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Deloitte UK re-elects David Sproul as chief executive


Deloitte UK's partners have re-elected David Sproul for a second term as senior partner and chief executive officer.

Sproul previously led the firm's UK and EMEA tax service and was first elected to the role of chief executive officer in June 2011; his term is set to be renewed on 1 June 2015.

During his tenure as chief executive at Deloitte UK, the firm has seen its revenue increase 20% from £2,098m at the end of May 2011 to £2,550m in 2014. During the same time, the headcount has also grown 10% to over 14,000 partners and members of staff.

More recently, however, the firm's growth slowed to 1.4% in 2014, its lowest in four years and down from 8% in 2013.
In particular, the firm's audit service line fell 1.8% from £719m in 2013 to £706m, as mandatory rotation and an increase in retendering among FTSE350 caused a spike in competition.

Despite a dip in performance, however, last year the firm signalled its willingness to invest, announcing its largest number of partner promotions in 10 years, with 65 new partners appointed in June.

The promotions were accompanied by a pledge to increase staff investment to an average of "over £2,000 per person," according to Sproul.

Commenting on his re-election Sproul said: "I want Deloitte to be recognised as the stand out firm in our market, admired for the impact we have on our clients' success and reputation.

"I want the firm to be known for out-thinking the strategy consulting houses, out-innovating the technology services giants and outperforming our Big Four competitors," he added.

Sproul also said he will "be bold" in the firm's "commitment to innovate" and said: "That is why in my second term as CEO, I will double the firm's annual investment budget to more than £80m, equivalent to more than 10% of current profits."

Deloitte UK is the second largest network in the UK, behind Big Four competitor PwC.

 

Related articles:

Deloitte UK appoints 65 partners and promises staff investment

Deloitte UK growth slows as audit revenues fall

UK Survey: EU membership issue creeps closer to centre stage

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