THE WOODLANDS, Texas, Feb. 3 /PRNewswire/ -- An attorney representing two executives from Chicago Bridge & Iron Co. N.V. says his clients have been wrongly terminated as part of an ongoing internal accounting investigation.
Without any prior notice or rationale, CB&I's Supervisory Board today terminated the employment of Chairman, President and CEO Gerald M. Glenn and Executive Vice President and Chief Operating Officer Robert B. Jordan.
"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," says Washington, D.C., attorney Stephen A. Best, who represents both Mr. Glenn and Mr. Jordan. "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. I can assure you that the Board would have been better informed had they provided my clients the opportunity to respond to the issues raised in the Audit Committee's report. These men are not going to hand over their good names for the sake of a misguided, biased and incomplete review."
In October 2005, a senior member of CB&I's accounting department alleged 3rd Quarter accounting improprieties. Mr. Glenn immediately brought the allegations to the Board's attention. In response, an investigation was initiated. In the months since, both Mr. Glenn and Mr. Jordan assisted in the investigation, and were never presented with any evidence of wrongdoing.
Mr. Glenn joined CB&I in 1996, and led the company's successful IPO in 1997. Mr. Jordan joined CB&I in 1998. During their tenure, CB&I has grown into one of the top engineering, procurement and construction companies in the world, employing more than 11,000 individuals in 60 separate locations worldwide.
Last July, CB&I reported second quarter net income of $21.1 million, compared to $4.9 million in 2004. The company also reported an increase in new business of 38% to $550 million, compared with $398 million for the same time period the previous year.
For more information, please contact attorney Stephen A. Best at 202.986.8235, 202.422.6900 or
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