Another Big 4 firm will soon have a new person residing in the corner office.
First, Cathy Engelbert was not renominated late last year for a second four-year term as Deloitte CEO. She was succeeded by Joe Ucuzoglu and took over as the new commish of the WNBA. Then Mark Weinberger announced last December that he would be stepping down on June 30 after six years as global chairman and CEO of EY. Carmine Di Sibio took over the reins on July 1.
And now a tip we received earlier today has been confirmed by KPMG: Lynne Doughtie will not be seeking a second term as chairman and CEO.
A KPMG spokesperson emailed Going Concern the following statement: “Lynne is in the fifth year of her five-year term, and she has decided not to seek a second term as chairman and CEO. Lynne will work with the Board on succession and she is committed to a smooth transition after her successor is elected. We appreciate Lynne’s leadership that has driven positive outcomes for the firm in quality, culture, inclusion & diversity, innovation and growth.”
Our tipster told us earlier today that Doughtie sent a video message to staff this morning announcing her decision.
Doughtie, 56, was elected chairman and CEO in April 2015 and began her five-year term on July 1. She became the second woman to lead a Big 4 firm in the U.S., coming just after Engelbert’s appointment at Deloitte.
The Richmond, VA, native joined KPMG’s audit practice in 1985 and held several national, regional, and global leadership roles throughout her 30-plus year tenure with the firm, including serving as lead partner for several major clients across multiple industries.
Prior to being promoted to chairman and CEO, Doughtie led KPMG’s advisory practice from 2011-15, which would become the firm’s fastest-growing business.
During her tenure in the corner office, KPMG’s U.S. revenues increased from $8.63 billion in FY 2016 to $9.46 billion in FY 2018, which still puts the firm last among the Big 4.
We’ll continue to update this story.