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April 22, 2015

PwC Russia replaces managing partner

By Isabella Grotto

PwC Russia has appointed a new managing partner, Igor Lotakov, replacing David Gray who served in the role for the past four years.

Gray has been reassigned to the role of chairman and chief advisor to incoming leader Lotakov, as of earlier this month.

Lotakov’s 20-year experience at PwC has focused heavily on the oil, gas and petrochemical sectors.

He was chosen to head PwC Russia’s assurance practice in 2011 and was appointed head of the Big Four’s Eastern European assurance practice less than a year ago, in July 2014.

Lotakov is a member of both the UK Association of Certified Chartered Accountants (ACCA) and the US CFA Institute.

His appointment comes at what some have described as a time of difficulty for the Big Four in Russia.

Enduring US and EU sanctions and ongoing tensions are seen to have sparked hostility against foreign professional services firms within the Kremlin.

Over the past few months, legislative moves to curtail the influence of foreign businesses on government affairs are said to have translated into the non-renewal of large government contracts previously held by the Big Four in Russia.

When approached by IAB, PwC Russia declined to provide further details on the nature of the end of Gray’s four-year tenure as managing partner.

Related articles:

Russia survey: Shifting landscape as tensions mount

Accounting firms in political crossfire in Russia

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