Steve James Named Worldwide Managing Partner for Andersen Consulting's Financial Services Segment

Business Wire, July 7, 1998

NEW YORK--(BUSINESS WIRE)--July 7, 1998--Andersen Consulting has announced that Stephan A. James, 51, has been named worldwide managing partner of the firm's Financial Services segment, responsible for Andersen Consulting's Banking, Insurance and Health Services operations globally. Mr. James previously served as managing partner of the firm's Financial Services practice in the Americas.

"Under Steve James' leadership, the Financial Services segment in the Americas achieved tremendous success, with annual growth exceeding 25 percent," said Jack Wilson, managing partner-Global Markets, Andersen Consulting. "His proven capabilities and industry expertise should enable him to help grow our global Financial Services segment even further and strengthen Andersen Consulting's position as the leading consultant to the financial and health services industries worldwide."

Andersen Consulting's Financial Services practice serves clients around the world through three industry segments: Banking, Insurance and Health Services. The Banking segment serves, among others, retail, investment and commercial banks; investment management firms; securities firms; depositories; and exchanges. The Insurance segment serves property & casualty insurers and life insurers. The Health Services segment serves a wide range of health care clients, integrated health care providers, health insurers, managed-care organizations and policy-making authorities.

"This is an exciting time for Andersen Consulting and for the global financial services industry, which is one of the most vibrant, dynamic and rapidly evolving industries in the world today," said Mr. James. "I am honored to have the opportunity to lead our new global organization and to work with the tremendously talented professionals in our practice. Our global focus, strong industry knowledge and deep skills in business strategy, operations, technology and people issues will continue to allow us to deliver strategic solutions for all of our Financial Services clients around the world."

Revenues for the Financial Services practice in 1997 jumped 28 percent, to $1.9 billion. All three segments recorded growth double-digit growth: Banking revenues rose 19 percent, to $1.2 billion; revenues from health services clients grew 26 percent, reaching $145 million; and revenues from insurance clients soared 56 percent, to $528 million.

Mr. James joined Andersen Consulting in 1968 and was admitted to the partnership in 1979. He has consulted primarily in the financial services industry, with an emphasis on strategy planning, change management and large-project implementation, and has worked throughout the United States, Europe and Asia.

Prior to assuming his current role, Mr. James served as managing partner of the firm's Financial Services Industry practice in the Americas, a position he assumed in 1994. From 1984 -1994 he served as managing partner for the Financial Services practice's U.S. Central Region. He also led the firm's worldwide Insurance Industry organization from 1982-1987.

Based in Chicago, Mr. James is an elected member of the Andersen Worldwide Board of Partners and sits on several Andersen Consulting senior management committees, including the Global Management Council.

Mr. James graduated from the University of Texas in 1968 with degrees in Industrial Management and Labor Relations.

Andersen Consulting is a $6.6 billion global management and technology consulting organization whose mission is to help its clients change to be more successful. The organization works with clients from a wide range of industries to link their people, processes and technologies to their strategies. Andersen Consulting has more than 53,000 people in 46 countries.

Its home page address is http://www.ac.com.

    CONTACT: Roxanne Taylor
              Andersen Consulting
              212/708-5106
              roxanne.taylor@ac.com