Search Results for: Grant Thornton

Grant Thornton Names New OMPs and Principals

Chicago-based Grant Thornton, an IPA 100 firm, announced the following new OMPs:

  • Brett Beightol, OMP – Orange County, Calif., replacing Alan Herrmann effective Aug. 1
  • Mike Desmond, OMP – Charlotte, N.C., replacing Dave Wedding effective Aug. 1
  • David Gifford, OMP – Phoenix, replacing Tim Zingraf effective Aug. 1
  • Doreen Griffith, OMP – Dallas, replacing Wally Gruenes effective Aug. 1
  • Amanda McCarty, OMP – San Jose, Calif., replacing Tony Perazzo effective Aug. 1
  • Bryan Merrigan, OMP – Metropark, N.J., replacing Matt DiDonato effective immediately
  • Jason Perry, OMP – Atlanta, replacing Wade Weeks effective Aug. 1
  • Dan Powers, OMP – Seattle, effective Aug. 1
  • Barbara Koosa Ryan, OMP – Columbia, S.C., replacing Mark Ballew effective Aug. 1
  • Seth Siegel, OMP – Miami and Fort Lauderdale, Fla., replacing Doug Gawrych effective Aug. 1
  • Adam Steinmetz, OMP – San Diego, replacing Brett Beightol effective immediately
  • Rimma Tabakh, OMP – San Francisco, replacing Tony Perazzo effective Aug. 1

In addition, Mark Sullivan has been named office managing principal of the firm’s Chicago office, replacing Vince Tomkinson effective immediately.

“Our new office managing partners and principals are the definition of servant leaders – professionals who are committed to our firm’s people, clients and communities,” says CEO Brad Preber. “It is a privilege to name such a talented and accomplished slate of leaders to provide our clients with innovative, high-quality solutions during the challenging times ahead.”

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BKD Takes on Part of Grant Thornton’s Municipal Government Audit Practice

Springfield, Mo.-based BKD LLP (FY18 net revenue of $662.9 million) has reached an agreement with Chicago-based Grant Thornton (FY18 net revenue of $1.87 billion) to acquire a portion of the latter’s municipal government audit practice, most of which is based in Texas and Oklahoma. BKD will also acquire several not-for-profit (NFP), commercial and benefit plan clients in the transaction, providing a boost to one of the firm’s fastest-growing niches.

As part of the deal, BKD is admitting three new partners: Ben Kohnle joined the firm’s Dallas office effective April 1; Angie Dunlap will join the Houston office on June 15; and Dan Barron will join the Dallas office on Aug. 15.

“We’re excited about the clients that Ben, Dan and Angie will bring to BKD, and we also see tremendous promise in their abilities to help us grow our public sector practice, especially with large cities and public universities,” says BKD CEO Ted Dickman. “The South region’s public sector and NFP practice has grown nearly 14% in FY 2020 so far, and adding this new talent will help us maintain our momentum into 2021 and beyond.”

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Grant Thornton Embraces Blockchain Technology

With global supply chains facing major disruptions brought on by the COVID-19 crisis, Chicago-based Grant Thornton (FY18 net revenue of $1.87 billion) is launching a new blockchain-enabled offering for intercompany transactions. The firm’s inter.x system provides real-time data analytics dashboards to monitor things like transfer-pricing compliance and cashflow management, and can offer deeper insight into rapidly changing supply chains.

By integrating disparate enterprise resource planning (ERP) systems, aggregating real-time data and establishing end-to-end workflows that behave like a single transaction, inter.x is designed to reduce the human capital required for such work. The idea is to allow companies to make immediate decisions based on the data in front of them instead of waiting for the end of an accounting cycle, and to create a permanent and unforgeable audit trail.

“Grant Thornton designed inter.x to provide a simple user experience that can red-flag missed opportunities tied to intercompany transactions and identify instances when transactions may have fallen short of company policies,” says Jamie Fowler, the firm’s chief transformation officer. “The inter.x solution has a simple value proposition: Companies bring their underlying data, while inter.x brings the automation and transparency.”

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Grant Thornton in UK Gives Staff Offer: 40% Pay Cut or Voluntary Sabbatical

One of Britain’s largest accounting firms is combatting the financial effects of the coronavirus pandemic by “inviting” thousands of staff to agree to a 40% pay cut or a sabbatical, The Financial Times reported.

Grant Thornton said that the move would help it to support staff and clients while navigating “clearly exceptional times,” the newspaper reported.

The firm encouraged staff to consider the pay cut, with a similar reduction in hours, until the end of May, or a sabbatical until June while being paid 30% of their standard compensation.

The firm employs about 4,500 people in the UK.

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Grant Thornton Announces New Roles for David Platt, Nichole Jordan

Chicago-based Grant Thornton (FY18 net revenue of $1.87 billion) has named David Platt as its MP for the firm’s East region while expanding the role of regional MP Nichole Jordan by adding the Midwest to a portfolio that previously consisted of Kansas, Missouri, Nebraska, Oklahoma and Texas.

The roles complement an existing position held by Grant Thornton partner Tony Perazzo, who is the MP for the firm’s West region – a position he has held since 2019. He also serves as the OMP in the San Francisco Bay area.

The triumvirate of roles will allow Grant Thornton to more quickly respond to market opportunities and clients, while also supporting people and culture initiatives, the firm says.

Prior to his new role, Platt served as the Northeast region MP. Before that, he was the firm’s New England MP. He works with organizations on financial matters that include strategic planning, corporate board governance, profitability enhancements, and merger and acquisition services. He has served clients as an audit partner in a variety of industries.

Jordan became Grant Thornton’s MP for the Central region in December 2019. She has held a number of senior leadership roles since joining the firm in 2003. She most recently served as the national MP of markets, clients and industry, overseeing more than 1,000 client relationships, industry sectors, regions, sales, market intelligence and analytics.

Perazzo serves public and private audit clients, primarily in the technology and manufacturing industries, with a specialty in the food and beverage sector. He has also worked extensively with large multi-national companies, handling key financial matters. These include initial public offerings and due diligence for mergers and acquisitions. Prior to his current role, he was the firm’s California market leader.

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Former Grant Thornton CEO Mike McGuire to Retire

Mike McGuire

Chicago-based Grant Thornton (FY18 net revenue of $1.87 billion) has announced that the former CEO, Mike McGuire, will retire in February.

McGuire served as Grant Thornton’s CEO from 2014 to 2019, transitioning to the role of CEO emeritus last August. He was succeeded in the CEO post by Bradley J. Preber.

One of his accomplishments during his tenure was improving firm culture and investing in a brand development program. Under his leadership, the firm added large clients, recorded record revenues and produced audit-quality results that are some of the best in the accounting profession, the firm says.

“Participating in this work as a teammate, partner and leader has been the greatest honor of my professional life,” McGuire says in a statement.

Preber adds, “Mike has been an outstanding colleague and leader for our firm – and a good friend to all of us – for the past 17 years. Without his leadership, we would not be the firm we are today, with a clear opportunity to compete and win at the highest levels of our profession.”

Before taking the helm at Grant Thornton, McGuire served in several leadership posts, including national MP of markets, industry, people and culture. He joined Grant Thornton in 2002 after 20 years at Arthur Andersen.

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Grant Thornton Announces First COO, Other Leadership Changes

Chicago-based Grant Thornton (FY18 net revenue of $1.87 billion) has named Jim Peko as its first chief operating officer (COO) and David Hazels is taking the helm of its advisory services practice.

Renato Zanichelli will lead its tax services practice. The firm has also tapped Jamie Fowler for a new leadership role steering its transformation initiatives. Additionally, the firm selected Nichole Jordan as the new leader for its Central region.

As national MP of advisory services, Hazels will oversee the strategic direction and operations for a range of service areas – from growth and operations to risk and diligence, as well as public-sector capabilities. Hazels joined Grant Thornton in 2002 and most recently served as the firm’s national MP of risk services.

“David brings a broad and varied background to a highly dynamic business,” says CEO Brad Preber. “He has the acumen, prescience and leadership skills we need to meet fluid client needs in the decade ahead.”

In assuming his new post, Hazels frees his predecessor – Peko – to become Grant Thornton’s COO. Peko will work directly with Preber to drive the firm’s performance across all its service lines and help clients meet changing audit, tax and advisory needs.

“Jim’s track-record of smart decisions across our firm will give him the perspective needed to make critical operational choices for both today and tomorrow. He is the perfect fit for this role,” says Preber.

Peko joined the firm in 2006 and has nearly 30 years of experience. He has served as a member of the firm’s partnership board and held numerous leadership roles.

Zanichelli will assume the role of national managing partner of tax services. He joined the firm in 1994 and most recently served as national MP of tax reporting and advisory. Zanichelli succeeds Fowler in his new role, allowing her to become the firm’s first national MP for transformation. In her new role, Fowler will lead Grant Thornton in creating new products and services for its clients, while also steering the firm’s own technology infrastructure and internal transformation efforts. Fowler has held a number of leadership roles at Grant Thornton since joining the firm in 2003, including MP of the Atlantic Coast region.

Jordan will take over as regional MP of Grant Thornton’s Central region. She has held a number of leadership roles at Grant Thornton since joining the firm in 2003. She most recently served as Grant Thornton’s national MP of markets, clients and industry. Jordan takes over the Central region role from Wally Gruenes, who will retire in August 2020.

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Grant Thornton Names Bradley Preber as CEO

Bradley Preber

Chicago-based Grant Thornton (FY18 net revenue of $1.87 billion) announces that Bradley Preber has been selected as the firm’s CEO by the partnership board.

The board appointed Preber to the role following a comprehensive search process, and the firm’s partners and principals ratified the selection.

Preber has been serving as Grant Thornton’s interim CEO since June 2019, and will now serve as the firm’s CEO through July 31, 2022, which is his mandatory retirement date.

“Brad is a decisive leader who believes in delivering exceptional value to clients,” says Jim Wittmer, chairman of the firm’s partnership board. “As CEO, Brad will fuel Grant Thornton’s continued success providing innovative audit, tax and advisory services built on a foundation of quality.”

Preber says, “Today’s businesses face formidable challenges – from accelerating growth and keeping pace with technology to mitigating risks and enhancing audit quality. As CEO, I will help Grant Thornton build on our track record of helping clients overcome these challenges through our uniquely differentiated client services, and our singular ‘status go’ culture.”

Preber joined Grant Thornton in 2004, after serving as a partner at Arthur Andersen. He has held numerous leadership roles at Grant Thornton.

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Grant Thornton Looking to Boost Profits in U.K.

Chicago-based Grant Thornton (FY18 net revenue of $1.86 billion) has had a difficult year in the U.K., parting ways with about a dozen partners as it recovers from intense criticism over its audits of Patisserie Valerie and the controversial departure of its former chief executive, the Financial Times reported.

Grant Thornton told firm leaders that 6% of the total number of partners were leaving as it works to improve profits. The newspaper reported that 2018 profits fell by 8% to £72 million and revenue dropped from £500 million to £491 million. That pushed down partner earnings to less than what they made in 2015, when Sacha Romanovitch became chief executive.

An insider told the Financial Times that it was “not a night of the long knives”, but that some partners who were nearing retirement had been “moved on more quickly” as the firm attempts to rein in “legacy costs” related to its former leadership.

Jonathan Riley, head of quality and reputation at Grant Thornton, said the departures represented “a combination of factors including early retirement and some people whose roles no longer exist because of recent restructures and a change of focus around our client base generally.”

The new CEO, David Dunckley, who took over in November, has cut administrative staff and risky clients to turn around the firm’s fortunes.

One of the controversies dogging the firm is an investigation by the Financial Reporting Council for failing to spot a suspected serious fraud at bakery chain Patisserie Valerie.

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Grant Thornton Announces Promotions

Chicago-based Grant Thornton (FY18 net revenue of $1.87 billion) has admitted 42 new partners and principals, and promoted 39 to managing director.

“Providing our clients with distinctive service, quality results and innovative thinking is what makes Grant Thornton stand out among professional services firms, and we’re proud to count these dynamic new leaders as an important part of our team,” says Bradley Preber, interim CEO of Grant Thornton.

By service line, advisory accounted for the largest number of promotions (43%), followed by tax (28%), audit (25%), and internal client services (4%).

The newly admitted partners are:

  • Danny Allustiarti, audit, San Jose, Calif.
  • Melissa Black, tax, Chicago
  • Eddie Demosthenes, audit, Phoenix
  • Adam Erickson, audit, Minneapolis
  • Bob Forchetti, audit, Philadelphia
  • Laura Frei, audit, Dallas
  • George Geyer, audit, Philadelphia
  • Jeremy Goss, audit, New York
  • Jon Haugeberg, tax, Chicago
  • Hunter Jackson, audit, Charlotte, N.C.
  • Carl Kenyon, tax, Houston
  • Dan Lynes, tax, New York
  • Patrick McAuley, advisory, Charlotte, N.C.
  • Brandan McGaughey, audit, Houston
  • Russell Norris, tax, Charlotte, N.C.
  • Jared Novotny, tax, Minneapolis
  • Shalin Pathak, audit, Chicago
  • Jason Pizza, advisory, Chicago
  • Peter Poulos, tax, Chicago
  • Steven Propester, audit, Oklahoma City
  • Frank Russo, tax, New York
  • Chris Sheehy, audit, Dallas
  • Angie Sosa, tax, Reno, Nev.
  • Bryan Walker, advisory, San Francisco
  • Edward Weaver, tax, Chicago
  • Stacey Whitfield, audit, Columbia, S.C.

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