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Oracle, Walgreen Bid Farewell to Arthur Andersen SAN DIEGO, Calif., April 10, 2002 Andersen can't catch a break. In addition to Freddie Mac, SunTrust Banks, Merck, Delta Air Lines, FedEx and Waste Management, Andersen can now add Oracle Corp. and Walgreen Co. to its list of clients that have migrated to another accounting firm. Software company Oracle Corp. announced Tuesday it will replace Andersen with its new auditor, Ernst & Young. "Unfortunately, we believe we are forced to change auditors given the breakup that started to occur within Arthur Andersen's global practices in the past few weeks," said Jeffrey O. Henley, Oracle's Chief Financial Officer. Similarly, national drugstore chain Walgreen Co. voted to replace Andersen with a new auditor. The company is in the process of selecting a new independent auditing firm. Andersen has lost over 150 clients since the Enron fiasco began to unravel. Many of its Big Five accounting rivals -- Ernst & Young, KPMG, PricewaterhouseCoopers and Deloitte & Touche -- have gained valuable business and big clients from Andersen's collapse.
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