Moving on from its recent legal troubles, KPMG named vice chairs for its tax services and tax services operations.
Shaun T. Kelly, 46, and Frederick S. "Rick" Smith, 49, respectively, will take over the tax leadership roles effective at the end of the fiscal year on Sept. 30. Tax services vice chair James Brasher will assume other significant duties within KPMG's organization, while operations vice chair John Chopack will retire in early 2006, as previously planned.
In a statement, chairman and chief executive Timothy P. Flynn said that the moves were part of a series of structural, organizational and leadership changes planned for implementation after the conclusion of an investigation into the firm's sale of legally questionable tax shelters. KPMG reached an agreement in August with the U.S. Attorney's Office for the Southern District of New York and the Internal Revenue Service, requiring the firm to pay a $456 million fine and to implement elevated standards for its tax business.
Kelly is based in Chicago, and earlier this year was named global transaction services chairman for KPMG. He joined the KPMG firm in Dublin in 1980, and was admitted to the U.S. partnership in 1999. Smith is based in Philadelphia, and serves as Mid-Atlantic area managing partner for tax services. He joined KPMG in 2002, following a career with Arthur Andersen.
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