Bearing Point CFO Resigns After Less Than One Month on Job

Bearing Point's BE (NYSE) CFO, Eileen Kamerich, resigned her position with less than a month on the job. The company's SEC 8K filing indicated,

Ms. Kamerick’s decision was not based on any disagreement with the Company’s accounting principles or practices, financial statement disclosures or otherwise.

Kamerick came to Bearing Point from Heidrick and Struggles where she had served as the executive vice president, chief financial and administrative officer for the global executive search and leadership consulting firm. According to the filing,

Eddie R. Munson, a director of the Board and a former member of the Audit Committee, has agreed to serve as the Company’s Chief Financial Officer ... on an interim basis.

... Munson has been a member of the Company’s Board of Directors since October 2007, and a member of the Audit Committee from October 2007 through June 2008. He resigned as a member of the Audit Committee effective as of his appointment as the Company’s Chief Financial Officer. Mr. Munson is a retired partner with KPMG LLP and has more than 30 years of auditing experience focusing on the financial services, government and automotive industries.

Kamerich's initial appointment at Bearing Point, came after a number of other high level changes at the firm. Back in March, the company hired a new chief operating officer, David Hunter. Hunter previously worked for Accenture. A few months before Hunter's appointment (December 2007), Bearing Point promoted Ed Harbach to serve as the company's President, CEO and member of the board. One can assume Harbach is working to get his own management team in place. The question remains what went on here and whether there is something to be worried about.

Keep a close eye on the company.

For more:

Washington Business Journal

Barron's Blog

Financial Week