KPMG has nominated Jonathan Holt, the head of its audit division, to be appointed as its new UK chief executive in a surprise move that avoids the need for an election.
Partners at the Big Four firm were expected to choose a candidate directly in an election for the top job next month following the resignation of Bill Michael last month.
Holt was tipped internally to be one of the frontrunners in the planned vote by KPMG’s 582 partners next month, where he was expected to face competition from Mary O’Connor, who has acted as interim chief executive since Michael stepped down.
After interviewing nominees to replace Michael and taking “soundings” from partners, the board decided to put forward Holt as the only candidate for consideration by partners, avoiding the need for a competitive election.
Bina Mehta, who was appointed as KPMG’s UK chair last month, said: “Jon was the outstanding candidate and met all the criteria we laid down at the start of our nomination process.
“We took on the views of our partners as well as using external expertise as part of the process. Jon knows our firm inside out and is a first-class leader.”
The search for a new leader came after the firm was plunged into crisis last month when Michael resigned as chair and chief executive of the UK following a backlash for telling staff to “stop moaning” about their working conditions during the pandemic.
Holt will only require the approval of more than 50 percent of partners in a confirmation vote with the results due to be announced by 14 April, the firm said.
Michael’s previous role as chair and chief executive has been split in two, meaning that Holt will take on only the day-to-day running of the firm if his appointment is confirmed.
Holt has headed the firm’s 7,000-person audit practice since 2019 while it faces high-profile regulatory investigations, including its work for collapsed outsourcer Carillion.
He has risen through the firm’s ranks since joining in 1994, progressing to lead its Manchester office before being appointed head of its UK financial services division, which advises banks, insurers, and asset managers.
His clients have included Old Mutual, Aviva, Deutsche Bank, and Citibank.
He will take charge immediately if he wins the approval of more than half of the partners, the firm said.
Sourced from Financial Times