Stephen Chipman’s term as chief executive of Grant Thornton US has been extended to 31 December 2014, by which time he will have worked in the role for five years.

The firm said its partnership board has asked Chipman to stay on for another year as the board begins a succession process in 2014 to find and appoint Chipman’s successor.

Chairman of Grant Thornton US’s partnership board Dave Wedding said: "One of the most important processes for any organisation is to have an effective CEO succession process with the full support of the incumbent CEO; therefore, I’m grateful that Stephen will assist us in the process."

Chipaman took over the role as US chairman from Ed Nusbaum, who is the current chief executive of Grant Thornton International.

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