Jim Schiro’s message to PwC

‘Last week I met with the editors of The Wall Street Journal to talk aboutthe state of our firm, our profession, and some of the provocativechallenges that lie ahead. About our firm, I told them that our merger isdone, that we have redefined the competitive landscape through the creationof a powerful multidisciplinary firm with unparalleled scope and scale.We have laid the groundwork for a thorough restructuring of ourorganisation that, when market conditions permit, will free all of ourbusinesses to pursue future opportunities without restraint. In most ofour major territories, we have completed an orderly transition to the nextgeneration of firm leaders.

‘I know that — at the moment — we, like so many of our clients, areconfronting difficult economic conditions, but I am confident that theseare short-term and that we are poised for an enormously successful future.

‘I have now concluded, that with these significant accomplishments behindus, the time has come to extend that orderly transition to the globallevel, to give a new generation of firm leaders the opportunity to shapeour firm’s global future.

‘Accordingly, I have informed the Global Oversight Board that I intend tostep down as your Global CEO as soon as my successor is selected and atransition completed. I expect to work closely with the incoming GOB onthis process. Given the talent in our firm, I expect the selection processwill take no more than six months, and I will remain in my current role aslong as necessary to ensure a smooth and orderly transition.

‘In so many arenas, timing is everything. When I joined this firm over 30years ago, I never imagined the opportunities it would offer me. That isthe real magic of a career at PricewaterhouseCoopers. I want to do what Ican to ensure that others have the same opportunities I have been fortunateenough to have. The time is right to hand over the reins to a newgeneration of leaders, empowered to make decisions for a future they willlive.

‘I want to thank you all for your hard work, your commitment to the firm andour clients, and I know that you will be as supportive of the nextgeneration of leaders as you have been of this one.’

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