Chicago-based Grant Thornton LLP (FY18 net revenue of $1.9 billion) announced that CEO Mike McGuire will assume the role of CEO emeritus, effective Aug. 1. In this role, McGuire will serve as a brand ambassador for the firm, focusing on business development and supporting key client relationships. McGuire also will help execute a seamless leadership transition for the firm.
“It has been the honor of my life to lead Grant Thornton over the past five years, and I am so proud of all we’ve accomplished as a team,” says McGuire. “Our firm is on a great path to continue to create value for our clients, build on our leading quality and culture, accelerate innovation and growth, and disrupt our profession.”
“As fast as the marketplace is changing,” McGuire continued, “I believe we now need to transition as quickly as possible to new leadership that can take us on the next leg of our journey to become the ‘firm of the future’ over the next five years or more. I will do everything in my power in the coming years to help the firm navigate this transition and continue to succeed.”
Since becoming CEO in 2015, McGuire and his leadership team have steered Grant Thornton to record-setting revenue and driven its audit quality results to the top of the profession, while also investing in the firm’s culture and brand. In addition, under McGuire’s leadership, Grant Thornton has invested in innovative capabilities aimed at transforming the professional services industry in the years to come. The Partnership Board released a statement saying that, “Mike McGuire has taken our firm from the ‘now’ to the ‘next’ and on to the ‘new,’ and we thank him for his vision and leadership.”
The Partnership Board will continue its previously announced long-term CEO succession process that is currently underway with a leading executive consulting firm.
The firm will be led by Bradley J. Preber who will serve as interim CEO-elect, effective immediately, working closely with McGuire and other members of the senior leadership team until formally accepting the position of interim CEO on Aug. 1. Preber is currently the chairman of the Partnership Board and national managing partner of Business Risk Services for the firm. He also serves as the Phoenix OMP. Preber will temporarily step aside from these roles while he serves as interim CEO. Preber has served in a number of executive roles since joining the firm from another global public accounting firm in 2003.
Preber said, “Mike McGuire has positioned the firm well for future success, and I am prepared to lead our firm forward as our board continues the succession process.”