Wednesday, October 10, 2007

Jackson Hewitt = Jarring Headaches for ex-Chair Lister

Jackson Hewitt Tax Service has ousted chairman and CEO Michael Lister. The likely reason for this move was a recent Justice Department action which found that franchisee Forrukh Sohail had prepared fraudulent tax returns in Atlanta, Chicago, Detroit and Raleigh/Durham. The resultant repurchase of the franchise cost Jackson Hewitt corporate close to $19 million. Michael Yerington will be the new CEO while ex-IRS commissioner Margaret Richardson will become a non-management chairperson of the board of directors.

Last year, I gave more than a little grief to H & R Block. Obviously, in Lister's drive to grow Hewitt and compete more vigorously with HRB, he didn't choose franchisee's carefully enough. Congrats to Jackson Hewitt for being ethically proactive.


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