The new chairman will take on the role from 30 September 2017, when Collins leaves the office after five years at the helm.
Michael, who is an ICAEW chartered accountant, has been working at the Big Four firm for the last 30 years. He is currently the global head of banking and capital markets.
The appointment follows an election, where Michael won the majority vote of KPMG’s 615 partners.
Simon Collins, UK chairman at KPMG, said, “Bill is an energetic and dynamic leader who will enable KPMG to thrive. He has proven experience of running a large complex team and has the skills and experience to guide the firm as we anticipate and respond to the changing needs of our clients.
“His international experience will also prove invaluable in his new role. Clients tell us they are concerned about the macroeconomic factors impacting their business, including the shifting political landscape and Brexit. Bill will help KPMG steer our clients through the turbulence of geopolitical and technological change, and support them to take advantage of the opportunities that emerge in the wake.”
Michael has worked with international clients such as JP Morgan, Barclays and HSBC. He was also a special adviser to the UK’s Treasury Select Committee into banking standards following the financial collapse of 2008.
The chair-elect said, “The market opportunity for KPMG has never been greater and I am excited about leading the firm to help our clients through their biggest challenges. Britain is home to the best talent in the world. As we exit the EU we need to retain our best people and build on the opportunities presented by geopolitical change.
“My priority will be to drive an inclusive culture, which underscores KPMG’s reputation as a magnet for talent. I am determined to pick up the baton from Simon and champion greater diversity both within our own firm and the wider business community.”
KPMG announced last year it was letting go of approximately 50 of its UK-based partners in an attempt to overhaul its operating model.
The firm posted a 6% increase in revenues in the last financial year, but said its profits were 2% lower due to new investments made by the company. Collins was paid £1.8m, down from £2.2m one year earlier.