BearingPoint Seeks New Chief Executive | AccountingWEB

BearingPoint Seeks New Chief Executive

Randolph Blazer, BearingPoint Inc.'s first chairman and chief executive resigned this week and the firm gave no reason for his departure, the Wall Street Journal reported.

BearingPoint, formerly KPMG Consulting, spun off from KPMG LLP in 2000 and consults on management and technology projects. Blazer, 53, was at the helm as the company went through its initial public offering.

The company, which employs 16,600 people, experienced a drop off in its business last year and grappled with accounting challenges.

BearingPoint's board has named its member Roderick McGeary to serve as chairman and chief executive while the firm undertakes a search for a permanent replacement.

McGeary, 53, has been a director since August 1999, and served along with Blazer as co-chief executive of BearingPoint from August 1999 until April 2000, the Journal reported.

The Journal reported that BearingPoint confirmed its guidance for the fourth quarter, reiterating projections for earnings of nine cents to 11 cents a share and revenue between $850 million to $870 million. Analysts expect earnings of 10 cents a share on revenue of $867 million, according to Thomson First Call.

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