KPMG UK chair steps down after telling staff to ‘stop moaning’
KPMG UK chairman Bill Michael is stepping aside amid a probe into alleged comments made during an online meeting with consultants.
On Monday, the Financial Times first reported Michael told consultants to “stop moaning” about working conditions during the pandemic. He reportedly told staff to stop “playing the victim card”.
The chairman apologised saying: “I am sorry for the words I used, which did not reflect what I believe in, and I have apologised to my colleagues.”
Despite the apology the Big Four firm has launched a probe into Michael’s comments.
“Following the meeting on 8 February, the firm initiated an independent investigation into the alleged comments in accordance with its usual procedures,” a spokesperson for KPMG said.
“Mr Michael has decided to step aside from his duties as Chair while the investigation is underway. We take this matter very seriously and will not comment further while the investigation is ongoing.”
Michael’s tenure has been rocked by controversies since he joined in 2017, including widespread criticism of the Big Four’s role in the collapse of Carillion.
Partners at KPMG had their pay cut 11 per cent last year, from some £640,000 on average to £572,000, as Covid-19 hit profits at the firm. Michael too faced a pay cut, earning £1.7m for the year – down 14 per cent on 2019.
The Big Four firm saw revenue decrease four per cent to £2.3bn, and underlying profit for the year dip six per cent to £288m.