FTI Consulting executive Celaya leaves company

March 27, 2010

FTI Consulting Inc., a Baltimore-based provider of forensic accounting, corporate restructuring and other business services, said its chief financial officer has resigned "to pursue other opportunities." Jorge Celaya left Thursday and was replaced by David G. Bannister, formerly the chief administrative officer, the company said in a Securities and Exchange Commission filing Friday. Celaya, who agreed to work as a consultant through May, will receive a year's salary as severance plus $700,000. Also, the firm will accelerate the vesting of his equity grants and give him health insurance coverage through September of next year. FTI said in its most recent annual report that it had revised financial results for 2006, 2007 and 2008 "to reflect the impact of the correction of an immaterial error related to the accounting for certain contingent acquisition payments." The change reduced net income by a total of $6.4 million over the three years. Celaya did not join the firm until 2007, and FTI reiterated Friday that he left "to pursue a new business venture."

- Jamie Smith Hopkins

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