PwC launches new strategy alongside fresh board appointments
Professional services firm PwC has launched a new three-year strategy for Australia in its bid to get back on track, including via the appointment of six new members to its governance board.
The firm said the new strategy will prioritise four key areas, including climate advisory, artificial intelligence, and business model reinvention, while doubling down on core capabilities through further investment into areas such as audit, tax, risk, deals, and digital transformation.
The launch follows a recent restructuring exercise, which saw the loss of further consulting partners.
“We are excited for the opportunity to create better outcomes for our clients and people as we launch this strategy. With a simpler, more resilient business model and robust governance, we will be well positioned to tackle the challenges of today and tomorrow,” stated PwC CEO Kevin Burrowes.
In addition to what it describes as having a market-relevant operating model, PwC’s strategy also focuses on building a leading firm culture through top-level governance, risk & ethics, and responsible business practices. One part of that equation was the recently-endorsed changes to the independence and oversight powers of the firm’s governance board, with six new members having now been elected.
The majority have spent upwards of two and a half decades at the firm, while some add high-level outside board experience, including former inaugural PwC chief diversity & inclusion officer Marcus Laithwaite (chair of CARE Australia), and assurance partner Rosalie Wilkie, who is a board member of several social impact organisations and previously served as chair of the PwC Foundation.
The other four new members joining the board in July include productivity lead partner Ian Hockings; Melbourne-based restructuring & turnaround partner and fellow 30-year-plus veteran Michael Fung; and Ewan Barron, a partner in PwC’s financial services assurance practice in Sydney. Rounding out the list is workforce partner Emma Hardy, who joined the firm in 2011 after serving as HR transformation lead at ANZ and Australia Post.
“The election of these exceptional firm leaders is yet another significant step as we continue to progress on our commitments to change,” stated Burrowes, who noted the appointments would now help pave the way for bringing in an independent chair. “The new governance board will play a vital role in overseeing the firm’s continued transformation, strengthening our financial position, and ensuring senior leadership succession.”
