September 21, 2019

Ignatius Sehoole Takes Over as CEO of the Dumpster Fire That Is KPMG South Africa

KPMG in South Africa has had its problems of late. And the firm believes it has found the man to help fix them.

Good luck, Ignatius Sehoole!

KPMG South Africa is pleased to announce the appointment of Mr Ignatius Sehoole as Chief Executive Officer. Mr Sehoole is expected to take up this role on 1 May 2019.

Mr Sehoole is an experienced leader in the accounting profession having served a successful two-term role from 2000-2009 as the Executive President of the South African Institute of Chartered Accountants (SAICA). He succeeds Ms Nhlamulo Dlomu who will be taking up a new global role with KPMG, focusing on organisational culture change and ethical leadership.

Mr Sehoole’s start date is being coordinated to comply with the requirements of audit independence rules1. Professor Wiseman Nkuhlu will continue to serve as Executive Chairman in the interim and will revert to his non-executive Chairman role on 1 May. …

Sehoole commented:

“I am very honoured and look forward to the opportunity to help lead KPMG SA. It is imperative that the profession rises to the challenges it is facing, and it is in the national interest that KPMG be part of the solution.

My priority at KPMG will be to continue to restore client confidence and again make KPMG a firm where the best people wish to work. I look forward to the opportunity to accelerate this rehabilitation phase.”

Ignatius Sehoole

Sehoole really has his work cut out for him. KPMG South Africa is losing clients left and right, including Barclays Africa and the government’s Auditor-General, after it was revealed that the firm as auditor failed to disclose loans from small lender VBS Mutual Bank, which collapsed in March due to a “severe liquidity crisis.”

KPMG South Africa is also being investigated over work it did for a company owned by the billionaire Gupta family, who have been accused of using their links to former South Africa president Jacob Zuma to influence government decisions and the awarding of tenders.

As a result, the firm laid off 400 workers in June and closed some regional offices.

Economia reported that Sehoole comes to KPMG from MTN Group, where he had served as vice president since 2010. He’s also a former PwCer, where he previously worked as joint deputy executive and served on the firm’s executive committee. Sehoole was responsible for the integration of PwC’s operations across Africa. He is also a director at the Public Investment Corporation.

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