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. 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]
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- Caleb Newquist
- June 15, 2010
With just a couple weeks until the June 30 deadline for the company to issue its restated financial statements, Satyam is requesting just a little more time to get this mulligan nailed down. Three months to be precise.
Yes, they’re completely aware that it’s been nearly 18 months since the shit hit the fan. And yes, this is the third time they’ve asked India’s Company Law Board (“CLB”) for an extension on the filing but at this point they figure expectations are so low, no one will get too worked up over it.
Except for an “analyst with a leading brokerage house.” who is quoted in the Business Times, “There is no clarity on what is happening within the company. They should have at least provided the current sales figure or the bench strength. How is the shareholder supposed to rate their stock?”
Since more than a few people might be caught up in “sales figures” and whatnot, Satyam went to the trouble to let everyone know that they’re working hard, ordering in, etc. etc. so you can rest your pretty little heads:
A Satyam official said, “The records have been under the custody of investigating agencies and we recently got a court clearance. Also, our auditors (KMPG and Deloitte) told us they need some more time for the restatement. It’s only a matter of a quarter.”
See? It’s just a matter of a quarter. Plus, you can’t really blame them – KPMG and Deloitte are the ones saying they need more time. Satyam has likely been bugging them for months about wrapping up but KPMG and Deloitte are probably complaining, saying things like, “we can’t find any documentation to supports these numbers” and “this doesn’t add up.”
So, TFB if some whiny analysts don’t like it. We’ll just find out just how big of nightmare these financial statements will be in due course.
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Deloitte’s Dutch Firm Takes Its Turn With PCAOB
- Caleb Newquist
- December 14, 2016
The PCAOB has announced another settlement with a Deloitte firm today, this time the Dutch […]
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Anyone Wanna Try and Ballpark the Number of Auditor Resignations From Chinese-listed Companies for 2012?
- Caleb Newquist
- March 22, 2012
Earlier today we learned that Deloitte resigned as the auditor of Daqing Dairy Holdings Ltd, […]