GLOBAL - Dan DeCanniere, chief financial officer at Hewitt Associates, has resigned.
Announcing his decision to step down, Hewitt said DeCanniere would remain CFO until a successor is named, or until the end of the calendar year “to enable an orderly transition of responsibilities”.
The global human resources services and consulting firm said it had commenced a search for DeCanniere’s replacement.
A spokesperson for Hewitt said there was no specific reason for the resignation. The firm hoped to find a successor by the end of the year.
“He is not sharing his future plans with us, [but] he is planning on staying with us through the end of the calendar year or until we name a successor,” she said.
Dale Gifford, chairman of the board and chief executive officer, commended DeCanniere on his contribution to the business.
“Dan was instrumental in assisting Hewitt through several years of strong growth, transitioning from a private partnership to a public company and through our several acquisitions,” he said.
“I want to thank Dan for his numerous contributions to Hewitt.”
Hewitt saw net revenues grow 28% to US$697.1m in the second quarter of fiscal 2005. Outsourcing revenues increased 41% and consulting revenues increased 4%.
At the time, Gifford described the performance as “clearly disappointing”, saying: “We lowered our guidance for the quarter in early March, citing the termination of an acquired client relationship, lower margins in benefits outsourcing and modestly lower consulting revenues.”
On the back of realignment of certain areas of the business, which will result in about US$13m of severance charges in the second half of the year, Hewitt revised its earnings for fiscal 2005 to the low end of the previously stated US$145m to US$150m. The company said it continued to expect fiscal 2005 net revenue growth within a 31% to 35% range.
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