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BearingPoint CFO Quits after Four Months

CEO Harry You, a former finance chief at both Oracle and Accenture, will fill the slot temporarily.
Stephen Taub, CFO.com | US
May 25, 2005

A mere four months after taking the job, Joseph Corbett has resigned as chief financial officer of BearingPoint Inc., according to the company.

The business-consulting firm, which is embroiled in an accounting controversy and is being investigated by regulators, also announced that chief executive Harry You will step in as interim CFO. You, who joined BearingPoint in March, previously served in the finance-chief slot for both Oracle Corp. and Accenture.

Corbett's departure was through mutual agreement, according to the company. He will stay on for a transitional period as a consultant. "Harry and I together decided that the challenges facing BearingPoint require that Harry have a CFO of his own choosing," said Corbett.

Corbett joined the company as CFO in January after nine years at satellite operator Intelsat Ltd., most recently as executive vice president and CFO.

"I want to thank Joe for his hard work in setting BearingPoint in the right direction to sounder financial reporting and controls," said You. "An aggressive search for his successor is well underway."

On Tuesday, You told a UBS investor conference that Corbett's departure would not affect the firm when it finally issues its delayed and restated financial reports, according to Reuters.

"There is a lot that needs to be done on the financial side," You reportedly said. "It makes sense for myself and the board to have a relatively clean slate that is unencumbered with putting key people in the finance area.”

"The management and the board under my direction have a very clear direction of where we want to go," You added, according to the wire service. He also assured investors that "in about six quarters, plus or minus, everything should be totally rectified.”




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