Grant Thornton LLP’s Partnership Board has extended Stephen Chipman’s tenure as CEO of the firm, enabling him to serve a five-year tenure as chief executive while also planning to begin a search for a new CEO next year.

Chipman succeeded Ed Nusbaum as CEO in January 2010. Nusbaum now leads Grant Thornton International.

Significant enhancements were made during Chipman’s tenure, returning the firm to growth and increasing the firm’s revenue by 15 percent during the last two fiscal years. The firm pursued various initiatives to better serve its clients through the establishment of a shared services center in India and the launch of the China, India and Japan business groups. Grant Thornton also extended the breadth and depth of its services through a number of strategic acquisitions, including its recent acquirement of MarketSphere’s Oracle Solutions business unit, continuing to accelerate the double-digit growth of its Advisory Services.

Chipman played a prominent role in the development of a global strategy and brand for the Grant Thornton worldwide organization and transformed the firm’s marketing organization, increasing brand exposure through traditional and social media channels.

“Stephen’s leadership has successfully guided Grant Thornton through one of the most challenging times of our profession and our economy, and today we are the strongest of any time in our 89-year history,” said Dave Wedding, chairman of the Partnership Board of Grant Thornton, in a statement. “His management has allowed Grant Thornton to not only find solid footing but make transformational changes on a number of fronts that position the firm for long-term success and better serve our dynamic clients.”

In addition, Grant Thornton emphasized its investment in its people, expanding its diversity initiatives, enhancing its career continuum process, and putting in place a leadership succession protocol to ensure efficient transitions for the firm. These investments led the firm to be recognized as an employer-of-choice by numerous organizations, including Working Mother, Universum and Vault, in line with the firm’s focus of retaining and attracting top talent. Chipman also championed substantial investments in technical support, training and resources for the firm’s audit practice that have resulted in improved audit quality. He oversaw the resolution of several major legal matters and launched initiatives that drive better understanding among members of Capitol Hill of the impacts of policy matters on dynamic businesses—the heart of the U.S. economy.

“It is a tremendous privilege to serve our partners as CEO and I am honored that the Partnership Board has asked me to extend my tenure though December 31, 2014. As the conclusion of my term draws near, I will evaluate new opportunities in line with my personal and professional goals,” said Chipman in a statement. “I am proud to lead our talented people and continue down the path of progress with our firm’s clear strategy.”

The Partnership Board will commence a succession process in the new calendar year and intends to appoint a new CEO in a timely manner to allow for an orderly transition period.

“One of the most important processes for any organization is to have an effective CEO succession process with the full support of the incumbent CEO; therefore, I’m grateful that Stephen will assist us in the process,” added Wedding. “We will seek a CEO-elect who can build off of our very strong market position that Stephen has contributed to and off of the Grant Thornton global network’s vision of serving dynamic organizations in our chosen markets.”