KPMG today set out plans to shake up its UK executive committee in line with efforts to bolster high-growth areas of its business by investing £300m over the next three years.
The executive reshuffle will see KPMG’s chief financial officer Chris Hearld take the reins from current chief operating officer Tim Jones from 1 October.
Hearld joined KPMG in 1992 before becoming a partner in the accountancy firm’s audit division in 2004, during which period he became KPMG’s main advocate for the UK’s Northern Powerhouse plans as head of the firm’s North region.
KPMG’s current head of business services, Suzzanne Shenton, will also take on a new role leading the accounting firm’s £300m transformation plans, alongside her current role.
At the same time, KPMG’s current head of corporates, Dan Thomas, will take on a newly created position as head of markets, in a role that will see him lead the firm’s client engagement activity across all sectors.
KPMG UK chief executive Jon Holt said the new executive team will help “deliver our strategy and priorities” in line with the Big Four firm’s plans to invest £300m in “growth priorities” over the next three years.
The accounting firm chief said the new executive team will also help KPMG bolster its “multi-disciplinary services” as the firm pushes forwards with plans to strengthen its advisory business, including its fast-growing legal arm.
In May, KPMG vowed to double the size of its legal business by hiring 220 new lawyers, including 45 new partners, by 2024, as part of its £300m growth strategy. The investments will also see the accounting firm seek to boost its advisory business, particularly in relation to digital and ESG advice.
Holt said the team will also focus on building “trust with our clients and the wider public” in the wake of series of major accounting scandal that have damaged the Big Four audit firm’s reputation in recent years.
In July, the UK’s Financial Reporting Council (FRC) watchdog fined KPMG a record 14m over its audit of collapsed construction giant Carillion. The firm was also fined £2.3m over its audit of collapsed café chain Patisserie Valerie last September.
The reshuffle is also set to see KPMG’s chief people officer Kevin Hogarth exit the accountancy firm this month, and see the firm’s chief digital officer Lisa Heneghan take on a new position at KPMG’s international arm.