PWC CEO Unexpectedly Announces Plans To Step Down

James Schiro, 55, CEO of PricewaterhouseCoopers, has unexpectedly announced his plan to step down as soon as a successor can be found.

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.

You may like these other stories...

While reputational risk is the No. 1 nonfinancial concern among corporate directors, cybersecurity/IT risk is gaining steam. In fact, both private companies and organizations with more than $1 billion in revenue felt they...
We've all been there. Trying to make our work-lives more efficient, transfer knowledge to newer team members, and leverage our practices. Sometimes it works, and sometimes, well, the result is embarrassing at best.Here...
From May 20-23, the Association for Accounting Marketing (AAM) held its annual conference. Frequent contributor Sally Glick picked up some ideas that she will be sharing with us in the coming days, as she has done in...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.