Indian American Nominated Head Of Andersen Worldwide

Jim Wadia, a 20-year veteran of Arthur Andersen & Co., has been nominated the head of Andersen Worldwide, one of the worlds biggest accounting and consulting firms.

The Wall Street Journal reported that the Andersen Worldwide board nominated Wadia, 49, overriding the choice of the firms nominating committee which selected George Shaheen. In a statement, Wadia said he was deeply honoured to have been selected by Andersens board but declined to comment further. Wadia, a native of India, has been a managing partner of the accounting units British office since 1993. He now needs to secure a two-thirds vote of the approximately 2,700 partners of Andersen Worldwide to be able to succeed Lawrence A. Weinbach as the chief executive.

 

Shaheen is a managing partner of Andersen Consulting. The move is a setback for Andersens consulting partners, who have been battling with the accounting partners for more control over the firm.

, the report added.

Mr Shaheen, 53, had pushed for a restructuring of the firm that would give Andersens consultants more power over resources and profits, the Journal said.

It said an informal poll of Andersen Worldwide partners, taken last week at a meeting in Paris, showed that more partners supported Mr Shaheen than Mr Wadia. The same poll, however, showed that 60 per cent of all partners would back Mr Wadia if he was nominated, it added.

Mr Wadia clearly has campaigning to do to secure the two-thirds vote he needs to win election, the Journal commented. While accounting partners outnumber consulting partners 1,700 to 1,038, a solid no vote from Mr Shaheens consulting partners could block Mr Wadias ascent.

The firmwide voting will conclude by the end of this month.

-India Abroad News Service (Credit Mandatory)