Accenture Names Michael G. McGrath CFO
Harry You Resigns Position to Join Oracle
NEW YORK; July 13, 2004 – Accenture (NYSE: ACN) today announced that Michael G. McGrath, its Capital Committee chairman, chief risk officer and former chief financial officer, will succeed Harry You as the company’s CFO, effective immediately. Mr. You resigned to become CFO of Oracle Corporation.
Mr. McGrath, 58, was Accenture’s CFO from 1997 until immediately prior to Accenture’s IPO in July 2001. Since that time, Mr. McGrath has continued to be a key member of the Accenture leadership team, serving as chairman of Accenture’s Capital Committee and the company’s chief risk officer.
As head of the Capital Committee, Mr. McGrath has been the architect of the framework for allocating capital that has allowed Accenture to become the industry leader in return on invested capital. As chief risk officer, he has been deeply involved in all significant aspects of the financial management of the company, establishing the risk and financial profile for Accenture’s largest contracts and overseeing the internal audit function. He has worked closely with Accenture’s board of directors and its Audit Committee.
“Mike continues to play a significant role in Accenture’s success, and I am delighted that he will bring his experience and judgment to the role of CFO once again,” said Joe W. Forehand, Accenture’s chairman and CEO. “Mike is one of the most experienced executives in our industry, with deep knowledge of Accenture and strong capabilities in both line and financial management. He was instrumental in our move from partnership to corporate form and led all financial aspects of our IPO, including managing relationships with regulators, exchanges, investment bankers and investors. ”
Mr. Forehand added: “We sincerely thank Harry for his significant contributions over the last three years and wish him well as he takes on this new career opportunity.”
William D. Green, who assumes the role of Accenture’s CEO on Sept. 1, 2004, added: “Mike and I have worked closely together for many years, and I could not be more excited about him playing a significant role on my leadership team. He is an outstanding professional who brings to the position unique insight, instinct and judgment. Over the years, Mike has made an enormous contribution to Accenture, and I look forward to working with him as we take the company through the next phase of growth.”
Mr. McGrath will continue as a member of Accenture’s Management Committee, Executive Committee and Global Leadership Council.
Mr. McGrath became Accenture’s chief risk officer in March 2002. In that role, he was responsible for integrating and coordinating risk management approaches in all areas across the company, including client satisfaction; credit and capital risks; litigation; insurance programs to mitigate risks; the security of Accenture’s people, data, systems, intellectual property and other assets; scope-of-practice risks; and financial and control risks.
Prior to that, Mr. McGrath served as Accenture’s capital risk officer, overseeing the financial, contract and execution risk assessments for all major Accenture deals and strategic investments and monitoring the status of critical capital transactions.
From June through September 2001, Mr. McGrath served as treasurer and managing partner of corporate matters at Accenture, overseeing all treasury and tax functions. From 1997 through 2001 he served as chief financial officer, overseeing all financial and accounting aspects of Accenture’s global organization. From 1992 to 1997 he worked in London as managing partner–Practice Process and Quality, focusing on client quality management, global policy dissemination and global internal process improvements. From 1989 to 1992, Mr. McGrath was the country managing partner for Italy and also served as regional managing partner for Italy, Greece and Turkey. From 1987 to 1989 he served as the consulting managing partner for the St. Louis office.
Mr. McGrath joined Accenture in 1973 and became a partner in 1982. A certified public accountant, he holds a bachelor of science degree in chemical engineering and a master of business administration degree in accounting from the University of Wisconsin.
Conference Call and Webcast Details
Accenture will host a conference call at 8:00 a.m. EDT today. To participate, please dial +1 (888) 423-3281 [+1 (651) 291-0900 outside the United States, Canada and Puerto Rico] approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations section of the Accenture Web site at www.accenture.com.
A replay of the conference call will be available online at www.accenture.com or by dialing +1 (800) 475-6701 [+1 (320) 365-3844 outside the United States, Canada and Puerto Rico] and entering access code 738985 from 1:15 p.m. (EDT) Tuesday, July 13 through 11:59 p.m. (EDT) Tuesday, July 27.
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance. With approximately 95,000 people in 47 countries, the company generated net revenues of US$11.8 billion for the fiscal year ended Aug. 31, 2003. Its home page is www.accenture.com.
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