BDO Seidman chief executive Jack Weisbaum has been re-appointed
to the top job for another term.

Weisbaum, 68, has more than 40 years of experience in public
accounting and boasts an impressive record as leader. On his watch,
BDO Seidman grew 81 percent in four years – a result he puts down
to the firm’s ability to pick up former Big Four clients as
Sarbanes-Oxley requirements took effect.

During Weisbaum’s past term, the firm had been embroiled in a
legal battle with the investors of Miami financial services company
Bankest. A jury found the firm grossly negligent in failing to
detect a fraud that led to the bankruptcy of Bankest. In 2007, the
Miami-Dade Circuit Court ordered the firm to pay $521 million in
punitive and compensatory damages.

BDO Seidman has challenged the ruling and Weisbaum remains
confident about the prospects of an appeal that is currently before
the courts. The firm said it has a strong history of overturning
lower court jury verdicts on appeal.

“Both our clients, staff and partners are very sure that we will
get the appropriate treatment when this appeal is heard and that in
the end it will not be anything we will have to be overly concerned
about,” Weisbaum said. “Not to negate it, it is not going to go
away but you do not grow the way we have grown and attract the
clients we have if anyone really puts any faith in the ruling.”

If BDO Seidman’s recent financial results are anything to go by
it appears the market is confident of BDO’s position. The firm’s
revenue grew a respectable 12 percent to $659 million in the year
ended 30 June 2008. This growth was fuelled by the BDO Consulting
practice, which grew in revenue by a staggering 85 percent.

For Weisbaum it’s business as usual as he reveals plans of
further investment in new talent and services to continue to
position the firm as the logical alternative to the Big Four.

“As we have shown with the BDO consulting practice and tax
service lines, we are going to continue to invest in new service
capabilities when we see the demand for these offerings,” he

“We are looking to grow organically but we have our eyes open to
possible mergers or alliances that could possibly supplement our
organic growth and move us into new markets and services.”