PracticeAccounting FirmsKPMG denies Rake will stand down early

KPMG denies Rake will stand down early

Chairman 'committed to serving a full term' says firm

KPMG has denied reports that global chairman Mike Rake is to stand down early.

Link: KPMG chairman Mike Rake to ‘stand down’

The Evening Standard reported today that Rake told partners last week that he may retire as soon as the end of this year.

His term as senior partner at KPMG in the UK runs to September 2006, a term the Big Four firm told Accountancy Age he will serve in full.

‘Mike Rake is committed to serving a full term as senior partner,’ a spokesman said.

The paper also reported that John Griffiths-Jones, currently chief executive, was a ‘shoo-in’ to replace Rake.

The process of replacing him is believed to have started, but the firm insisted no conclusion had been reached.

‘No decision has been taken on who will be the next senior partner,’ the spokesman said.

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