Accounting firms and Banking & Finance and Accounting

Loss of partner at accounting firm Greenwalt Sponsel results in new name

December 12, 2009

Greenwalt Sponsel & Co. Inc. has changed its name to Greenwalt CPAs, following the departure of a top partner from the Indianapolis-based accounting firm.

Tom Sponsel launched Sponsel CPA Group in September and is leasing 10,000 square feet of office space at the Gateway Plaza building at 950 N. Meridian St.

A disagreement over the direction of Greenwalt Sponsel’s succession plan led Sponsel to leave, he said following his exit.

Current Greenwalt Managing Partner Larry Greenwalt acknowledged Sponsel had been expected to succeed him as the firm’s leader in January 2011. But he said in September that Sponsel failed to deliver on certain commitments and even contemplated leaving the firm.

Before Sponsel’s departure, Greenwalt had 31 certified public accountants and 59 full-time employees, ranking it as the 11th-largest accounting firm in the city, according to the most recent IBJ statistics. Sponsel took at least three partners with him.

Greenwalt’s origins date to 1945. It had been known as Greenwalt Sponsel since 1987.

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