Audit giant KMPG accepts CEO Richard Rekhys resignation

Posted on November 7, 2016

About a week after KPMG’s global leadership made changes to the Indian leadership team, Richard Rekhy, the CEO of the firm, has announced his decision to retire. In a mail to KPMG employees, Rekhy said, “I have informed the KPMG India Board of my decision to retire as CEO of the India Firm.” Rekhy would continue to be the CEO of the firm, until a new CEO is appointed by the global bosses of KMPG. A month before this incident, Rekhy’s leadership role at KPMG had been curtailed, as the firm’s global bosses sought to right the ship. Akhil Bansal, KMPG’s deputy CEO, was to take charge of all of the firm’s service lines. While under the new arrangement, Rekhy would have continued as India wing’s CEO but would have handled mostly client – facing and global coordination responsibilities.

The KPMG India board has accepted Rekhy’s retirement. In a statement, the firm said: “The India Board, after due deliberations and after recognizing Richard’s stellar professional and personal contributions to the India firm over the last many years as the CEO and in his prior leadership roles, respectfully accepted Richard’s decision to retire”. With this announcement, Rekhy’s four-year tenure at KMPG has come to an end. He had just been elected unopposed as CEO of the company for the second time in January 2016.Tthe next election was due only in 2020! Read more on resignations

Richard has over 28 years of multi layered multi sectorial, top-of-the-pyramid experience behind him. He has served clients across sectors including advertising, oil and gas, industrial and consumer markets, specifically in the pharmaceuticals, technology, manufacturing and retail domains. He has an extensive experience coupled with detailed understanding of corporate governance, enterprise risk management, internal audit and business processes re-engineering. Richard is on the National Council of CII and chairs their Northern Region Economic Affairs and Taxation Committee. He is a member of the National Executive Committee of CII for Corporate Governance and on the Board (BoD) of the prestigious American Chambers of Commerce (AMCHAM). Richard was recently appointed as the Chairman of Enactus India, which is an international non-profit organization. He is also a member of the EMA. Richard is an articulate and an eloquent speaker. He has given speeches at several public forums while providing leadership through articles in leading newspapers and magazines on diverse topics such as: corporate governance/risk management, leadership and the Indian economy. He gave a speech in January, 2016 on the Higher Purpose of Life. Richard qualified as a Chartered Accountant in the year 1983 and had completed B.Com (Honors), Accounting, Taxation, Economics from Delhi University.

There can be no doubt that KMPG would find it difficult to replace a talented, qualified and experienced CEO like Richard Rekhy. His diverse and vast experience in diverse fields like advertising, oil and gas, industrial and consumer markets is something that only few other people may have. He has played an important role at KMPG and has made immense professional and personal contributions to the company. His services will surely be missed. Perhaps KMPG may regret curbing his leadership role in the company which has led him to his decision to resign. Read more on Startup News