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Firm “committed to learning from its mistakes” and acknowledges an immediate “need to rebuild trust”.
Seymour steps down as PwC chief
08 May 2023
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7 minute read
Tom Seymour is stepping down as chief executive of PwC effective immediately, the board of partners said in a brief statement late.
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“We have appointed our assurance leader, Kristin Stubbins, to serve as acting CEO. In the coming months a new CEO will be elected by the partners,” the statement said.
“We agreed with Tom that this is in the best interests of the firm and our stakeholders.”
Chair of the board of partners Tracey Kennair acknowledged the immediate need for the firm to rebuild and enhance trust.
“The independent review previously announced, in addition to the changes already made, will help us meet this objective,” she said.
Acting CEO Kristin Stubbins said: “I am honoured to take on this role at a critical time for our firm and our 10,000 people. We are committed to learning from our mistakes, listening to our stakeholders and enhancing our culture to build stronger trust and transparency.”
The change of leadership comes after damaging revelations about breaches of confidentiality agreements over multinational tax changes that helped earn the company millions of dollars.
Late last week, Mr Seymour announced an internal review in the wake of scandal, which came to light after former partner Peter Collins was deregistered for leaking confidential tax plans to clients.
The Australian Financial Review reported that Mr Seymour had admitted being one of the partners who received emails highlighting the tax advice PwC was able to offer thanks to its confidentiality breach.
At the time, he resisted calls to step down.
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