Last month KPMG made a big deal in a press release about how it had added eight partners and managing directors to “advance its Tax Reimagined service offering.” Good for you, KPMG. But what’s somewhat interesting is that the eight new partners and managing directors came from two other Big 4 firms, one of which was PwC.
We even got a tip about this!
Interesting that these GE tax alums are headed to KPMG after stint at PWC. 5 of 8 former GE folks. With GE imploding, looks like PWC was taken to cleaners.
Ah, that’s right. It’s been five and a half years now since PwC hired General Electric’s tax department. It’s a weird side note to this news—and it does check out. Actually all six of the new Klynveldians from PwC worked at GE at one point in their careers, according to their LinkedIn profiles. Here’s what KPMG had to say about each of the people they hauled away from PwC:
David Mack – Tax Partner, New York. Previously a partner in the Insourced Solutions for Tax practice at PwC.
Chris Rain – Ignition Tax Managing Director, Atlanta, GA. Previously served as tax technology leader for the Insourced Solutions for Tax practice at PwC.
Michael Roussin – Tax Managing Director, Albany, NY. Previously served as the functional tax technology and process team leader for the Insourced Solutions for Tax practice at PwC.
Kory Schestag – Tax Partner, Grand Rapids, MI. Previously served as a director at PwC focused on developing and delivering managed service solutions.
Michael Steward – Tax Managing Director, Albany, NY. Previously a managing director at PwC.
Chris Yeaton – Tax Partner, Stamford, CT. Previously a partner and COO of the Insourced Solutions for Tax practice at PwC.
When the agreement between PwC and GE was announced in January 2017, Caleb wrote at the time:
KPMG maybe could’ve done this if their audit business hadn’t gotten in the way; or maybe they never could. Either way, I still feel like KPMG’s losing something to PwC here.
It took nearly six years, but KPMG finally reaped the benefits of the PwC/GE deal.