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Ex-KPMG CEO Lynne Doughtie Adds Another Board Seat Notch to Her Belt

Posted on by Jason Bramwell

Lynne Doughtie has been busy padding the “Corporate Board Experience” portion of her résumé.

A little more than a month after joining the Board of Advisors of NovaSignal Corp., the former KPMG CEO joined her first corporate board of directors on Jan. 15 where she’ll have to learn all things jumbo jet. And she’ll be replacing a Kennedy!

The Boeing Company (NYSE: BA) board of directors today announced that Lynne Doughtie has been elected to the board, replacing Caroline Kennedy who has resigned following three years of dedicated service.

Doughtie, 58, retired from KPMG in 2020, after serving as U.S. Chairman and CEO since 2015. One of the world’s leading professional services firms, KPMG operates in 147 countries and territories employing more than 219,000 people. She will serve on the Audit and Finance committees.

“Lynne Doughtie is a highly-accomplished executive with a demonstrated track record of leading a world-class organization,” said Boeing Chairman Larry Kellner. “She will provide perspective reflecting her global leadership roles and experience advising clients on complex matters as well as significant risk management expertise. We look forward to working with her.”

As the first woman to be elected U.S. Chairman and CEO of KPMG, Doughtie served as a member of KPMG’s Global Board and Executive Committee. Doughtie joined KPMG’s Audit practice in 1985, before serving as the lead partner for several strategic clients across industries and holding leadership roles including Vice Chair of the firm’s U.S. Advisory business. During her tenure, KPMG experienced strong growth and made significant investments in quality and advanced the firm’s culture and values.

Doughtie has been recognized by Fortune’s Most Powerful Women, Crain’s New York Business’ 50 Most Powerful Women in New York, Accounting Today’s Top 100 Most Influential People, the National Association of Corporate Directors’ 100 most influential people in the boardroom, and Glassdoor’s list of Top CEOs.

“We welcome Lynne Doughtie’s impressive track record of advancing organizational goals through culture and innovation,” said David Calhoun, Boeing President and CEO, and member of the board of directors. “Lynne’s values-based leadership will further strengthen our board.”

“Boeing is a remarkable American company serving a critical role in the global economy,” said Doughtie. “I look forward to joining this distinguished board.”

[Boeing]

Related article:

Ex-KPMG CEO Lynne Doughtie Is Following the Post-Big 4 Playbook

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(UPDATE) Madoff Investors Sue KPMG, JP Morgan, Bank of New York Mellon

By our last count KPMG had been named in ten lawsuits related to Madoff feeder funds. What’s one more?

KPMG, JP Morgan, Bank of New York Mellon, Oppenheimer Acquisition Corp. and Mass Mutual Life Insurance, along with the Tremont founders were all named in an amended lawsuit that was filed yesterday.

Cotchettt, Pitre, & McCarthy, the attorneys for the Plaintiffs, are not mincing words on KPMG’s part in the whole mess. From the firm’s website:

The sheer size and scope of the fraud make it impossible for Madoff to have acted alone. The complaint alleges JP Morgan and the Bank of New York as well as powerhouse accounting firm KPMG LLP and their international counterparts, KPMG UK and KPMG International were primary players responsible for the fraud.

The amended complaint further alleges that the phantom trades “should have been discovered by KPMG UK, the auditor for Madoff’s London based operation, Madoff Securities International Ltd. Instead, KMPG UK never raised any red flags that investors’ money was used by Madoff as his personal piggy bank.”

KPMG declined to comment for the Reuters article but we’ll assume that they don’t take kindly to the complaint.
Madoff investors sue KPMG and major banks [Reuters]

MADOFF_WEXLER_FIRST_AMENDED_COMPLAINT.pdf

UPDATE: The UK Firm issued the following, per Accountancy Age:

KPMG considers the allegations in the complaint to be wholly without merit and will defend them vigorously. The complaint cites KPMG in its capacity as statutory auditor of Madoff Securities International Limited (MSIL), a London based company directly owned by the Madoff family. KPMG acted in this capacity for several years and issued unqualified audit opinions on MSIL’s financial statements. We are not aware of any suggestion that the financial statements of MSIL contain errors.

A Few People Are Not Satisfied with the $624 Million Countrywide Settlement

And, unfortunately for Bank of America and KPMG, that could mean digging through the couch cushions.

Several large institutional investors have rejected a court settlement where Countrywide Financial Corp. had agreed to pay $600 million to a number of national pension funds. Those pulling out of the agreement include BlackRock Inc.; the California Public Employees Retirement System, or Calpers; T. Rowe Price Group Inc.; Nuveen Investments Inc.; and the Maryland State Retirement and Pension System, according to a document from the suit filed in U.S. District Court in Los Angeles. The investors decided the settlement, initially agreed to last May, wasn’t enough and will seek their own terms with the mortgage originator and its current owner Bank of America Corp., as well as Countrywide’s auditor KPMG LLP. KPMG had committed another $24 million to the settlement.

In typical HofK fashion, the firm didn’t bother commenting for the Journal’s story however BofA managed to express their disappointment, “It is unfortunate that some investors chose to opt out of what we believe is a fair and equitable agreement to settle these issues.” Right. Because the likes of BlackRock and Calpers should be tickled pink with the pleasure of splitting $624 million with dozens of other investors.

Big Investors Refuse Countrywide Settlement [WSJ]