Deloitte’s new global CEO Punit Renjen took the reins this week as the new CEO of Deloitte Touche Tohmatsu Limited, also known as Deloitte Global, and defined the global organization’s priorities.
Renjen will be in charge of the firm’s global network, which operates in more than 150 countries and has more than 220,000 partners and staff members.
“All of Deloitte’s stakeholders—clients, colleagues and the communities in which we work—expect us to make an impact that matters for them,” Renjen said in a statement Monday. “That means we must commit to achieving clear leadership in critical areas through very focused priorities.”
Deloitte Global named Renjen as its next CEO in February soon after electing Cathy Engelbert as CEO of the U.S. firm, Deloitte LLP (see Deloitte Touche Tohmatsu Names Punit Renjen as Global CEO). Engelbert became the first female CEO of a Big Four firm, although KPMG later named Lynn Doughtie as its new CEO and chair in April. Renjen, for his part, also broke new ground in diversity, becoming the first Indian CEO of a Big Four global accounting network. He succeeded Barry Salzberg, who retired from Deloitte Global on May 31 at the end of its fiscal year and joined the faculty of Columbia University as a professor of public practice at Columbia Business School.
Renjen framed a set of strategic priorities as he began his tenure this week, including increasing investment to apply leading technology to serve clients across core businesses of audit, tax, consulting, enterprise risk and financial advisory services. Other top priorities include setting the standard for quality around the world, employing “hyper collaboration” among the network’s member firms to deliver global capabilities tailored to local needs, and creating a distinct development experience to attract and inspire talent.
In addition to driving delivery of exceptional core services to clients across a range of industry sectors, Renjen plans to grow the Deloitte network’s capabilities in areas such as cognitive technologies, cloud computing, digital and social applications, cyber, risk, and crisis services.
“Advanced technology is changing the way clients do business, and maintaining our lead in capabilities is crucial to help them navigate that change,” said Renjen. “In addition, we are committed to building and maintaining trust in capital markets and confidence in business institutions. We will do this by combining insights and innovation to deliver fully integrated tax services, world-class innovation in audit, and consulting services that deliver measurable impact.”
Renjen is the first Indian-born American CEO of the global office of a leading professional services network. His leadership appointment is part of a rigorous and comprehensive nomination and member firm partner ratification process that occurs every four years and includes all member firms of the Deloitte worldwide network. Most recently, Renjen was Deloitte U.S. member firm chairman of the board since 2011. Prior to his role as U.S. chairman, Renjen served as chairman and CEO of Deloitte Consulting LLP in the U.S. During his tenure as U.S. Consulting CEO, the consulting practice experienced tremendous growth despite an ongoing recession, helping Deloitte Consulting LLP become one of the largest consulting providers according to leading analysts’ rankings. Renjen is also recognized as a leader in the mergers and acquisitions area for Deloitte, assisting clients through the M&A lifecycle. Renjen grew up in India and holds a bachelor's degree with honors and a master's degree in management with honors.
Linking a company’s core activities to a greater sense of purpose has long been a priority for Renjen. “Increasingly, companies are seeking ways to integrate social impact into their core business, rather than relying on corporate citizenship programs alone,” he said. “This positive trend will help drive a sense of purpose; however, it is important businesses take a broad view when thinking about impact to include clients and employees, in addition to affecting the communities in which they work and live.”
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