Jessica Fino 28 Nov 2018 09:56am

KPMG South Africa appoints new CEO

KPMG South Africa has announced former PwC joint deputy chief executive as its new CEO, replacing Nhlamulo Dlomu after just one year at the helm

Ignatius Sehoole, who between 2000 and 2009 was the executive president of the South African Institute of Chartered Accountants, will take on the role from May 2019.

KPMG said his start date is being coordinated to comply with the requirements of audit independence rules, to take place once Sehoole has also served as a director or officer at companies audited by KPMG in the current financial year.

At the same time, Dlomu will be taking up a new global role at the firm, focusing on organisational culture change and ethical leadership, KPMG said.

Sehoole joins KPMG from MTN Group, where he has been vice president since 2010. Prior to that, he worked at PwC as joint deputy chief executive, and served on the PwC executive committee. He was responsible for the integration of PwC's operations across the African continent. He is also a director at the Public Investment Corporation.

The upcoming CEO said, “I am very honoured and look forward to the opportunity to help lead KPMG SA. It is imperative that the profession rises to the challenges it is facing, and it is in the national interest that KPMG be part of the solution.

“My priority at KPMG will be to continue to restore client confidence and again make KPMG a firm where the best people wish to work. I look forward to the opportunity to accelerate this rehabilitation phase.”

The firm has been haemorrhaging clients since the news of its uncomfortable relationship with the Gupta family became apparent.

Barclays Africa group has since cut ties with the firm after KPMG SA lost more partners over the audit of failed VBS Mutual Bank. South Africa’s auditor general has also terminated all public contracts with the firm.

As a result, in June KPMG SA was forced to cut 400 jobs and close a number of regional offices.