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Troubled BearingPoint Replaces COO
Accenture veteran Ed Harbach assumes the post of COO and the newly created role of president.
January 10, 2007
1 Min Read
Government and commercial systems integrator BearingPoint has replaced its chief operating officer following a year of internal turmoil. The company on Wednesday named Accenture veteran Ed Harbach to the post.
Former COO Rich Roberts is now chairman of BearingPoint's global public services unit, according to the firm's Web site. Harbach also assumes the newly created role of president and will report to BearingPoint CEO Harry You -- also a former Accenture executive.
In a press release announcing Harbach's arrival, BearingPoint provided no reason for the switch. Company officials were not immediately available for comment.
BearingPoint continues to face a host of legal and financial issues that threaten to undermine its credibility in the market.
In an annual report for 2005 filed only in November, 2006, with the Securities and Exchange Commission, the company said its ongoing failure to file timely reports over the past two years could lead the New York Stock Exchange to "begin proceedings to delist our common stock."
BearingPoint failed to file its annual reports for fiscal 2004 and 2005 on time. It also has failed to file quarterly reports for the past six quarters.
The possible delisting was just one item in a string of bad news disclosed in the November report by BearingPoint. The company reported a net loss for fiscal 2005 of $721.6 million, compared with a loss of $546.2 million the previous year. Revenue was flat year-over-year at $3.38 billion.
BearingPoint also reported that attrition within its professional ranks was 26.7% in 2005, compared with 22% in 2004.
BearingPoint shares were flat in late day trading Wednesday.
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