New Delhi: Two of the big four accounting firms in India have seen a change in their top guard in the last two days.
KPMG India announced on Sunday that its chief executive officer Richard Rekhy has decided to retire from the firm and that the board has accepted his decision.
A new CEO will be appointed over the next few months after the board runs the succession process and the successor is ratified by KPMG India partners, KPMG India said in a press statement.
Rekhy has been CEO of KPMG India since 2012. This year, in January, Rekhy won a second term that would have seen him holding the post till 2020.
Rekhy’s decision to step down comes amid reports of curtailment of his role following large scale attrition from the firm. The Economic Times reported last month that following large scale staff movement, the effective control of the Indian operations had been handed over to the deputy CEO Akhil Bansal.
“I have been incredibly privileged to have the opportunity to lead KPMG India through a time of such strong growth, and I feel now is the right time for the firm to choose its next leader," Rekhy said.
A couple of days back, PwC also announced that Shyamal Mukherjee will be the new chairman of PwC India with effect from 1 January 2017 succeeding Deepak Kapoor who has been at the helm for six years.
Kapoor, who was the face of the firm battling the aftermath of the Satyam scandal, completed two four-year terms and was not eligible for re-election as per PwC governance rules.
Mukherjee has been with the firm for more than 30 years and is credited with setting up the firm’s transfer pricing practice back in 2001.
Currently, he is PwC India’s Brand & Strategy leader.