Overland Park, Kan. (Oct. 16, 2003) -- Telecommunications conglomerate Sprint Corp replaced Big Four firm Ernst & Young - which served as its auditor for 37 years - with rival KPMG.
The change in independent accountants follows a tax shelter scandal at the company that resulted in the departure of chairman and chief executive William Esrey and president and chief operating officer Ronald LeMay. Ernst had devised the shelter as a strategy to help Esrey and LeMay avoid taxes on some $100 million in from stock options.
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