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South Africa's KPMG unit on Wednesday named an outsider, Ignatius Sehoole, as the new chief executive.
KPMG's offices in Johannesburg. Image: kpmg.co.za
JOHANNESBURG – KPMG's South Africa unit on Wednesday named an outside leader, Ignatius Sehoole, as the new chief executive. The audit firm seeks to retain its clients after being caught in the trap of political scandals.
Sehoole, the home unit of PwC's current deputy general manager, will succeed Nhlamulo Dlomu, who is stepping down one year after being asked to restore the company's reputation. Sehoole should start in May.
"If KPMG South Africa has changed significantly over the past year, the challenges KPMG and the profession face have intensified," said President Wiseman Nkuhlu in a statement.
"Bearing this in mind, the board felt that it was important to appoint an external candidate to the firm with strong skills in the industry," he said.
KPMG has lost customers in the last 18 months after its own internal investigation revealed flaws in work done for the Gupta family, who allegedly used their ties with former president Jacob Zuma to accumulate wealth.
The Guptas and Zuma have denied any wrongdoing.
KPMG South Africa has previously declared that it has not participated in any alleged money laundering activity related to Linkway Trading owned by Gupta.
The company's worries worsened after the revelation in April of its auditor who had not disclosed the loans of a small bankrupt bank he audited, pushing some of his biggest clients like Absa and the government to to abandon.
KPMG South Africa said it cooperated with the authorities and remedied its shortcomings.
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