One of the big fours, KPMG has revealed that its CEO Richard Rekhy plans to retire but will continue to serve in the position till a successor is found. The board has respectfully accepted his decision after due deliberations while a new CEO will be appointed over the next few months after the board runs the succession process and the successor is ratified by KPMG India partners, the company shared with the press.
Rekhy has been serving as CEO since 2012 and this year, in January, Rekhy won a second term that would have seen him holding the post till 2020. During his tenure the company has attracted over 70 partners from other industries and across the professional services sector. KPMG in India has around 11,000 staff however, in recent times the company witnessed attrition of various partners.
KPMG India Board said that it has respectfully accepted Richard's decision to retire, after due deliberations and recognising his stellar professional as well as personal contributions to the India firm over the last many years as the CEO and in his prior leadership roles.
“I have been incredibly privileged to have the opportunity to lead KPMG India through a time of such strong growth, and I feel now is the right time for the firm to choose its next leader. As my fellow partners make this choice I will be focused on continuing to serve our clients and staff,” Rekhy says.
The India Board recorded its sincere appreciation of Richard's commitment and his drive to lead the firm as being the clear choice for its clients and people alike. Rekhy said he has been incredibly privileged to have the opportunity to lead KPMG India through a time of such strong growth. He expressed that he believes it is the right time for the firm to choose its next leader.
KPMG International Chairman John B Veihmeyer thanked Rekhy for the enormous contribution he made, not only to KPMG India but also to the wider Indian economy. He noted that since Rekhy took office in 2012 KPMG India has been growing rapidly, with revenue, along with the number of partners, directors and professionals, doubling. In addition, over this same period KPMG India has become a magnet for senior talent, attracting over 70 partners from other industries and across the professional services sector.
In India, KPMG, which has a client base of more than 2,700 companies, is into diverse areas including financial and business advisory, tax and regulatory, and risk advisory services.
Recently, rival PwC India also elected Shyamal Mukherjee as Chairman of PwC network of entities in the country for a four-year term beginning January 1, 2017.