Wounded Warrior Project Execs Fired

In an update to a CBS News investigation of the country's largest veterans charity, Wounded Warrior Project, the board has fired the Chief Executive Officer and the Chief Operating Officer.

The CBS News investigation raised questions about how the charity spends the millions of dollars it receives in donations each year.

CBS News

Wounded Warrior Project's CEO, Steven Nardizzi, and COO, Al Giordano, were fired after criticisms from more than 40 employees about how it spends its more than $800 million raised in donations in the past four years.

The allegations include lavish spending by the charity at staff retreats, and other costs, at the expense of programs for veterans.

• Part 1: Wounded Warrior Project accused of wasting donation money
• Part 2: Ex-employee: Wounded Warrior Project conduct "makes me sick"
• Part 3: Charity watchdogs question Wounded Warrior's spending on vets

The charity's board of directors made the decision after meeting this afternoon in New York, Chip Reid reports. Sources tell CBS News the board has received preliminary results of a financial and policy audit, but there are indications that investigation will continue.

There are also discussions underway about retired senior military officials who are being considered to take over the helm of the organization, which has raised more than a billion dollars since its inception in 2003.