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September 18, 2019

BDO USA reports record revenue as CEO elected for third term

By Joe Pickard

BDO USA has reported record revenue of $1.64bn, an 11.8% year-on-year increase, for the fiscal year ended June 30.

This marks the seventh consecutive year of growth for the firm under the leadership of Wayne Berson, who has been re-elected by BDO partners for a third term as CEO. Berson will hold the position through 30 June 2024.

Over the past year, BDO USA has expanded its core accounting, tax and advisory services through organic growth, and also added eight tax and advisory firms serving a range of industries. The firm’s assurance, tax and advisory business lines represent 46%, 33% and 21% of revenues, respectively.

BDO’s record growth in FY19 was achieved across all business lines, most notably from advisory, which saw revenue growth of nearly 40%, while tax (+8.4%) and assurance (+4.3%) also achieved growth.

Since becoming CEO in 2012, BDO has grown from annual revenues of $618mn to $1.64bn by expanding service offerings, implementing a growth strategy and opening offices in an additional 24 cities.

BDO USA chairman of the board of directors Bill Eisig said: “Wayne and his leadership team have brought our firm incredible success over the past seven years. His commitment to the values that define BDO and a growth strategy that includes championing innovation, providing exceptional client service and building a world-class workforce has transformed our firm.

“With his term extension, Wayne will continue to lead BDO forward and ensure we are delivering on our clients’ complex needs and challenges.”

Berson said: “We’ve built a strong reputation for consistently delivering innovative, high-calibre solutions for our clients with exceptionally talented people. We’re committed to investing in our infrastructure, services and people to foster continued success and drive growth across all our business lines, which will keep BDO well positioned to serve our clients in a rapidly-changing world.”

Berson joined BDO in 2001. He is currently the chair of the global board of directors of BDO International, Ltd. and will serve as vice chair of the governing board of the Center for Audit Quality effective 1 Oct. Prior to serving as CEO, Berson was the Atlantic Assurance regional managing partner and chairman of the BDO board of directors.

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