pwc china chairman replaced
2024-09-14
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on september 13, pwc network issued a statement on the pwc china evergrande incident.
the statement expressed disappointment with pwc zhongtian's audit work for evergrande real estate and announced a series of personnel changes - li dan resigned as pwc china chairman, and pwc global risk and regulatory officer hemione hudson has been appointed as china chairman. pwc china assurance business leader wang xiao will take on a higher position to lead pwc china's audit and assurance business.
the statement said that pwc china and its management committee, with the support of the pwc network, have taken a series of accountability actions and remedial measures, including terminating the employment of six partners and dismissing five employees directly involved in the audit of evergrande real estate; accountability actions have been taken and financial penalties have been initiated against current and former company leaders responsible for the business.
【1】global chief risk and regulatory officer “airborne” to china
according to information on pwc's official website, he muni, as the global chief risk and regulatory officer, is one of the 13 members of pwc's global leadership team. since joining the uk company management committee in 2016, she has been leading pwc's assurance and audit business in the uk. she is a member of the institute of chartered accountants in england and wales (icaew) and has more than 25 years of experience, focusing on serving audit and consulting clients in the banking and broader financial services industries.
li dan expressed his welcome to he mu ni in his speech to all employees. "in the past few weeks, she has been working closely with me and the pwc china management team. i firmly believe that she will lead the company forward and open a new chapter." li dan said that he was very honored to serve as the chairman of pwc china for some time. in the future, he will fully support he mu ni's work.
【2】li dan took office only two months ago
in july this year, li dan officially took up the position of chairman of pwc asia pacific and china. previously, the position was held by chao pak-kei. this personnel change was only two months after li dan took office. the statement said that in view of his previous position as the head of pwc china's assurance business, li dan agreed to resign as chairman of pwc china. he will continue to support business development as the chief partner of pwc zhongtian.
li dan is the first mainland chinese to lead the china business of the big four international professional services firm and has served pwc china for more than 30 years. he joined pwc in 1993 and became one of the first batch of local fresh graduates recruited and trained by pwc in mainland china. he became a partner in 2004. in 2015, li dan was appointed as the chief partner of pwc zhongtian.
affected by the evergrande incident, pwc faces a series of challenges in the chinese market, and has recently been terminated by listed companies and fund companies. according to incomplete statistics, 38 a-share companies, 7 hong kong-listed companies, and 10 fund companies (fund products) have terminated pwc's contracts. the audit fees of the relevant a-share companies totaled more than 600 million yuan last year. some ipo projects served by pwc are also re-selecting audit institutions.
【3】wang xiao leads pwc’s audit business in china
another personnel adjustment in the statement is that kevin wang, the head of pwc china's assurance business, will take on a more important role to lead pwc china's audit and assurance business. according to pwc china's official website, kevin wang's chinese name is wang xiao. his current official position is the audit managing partner of pwc china central region, and he is also an executive member of the pwc special general partnership management committee and the pwc greater china audit business management committee.
commenting on the incident, pwc global chairman mohamed kande said in the statement: "the work done by the pwc zhongtian evergrande real estate audit team fell far short of our high expectations and is totally unacceptable. it does not represent what we stand for as a network and there is no room for that at pwc. therefore, after a thorough investigation, we ensured that we took action to hold those responsible accountable and developed a comprehensive remediation plan to build a stronger pwc china business for the future. china remains an important part of the pwc network and i have every confidence in pwc partners and employees as we work together to rebuild trust with our stakeholders."
related report: the ministry of finance and the china securities regulatory commission both issued the maximum fine to pwc
