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PwC U.S. head Tim Ryan told partners he will leave the Big Four accounting firm in June after some colleagues objected to his replacement as global chief executive of Bob Moritz. Candidacy for President.
Ryan, who has been chairman of the US company for eight years, has been strongly recommended both inside and outside PwC to succeed Moritz, whose second four-year term is due to expire next year.
But partners were told on Friday that the U.S. boss would leave when his current term expires, according to four people familiar with the matter.
Ryan told PwC U.S. Partners in an email that the end of his U.S. leadership term “is a natural transition point for me.” “After seeing so many of the challenges our customers and society face, I have a strong desire to explore leadership opportunities outside the company and help in different ways.”
PwC has a history of promoting the head of the U.S. firm, by far the largest in its global network, to global chairman, and after drawing up a longlist of six, Ryan expects to will be one of the final candidates. matter.
Ryan’s opponents include senior partners outside the United States, and his exit signals a possible shift in power dynamics across PwC’s global network of member firms.
His exit opens up the race to lead the global company starting next year.
U.S. consulting chief Mohamed Kande and Britain-based Carol Stubbings, head of PwC’s global tax and legal services group, are challenging Ryan to replace Mohamed, some people familiar with the matter said. Ritz’s strongest candidate.
Stubbings was one of the top executives from global management who flew to Australia earlier this year to help stem the international fallout from a tax scandal that has damaged PwC’s reputation in Australia.
PwC International declined to comment on the global chairman appointment process, saying it was ongoing.
For nearly a decade, Ryan has been one of the best-known figures in the U.S. accounting industry and serves as chairman of the Center for Audit Quality, which represents the largest companies.
The U.S. business he leads has revenue of $20.7 billion in the fiscal year ending June 2022, accounting for 40% of PwC’s total global revenue. In Ryan’s first year on the job, the company’s revenue reached $16 billion.
He also led an internal reorganization that split the US firm’s audit and consulting businesses, a move that sparked speculation across the industry that PwC could be preparing for a full spin-off – something the firm has denied This statement. Rival EY’s own split plan failed earlier this year.
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