PwC Confirms DiPiazza as CEO

PricewaterhouseCoopers today announced that partners worldwide have ratified the selection of Samuel A. DiPiazza, Jr. as Global Chief Executive Officer. Mr. DiPiazza, 51, was previously chairman and senior partner of the global organization's U.S. firm and will assume his new responsibilities on 2 January 2002.

Mr. DiPiazza succeeds James J. Schiro who announced his intentions to step down as CEO last July. Mr. Schiro served as Global CEO since the formation of PricewaterhouseCoopers in July 1998 with the merger of Price Waterhouse and Coopers & Lybrand.

Commenting on his selection, Mr. DiPiazza said, "I look forward to the challenges of leading our organization at this particularly crucial moment. We live in a world that is more fragile, more economically and politically turbulent than we have experienced in decades. Our clients' needs for help in managing risk, measuring and creating value, achieving the dual goals of transparency and security have never been greater. I am confident in our ability to help our clients meet these daunting challenges head-on and, by doing so, to realize the full potential of this great, global organization."

PricewaterhouseCoopers' Global Board Chair, Andrew Ratcliffe, said, "Sam DiPiazza is the right person to lead PricewaterhouseCoopers at this critical juncture. The current global economic environment demands a strong hand at the tiller and a leader who will inspire all of our more that 150,000 people to propel the organization forward. Sam is that person."

Mr. DiPiazza was elected US chairman and senior partner in August, 2000. Prior to that he served as leader for PricewaterhouseCoopers' tax practice in the Americas. Mr. DiPiazza has also served on PwC's U.S. Leadership Committee and on the Board of Partners.

Mr. DiPiazza joined the firm in 1973 and was admitted to the partnership in 1979. Prior to leading the tax practice, he was client service vice chairman with overall management responsibility for the firm's New York-area offices, including offices in New York City, New Jersey and Connecticut. Mr. DiPiazza also served as managing partner of the firm's Chicago-area offices and its Birmingham, Alabama, office, and in various other leadership positions.

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