional Accounting Fellows [SEC.gov]
Grant Thornton Was Not Impressed with the SEC’s Waffling on IFRS
We really weren’t expecting much of a reaction from accounting firms on the SEC’s conclusion that there’s no rush on the IFRS issue. The Commission statement that it supports “a single set of high quality accounting standards” was good enough for PricewaterhouseCoopers, who issued a press release the day of the announcement.
The press release sounds eerily similar to the SEC’s statement with a quote from Bob Moritz thrown in for good measure:
“PricewaterhouseCoopers continues to support the goal of moving toward a single set of high quality global accounting standards,” said PricewaterhouseCoopers LLP U.S. Chairman and Senior Partner Bob Moritz. “We believe that IFRS is in the best interest of stakeholders, including investors both here and globally. We are, therefore, encouraged by these statements from the SEC.”
So PwC is encouraged by the recent development. This isn’t shocking. P. Dubs will be on board because they don’t strike us a bunch that will rock the boat. Presumably, any a hint of discontent from the Firm could potenitally jeopardize their ubiquitous magazine list presence.
On the other hand, we were surprised to see this Tweet from Emily Chasan of Reuters that pointed us to the Grant Thornton press release that came out today.
GT was NOT IMPRESSED with the SEC’s latest commitment to non-commitment, “like many in this country and elsewhere, we were hoping that the SEC would announce a mandatory date for switching to IFRS by U.S. public companies. Instead, the Commission reaffirmed that it expected to decide in 2011, provided resolution of certain issues.”
Now in case you’re questioning GT’s sincerity in this matter, they make their case for why this feet dragging is unacceptable:
Whether the U.S. races or crawls toward IFRS could mean the difference between staying in front or falling behind. The rest of the world is moving forward, boldly. Major economies like Japan, China and India have already chosen IFRS. It is unrealistic — and risky — to think that we can stand outside looking in forever. If we don’t want our influence and opportunities stripped away, we must make sure that we keep a seat at the table.
This is probably as insubordinate as you can expect an accounting firm to get over an issue that is “largely academic” but it is refreshing to see a little public honesty out of GT.
Grant Thornton LLP statement regarding SEC and IFRS Roadmap [Press Release]
PricewaterhouseCoopers States Support for SEC Move Toward Single Set of High Quality Accounting Standards [Press Release]
We’re Not Convinced That CFOs Mean What They Say When They Switch Audit Firms for No Apparent Reason
Today in boilerplate press releases, MedAssets dropped BDO as its auditor for the bigger and bluer KPMG and the CFO punted on giving a real reason as to why.
“We are very fortunate to have had the pleasure of working with BDO Seidman for many years, including during the period of time covering our initial public offering in 2007,” said Neil Hunn, Executive Vice President and Chief Financial Officer, MedAssets. “BDO has been a tremendous business partner for us and instrumental in our success. MedAssets has experienced tremendous growth, especially over the last few years, and we expect this trend to continue. As such, we feel that KPMG is best suited to serve our Company and stockholders in the future. We look forward to our new relationship with KPMG.”
So if we were translate this statement, basically it sounds like MedAssets wants a big firm because the business is growing like gangbusters and they simply can’t be held back by a second-tier firm like BDO.
Or maybe we’ve got it dead wrong. Maybe MedAssets is spooked about BDO’s chances in the Banco Espirito appeal. Maybe KPMG’s Atlanta office is desperate for work and lowballed the audit fee. Feel free to share your own speculation but we’re sure as hell not buying the statement that a firm (in this case, BDO) ‘has been a tremendous business partner’ and ‘instrumental in our success’ and just gets up and dropped because ‘tremendous growth’ is expected to continue. Is BDO really that incapable of continuing to serve the company?
Basically, we are asking for more honest language in SEC filings and press releases.
MedAssets Engages KPMG as Auditor [Press Release]
8-K [SEC.gov]
PwC Basks in the Oscar Gold
Man, PwC is on a tear this week. Along with the announcement of the three-peat yesterday for the Training 125, the firm also rolled out its press release on the upcoming Academy Awards.
The firm is proudly counting the ballots for the 76th year in a row but this year there are ten best picture nominations and that’s a new wrinkle for the vote counters at P. Dubs.
Now we’re not going to insinuate anything like Slate did back in 2007 where they somehow made a superficial connection between scandals at PwC to their ability to count ballots. That’s just foolhardy and we wouldn’t entertain such a notion here.
Quite the contrary, this should be the biggest slam dunk engagement that PwC has. Sure there are some archaic mechanical issues (e.g. the U.S. Mail) but at the end of the day they’re just counting ballots. The biggest risk that PwC faces is someone trying to rip their arms off with the briefcases still attached. Besides, we’re sure there is a security device on the briefcases that will destroy the entire contents if opened by anyone other than a PwC partner.
But we digress.
Back to the boilerplate press release, PwC drops all kinds of facts on us including that it takes ten total days (between the nominating and the final ballots) and approximately 1,700 “person-hours” for the team to count the ballots by hand.
This begs the question: could the Oscars be indirectly responsible for PwC being embroiled in the wage and hour lawsuits? Is our insatiable demand for red carpets and Brangelina driven the importance of this annual event beyond health care reform, financial regulation, and U.S. GAAP/IFRS convergence and thus, created the sweatshop engagement that is the counting of the Academy Award ballots?
This prestigious engagement may have its benefits (e.g. tuxedos, the opportunity for awkward sexual advances on celebrities) but at what cost, dear reader? What cost?
Apparently Some Men at Deloitte Have Trouble Understanding Their Female Colleagues
If any Deloittians were even remotely concerned that Bloomberg would squash the BusinessWeek list franchise — and thus stealing Deloitte’s crown — as part of yesterday’s completed ause for concern because the big D is now extra super special.
Deloitte has been named the “model employer” in conjunction with “The Shriver Report: A Woman’s Nation Changes Everything,” according to a press release.
The release is not yet available on the Deloitte website so we’ve presented it here:
SHRIVER REPORT NAMES DELOITTE MODEL EMPLOYER
Deloitte Recognized for its Strategies to Adapt to the Evolving Workforce
NEW YORK, December 2, 2009 — Deloitte LLP has been named the “model employer” in conjunction with “The Shriver Report: A Woman’s Nation Changes Everything,” a study released last month by Maria Shriver and the Center for American Progress. The Shriver Report is an in-depth study and analysis of what has happened, and what still needs to happen, now that women comprise half of the United States workforce and contribute significantly to household income. The study explores how business, government, the media and other institutions can work together to adapt and benefit from the trend.The report has been delivered to President Obama, each of the Fortune 500 CEOs and all 535 members of Congress. Shriver has presented its findings to the Workforce Protections Subcommittee of the House Committee on Education and Labor.
The Shriver Report refers to Deloitte as “an excellent example of an employer that has taken an aggressive leadership position in protean career approaches,” providing career-life integration programs that allow both the organization and its workforce — women and men — to reach their goals.
Barry Salzberg, chief executive officer of Deloitte LLP, said, “Deloitte applauds The Shriver Report’s efforts to raise awareness of a trend that is not only transforming our institutions, but providing them with opportunities to grow, innovate and enhance their performance. Through our own substantial efforts to retain and advance women, we’re realizing the benefits and value to our organization, to the clients we serve, and to the cities and communities in which we do business.”
In 1993, Deloitte established the first major corporate initiative for the retention and advancement of women to harness opportunities presented by the growing representation of women in the workforce. Today, Deloitte’s Women’s Initiative focuses on building a strong pipeline of women professionals that strengthens leadership, drives marketplace growth and creates a culture where the best people — women and men — choose to be. Through a variety of ongoing professional development, mentoring and career-life programs, Deloitte has increased the number of women partners, principals and directors to more than 1,000 today from 97 in 1993.
Most recently, recognizing that one-size-fits-all workplace practices suit fewer and fewer professionals, Deloitte has moved from a corporate ladder to a corporate lattice model of career development. No longer is moving up the ultimate goal — there are now many ways to have a successful career. Since adopting this model, Deloitte’s has enjoyed a 25 percent increase in overall employee satisfaction with career-life fit and earned the No.1 ranking on BusinessWeek’s list of “Best Places to Launch a Career” in 2009.
“Deloitte’s experience since the inception of our Women’s Initiative parallels the journey described in The Shriver Report — the transition from a fixed idea of what professionals must to do develop their careers to the idea that career development can be more fluid. We have steered our organization toward a new paradigm of work, one that allows both men and women the flexibility to grow their careers and live their lives, without having to sacrifice one for the other,” said Barbara Adachi, principal, Deloitte Consulting LLP, and leader of Deloitte’s Women’s Initiative.
Deloitte’s leading talent initiatives and benefits include:
• Mass Career Customization ™ — a model that enables all Deloitte professionals to dial up and dial down their careers to fit their needs at various life stages
• Women as Buyers, a program to help men at Deloitte build stronger relationships with women clients and colleagues by better understanding their work styles
• A voluntary sabbatical program that allows Deloitte employees to take up to six months off to engage in volunteering and other personal pursuits
• Deloitte University, a state-of-the-art learning and leadership development facility currently under construction to foster personal and professional growth at Deloitte
• Paid parental leave with no minimum eligibility requirements, emergency back-up dependent day care, adoption assistance, and a Personal Pursuits program to support those who take career breaks for up to five years
About Deloitte
As used in this document, “Deloitte” means Deloitte LLP and Deloitte Services LP, separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
Dr. Phil is obviously ecstatic since he’s been out there working the diversity angle. And we have to admit that it’s nice recognition for the firm. A couple of more notable things fell under “Deloitte’s leading talent initiatives and benefits.”
We’re all familiar with Deloitte’s version of Delta Chi. The destruction will be centralized and will not doubt save the firm millions in the long run. Brilliant.
We’re even more interested in the “Women as Buyers” program. Unless we misunderstand, there must be a hell of a lot of men at Deloitte that need help understanding that their female colleagues aren’t interested in spending 2 – 3 hours a day strategizing for this week’s matchup in fantasy football. Or that shirts come in colors other than blue. Couldn’t they have passed out copies of Men are from Mars, Women are from Venus instead?
Gents, if you’ve participated in the Women as Buyers program we’d love to hear about it, since our speculation about the content is suspect at best. Also, feel free to discuss Deloitte’s latest triumph (not to mention promotion opportunity) in the realm of ubiquitous employer lists.
New Deloitte Consulting CEO Plugs Magazine Lists, Shuns Facebook Fans
Deloitte Consulting has appointed a new Chairman and CEO, Punit Renjen, succeeding Douglas Lattner. This is good news because A) fresh blood is always a positive and B) it’s news that doesn’t involve “Deloitte” and “lawsuit” in the same sentence.
Not only that but this Renjen character seems like a go-getter:
“I am honored to lead the talented professionals of this great consultancy, particularly at such a challenging time in the marketplace,” said Renjen.
Worst economic conditions in generations? Bah. Watch Renjen take this economy out to the woodshed. Granted, that may involve all the non-Punit Renjen Deloittians abandoning any semblance of a life outside of work for the duration of his tenure but it’ll be worth it. Why?
“Our commitment to our people is best reflected in Deloitte being named ‘The Best Place to Launch Your Career’ by BusinessWeek magazine for two years, being named a ‘Best Firm to Work for’ in 2009 by Consulting magazine and perennially ranked on Fortune’s ‘Best Companies to Work for’ list.”
Perpetual inclusion on arbitrary employer lists put out by business magazines, that’s why! While that should put your minds at ease, Renjen manages to overlook the ever-increasing Facebook, and Twitter numbers, so we wonder if he’s really cut out for this job. Just seems like a disservice to the Green-dot fans out there, that’s all.
Punit Renjen Named Chairman and CEO of Deloitte Consulting LLP [Press Release]