AMSTERDAM, May 30 – Timothy P. Flynn, 50, has been elected chairman of KPMG International for a four-year term, effective October 1, 2007. He succeeds Sir Michael Rake, who is retiring from KPMG - and will become the next chairman of BT Group plc.
Tim Flynn was elected unanimously by the KPMG International Board and Council. He will lead the KPMG global network of professional firms operating in 148 countries, with 113,000 partners and professionals worldwide. A 28-year veteran of KPMG and a partner since 1988, he has provided strong leadership and vision during a period of transformation for the U.S. firm.
Flynn remains as chairman and CEO of KPMG LLP, the U.S. audit, tax and advisory firm. He was elected to head the U.S. firm in 2005 and is serving a five-year term.
Tim Flynn said:
“I am honored to be elected chairman of KPMG International and I look forward to building on the achievements attained by Mike Rake – as well as addressing the challenges we face in this extraordinary time of continued change for the accounting profession. Mike has an enviable record at KPMG, as both senior partner in the U.K. firm and chairman of KPMG International.
“Looking ahead, the top strategic issues we’re confronting remain across the global landscape. With increasingly complex transactions and an intensified regulatory and reporting environment, KPMG will remain focused on the development of its people and a global culture based on ethics, integrity and professional excellence – above all else,” Flynn said. “We never lose sight of the important role that auditors play in ensuring the integrity of the global capital markets and protecting investors.”
Mike Rake said:
“I am delighted that Tim Flynn will be the next chairman of KPMG International. He is an exceptional professional and leader who has done much to lead and drive the U.S. firm, and has played a top level role in KPMG’s global network. I am sure the KPMG network will be in very good hands, and that Tim will lead the KPMG network to greater strengths.
“I will be leaving KPMG at a time when it is in extremely good shape, has a very strong leadership team, and is seeing exceptional growth and performance in firms in key areas of the world,” he said. “I have enjoyed my time at KPMG immensely and it has been a huge privilege to have been both chairman of the U.K. firm and KPMG International.”
As chairman and CEO of KPMG LLP, the U.S. member firm, Tim Flynn has made professional excellence and creating a values-driven culture his top priorities. He has held a number of key leadership positions throughout the firm, providing him with a unique perspective on the issues facing major companies and the evolving business environment. He most recently served as vice chair, audit & risk advisory services, for KPMG LLP. He has also served as global managing partner – audit for KPMG International, where he chaired the global audit steering group, and was a member of KPMG International’s international executive team.
About KPMG: KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 148 countries and have 113,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. Each KPMG firm is legally distinct and separate entity, and describes itself as such.
Timothy P. Flynn: Biography
Timothy P. Flynn was elected Chairman and Chief Executive of KPMG LLP, the Big Four public accounting firm that provides audit, tax, and advisory services, in June 2005. KPMG LLP is the U.S. member firm of KPMG International. KPMG International’s member firms have more than 100,000 professionals in 144 countries.
A 28-year veteran of the firm, Tim started his career in KPMG’s Minneapolis office in 1979. He has held a number of key leadership positions throughout the firm, providing him with a unique perspective on the issues facing major companies and the evolving business environment. Tim most recently served as Vice Chair, Audit & Risk Advisory Services, for KPMG LLP, with operating responsibility for the Audit practice, as well as the Risk Advisory and Financial Advisory Services practices. Prior to that, he served as Vice Chair, Human Resources.
He has also served as Global Managing Partner – Audit for KPMG International. In that role, he chaired the Global Audit Steering Group, and was a member of KPMG International’s international executive team.
As Chairman, Tim is dedicated to professional excellence and to creating a values-driven culture that helps fulfill KPMG’s “Promise of Professionalism” to its people, clients, and the capital markets. Tim is a board member as well as treasurer of the Partnership for New York City and is also a member of the Carnegie Hall Board of Trustees. Tim serves on the boards of trustees of the Financial Accounting Foundation and the University of St. Thomas. He is a member of the Committee to Encourage Corporate Philanthropy and the Business Roundtable. Tim holds a bachelor’s degree in accounting from The University of St. Thomas, St. Paul, Minnesota.
Sir Michael Rake: Biography
Sir Michael is one of the leading figures in the global accountancy profession. He has held a number of senior positions in the KPMG network. He joined KPMG in 1974 and worked in Continental Europe before transferring to the Middle East to run the practice for three years in 1986. He transferred to London in 1989 and led a number of major global client service teams in the commerce and banking sectors. He held a number of leadership roles in the U.K. and became a member of the U.K. Board in 1991.
He served as chairman and senior partner of KPMG’s U.K. member firm for eight years until October 2006, and was elected as chairman of KPMG International in 2002. In January, he was knighted in the U.K. New Year’s Honours List for services to the accountancy profession.
As chairman of KPMG International, Sir Michael has led a strategy of investment and expansion by member firms in fast developing nations. During this period, revenues of KPMG in China have grown fourfold, and KPMG member firm combined revenues have grown by 58 percent (from US$10.7 billion in 2002 to US$16.9 billion in 2006). He has also been a strong advocate of global citizenship strategies, leading and encouraging policies aimed at helping the environment, education, volunteering and support for community projects.
External appointments include chairman of Business in the Community, a member of the Board of Prince of Wales Business Leaders Forum and Vice President of Royal National Institute of the Blind. He sits on the Chancellor’s Financial High Level Stakeholder Group and is a member of the DTI U.K./U.S. Taskforce on Regulation. He is also a member of the Board of the Trans-Atlantic Business Dialogue, a member of the CBI International Advisory Board, the International Business Council of the World Economic Forum, the Chartered Management Institute and is on the Advisory Board of the Judge Institute at the University of Cambridge.
In both the U.K. and globally, Sir Michael has worked with the wider business community, regulators and politicians in the post-Enron era in rebuilding confidence in the capital markets. He has been a strong advocate of a values based culture in organisations and has emphasised the importance of being an ‘employer of choice’. He is particularly proud that KPMG’s U.K. member firm won the U.K.’s Sunday Times Best ‘Big Company to Work For’ award in 2006.