Deloitte UK chief executive and senior partner
John Connolly will stand down in May 2011 after three terms in
office.

Deloitte’s board will consult among the firm’s
senior ranks over the next three months before recommending a
successor to its 700 partners. A final decision is expected to be
made at a board meeting in January, according to The
Times
.

Connolly first joined Deloitte in 1998 and
since gone on to become the city’s best paid accountant, earning
£5.2m ($7.98m) in 2009.

 

Deloitte UK’s success

Under Connelly’s leadership, fee income more
than tripled. In 1999, Deloitte UK had a fee income of £684m and by
2008 this had increased to £2.01bn. This dropped back down slightly
to £1.97bn in 2009, according to International Accounting
Bulletin
data.

One of Connolly’s biggest successes was when
Deloitte UK reached its major “two in two” target. In 2006,
Connolly set the goal for the firm to achieve continuous market
leadership and take revenues to £2 billion within two years,
according to a past interview with the International Accounting
Bulletin
.

 

Inspirational leader

Connolly often won praise for his personal
involvement within the firm.

At times it was remarked that it was unusual
to see top level management fully engaged in the day-to-day running
of the corporate responsibility (CR) strategy as Connolly appeared
to be.

His duties at the firm include

  • The development and management of professional services;
  • The development of policies and strategic direction;
  • Financial performance;
  • Development and management of partners; and,
  • Internationally representing the UK firm on the Board of
    Deloitte Touche Tohmatsu

 

Controversial decisions

Connolly decided to keep Deloitte UK’s
consulting business after the collapse of Enron, whereas the other
Big Four firms sold their consulting divisions in the early
2000.

He also took over the remains of Arthur
Andersen after it collapsed in 2002 resulting in Deloitte obtaining
3,500 staff in one day.

Both these decisions have been widely regarded
as a success.