Exclusive: E&Y loses UK head of tax to PwC
Paul Davies defects from E&Y to be partner at UK's biggest firm
PwC has pulled off a recruitment coup by poaching Ernst & Young’s UK head
of tax, Paul Davies, to become a partner at the UK’s biggest firm.
This is the second departure of a senior figure from Ernst & Young in as
many weeks. Last week Jock Lennox, the man who lost out to Mark Otty in the race
to lead Ernst & Young in 2005, announced he is to retire early from the firm
next year.
The move will be viewed as a blow to E&Y as it works on bedding down its
new EMEIA structure, announced in April of this year, which brought the
management of 87 national firms into single unit headed by former UK and
northern Europe leader Mark Otty.
Davies made clear his reasons for leaving E&Y to join PwC saying, ‘I have
made this decision because I want to work with the leading tax practice in the
UK and globally. I believe that the strength and depth of the PwC tax practice’s
expertise is a real differentiator in serving clients consistently across the
world.’
Ian Powell, PwC’s UK chairman, said: ‘This appointment is part of an ongoing
programme within PwC to ensure we have the best people for the long-term success
of our business and our clients.’
E&Y this week said the move was not an issue they would comment on.
Davies was UK head of tax at E&Y from July 2006 until this month. He will
take up his role at PwC in May next year.
Under the EMEIA restructuring of E&Y Stephan Kuhn, who was tax leader for
Central Europe became leader of tax for the new grouping.
PwC’s UK tax practice currently takes revenues of £667m while E&Y’s £335
in its last set of results.