San Francisco (June 7, 2002) -- Bucking the trend among many Big Five consulting spin-offs of going public, Deloitte Touche Tohmatsu said its Deloitte Consulting unit will become a privately-held company.The announcement was made Thursday by Deloitte Consulting chief executive Doug McCracken in San Francisco, where the firm’s 1,200 partners and directors gathered. The separation, which is subject to a vote by the Deloitte Consulting and DTT boards of directors and the boards of DTT’s member firms, is expected to be complete by year-end.
"The market has changed, partly in response to the Enron issues but also because business problems are becoming bigger and more complex, and we believe that as a private firm we can best meet the needs of the market," said McCracken, who called the move "a legal and functional transaction" and noted that the firm has been autonomously managed and governed since 1996.
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