Tag: Restructuring

More KPMG Leadership Changes

Thumbnail image for Thumbnail image for Thumbnail image for PomeranianSP1324.jpgJust a brief update on KPMG leadership moves that we’ve been following.

Late Friday we learned that the office managing partner (“OMP”) of the New York office has been promoted to serve as the Vice Chair of Market Development. Our understanding is that all the OMPs across the country will report to this position and it will focus on 21 key markets in the U.S.

The former head of the New York Financial Services will move up as the new New York OMP. No word on who will fill the leadership role in NYFS.

This appears to be the first instance where the OMP was promoted to a national position as opposed to a “client-facing role”.

Continue to keep us updated with the latest on the comings and goings of the grand poobahs and discuss your thoughts on the progress of the restructuring in the comments.

Earlier GC coverage of KPMG Leadership Changes and Restructuring:
Another KPMG Shake-Up
KPMG Shake-up Continues
Rumor Mill: KPMG Restructuring Plans
(UPDATE 2) KPMG Atlanta Shake-up Makes Us Wonder

Another KPMG Shake-Up

Thumbnail image for Thumbnail image for PomeranianSP1324.jpgFollowing up on our earlier reports of leadership changes in several cities, — as well as the Southeast region — the Charlotte Business Journal is reporting that John Switzer now sits in the big chair of KPMG’s Charlotte office.
Swizter ascended to the new gig after serving as the managing partner of the Cleveland, Louisville, and Lexington offices.
This appears to be another restructuring switcheroo as Switzer’s predecessor, Paul Chapman, will be “[taking] a new role, serving some of the firm’s largest audit clients.”
As prestigious as that sounds, we’re inclined to believe that the bigwigs decided some fresh blood was needed in Ken Lewis land.
If you’ve got any news on freshly minted grand poobahs in your office, kindly pass along the details and feel free to speculate on the progress of the restructuring in the comments.
KPMG names managing partner [Charlotte Business Journal]

Rumor Mill: KPMG Restructuring Plans

Thumbnail image for PomeranianSP1324.jpgWe’ve finally received some details on a possible restructuring at the House of Klynveld in the U.S.
According to our source, the plans were announced over the past week on a series of calls by Tim Flynn. The firm would be consolidated down to two regions, East and West and each would have a regional managing partner and one service line managing partner per region.
This would result in the elimination of one level of regional leadership and would transfer several partners into client-facing roles.
The restructuring would also include placing some partners on ‘profit improvement plans’ and some layoffs would occur over the next year. Additional staff layoffs would occur across all ranks over the next year as well.
The bad news is obvious. The silver lining, as some of our other sources have indicated, is that the Firm would be eliminating at least one level of bureaucracy that should allow partners to be more active in developing potential client relationships.
Messages left with KPMG were not immediately returned. We’ll update you with any response that the firm gives us.
If you can expand on of the details we mentioned on this restructuring, let us know, otherwise, discuss your thoughts in the comments.
Earlier: KPMG Atlanta Shake-up Makes Us Wonder
UPDATE, 4:45 pm: Regardless of this rumor, we learned a short time ago that KPMG admitted thirty-six new partners last month. Seventeen in Audit, twelve in Tax, and seven in Advisory. Congrats to the new partners! No, seriously. Good job.