In a sign of the slowing economy professional accounting behemoth KPMG Australia has retrenched several partners in their taxation area, after announcing that their revenue has dropped from 0.6 per cent to $1.113 billion last financial year.
The company has reported that staff numbers dropped by 237 over the last year through both resignations and retrenchments. Part of the reshuffle and downsize included the new appointments of Gary Wingrove as CEO and Martin Sheppard placed in charge of brand innovation. James Hunter has been placed in charge of identifying growth areas and acquisitions and several partners have reportedly left KPMG as the company faces a “tough, low-growth environment”.
Wingrove denied speculation that a larger than normal contingent of partners had been demoted to directors and made comment that, “as part of any year-end review process a number of people move up, others stand still, and every now and then the odd partner does move to director, but we certainly haven’t gone through a process of moving a whole lot of our partners to director.”