Hello, Goodbye

After only three weeks on the job, BearingPoint's new CFO calls it quits.
Kate PlourdJune 6, 2008

BearingPoint Inc.’s new CFO, Eileen Kamerick, has resigned after just three weeks on the job.

According to a regulatory filing by the management-and-technology consulting company, Kamerick stepped down on June 2 “based on her discussions with the audit committee of the company’s board of directors.” A company spokesperson would not provide any further information on her departure, and Kamerick could not be reached for comment. The filing states her decision wasn’t based on a disagreement with the company’s financial-statement disclosures, or accounting principles or practices.

In a press release announcing Kamerick’s appointment as CFO, BearingPoint CEO Ed Harbach said he was confident that her succession would move swiftly and that she was “very familiar with the service business model and what it takes to operate competitively on a global scale.”

This is not the first time a BearingPoint finance chief has quit after a short tenure. In May 2005, Joseph Corbett resigned as CFO after only four months. The company said it was a mutual agreement. At the time, BearingPoint was involved in an accounting controversy and the subject of a Securities and Exchange Commission investigation into its internal controls. That September the SEC upgraded the inquiry to formal status.

Board member and former audit committee member Eddie Munson will replace Kamerick, who formerly was CFO and chief administrative officer for executive-search firm Heidrick & Struggles. Former CFO Judy Ethell, who Kamerick replaced on May 13, had agreed to stay with the company through July 31 and, according to the regulatory filing, is willing to stay longer to aid with the transition.

Munson has been a board member since October 2007 and was on the audit committee until this month. He is a retired KPMG partner and was on the accounting firm’s board of directors from 1996 to 2004. His most recent role there was as national partner responsible for KPMG’s college recruiting programs.