Professional services giant Deloitte has replaced half of its 16-person UK executive team and, in doing so, has reduced the number of women at senior level.
Eight of the firm’s most senior partners will leave its executive team to make way for six newcomers, which will reduce its size from 16 to 14 members. Three women are leaving the board while only one will join.
Deloitte said the aim of the overhaul would allow a younger generation of partners to gain enough experience to run for chief executive when Richard Houston steps down in 2027. Houston orchestrated the reshuffle, said Deloitte.
The changes will take effect in February 2023 apart that held by Philip Mills, who will succeed Stephen Griggs as managing partner in June.
Those leaving the team – among them Richard Bell, Pauline Biddle, Stephen Griggs, Anne-Marie Malley and Andy Morris – are to remain at the firm in “important” roles, Deloitte announced, adding that Richard Houston had been re-elected as chief executive for both the North Europe region, which includes the UK, and the South Europe region.
Of the newcomers to the executive team, Cindy Chan is set to become the managing partner risk advisory, Rob Cullen will take on the role of managing partner of consulting and Charindra Pathiwille, currently head of London transaction services in financial advisory, will become the new managing partner of financial advisory. Nick Turner has been appointed as managing partner growth.
Duncan Farrow-Smith will take on a newly created role of chief strategy officer.
Houston said he was looking forward to working with “this next generation of leaders”, adding: “As reflected in our recent financial results announcement, our firm is in a strong position and this is down to the excellent leadership and focus of our previous executive team.”
“I would like to thank Richard Bell, Pauline Biddle, Stephen Griggs, Anne-Marie Malley and Andy Morris for all their support and hard work in helping us achieve so much over the past few years.”
Deloitte’s UK arm notched a 10% jump in revenues to £4.9bn at the end of September, while distributable operating profit increased by 21% to £711m.
The UK reshuffle, which City commentators have called a “surprise”, follows the appointment of Joe Ucuzoglu as global chief of the firm this week. Ucuzoglu was previously chief executive of Deloitte US.