CB&I Ousts Top Executives As Accounting Probe Goes On
One of the most successful contractors of the last five years, CB&I, has terminated its chief executive and chief operating officer without an explanation, but several months after the company had begun an investigation into accounting for project costs and claim recognition.
CB&I announced Feb. 3 that its directors had terminated CEO Gerald E. Glenn, who was also chairman and president, and Robert B. Jordan, executive vice president and COO. The Woodlands, Texas-based engineering, procurement and construction firm, formerly known as Chicago Bridge & Iron, says that accounting irregularities came to light when a senior member of the firm’s accounting staff wrote a memo alleging improprieties. The alleged improprieties involve claim recognition on two projects and the assessment of costs to complete two projects, according to a company announcement in October.