PwC extends CEO tenure of Kevin Burrowes as firm returns to growth
The partnership of Big Four professional services firm PwC has re-elected chief executive officer Kevin Burrowes to a second term following the firm’s return to growth for the first time since 2023.
The appointment will see Burrowes remain as CEO of PwC until at least the middle of 2028 after previously having his tenure extended by two years and initially being brought in in 2023 to manage the fallout of the firm’s government tax leaks scandal.
Three years on and the ship seems largely steadied, with reports of a return to growth this year for the first time since 2023 and the scandal now being overshadowed by another at KPMG, the potential ramifications of which might require a steady hand.
“The firm has made significant progress across the past three years in embedding cultural change and governance reforms,” said independent chair John Green, who was also installed in the wash-up. “We can see the momentum and how the changes the firm has made have positioned us well to continue building trust and confidence, and congratulate Kevin on his reappointment.”
In addition to instituting a broad suite of governance reforms, Burrowes has also overseen a strategic operational pivot at PwC over the past two years, with a particular focus on technology and AI. The moves appear to be paying off, with the AFR citing an internal firm memo reporting growth of 6 percent in the six months to June and expectations for a continued rise.
Previously the biggest of the local Big Four, PwC immediately plunged to the bottom of the table in the aftermath of its tax scandal, with a huge ~$680 million chunk of income wiped from the books through the sale of its public sector business (now Scyne Advisory). Ongoing revenue declines due to market conditions have since seen the overall figure drop from $3.4 billion to $2.1 billion last year.
Burrowes may soon however have another major challenge to contend with, with the board reportedly endorsing his candidacy in the expectation of regulatory reform in the wake of KPMG’s own confidentiality breach and mishandling of whistleblower complaints and growing calls for the break-up of the local Big Four. Burrowes said the firm is supportive of further industry oversight.
PwC’s transformation
“Our transformation across the past three years has positioned us well, and we are incredibly proud of the changes we’ve made and continue to embed,” Burrowes said of his reappointment. “We have strong momentum and while I am optimistic, this is a pivotal moment for our firm, where trust across our industry has been impacted and we must work hard to rebuild confidence.”
Despite Burrowes’ apparent success in turning around the fast-sinking ship in such a short space of time at the behest of PwC’s global leadership, KPMG has almost inexplicably chosen a different path, installing local company veteran John Sams as CEO and forwarding existing regional board member Michael Ebeid as chair – appointments which have immediately come under fire.
