Another Big 5 Exec Lured To the Internet
Hot on the heels of Andersen Consulting CEO George Shaheen's retirement to head up Internet startup Webvan, Jeffrey Hirschberg today announced his retirement as Vice Chairman of Ernst & Young to become a director of visitalk.com, a web-based telecommunications start up company.
At visitalk, Hirschberg's role will be to help facilitate the company's attempt to build a global directory that allows online voice and video calling. Visitalk plans an IPO by next spring.
What's going on here? Why are top accounting professionals leaving for Internet start ups? The answer is clearly VERY BIG stock potentials. Shaheen's connection with Webvan could yield him a portfolio valued at $100 million. And Hirschberg is young enough to start another career and try his hand at the Internet payoff as well.
The times they are a changin' . . .