KPMG chairman to stay on

Mike Rake has been re-elected as chairman of KPMG International.

Rake is to start a second three-year term from October 2005.

The decision is understood to have been made at a meeting last week. Rake is
thought to be staying on to oversee a period of uncertainty for the firm,
following former US chairman Eugene O’Kelly’s resignation earlier this year, and
subsequent death.

The US firm was also on the receiving end of a fine of almost $500m as a
result of its involvement in the tax shelter scandal in the US.

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