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The big four firm has announced the appointment of Andrew Yates as its new Australian CEO.
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KPMG appoints new chief executive
30 March 2021
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Mr Yates will assume the role from 1 July, taking over from the outgoing Gary Wingrove, who leaves the firm after an eight-year tenure as CEO.
The national managing partner of KPMG’s Audit, Assurance and Risk Consulting division, Mr Yates has been a member of the National Executive Committee since 2017, and was the lead partner of the firm’s financial services audit business.
After completing his bachelor of economics at the Australian National University, Mr Yates joined the firm as a graduate in 1990, and went on to become a partner in 2001. Since joining the firm, Mr Yates has held roles in New York, Hong Kong and Australia.
“KPMG has been my professional life, and I have a deep passion for the success of the firm and our people,” Mr Yates said. “I’m humbled to be asked to lead the firm as we continue to expand our contribution to our clients, the capital markets and society.
“Going forward, I’m committed to fostering the culture of care and high performance developed under Gary’s leadership, and driving a vibrant and energetic firm.”
Announcing Mr Yates’ appointment, national chairman of KPMG Australia Alison Kitchen said the incoming chief executive’s deep relationships across the country, coupled with his strong values, make him the ideal candidate for the role.
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“We are delighted to appoint Andrew to head the next chapter of growth for KPMG Australia,” Ms Kitchen said. “Andrew is an outstanding leader with deep relationships and broad respect across corporate Australia. He is recognised across the firm for his strong values, integrity and ethics agenda.”
Ms Kitchen doubled down, pointing to Mr Yates’ successful track record in audit and consulting, along with his focus on growth and fostering new talent.
“Under his direction, the Audit, Assurance & Risk Consulting business — a mix of regulated and consulting practices — has transformed and thrived. Andrew has driven a very deliberate strategy focused on growth, disruption and bringing on new talent while also nurturing the core of our business and ensuring we provide confidence in the capital markets.”
Gary Wingrove, who will leave the firm after growing it to a size of almost double what it was when he resumed his tenure, said Mr Yates is a “values-driven” leader, who is likely to further nurture the firm’s culture.
“Andrew is a values-driven leader,” he said. “He can make tough business decisions while nurturing a strong culture. It’s a privilege to be CEO of this business and I’m looking forward to working closely with him as he prepares to take over the role.”
Under Mr Wingrove’s stewardship, the firm recorded a stronger-than-expected first-half performance off the back of the pandemic, empowering the business to make “thank-you payments” to staff who had suffered COVID-induced salary cuts in May and June last year.
The firm also made 200 roles redundant one year ago as it grappled with the impact of the pandemic.
KPMG last year recorded a 7 per cent increase in revenue to $1.9 billion, missing its target of 12 per cent as a result of COVID-19.
Speaking on Mr Wingrove’s departure, Ms Kitchen said that while there will be opportunities to “farewell Gary later in the year”, it’s important to acknowledge the foundations he’s laid for the firm today.
“During Gary’s tenure, the firm has grown to almost double in size — including through the revitalisation of our investment strategy, which has seen us invest in all parts of our business via a mix of talent, external acquisitions and technology,” she said.
“And he’s driven a step change in the gender diversity of our leadership, overseeing the achievement of our inaugural target for women partners — and paved the way for us to broaden and expand our inclusion ambitions with the launch of a further gender diversity target and our first cultural diversity target.”
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