Punit Renjen has become another India-born global corporate honcho to climb up to the top job at a major international firm. Renjen has been named as the new global CEO of Deloitte Touche Tohmatsu, the biggest of the Big Four auditing and consulting giants.
Renjen, a long timer with Deloitte having 28 years with the company, is currently chairman of Deloitte US.
Deloitte Touche Tohmatsu Limited (Deloitte Global) said Renjen will assume the new role on June 1 2015, the start of its new fiscal year. The Deloitte network is composed of 47 member firms, operating in 150 countries, and employing more than 210,000 people worldwide.
" It is a privilege to be part of an organization that delivers high quality services and innovative solutions to the best clients, develops the most talented professionals into leaders and does its part to improve the societies in which we operate," said Renjen.
Renjen succeeds Barry Salzberg, who will retire from Deloitte Global at the end of its fiscal year (May 31, 2015) and become a member of the full time faculty of Columbia Business School as a professor of professional practice. Salzberg also plans to serve on public company boards.
Renjen's 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.
"Punit's experience as chairman of our US firm—the largest and most complex in our network—combined with his 28-year career with Deloitte and strong core values— make Punit the perfect choice to lead Deloitte Global," said Barry Salzberg, Deloitte Global CEO.
Renjen will remain with the Deloitte US firm until he transitions to the new global role.
Deloitte is the biggest of the Big Four, an elite club which also comprises PwC, KPMG and EY (earlier Ernst & Young).
Its three peers had sold their sold their consulting units after the Enron accounting scandal but later had to build that business again grounds up. Deloitte, in contrast, had retained the unit and helped it maintain fat profits. Consulting has bigger profit margins than auditing services.
Renjen has been chairman of the board, Deloitte LLP (U.S. member firm), since June 2011. As chairman, Punit leads the board in providing governance and oversight as well as guidance on priority matters such as firm strategy, risk mitigation, and talent development. Punit is a member of the DTTL board of directors and its governance committee.
Outside of Deloitte, Punit is a member of the boards of directors at United Way Worldwide and the U.S.-India Business Council.
Punit has held a number of leadership roles within the Deloitte network, including CEO of Deloitte Consulting LLP in the US member firm. During his tenure as US Consulting CEO, the consulting practice experienced tremendous growth despite an ongoing recession, helping Deloitte Consulting LLP become one of the largest consulting providers.
Throughout his career, he has helped clients in various industries address a range of issues, including M&A, strategy, and operations improvement. His clients have included large multinational organisations spanning the energy, utilities, and telecommunications industries.
Born and raised in India, he studied at Lawrence School at Sanawar before moving to the United States after winning a Rotary Foundation Scholarship to Willamette University, where he earned a master’s degree in management.