The resignation came only days after Paul Volcker, a former chairman of the Federal Reserve, called on existing management to stand aside. Volcker, who was brought in recently to try to save the firm, has offered to lead a seven-man board that would assume control of the embattled audit business. He is thought to have threatened to resign unless he was given a freer rein.
Berardino, 51, joined Andersen in 1972 and was elected CEO in January last year.
In a statement made announcing his decision, Berardino said: ' I have concluded that my continuing as Worldwide CEO could become an impediment to the efforts of Mr Volcker and many others to save the US firm.'
Andersen has now lost over 70 major clients since its actions as auditor to now bankrupt energy company Enron were revealed. The firm has now been indicted by the US Justice Department on obstruction of justice charges in relation to the work it carried out with the company.
Andersen CEO Quits
The chief executive and managing partner of Andersen, Joseph F. Berardino, announced his resignation last week in order to leave the way clear for the urgent reforms which are now needed if the firm is to have any chance of surviving.
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