Lynne Doughtie has been announced as KPMG’s new US CEO and chairman, closely following the hire of Cathy Engelbert for the same position at Deloitte.
Two of the “Big Four” banks that dominate the professional financial services industry have appointed female chief executives recently, both having worked at their respective firms for over three decades. Being a part of both companies for so long, Doughtie and Engelbert have seen their firms move from being largely male dominated workforces, to being two of the best companies for women to work for.
Previously in charge of KPMG’s US consulting practice, Doughtie will move on to serve a five year term as CEO and chairman from 1 July this year. According to an anonymous KPMG insider, the reason for Doughtie’s appointment is due to the consulting practice incurring revenues of over $2.65 billion in 2014 and becoming the fastest growing part of KPMG’s US business under her leadership.
Doughtie started at KPMG in the Richmond audit office and spoke more talks about her progress in an interview with the Washington Post. “The focus on retention and advancement has led more women in the profession to achieve that top spot,” Doughtie told the Washington Post. She also mentioned that supportive male colleagues are the reason she has advanced within the company as they “championed her within the organisation.”
At the end of last month, Engelbert was appointed as the first female CEO for Deloitte. She also told the Washington Post in an interview that a “key to my success was that I found male mentors and male sponsors. I think some women are afraid to say that.”
Engelbert told the Post about how she believes times are changing for the financial industry as “over the last year, 66 percent of our hires were women and minorities. This is a total imperative for us. In the ‘90s, about 50 percent of our hires were women, but they represented less than 10 percent at the partner level”.
The appointment of Doughtie and Engelbert at CEO level at top banks, highlights that more women are reaching high positions within the finance industry.
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