AICPA's Melancon Named Among Worst Managers of 2002
BusinessWeek magazine released its annual Best Managers of the Year list last week for 2002 and enhanced this year's list with a complementary Worst Managers of the Year. According to the magazine's editors, the turbulence of 2002 caused the addition of the worst managers to this year's list.
Included among the list of 20 worst managers of the year is Barry Melancon, chief executive of the American Institute of Certified Public Accountants. Joseph Berardino, former CEO of now defunct Arthur Andersen LLP, was named to the list of The Fallen..
Mr. Melancon, according to BusinessWeek, continues to argue that accountants should be able to audit and provide consulting services to the same clients, despite to the repercussions of the obstruction of justice charge levied against former Big Five Andersen for its failed audit of Enron as well as a series of other auditing/consulting scandals that have plagued businesses in the past year.
Mr. Berardino was accused by the magazine's editors of failing to take a hard line on ethics when he took over the helm of Andersen in the wake of scandals that had already marred the image of the Big Five firm, including Waste Management and Sunbeam. Instead, Business Week reports, the CEO pointed the firm in the direction of continued revenue growth and landed himself not only on the unemployment line but in the BusinessWeek list of The Fallen managers.