News story by Sudipto Dey
Kumar joins at a time when the Big Four accounting and audit firms are jostling for market share
KPMG India board has elected Arun M Kumar as chairman and CEO to lead the India operations of the consulting and accounting major.
He succeeds Richard Rekhy, who stepped down in November last year following a large-scale exodus of key people from the advisory team.
Earlier in January 2016, Rekhy had been re-elected for a four-year term.
Kumar, who spent the majority of his career with KPMG in the US, will take charge from February 5 for a five-year term.
Kumar joins the firm at a time when the Big Four accounting and audit firms are jostling for market share following mandatory rotation of auditors as prescribed under the Companies Act 2013.
Last year, Deloitte, the market leader in the audit space, had weaned away key people from KPMG’s advisory team. Deloitte is in the process of strengthening its advisory practice in India.
Kumar brings a wealth of international leadership experience to KPMG India, including his tenure in public service in the United States for the last three years as Assistant Secretary of Commerce for Global Markets and Director General of US and Foreign Commercial Service in the Obama administration.
Commenting on the appointment, John Veihmeyer, chairman, KPMG International, said, “Our global clients recognise the increasing significance of India as the fastest growing major economy in the world. I am delighted to welcome Arun back to KPMG.”
On his appointment, Kumar said: “I am honoured to have been elected as the Chairman and CEO of KPMG in India. I have worked closely with the people of KPMG India for many years and have always been impressed by their world class talent. I am excited to have this opportunity to work with the KPMG team in India to continue to build an organisation that is recognised for their quality and for the impact they have on our clients, our people and the community in general.”