PricewaterhouseCoopers plans to reorganize its international network of member accounting firms, splitting them into three major geographic clusters.
Starting October 1, the east cluster will be led by PwC China senior partner Silas Yang, the central cluster by PwC U.K. senior partner Ian Powell, and the west cluster by PwC U.S. senior partner Dennis Nally.
PwC sees the new structure as a way to increase its focus on emerging markets and spur future growth.
The PwC Network will be led by a new network leadership team comprising PwC Global CEO Samuel A. DiPiazza Jr. (pictured), plus the senior partners of PwC's U.K., U.S. and China firms. PwC Germany senior partner Hans Wagener will also join the leadership team. The standards that all PwC member firms are obliged to follow are being revised to increase the responsibility of PwC member firms to meet globally consistent standards.
"PwC has for many years led the profession in developing a highly regionalized and integrated global network of firms, focused on delivering high-quality services to an increasingly complex marketplace," said DiPiazza in a statement.
PwC's restructuring follows on the heels of a global restructuring by Ernst & Young earlier this year (see Ernst & Young Consolidates Global Structure).
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