FT is reporting that Deloitte just axed half of UK executives this week, a surprisingly abrupt move that was announced to staff yesterday. The reason? “The changes were driven partly by a desire to replace older members of the management team with younger partners who would be young enough to run for election as chief executive at the end of North-South Europe CEO Richard Houston’s second term in 2027,” a source told FT.
Let’s get caught up:
Deloitte has overhauled its leadership in the UK, replacing half of the 16-person executive team, including the managing partner, in an unexpected reshuffle.
Eight of the accounting firm’s most senior partners are set to leave the leadership team to make way for six newcomers, according to people briefed on the changes and documents seen by the Financial Times.
Only one of the new appointments is a woman and the reshuffle will reduce female representation at Deloitte’s top table from 37.5 per cent to 28.6 per cent.
The shake-up, which was not communicated to staff until the firm was approached by the FT on Thursday, is set to be billed internally as a “refresh” and presented as business as usual, according to two people at Deloitte.
The FT headline makes it sound a tad more extreme than it is, yes Deloitte axed half of their executive leadership but there were only 16 people to axe and several individuals are staying on at Deloitte, just not in executive leadership positions. FT names Managing Partner Stephen Griggs, Consulting leader Anne-Marie Malley, Risk Advisory head Andy Morris, and Managing Partner of Financial Advisory Richard Bell as a few of the leaders who will be vacating their roles.
FT makes a point to mention the current leadership team is 100% white, two of the new leadership folks fall into the ethnic minority background category. And as mentioned above, although three women are stepping down only one will be part of the new leadership crop.
Deloitte axes half of UK executive team [Financial Times]
You don’t need to tell Jim Quigley that it’s only a matter of time before Deloitte is the largest accounting firm ON EARTH.
This is the way. I don’t work in public accounting anymore, but where I’m at now there’s like 30-40 friggin elderly geezers that refuse to retire probably because they just don’t want to be at home with their wives.
This is selfish and it hurts the organization. These fossils that just show up and sit in a chair all day, taking naps and shit, just to collect a paycheck and get away from their wives for 8 hours.
It’s keeping the younger employees from moving up and actually moving the organization forward. Most of these old farts don’t actually do anything anymore, stuck in the 90s, can’t use “these darned computers”, and refuse to learn how to communicate with emails and instant messaging.
Not to mention their old ass prostates are all swollen so it takes them 20 minutes to pee so I have to wait on dumb old man in the bathroom, and they’re so damn slow it takes them another 15 minutes to wash their hands (if they do at all), and shuffle their old crusty butts back to their office to take another nap. Plus they smell weird. Like beef stew and feet.
Dude, old man, JUST FRIGGIN RETIRE! NO ONE WANTS YOU HERE ANYMORE!
This is why the younger employees jump ship so often, no chance of getting promoted because great great grandpa thinks he’s “still got some juice left in the tank” and thinks he’s valuable. NO OLD MAN, YOU’RE JUST TAKING UP SPACE! YOU’RE DEAD WEIGHT! JUST LEAVE!
I think once you reach retirement age, that’s it. Out the door. Enjoy retirement old man.
Same goes for public office. So many friggin 80 year old dinosaurs on office just weighing the country down because they’re old and stupid.
Ugh, old people just suck dude.