PwC has appointed one of its most senior global executives to take control of its Australian firm and has confirmed the sale of its government business to private equity group Allegro Funds for $1.
Kevin Burrowes, who is currently PwC Network’s global clients and industries leader based in Singapore, will relocate to Sydney for the chief executive role and will be made a partner of PwC Australia.
PwC has appointed one of its senior global executives to lead the Australian business as CEO.Credit: Luis Enrique Ascui
Burrowes first task will be to improve the culture at the embattled professional services firm, with a key focus on “ethics and controls”, the company said in a statement on Sunday, as well as implementing the recommendations of the upcoming independent review spearheaded by former NBN co-chairman Ziggy Switkowski.
PwC global chair Bob Moritz said Burrowes, who joined the firm in 1986 and has been a partner for 19 years, has worked with some of the company’s largest clients and was an expert in standards and governance structures.
“Under past leadership, PwC Australia failed to meet the Network’s Code of Conduct and uphold the Network’s professional standards and values. Its past actions are not representative of the work and behaviours of PwC around the world and I am deeply sorry to our clients, our broader stakeholders and our people,” Moritz said.
“PwC Australia has significant work to do and I am confident that the steps they are taking with the Network’s support will result in a stronger firm.”
Before his current role as global clients and industries leader, Burrowes was managing partner of PwC UK’s clients and markets department and has also had stints in senior executive roles at IBM, Credit Suisse and the Royal Bank of Scotland. His career spans across Singapore, London, New York and Frankfurt.
“Kevin’s experience across other parts of the PwC Network ensures that as he takes over the leadership in Australia he brings a fresh perspective to the firm, and he will work with his colleagues and management team to re-earn trust with PwC Australia’s stakeholders,” said PwC governance board chair Justin Carroll.
He also thanked acting CEO Kristin Stubbins, who will remain in the role until Burrowes completes the Australian immigration process.
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