PWC CEO Unexpectedly Announces Plans To Step Down
During his tenure as CEO, Mr. Schiro oversaw the 1998 merger of Price Waterhouse and Coopers Lybrand, as well as the 2000 failed attempt  to sell the firm's consultancy practice to Hewlett-Packard. Rough times as CEO included an investigation  by the Securities and Exchange Commission into independence of the firm's auditors, and the recent $55 million settlement  with the shareholders of MicroStrategy over the issue of a flawed audit.
Under the watchful eye of Mr. Schiro, PricewaterhouseCoopers, along with Ernst & Young, took a non-combative, cooperative approach with the SEC last year during the hearings on auditor independence.
The company predicts that it will be several months before a successor is named.