McLean, Va., Dec. 3, 2007 – BearingPoint, Inc. (NYSE: BE), one of the world’s largest management and technology consulting firms, announced today that its Board of Directors has named Ed Harbach president and chief executive officer and a member of the Board of Directors. Harbach, who has more than 28 years of experience in the consulting industry, has been the Company’s president and chief operating officer since Jan. 2007.
Harry L. You, who joined as chief executive officer in March 2005, is leaving the company to pursue other opportunities and will be succeeded by Harbach. You successfully led BearingPoint through an important period of rebuilding and improved financial management.
The Company also today filed its third-quarter Form 10-Q making it current and up-to-date in its periodic filings with the Securities and Exchange Commission.
Roderick McGeary, chairman of the board, stated, "BearingPoint continues to make great progress. Harry helped to build the financial foundation necessary to position us for future success. The Board and Harry agreed that this is the perfect time for a change in leadership. We are thrilled that Ed will lead the Company into the next, critical phase of achieving strategic and operational excellence. Ed has extensive experience in the consulting industry, and has already brought great value to BearingPoint as the leader of its day-to-day operations. With his proven ability to tackle operational challenges, drive business results and increase client satisfaction, Ed will be instrumental in helping us make the final push on our business turnaround and execute our strategy for long-term growth."
McGeary added, "Ed’s appointment reflects the Board’s determination that the best way for the Company to create value for its shareholders, clients and employees is by intensifying our focus on operations -- and leveraging the full scale and scope of our global business, including continuing to own and operate our European practice as an important part of our consolidated business. Ed will pursue this strategy with a focused and disciplined approach to driving profitable growth, building the Company’s cash flow and strengthening the balance sheet."
Harbach stated, "I am very enthusiastic about taking on the chief executive role. I have worked in the consulting business for my entire career and I am confident that our Company can create long-term value for shareholders. BearingPoint has world-class people and a solid customer base with great potential. I look forward to working with the Board, our management team and our global employee base to operate the Company efficiently and to continue to establish BearingPoint as one of the world’s premier management technology and consulting firms."
Prior to his role as president and chief operating officer of BearingPoint, Harbach served as a managing partner and member of the leadership team at Accenture and held key client-facing and executive positions throughout the organization. In addition to leading global client relationships with several Fortune 100 companies, Harbach served as chief information officer and managing partner, Client Satisfaction and Quality, and also served as turnaround leader on a number of critical client and organizational assignments in multiple geographic regions.
McGeary added, "We thank Harry for his hard work and important contributions to BearingPoint over the last three years. Harry’s leadership has been important, particularly in building a strong foundation to bring current the Company’s financial reporting, strengthen the balance sheet and resolve a significant number of serious financial, compliance, legal and other issues which existed when he arrived. On behalf of the Board and management team, we wish him well in his future endeavors."
You stated, "I am delighted that we have been able to get current and I look forward to pursuing other opportunities. It has been a privilege working with the many talented people throughout BearingPoint over the past three years. I am proud of the progress the Company has made. It is a real testament to our franchise and to the tenacity of our people." You continued, "I have known Ed for several years and am confident in his abilities to lead BearingPoint into the future."
BearingPoint will host a conference call today to discuss the Company’s 2007 third quarter 10-Q filing at 8 a.m. ET. To participate on this call, please dial: (800) 399-6696 [(706) 679-7614 outside the United States, Puerto Rico and Canada] approximately 15 minutes before the scheduled start of the call. Alternatively, to listen to the live call, please go to the Investor Relations section of BearingPoint's Web site at www.bearingpoint.com. A replay of the conference call will be available online at www.bearingpoint.com approximately two hours after the end of the call and via telephone by dialing +1 (800) 642-1687 [(706) 645-9291 outside the United States, Puerto Rico and Canada] and entering conference code 24637176 from 11:00 a.m. ET on Dec. 3 through 11:59 p.m. ET on Dec. 17.
About BearingPoint, Inc.
BearingPoint, Inc. (NYSE: BE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. Based in McLean, Va., the firm has more than 17,000 employees focusing on the Public Services, Financial Services and Commercial Services industries. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. Our service offerings are designed to help our clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to "next-generation" technology. For more information, visit the company's Web site at www.BearingPoint.com.
Some of the statements in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations, estimates and projections. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events or our future financial performance that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. As a result, these statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.