KPMG Australia CEO Andrew Yates to stay in charge until 2027
The accounting firm has extended the leadership term of Andrew Yates for a further three years as he looks to accelerate digital solutions and eyes any regulatory changes within the sector.
KPMG Australia has extended the leadership term of chief executive Andrew Yates for a further three years until 2027 as the accounting firm looks to accelerate digital solutions and respond to potential regulatory changes.
The move to extend Mr Yates’ term for a further three years was an unanimous decision by the KPMG board, which includes chairman Martin Sheppard and nine other partners from the firm.
Mr Yates was installed into the role in depths of Covid-19 lockdowns in July 2021, and has spent much of the past three years overhauling the firm’s digital strategy and culture reforms including increased transparency of its operations.
He has also introduced new leadership and embedded a new strategy, which last year saw KPMG reorganise itself around five core business lines.
The CEO of KPMG is appointed by recommendation from the chairman to the board. The term is three years with ability to be extended for a further term. In exceptional circumstances the KPMG board may extend this further.
Mr Yates is paid $2.2m to be in the top job, a drop from $2.8m in 2022 as a result of uncertain economic condition and a constrained consulting environment.
Mr Sheppard, who commenced as chairman in September, said the board was unanimous that Mr Yates was the best person to lead KPMG into 2027 with a strong vision and plan focused on meeting clients’ needs.
“The Board undertook a rigorous process that included an independent external assessment, and a thorough review of performance on a range of metrics,” Mr Sheppard said.
“Building on the foundations of his first term as CEO, (Yates) has presented to the board a strong vision and plan focused on meeting clients’ changing needs and accelerating digital solutions and services, responding to potential regulatory and other changes, further improving transparency to meet market and community expectations, and making the firm an even better place to work.”
“I’m delighted that the Board has unanimously determined Andrew is the right person to continue driving KPMG Australia forward.”
Mr Yates has undertaken a firm wide digital transformation program and the introduction of AI through a proprietary platform, KymChat, and the soon to be launched KymTax, which is designed to increase efficiencies and change the way staff work with clients.
Mr Yates said he was pleased to have been affirmed as CEO and remained committed to serving clients, their future needs and KPMG’s people.
“I believe passionately in our people and the quality of work we undertake and am committed to working with the government and other stakeholders to build trust in the profession,” he said.
The extension of Mr Yates’ term comes after KPMG’s rival PwC Australia extended the leadership term of its CEO Kevin Burrowes until 2026 as he continued to implement structure changes to culture, governance and accountability at the firm following its damaging tax scandal.
Consultancy firms have come under the spotlight from politicians and the public in the wake of the PwC tax scandal last year, which erupted after it was revealed confidential tax briefings were shared with members of the firm by its former head of international tax, Peter Collins.
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