PWC Makes Changes to Prepare for Break-up

Changes are in the air at PricewaterhouseCoopers.

The world's largest accounting and consulting firm has just named Tom O'Neill as the firm's chief operating officer so that Chief Executive James Schiro can spend more time concentrating on the break-up of the firm.

O'Neill currently manages the firm's operations in Canada. The most important aspect of the break-up is the impending sale of the firm's consulting practice, valued at $20 billion. The firm reports the sale should be announced in late August or early September.

No buyers were mentioned at this time. However, it is speculated that the firm may issue an IPO for part of the consulting practice, with the remainder sold to potential buyers who would retain a minority stake.

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