Leading professional services firm KPMG India today said its CEO Richard Rekhy plans to retire and will continue to serve in the position till a successor is found.
While specific reasons for the decision were not disclosed, KPMG India Board said it has respectfully accepted Rekhy's decision after due deliberations.
Rekhy has been serving as CEO since 2012 and during his tenure the company has attracted over 70 partners from other industries and across the professional services sector.
KPMG in India has around 1,100 staff and in recent times the company has seen attrition of various partners.
"Richard Rekhy plans to retire as CEO of the firm... In accordance with KPMG India's governance, the Board of KPMG India will run the succession process over the coming few months," KPMG India said in a release.
Rekhy will continue to serve as CEO until his successor is ratified by KPMG India partners.
In the release, KPMG India Board said it has "respectfully accepted Richard's decision to retire" after due deliberations and recognising his stellar professional as well as personal contributions to the India firm over the last many years as the CEO and in his prior leadership roles.
"The India Board recorded its sincere appreciation of Richard's commitment and his drive to lead the firm as being the clear choice for our clients and our people," it said.
Rekhy said he has been incredibly privileged to have the opportunity to lead KPMG India through a time of such strong growth.
"I feel now is the right time for the firm to choose its next leader. As my fellow partners make this choice I will be focused on continuing to serve our clients and staff," he noted.
KPMG International Chairman John B Veihmeyer thanked Rekhy for the enormous contribution he made, not only to KPMG India but also to the wider Indian economy.
"Since he took office in 2012 KPMG India has been growing rapidly, with revenue, along with the number of partners, directors and professionals, doubling.
"Over this same period KPMG India has become a magnet for senior talent, attracting over 70 partners from other industries and across the professional services sector," he said.
In India, KPMG, which has a client base of more than 2,700 companies, is into diverse areas including financial and business advisory, tax and regulatory, and risk advisory services, as per its website.
In an interview to PTI last month, Rekhy had emphasised the need for "mindset" change among policymakers and said a lot has happened on improving the ease of doing business in India but a lot more has to happen in this regard.
On Friday, rival PwC India elected Shyamal Mukherjee as Chairman of PwC network of entities in the country for a four-year term beginning January 1, 2017.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
