
Fans of Punit Renjen Will Be Happy to Hear the Former Deloitte Global CEO Has Landed a Sweet Board Chairman Gig
This morning, SAP announced that it has picked former King of Deloitte Punit Renjen as designated supervisory board chairman. You’ll remember he was liberated from Deloitte last fall after many years and many billions of dollars together with the firm. Deloitte US CEO Joe Ucuzoglu succeeded Renjen as Deloitte Global CEO at that time and […]

Deloitte Is Already Bragging About How Great Its Global Revenues Are For FY 2020
PwC, EY, and KPMG are still looking at Deloitte’s tail lights. For the fifth straight year, Deloitte will win the Big 4 dick-measuring contest in terms of annual global revenue, according to an Australian Financial Review report. Deloitte expects a strong finish to the 2020 financial year despite the effects of the COVID-19 pandemic and […]

Does Punit Renjen Not Realize Deloitte U.S. Is Laying Off Thousands of People During a Pandemic?
While I’m sure he had good intentions, the timing of this tweet by Deloitte Global CEO Punit Renjen is a little questionable given that Deloitte U.S. is currently getting rid of roughly 5,000 or so employees and furloughing many more during the COVID-19 crisis. How’s that helping these people thrive during the worst pandemic in […]

Punit Renjen Gets Another Four Years as Deloitte Global CEO
Because June 1 is always New Year’s Day in the Deloitte universe, I woke up this morning to a shit-ton of Deloitte personnel news, so let’s get right to it. First, Deloitte Global CEO Punit Renjen was elected to sit in the big chair for four more years. His second term began today. It has […]
Let’s Help Deloitte Global CEO Punit Renjen With His First Tweet
Because it's our job to pay attention to these things, we heard that Deloitte Global CEO and sayer of the ridiculous Punit Renjen had joined Twitter. And it's true, he's on there alright. Trouble is, as of 4:45ish ET this afternoon, he hasn't tweeted anything. Your inaugural tweet can be nerve-wracking, but it doesn't […]
Deloitte’s Claim That It’s More Exclusive Than Harvard Is Pretty Stupid
Deloitte, the largest professional services firm in the world, likes itself a little too much. It’s like Mindy Kaling without the charm or clever sexual overtones. The firm hires thousands each year across the globe and harps about it. It gives back to the community and harps about it. And, most annoyingly, is a hard […]
Punit Renjen Wants Deloitte to be the ‘Auditor’s Auditor’ Whatever That Means
In an interview, soon-to-be Deloitte Global CEO Punit Renjen said, "Our goal is not to be the biggest," which, obviously dude, you've got that in the bag so why state a goal that you've already achieved. Rather, he said he wants the firm "to be the undisputed leader in professional services," (aka THE BEST) and […]
Here Are a Few Ridiculous Things Deloitte’s Punit Renjen Said in a Recent Interview
In the past, we've called attention to some of the brutally boring interviews that Deloitte bigwigs have done with various outlets. Joe Echevarria. Barry Salzberg. Deb DeHaas. We read these so you didn't have to. You're welcome. Today, however, we read an interview with Deloitte Chairman Punit Renjen that wasn't half bad. It was done […]
Low Voter (aka Partner) Turnout Expected for Deloitte Leadership Election
Last week we shared the Deloitte U.S. Leadership candidates with you but at the time we hadn’t confirmed that the thumbsup/thumbsdown had begun. This week, a source confirmed for us that voting had, in fact, started last week but no one should get too anxious about hearing the results:
The vote continues at least until the Firm achieves a 50% voting rate from all the partners. This is typically a struggle, and many voice messages and e-mails are sent rounding up at least the 50%. This is part of the problem (and a bit pathetic). Nobody believes their voices are heard, so they don’t care to vote. Or, if they vote NO, they fear retribution.
As we reported in January, the retribution of a “No” vote is something that many young partners may fear and you can presuppose that many veteran partners who are a little preoccupied with a little something called “busy season clients” aren’t exactly concerned with casting a vote in an election that is all but decided already. All this adds up to a pretty sad voter turnout, sayeth our source:
Ok – so then, among that paltry 50% voting rate, there needs to be a 2/3 approval for each candidate in order for them to win election. So – if you do the math…we have about 2800 partners. Only 1400 need to vote for a quorum, and only about 940 need to approve each candidate for them to get into office. So perhaps only about 33% of the partners end up approving of the people that run the firm.
Unfortunately – nobody focuses upon this fact. Unbelievable. And now we have a non-CPA being put up for the Chairman’s spot of an accounting firm. It’s insanity, really.
Oh, right; the non-CPA chairman controversy. For those of you that are unfamiliar, Punit Renjen is the CEO of Deloitte Consulting. Mr Renjen has been on the job for just over a year and by all accounts has done an acceptable job and it doesn’t surprise us that he’s up for this position. The fact that he, in all likelihood, will become the next chairman of a Big 4 firm, bothers a lot of CPAs. Despite the bellyaching of those on the audit/tax side of the house, what’s not up for debate is that Deloitte Consulting is the second largest practice, according to the this year’s revenue data. But what’s even more important, consulting is the fastest growing segment, with double digit growth in FY 2010. So if Mr Renjen’s ascension to the chairman position bothers some in a CPA puritanical sense, we can appreciate that. But from a numbers standpoint, it’s probably overdue and is definitely not surprising.
Compensation Watch ’10: The Teasing Continues as News from Deloitte Inches Closer
By now everyone is borderline freaking out due to Deloitte partners’ ability to remain coy throughout this process, using words like “substantial” and “better than last year” which, considering the love shown last year, is ironically accurate.
Annnnnnddd it continues. A source dropped us part of an email from Nick Tommasino, Deloitte’s Chairman and CEO of audit and enterprise risk services:
Understand your compensation package
• Deloitte provides a comprehensive Total Rewards package, which is designed to:
· Attract, retain, motivate, recognize, & reward high-performing talent
· Demonstrate the value of individual contributions as it relates to business performance
• When your individual compensation discussions occur in mid-Aug, keep in mind these main financial components of the Total Rewards package:
· Base salary
· AIP*, aimed at eligible high-performing seniors, managers, & senior managers (Reminder: AIP payouts will be subject to taxation & 401k deductions)
· Rewards & Recognition program, which includes Applause Awards, Outstanding Performance Awards, Promotion Awards, & Service Anniversary Awards
• Key compensation dates include:
· Mid-Aug: Compensation discussions begin
· Sun, Aug 22: New salaries effective
· Thu, Sep 2: Updated compensation statements available on DeloitteNet
· Fri, Sep 3: New base salary & AIP award amounts reflected in pay statements available on DeloitteNet
The motivation behind such a message is subject to interpretation. Some may think this is a friendly reminder (one of several, no doubt) of the upcoming discussions OR it’s a friendly reminder that doubles as a reality check that this isn’t 2005-2006.
Meanwhile, in the consulting part of the house, one commenter is claiming that news is going to be extra good, courtesy of some Punit Renjen prognostication:
Punit said “Compensation will be highest in history” via video for Consulting…
So who knows! The good news is that you will know soon enough but numbers remain a mystery. Unless someone finally coughed up a range. In that case, we strongly encourage that you share.
New Deloitte Consulting CEO Plugs Magazine Lists, Shuns Facebook Fans
Deloitte Consulting has appointed a new Chairman and CEO, Punit Renjen, succeeding Douglas Lattner. This is good news because A) fresh blood is always a positive and B) it’s news that doesn’t involve “Deloitte” and “lawsuit” in the same sentence.
Not only that but this Renjen character seems like a go-getter:
“I am honored to lead the talented professionals of this great consultancy, particularly at such a challenging time in the marketplace,” said Renjen.
Worst economic conditions in generations? Bah. Watch Renjen take this economy out to the woodshed. Granted, that may involve all the non-Punit Renjen Deloittians abandoning any semblance of a life outside of work for the duration of his tenure but it’ll be worth it. Why?
“Our commitment to our people is best reflected in Deloitte being named ‘The Best Place to Launch Your Career’ by BusinessWeek magazine for two years, being named a ‘Best Firm to Work for’ in 2009 by Consulting magazine and perennially ranked on Fortune’s ‘Best Companies to Work for’ list.”
Perpetual inclusion on arbitrary employer lists put out by business magazines, that’s why! While that should put your minds at ease, Renjen manages to overlook the ever-increasing Facebook, and Twitter numbers, so we wonder if he’s really cut out for this job. Just seems like a disservice to the Green-dot fans out there, that’s all.
Punit Renjen Named Chairman and CEO of Deloitte Consulting LLP [Press Release]