Deloitte picks new CEO and chair in management shakeup

Deloitte’s U.S. firm has elected Joseph Ucuzoglu as its new CEO, succeeding Cathy Engelbert after a single term as the leader of the Big Four firm, and Janet Foutty as its new chair, succeeding Mike Fucci, at the end of their four-year terms on June 2, 2019.

Engelbert had been rumored to be on the way out after the board failed to renominate her last year (see Deloitte CEO Cathy Engelbert not nominated for a second term). When she began serving as CEO in 2015, she was widely touted as the first female CEO to helm a Big Four firm. Engelbert has been an influential figure in the accounting and business world, but a Deloitte spokesperson pointed out that one-term CEOs have been a norm at Deloitte for over two decades. Ucuzoglu has been running Deloitte’s auditing practice, known as Deloitte & Touche LLP, for the past four years. He was previously senior advisor to the chief accountant at the Securities and Exchange Commission.

“I am truly honored and humbled by this opportunity my partners have given me to lead Deloitte,” Ucuzoglu said in a statement. “Our multidisciplinary platform positions us uniquely to lead our diverse stakeholders through a period of disruptive change and capitalize on the rapid pace of innovation. It is imperative that, as a business community, we project a positive vision of the many benefits that a technology-driven future will have across our society.”

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Foutty, the incoming chair, has been in charge of the consulting practice as chair and CEO of Deloitte Consulting LLP. She previously led Deloitte's federal government practice and the Deloitte Consulting technology practice.

“Leading the Deloitte board is a privilege and I'm grateful for the confidence our partners have placed in me,” Foutty said in a statement. “I am committed to ensuring effective, transparent governance while at the same time providing collaborative strategic guidance to Joe and his management team as we strive to further differentiate the value we deliver to the marketplace and fulfill our public interest responsibilities.”

Engelbert wished her successors well in a statement: “I have enjoyed working closely with Joe and Janet over many years, and I know the strong foundation of the firm driven by our commitment to innovation, delivering services of the highest quality, and our diverse and inclusive culture will continue to thrive under their leadership,” she stated. “It has been my privilege to serve as Deloitte's CEO for the past four years.”

Outgoing chair Fucci added, “I would like to offer my gratitude to Cathy, a recognized leader in the business community who has led Deloitte US during her term to record growth while making significant investments in innovation and supporting our people's professional lives and career journeys with a series of groundbreaking initiatives.”