Lynne Doughtie, chairman and CEO of KPMG, has decided she will not seek re-election when her term expires next summer.
Doughtie was elected to a five-year term to lead the U.S. arm of KPMG beginning on July 1, 2015. With her five-year term ending next summer, she’s notified the firm’s board she will not seek a second five-year term. “Lynne will work with the board on succession, and she is committed to a smooth transition after her successor is elected,” said a firm spokesman.
Doughtie was the second of three women to ascend to top positions in the Big Four. Cathy Engelbert recently departed Deloitte after serving four years as CEO, and she’s now commissioner of the Women’s National Basketball Association. Kelly Grier became U.S. chairman and managing partner at EY in July 2018.
KPMG has had its share of setbacks during Doughtie’s tenure. The firm recently settled a $50 million action with the Securities and Exchange Commission over cheating allegations, first related to the firm’s regulatory inspections under the Public Company Accounting Oversight Board and then related to misconduct among audit professionals in completing internal testing.
Doughtie’s tenure also included some accomplishments as well. The firm says its compounded annual growth rate in the United States was 8.3 percent for fiscal years 2015 through 2018, and Doughtie is credited with extensive investments in training and development for firm personnel and in technology and innovation.
Before her election to chairman and CEO, Doughtie led the firm’s advisory practice in the Americas and served as vice chair of the U.S. advisory business from 2011 to 2015. She also oversaw the expansion of KPMG’s capabilities in innovative services and solutions, such as information security, strategy, digital and mobile, and transformation. She began with the firm in 1985 as an auditor and held a number of regional, national, and global leadership roles in her time with the firm.
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