New KPMG chair Michael Ebeid gives green light for executive team overhaul
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The news: KPMG Australia’s next CEO will have a “clear mandate” to refresh its executive team in the wake of a whistleblower scandal, according to newly appointed independent chair Michael Ebeid.
Ebeid, whose appointment was announced overnight, replaces Martin Sheppard who resigned last week after the firm fronted a parliamentary committee.
The context: This is the consultancy’s first independent chair. Ebeid’s appointment is subject to partnership agreement changes and partner approval.
Ebeid said his first priority is to restore the governance and effectiveness of the board with equal independent and partner representation.
He also said the new chief executive appointment is expected to be announced by the end of July.
“The incoming CEO will have a clear mandate to refresh the executive team where required and put in place the leadership needed to deliver sustained change,” he said.
Former CEO Andrew Yates resigned in late May. Stan Stavros has been serving as interim CEO of KPMG Australia while it continues the search for a permanent successor.
What they said: “I have agreed to take on this role because I believe in and respect KPMG. Despite the challenges the firm is facing, my resolve to support its important work is even stronger. I believe KPMG can recover, rebuild and emerge a better firm,” Ebeid said.
“My mandate is to strengthen independent oversight, make integrity central to everything we do, and drive the cultural and governance reforms needed to build confidence,” he said.
“KPMG Australia needs leadership with the judgement, courage and integrity to restore confidence and deliver lasting change.”
The source: KPMG media release
