Joseph Connor to Head Price Waterhouse World Firm

The accounting firm Price Waterhouse & Co. has elected Joseph E. Connor, the head of its U.S. division, as the new chairman of its World Firm, the company said Monday.

Price Waterhouse partners also elected Shaun F. O’Malley, head of the firm’s Philadelphia office, to replace Connor as head of its U.S. firm.

Connor, who has worked for Price Waterhouse since 1956, became a partner in the international accounting firm in 1967. He became chairman of the policy board of the U.S. firm in 1978 and was re-elected to a five-year term in 1983.

Connor succeeds Michael Coates, who is retiring, effective July 1, 1988.

The World Firm coordinates the activities of all Price Waterhouse member firms internationally, of which the U.S. firm is the largest.

O’Malley joined Price Waterhouse in 1959 and became partner in charge of the company’s Philadelphia office in 1980. He was elected to its policy board in 1984.

Price Waterhouse, the world’s fifth-largest accounting company in terms of revenue, expects revenue of $2.1 billion in its current fiscal year, about half of that from U.S. business.