Bill Thomas’ successor: KPMG top job up for grabs amidst sector transformation
The Big Four giant KPMG’s election for the next global chair and CEO is currently underway, as big names across the firm vie to succeed Bill Thomas.
Thomas has held the leadership position since October 2017, but his term is expected to conclude on 30 September. KPMG International is now launching a process to elect a new chair, with an announcement due by the end of the quarter.
When he first took over, KPMG International’s revenue was $26.4bn over the 2017 financial year, with over 197,000 people, while latest 2025 figures show revenue standing at $39.8bn with over 276,000 staff.
KPMG, the smallest of the Big Four giants, has undergone significant change over the past eight years, including the strategic consolidation of KPMG UK and KPMG Switzerland, which took effect in October 2024.
While similar to its competitors, it faced a wave of massive regulatory fines, more than the other three, as a result of below-standard audits.
Now the firm’s partners are looking to elect a leader who will be responsible for setting the overarching strategy and driving growth across 143 countries at a pivotal time for the giant.
With the surge of interest from private equity firms in the accountancy arms of the major players, challenging conditions facing the consultancy arms, the rise of AI and the pressure on profits, the next chair and boss of KPMG International will have a lot on their plate.
KPMG has spent billions of pounds on AI, from investment in new tools to upskilling staff.
Candidates to watch
One of the names reportedly in the hat to replace Thomas is Jon Holt, KPMG’s UK chief executive, who was first elected in 2021.
Holt, who was just re-elected last March to his second term, replaced Bill Michael, who caused a headache for the firm after it leaked he told staff to “stop moaning” about working conditions during the Covid-19 pandemic.
However, KPMG has described the whispers on Holt as “speculation”, with a spokesperson for the firm stating there was no succession process underway. They added that Holt’s term runs to 30 September 2029.
Another name to appear, as first reported by the Financial Times, was global chief operating officer Gary Wingrove. The spokesperson for KPMG International added that it would not be “commenting on speculation about candidates”.
KPMG UK is expected to publish its financial results this week. PwC UK had shown steady financial recovery after generating £6.35bn in revenue. Deloitte’s profit was up by four per cent to £789m. While EY UK saw a bounce back, with fee income growing by 2 per cent over the last financial year to £3.78bn.