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April 30, 2008

Newman to take over as BDO global chief

Newman to take over as BDO global chief

BDO International has revealed that Jeremy Newman is to become chief executive of the global network next year.

Newman has been managing partner of UK member firm BDO Stoy Hayward since 2001. His term is due to end in September 2008 and he will succeed current global chief executive Frans Samyn a month later. An election to appoint Newman’s successor at BDO Stoy Hayward will be held early in 2008.

Newman will continue to focus on the growth and success of the firm until he is due to take up the global position. He said: “It will be a privilege for me to move into this new role with BDO International and to drive forward the development of an already strong international network, ensuring that BDO can truly be the only alternative to the Big Four, not only in national markets, but also on an international scale.”

During Newman’s time as managing partner, BDO Stoy Hayward has increased its fee income from £122.5 million ($242.5 million) in 2001 to £317 million this year. Staff numbers have more than doubled to over 3,000. BDO Stoy Hayward claims it is the only firm outside the Big Four to audit a FTSE 100 company in recent years and has the largest portfolio of FTSE 350 audits of the mid-tier networks.

Vocal leader Newman will be remembered in the UK profession as a strong advocate for increasing competition and choice in the audit market. BDO cited his leadership on these issues as one of the key attributes that make him an ideal candidate to promote the network’s market position, strength and capabilities.

Samyn said: “I am pleased to see that the BDO International network is determined to further strengthen its position in the worldwide accounting market. Clients and prospects are keen to see more choice and regulators want more competition. With his track record in the UK, Jeremy will be able to convince the entire worldwide network and the international markets that BDO will fill the void.”

During Samyn’s term, BDO International’s global revenues have risen from $2.4 billion in 2002 to $3.9 billion in 2006.

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