ASIANET: ANDERSEN WORLDWIDE TO CONTINUE CEO ELECTORAL PROCESS

ข่าวต่างประเทศ Thursday June 26, 1997 09:54 —Asianet Press Release

NEW YORK, June 25 /PRNewswire-AsiaNet/ -- In balloting for the next Chief Executive of Andersen Worldwide, George T. Shaheen, Managing Partner of Andersen Consulting, received a majority of votes of Andersen Worldwide's partners but did not receive the two-thirds supermajority necessary to elect a candidate who has been recommended by the Board of Partners. Andersen Worldwide's Board received the result of the ballot by telephone conference on June 25 and will meet again on June 27 to consider the appropriate next steps. The Board expressed its "deep appreciation to Mr. Shaheen for participating in the election process in the finest spirit of our partnership." Lawrence A. Weinbach, current Managing Partner-Chief Executive, said, "We have a democratic election process designed to lead to a consensus outcome among over 2,700 partners in two business units representing diverse professional specialties in nearly 80 countries around the world. It is a difficult and demanding process, but when it is completed, our new Chief Executive will be assured of the support of our partners. That is one of our great strengths and makes us unique among global organizations." Mr. Weinbach announced earlier this year that he would not stand for reelection to a third term and will retire from Andersen Worldwide when his current term expires. Andersen Worldwide, the world's leading professional services organization consists of Arthur Andersen, which provides accounting, tax, legal business advisory and specialty consulting services, and Andersen Consulting, which provides global management and technology consulting services. With over 100,000 people collectively, the business units of Andersen Worldwide serve clients through members firms in over 380 locations in 79 countries. Combined revenues were $9.5 billion ($4.9 billion at Andersen Consulting and $4.6 billion at Arthur Andersen) in fiscal 1996 (August 31, 1996) and are expected to exceed $11 billion in fiscal 1997. CONTACT: Robert C. Hubbell of Andersen Worldwide, 212-708-6530.

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