Mumbai: Punit Renjen, the chairman of the board of Deloitte US, has been appointed as the new chief executive officer of Deloitte Global (Deloitte Touche Tohmatsu), the first India-born senior executive to head one of the Big Four consultancies.
“Thank you for the trust you have placed in me and you have my commitment to serve the global network. I will do my best to serve the global network…..” Renjen wrote in an e-mail to all global directors and partners last Friday.
Renjen will replace Barry Salzberg as the global CEO from June 1, when the firm’s financial year starts. He got 98% of the 5,400 votes to become the global chief executive officer, according to a separate mail sent to all employees on Monday afternoon. Deloitte LLP, the US member firm, recorded $14.91 billion in revenue in the year ended May 31, 2014.
“Renjen comes from an information technology consulting background and he was part of the team that was crucial in Deloitte around 1999-2000 when the Y2K issue was on top of everyone’s minds,” said a senior partner in one of the boutique firms who earlier worked with Renjen in the US.
Some were slightly apprehensive about Renjen’s appointment. “I don’t know if the global partners are prepared to take an outsider as their head,” said the India head of one of the Big Four. “That is nonsense,” said another national head of auditing with the Big Four. “In fact, I have seen increased respect for anyone who has grown from within the organisation and who doesn’t belong to the 6-foot, Ivy League kind of definition. He has spent 28 years in the US and in Deloitte and I think we Indians are just happy with the reflected glory. He is more American,” he quipped.
The Big Four refers to the largest global accounting firms, the others being Pricewaterhouse-Coopers, EY and KPMG.
Renjen’s father was a prominent businessman in Lahore before the partition. The Renjen family moved to Rohtak in Haryana where his father started an electrical switchgear manufacturing unit. Renjen completed his schooling from Lawrence School in Himachal Pradesh and worked in Usha International in New Delhi after his graduation.
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