PwC CEO wins one last term in majority election

Incumbent PricewaterhouseCoopers (PwC) Kevin Burrowes (pictured) has been reappointed for a second and final term until 30 June 2028 following a majority vote by the Big Four firm’s partners, in an independently administered ballot.

The appointment was confirmed by the firm in late August (19 August).

Burrowes served PwC initially as a partner in the United Kingdom for 16 years until 2002 before moving to IBM, and returned to the firm as partner seven years later in London.

His election was the result of the firm’s formal chief executive succession process introduced in the firm’s governance reforms, Commitments to Change, where candidates are nominated, assessed and go through due diligence stages led by PwC Australia’s Independent Chair John Green.

Since his return to the firm, Burrowes worked his way up to chief executive of PwC Australia in July 2023 as a permanent replacement for Tom Seymour, who stepped down earlier that year after he led the firm when damaging revelations about breaches of confidentiality agreements aired over multinational tax changes that helped earn the company millions of dollars.

This year, Treasury released its options paper, regulation of accounting, auditing, and consulting firms in Australia, a direct consequence of this scandal that engulfed the firm.

Green said that Burrowes’ appointment provides stability and continuity while the firm builds momentum, cultural change, and embeds lasting governance.

“On behalf of the Governance Board, I congratulate Kevin on his reappointment and thank partners for their engagement throughout the process,” Green said.

“The firm has made significant progress across the past three years in embedding cultural change and governance reforms. At the same time, the firm has embraced the opportunity to transform how it operates and delivers for clients, with deep industry expertise and the responsible use of AI at the forefront.”

"As a Governance Board, we can see the momentum and how the changes the firm has made have positioned us well to continue building trust and confidence in the firm, and more broadly.”

Burrowes thanked the board for its endorsement and its partners for their support for his re-election.

“I am incredibly grateful to have the partnership’s mandate to continue leading this firm. Our transformation across the past three years has positioned us well, and we are incredibly proud of the changes we’ve made and continue to embed," Burrowes said.

“We have strong momentum and while I am optimistic, this is a pivotal moment for our firm, where trust across our industry has been impacted and we must work hard to rebuild confidence. Across the next two years, I look forward to working with the partnership on our ambitious agenda, while leaning into industry reform.”