KPMG to Continue as Company's Auditor for 2005
MIAMI, Sept. 26 /PRNewswire-FirstCall/ -- Ryder System, Inc. (NYSE: R) announced today that it has appointed PricewaterhouseCoopers LLP (PwC) to serve as the Company's independent auditor effective for the fiscal year beginning January 1, 2006. PwC replaces KPMG LLP (KPMG) which will be retained to complete the fiscal year 2005 audit.
In early 2005, the Company's Audit Committee decided, in accordance with good corporate governance practices, to undertake a thorough assessment of each of the four major accounting firms prior to selecting an auditor for 2006. After conducting an extensive evaluation process, the Audit Committee selected PwC based on the firm's audit approach, reputation, transportation expertise and competitive pricing. The change was not the result of any disagreement between the Company and KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
"The Audit Committee is pleased with the results of the evaluation process and the selection of PwC as the Company's auditor for 2006. Ryder has had a long and very satisfying audit relationship with KPMG and we want to thank them for their service to the Company over the years," stated Gene Renna, the Chair of Ryder's Audit Committee.
Tracy Leinbach, Ryder's Chief Financial Officer, said, "I look forward to working with PwC in the upcoming months as they transition into their new position." Ms. Leinbach, who previously announced her intent to retire from the Company during the first quarter of 2006 to pursue personal endeavors, will continue as CFO through the close of the 2005 fiscal year and is committed to overseeing the transition process as PwC prepares to assume auditor responsibilities.