Competition for KPMG top job still wide open

There is more than one candidate for Mike Rake’s role as senior partner of
KPMG, Accountancy Age understands.

Rake’s replacement will be announced by March of this year, with John
Griffith-Jones, KPMG’s chief executive, long regarded as the front-runner. But
insiders have suggested there are others in line for the role.

The firm released its annual report this week, announcing that chairman Mike
Rake earnt a 30% pay rise to £2.4m for his work. His total pay hit the £3m mark,
when his salary as global chairman was included.

Rake said the firm was ‘gaining market share’ and that a strategy of
leveraging the firm’s traditionally large audit base into other areas was paying
off. It even bucked the trend on tax, with growth figures of 15% for the tax
function. Others have seen tax revenues stall in the wake of the anti-avoidance

If the rate of growth continued, Rake said KPMG ‘would expect to be the
number two firm in the UK’.

KPMG made revenues of £1.28bn last year, against Deloitte’s revenues of
£1.35bn. Rake predicted growth in the year ahead would come from transaction
services and advisory.

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