KPMG’s UK boss Jon Holt in two-man race for global leadership

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John Holt, KPMG’s UK head, and the Big Four accounting firm’s global chief operating officer, Gary Wingrove, are vying to lead the organisation, according to people familiar with the matter.

The $40 billion company is scheduled to choose a successor to current global CEO Bill Thomas by the end of the first quarter, at a time when its revenues have been growing more quickly than its big four competitors, Deloitte, EY and PricewaterhouseCoopers.

The winning candidate will need to demonstrate a return on multibillion-dollar investments in technology, including artificial intelligence, and manage the difficult integration of KPMG International that began under Thomas.

Holt has been described by several insiders as an early front-runner for the top job after nearly five years running KPMG in the UK, where he is seen to have repaired its reputation from a series of audit failures.

Financial performance at the UK business, KPMG’s second-largest national subsidiary after the US, has improved under the leadership of Holt, who has cut costs and reduced the number of partners sharing profits.

Holt, whose second term in charge of the British company will end if he wins the global job, took over the British company in 2021 after it was mired in a crisis following the resignation of Bill Michael over his comments on a video call in which he asked employees to “stop complaining.”

The firm’s audit of collapsed outsourcing firm Carillion has resulted in the UK’s largest ever fine against an accountancy firm. After severe criticism directed at the company and a series of fines for its work, British regulatory authorities recently rated the audit quality of KPMG as highly as the rest of the Big Four companies.

Wingrove ran KPMG’s Australian business for eight years, including during the Covid pandemic, before joining the global management team as chief operating officer in January 2022. He has been an architect of KPMG’s strategy to force consolidation among its member firms.

Unlike traditional multinational corporations, KPMG is organized as a network of locally owned partnerships that share brand and technology while adhering to common standards. Their integration is seen as a way to better serve customers across borders, eliminate inefficiencies, and enforce higher auditing standards across the network.

KPMG International has set a goal of reducing the number of “business units” in the network from more than 100 two years ago to 32 by this year, the Financial Times previously reported.

Holt, who previously worked at the firm in Brussels and later became head of the British firm’s audit practice, won internal plaudits for overseeing the British firm’s merger with its Swiss counterpart, according to one of the partners.

“The Swiss merger showed John showed what he can do,” that person said. “He was very brilliant, from the financial model to the cultural crossover to how he communicated and brought partners on board. He certainly had the skill to run a large network like KPMG, which is a very political entity.”

KPMG’s federal structure means that the selection of a leader must be ratified by a global council of member firms. KPMG International’s board of directors, which includes representatives of the country’s largest companies, is expected to present the final nominee for endorsement by mid-March, according to two people close to the firm.

KPMG International last month reported a 5.1 per cent rise in revenue across its global member firms for the year to September, excluding currency fluctuations, outpacing Deloitte, Ernst & Young and PricewaterhouseCoopers for the second year in a row.

Thomas, who has run the firm since 2017, was originally scheduled to retire in 2025, but KPMG International extended his second term to allow him to oversee the remainder of a three-year investment plan.

“Bill Thomas’ term as KPMG International president and CEO continues until September 30, 2026,” the company said. “KPMG International is in the ongoing process of electing a new Chairman, and we do not comment on speculation about candidates. We expect to announce the new Chairman in the first quarter of 2026.”