PwC CEO-elect Tom Seymour to focus on building trust with stakeholders

PwC confirmed on Thursday chief executive-elect Tom Seymour will succeed Luke Sayers.

PwC's Tom Seymour. Picture: Tara Croser

PwC chief executive-elect Tom Seymour has talked up the importance of building trust with all the firm’s stakeholders after being elected on Thursday to succeed Luke Sayers, who has served as CEO for the past eight years.

Mr Seymour, who has been the managing partner of the firm’s Financial Advisory business for the past four years and served on the Executive Board for eight years, won the popular vote of the firm’s more than 600 partners over Sydney-based chief operating officer Sean Gregory.

The decision was foreshadowed in The Australian’s Margin Call column.

“I look forward to working with all our stakeholders to ensure our business is meeting and exceeding expectations and continuing to build trust. PwC’s business is built on providing quality advice and outcomes for our clients which is essential to maintaining our premium brand in the market and goes directly to trust,’’ Mr Seymour said in a statement on Thursday.

“PwC Australia is well on the way to becoming a $3bn business and is proud to employ more than 8000 people. There is no doubt that the next few years will present many challenges and opportunities as business navigates a more complex environment. Our businesses themselves are all at different stages of maturity requiring bespoke leadership. But so too our clients are grappling with extremely complex and evolving challenges.”

He said the professional services industry had been through a period of significant growth as it helped clients anticipate and respond to the incredibly complex challenges.

“We need to understand the expectations of multiple stakeholders; our clients, people, regulators, government and the broader community,’’ he said.

Mr Seymour, who has a strong commercial focus, was previously the managing partner for tax and legal after being admitted to the partnership in 2002.

He will formally take over on June 30.

Exiting CEO of PwC Australia Luke Sayers. Picture: John Feder

PwC posted 11 per cent revenue growth to $2.6bn and double-digit profit growth in the year to June 30, underpinned by an even spread of contributions from its three core divisions of audit and risk assurance (revenues up 11 per cent), consulting (up 13 per cent) and financial advisory (up 10 per cent).

The firm, which has the nation’s biggest tax advisory practice, has come under repeated scrutiny in recent years from the Australian Taxation Office for its tax advice.

Mr Seymour last year conceded “community expectations” had changed about what was acceptable tax advice and said the firm would rein in the aggressiveness of its advisers.

PwC has also been under pressure over revelations of ongoing retirement payments made to former partners who may have conflicts of interest after taking on board or government roles.

Mr Sayers is now expected to establish his own private equity firm with seed funding from his close associate billionaire Lindsay Fox - who he is advising on the Fox family’s succession planning - and other wealthy Melbourne families.

There is also speculation he is in line to be the next president of the Carlton Football Club.

Chairman of PwC’s Board of Partners, Peter van Dongen said Mr Sayers left a strong foundation for the next CEO to build on.

“Our people are highly engaged (80 per cent), we have positive client feedback (+64 NPS) and the firm has delivered strong profitable growth for a number of years,’’ he said.

“He is an extraordinary leader and the board is grateful for his contribution to our firm, not only as CEO over the past eight years, but during his 30 year tenure with PwC. We wish him all the very best when he retires from the partnership in June.”