Blazer resigns as chairman and CEO of BearingPoint
Randolph Blazer resigned as chairman and CEO of BearingPoint unexpectedly on Wednesday after leading the company for the last four years.
BearingPoint announced that its Board of Directors has accepted Blazer抯 r
esignation and has named Rod McGeary to serve as CEO and Chairman of the Board, effective immediately, while the search for a permanent successor is conducted. Neither the firm nor Blazer explained the sudden departure.
Blazer guided BearingPoint through an initial public offering, an acquisition and a break from its parent firm. He has been on the company board since 1999 and was named CEO in April 2000. Blazer has received an annual salary of $1 million since 2001.
McGeary, age 53, has been a member of the Company's Board of Directors since August 1999, and he currently serves on the Executive Committee of the Board. From August 1999 until April 2000, he served as Co-Chief Executive Officer and Co-President.
The company confirmed its guidance for the current quarter yesterday, saying it expects revenue of $850 million to $870 million with profit of 9 cents to 11 cents a share.
It reported a profit of $11.9 million (6 cents a share) in its third quarter earlier this month, up from a loss of $39.2 million (20 cents) in the third quarter of 2003. Revenue rose to $840.9 million from $743 million, beating slightly analysts?expectations.
Workforce utilization rose to 67.3 percent from 62.3 percent, despite a 10 percent increase in average billable headcount. However, gross billing rate declined to $167 from $179, due to increased use of engineers overseas and sustained pricing pressures.
Blazer resignation left BearingPoint抯 share prices unchanged at $9.
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