Resignation From Arthur Andersen
In August 2000, Arthur Andersen was directed to spin off Andersen Consulting by the International Chamber of Commerce while awarding the former $1.2 billion in back payments and with the ruling that Andersen Consulting could no longer use the Andersen name. Within four hours of the ruling Wadia resigned. Jim Wadia would provide insight on his resignation years later at a Harvard Business School case activity about the split. It turned out that the Arthur Andersen board passed a resolution saying he had to resign if he didn't get at least an incremental $4 billion out of the $14.5 billion demanded by Arthur Andersen in the law suit (either through negotiation or via the arbitrator decision) for the consulting practice to split off, hence his quick resignation once the decision was announced.
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