The Supervisory Board of CB&I announced Friday, February 3 that it had terminated Gerald E. Glenn, its chairman, president and CEO, along with Robert B. Jordan, executive vice president and COO. The Woodlands, Texas-based engineering, procurement and construction firm, formerly known as Chicago Bridge & Iron, took the action in the wake of allegations of accounting irregularities. The problem came to light when a senior member of the firm�s accounting staff wrote a memo alleging accounting improprieties, including the determination of claim recognition on two projects and the assessment of costs to complete two projects, according to a company announcement in October. The firm�s executive vice president and CFO, Richard E. Goodrich, had retired three weeks earlier. CB&I announced at that time that the accounting questions would be turned over to an independent audit committee for investigation.
The same day as the announcement of the terminations, Washington, D.C.-based Attorney Stephen A. Best said that Glenn and Jordan, who are his clients, had been wrongfully terminated by CB&I. �Gerald Glenn and Bob Jordan are being targeted by a results-oriented process where the reputations of honest men have been unfairly called into question,� said Best in a prepared statement. �These men have served this company faithfully for 17 years combined, and have repeatedly been denied an opportunity by the company to be fairly heard on these issues. These men are not going to hand over their good names for the sake of a misguided, biased and incomplete review.�