Grant Thornton Names New Global CEO And New U.S. CEO

Grant Thornton International named Edward Nusbaum, the current chief executive, as Global CEO effective January 1. Nusbaum succeeds David McDonnell who is retiring from the position after eight years.

“I am delighted that Ed has been appointed as my successor,” says McDonnell. “There was an extremely strong and rigorous process for the selection of the new CEO and I believe Ed will do a great job in moving GT forward, he adds.”

Stephen Chipman will replace Nusbaum as the next CEO of Grant Thornton. Chipman was most recently chief executive officer, Greater China Management Corporation, responsible for leading the development and growth of services for GT in China. Under Chipman’s leadership during the last two years, GT’s resources in China have expanded significantly to more than 1,600 people in six offices.

“We are making strategic investments in talent in industry expertise, technical expertise and international expertise, so that, when we come out the other side of this weak economy, we will have enhanced and grown and built some of our talent capabilities,” Chipman said, noting that, due to the economy, the firm has more access to people with developed skills in these areas than it ordinarily would have.

Grant Thornton’s U.S. unit has grown its employee base by more than 11 percent in the past two years, to about 5,970 employees and partners at the end of fiscal 2008, according to the firm.

Nusbaum has been chief executive of the Chicago-based Grant Thornton U.S. arm since 2001. Under his leadership the firm tripled in size, with annual revenues growing from $400 million to $1.2 billion. “I am greatly honored and look forward to the opportunity to lead GTI,” says Nusbaum. “I will dedicate myself to continuing GT’s tradition of strong leadership in the accounting profession and in speaking out on issues of importance.