KPMG's UK boss will step down in March after five years at the helm of the accountancy giant.
Simon Collins told fellow partners of his plans on Thursday and is expected to put his hat in the ring to step up and lead the global network of the firm, according to reports by Sky News.
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A spokesperson for KPMG said: “Our UK chairman Simon Collins reaches the end of his five year term this financial year. At our Annual Conference today Simon told the partners that he will not be seeking re-election.
“In the New Year we will begin the process of electing Simon's successor. We expect to conclude the election by the end of March, allowing for a sensible handover period."
KPMG has endured a number of investigations into historical sign-offs while Collins has been in charge. Most recently, the accounting watchdog launched an investigation into the Big Four beancounter over its 2007 audit of collapsed lender HBoS.
Competitors PwC, Deloitte and EY have all been subject to investigations by various regulators in recent years.
As part of the firm’s transformation strategy, Simon has overseen a long term programme of investment in new products, skills and technology, incorporating a range of acquisitions and alliances, including the firm’s groundbreaking partnership with McLaren.
“Simon is a vocal proponent of the need for business to act responsibly and behave in a way that actively benefits society. He is a passionate supporter of the voluntary Living Wage and was also the first chairman of a Big Four firm to publish detailed diversity targets,” the spokesperson said.