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Halliburton: Halliburton Ceo
built 203 days ago
David Wilson, a convoy commander for Halliburton, and James Warren, a Halliburton truck driver, testified that brand new $85,000 Halliburton trucks were abandoned or "torched" if they got a flat tire or experienced minor mechanical problems. Mr. Warren brought these and other concerns to the personal attention of Randy Harl, the president and CEO of KBR. He was fired a few weeks later. ( 17 )
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Halliburton's strength as a leading industry player was put to the test in the early years of the new century. Cheney resigned in 2000 to join running mate George W. Bush on the Republican ticket in the upcoming presidential election. David Lesar, named chairman and CEO, was left to deal with a barrage of asbestos claims as well as a Securities and Exchange (SEC) investigation.
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In April 2002 Halliburton decided to replace the discredited Arthur Anderson LLP accounting firm with KPMG LLP. This is despite CEO Dave Lesar's claim that 'for more than 50 years Andersen has provided Halliburton with outstanding audit services and adhered to a high standard of professionalism'.88
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The contemporary SEC probe is investigating Halliburton's listing of cost overruns as income (creative bookkeeping in some ways similar to Enron's), accounting for potential over reporting of $100 million in 1998 when Cheney was CEO). Arthur Andersen was auditor.
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Halliburton inherited the claims when the company acquired Dresser Industries, Inc. for $7.7 billion in 1998, during Vice President Dick Cheney's 1995-2000 tenure as CEO. Most of the asbestos claims were filed against a former Dresser subsidiary, Pittsburgh-based Harbison-Walker Refractories Co.
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The current CEO of Halliburton, David Lesae, has indicated that the Vice-President was well aware of those accounting practices. In addition, a 2000 memo from Terry Hatchett, the Arthur Anderson partner who managed the Halliburton account, indicates that he worked closely with the Vice-President.
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