The Wounded Warriors board of directors fired its top two executives late Thursday in response to an audit that found the group is spending much of the money it raises on its own executives and staff instead of veterans.
The largest veteran-related nonprofit terminated CEO Steven Nardizzi and COO Al Giordano following a board meeting in Manhattan Thursday afternoon.
Wounded Warriors has posted significant fundraising numbers over the past few years, and has raised more than $800 million in the past four years. A CBS News investigation of the 13-year-old organization concluded it spent 54 to 60 percent of its funding on veterans, compared to other veterans’ groups average of 90 percent. The TV network’s report concluded the group directed much of its funding to staff retreats and higher-than-average salaries.
The board also reviewed complaints from 40 of Wounded Warriors 147 employees in Thursday’s meeting.
Wounded Warriors has not issued a statement about the firings or the candidates being considered to replace Nardizzi and Giordano.
