New York (Jan. 8, 2003) — Andrew D. Cvitanov has stepped down as chief executive of American Express Tax and Business Services, effective immediately.

He will be succeeded in that post by Tom Meador.

Cvitanov will remain with AETBS during the transition period. He will also work on select projects for the company. He had served as chief executive at AETBS for three years.

In a memo sent to AETBS employees, Cvitanov said "while there is still much to accomplish at TBS, it was an opportune time to begin exploring other opportunities with the company while providing for an orderly leadership transition."

AETBS was ranked 11th in Accounting Today’s Top 100 firms with revenues of $350 million and 60 offices nationwide.

The financial services conglomerate, which became the industry’s first large consolidator, began its acquisition spree of CPA firms roughly 13 years ago and in the process had acquired the tax and financial services assets of such firms as Goldstein Golub Kessler in New York and Altschuler, Melvoin & Glasser in Chicago. However, their once-aggressive M&A strategy has stalled over the past several years fueling rumors that Amex was looking to exit that part of the business.

Prior to his being named as Cvitanov’s successor, Meador spent two years as senior vice president of Global Real Estate and Procurement. He came aboard American Express in 1982 following the company’s acquisition of Belcor, then a real estate investment subsidiary of Shearson/Lehman.

-- Electronic Accountant Newswire staff

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