KPMG International Launches Global Leadership Election Process
The race to lead one of the world's largest professional services firms has officially commenced, with KPMG International initiating the process to elect its next global chair and chief executive officer. This pivotal leadership transition comes as current chair Bill Thomas approaches the conclusion of his tenure, which is expected to end on 30 September after nearly nine years at the helm.
Transformation and Growth Under Current Leadership
When Thomas assumed leadership in October 2017, KPMG International reported annual revenue of $26.4 billion with approximately 197,000 employees worldwide. The firm has experienced substantial growth during his tenure, with latest figures for 2025 showing revenue has increased to $39.8 billion while the workforce has expanded to over 276,000 professionals across 143 countries.
Despite being the smallest of the Big Four accounting giants, KPMG has undergone significant strategic changes in recent years. One of the most notable developments was the strategic consolidation of KPMG UK and KPMG Switzerland, which took effect in October 2024. Like its competitors, the firm has faced considerable regulatory challenges, including substantial fines resulting from audit quality concerns that have exceeded those of its peers.
Critical Challenges Awaiting the Next Leader
The incoming chair and CEO will inherit a complex landscape marked by multiple sector-wide transformations:
- Growing interest from private equity firms in acquiring accounting divisions
- Challenging market conditions affecting consultancy services
- Rapid integration of artificial intelligence technologies
- Increasing pressure on profit margins across the industry
KPMG has already invested billions of pounds in AI initiatives, encompassing both technological tools and comprehensive staff upskilling programmes. The firm's partners are seeking a leader capable of developing overarching strategy and driving sustainable growth during this period of significant industry evolution.
Potential Successors Emerge Amid Speculation
Several prominent names have surfaced as potential candidates to succeed Thomas, though KPMG has been quick to describe such discussions as speculative. Jon Holt, KPMG's UK chief executive who was first elected in 2021 and recently secured a second term last March, has been mentioned as a possible contender. Holt previously replaced Bill Michael, whose controversial comments about working conditions during the pandemic created difficulties for the firm.
Another name reportedly under consideration is Gary Wingrove, KPMG's global chief operating officer, whose candidacy was initially reported by the Financial Times. A spokesperson for KPMG International has stated that the firm will not comment on speculation regarding potential candidates and emphasised that Holt's current term extends to September 2029.
Competitive Landscape and Financial Performance
The leadership transition occurs as KPMG UK prepares to publish its latest financial results this week. The broader competitive context shows varied performance among the Big Four firms:
- PwC UK demonstrated steady financial recovery with revenue reaching £6.35 billion
- Deloitte reported a four per cent increase in profit to £789 million
- EY UK experienced a bounce back with fee income growing by two per cent to £3.78 billion
The election process is expected to conclude with an announcement by the end of the current quarter, marking a significant moment for KPMG as it navigates both internal leadership changes and external market pressures that are reshaping the global professional services sector.
