Joe Ucuzoglu, the current head of Deloitte US, has been selected by the Deloitte board to lead the Deloitte Global network of independent member firms.
Upon a ratification vote by Deloitte partners worldwide, Ucuzoglu will take on the global leadership role on December 31, 2022. He succeeds Punit Renjen, who will retire after serving as CEO of Deloitte Global since 2015.
Deloitte – which has more than 415,000 people and operates in 150 countries – traditionally chooses a leader from the US member firm, which accounts for 47% of global revenues.
During his tenure, Renjen grew the network’s revenue from $35 billion to $59 billion. He previously was chairman of Deloitte US and head of its consulting business, and before that led various segments of the consulting business, including strategy & operations and M&A.
“The Deloitte Global Board and I want to thank Punit for leading Deloitte to extraordinary growth and meaningful societal impact, and for his decades of commitment to the organization," said Sharon Thorne, Deloitte Global board chair.
As CEO of Deloitte Global, Ucuzoglu will manage the brand and overall strategy of the network of country member firms. His successor at Deloitte US is currently being decided.
Prior to heading Deloitte US, Ucuzoglu was CEO of the accounting and consulting firm’s audit business.
“Joe is an exceptional leader,” Renjen said. “We have worked together side by side for many years, and I believe he is an excellent choice to serve as the next Deloitte Global CEO.”
Ucuzoglu added, “It is my great honor to be chosen to lead this extraordinary organization. I believe deeply in Deloitte's responsibility to lead through the unprecedented pace of change the world is experiencing, and to meet the rapidly expanding needs of our stakeholders. I want to thank Punit for his excellent leadership of Deloitte."
Deloitte is the largest of the Big Four firms by revenue and headcount. The firm has for now stated that it is not following EY’s lead in splitting its audit and consulting businesses. EY is set to spin off its consulting business in order to free itself from regulatory constraints related to providing audit and consulting services to the same clients. The move would also net a hefty payout for partners.
Renjen in September said the combined business model was “at the core” of the Deloitte organization, and that they “will not monetise our collective life’s work or that of the generations that preceded us.”
Sourced from Consulting.US