New chairman for KPMG International

Timothy P. Flynn, 50, has been elected chairman of KPMG International for a four-year term, effective October 1, 2007. He succeeds Sir Michael Rake,   who is retiring from KPMG – and will become the next chairman of BT Group plc. Mr Flynn was elected unanimously by the KPMG International Board and Council. He will lead the KPMG global network of professional firms operating in 148 countries, with 113,000 partners and professionals worldwide. A 28-year veteran of KPMG and a partner since 1988, he has provided strong leadership and vision during a period of transformation for the U.S. firm.

Mr Flynn remains as chairman and CEO of KPMG LLP, the U.S. audit, tax and advisory firm. He was elected to head the U.S. firm in 2005 and is serving a five-year term.

The new chairman said: “I am honored to be elected chairman of KPMG International and I look forward to building on the achievements attained by Mike Rake – as well as addressing the challenges we face in this extraordinary time of continued change for the accounting profession. Mike has an enviable record at KPMG, as both senior partner in the U.K. firm and chairman of KPMG International.

“Looking ahead, the top strategic issues we’re confronting remain across the global landscape. With increasingly complex transactions and an intensified regulatory and reporting environment,  KPMG will remain focused on the development of its people and a global culture based on ethics, integrity and professional excellence – above all else,” Mr Flynn said. “We never lose sight of the important role that auditors play in ensuring the integrity of the global capital markets and protecting investors.”

As chairman and CEO of KPMG LLP, the U.S. member firm, Tim Flynn has made professional excellence and creating a values-driven culture his top priorities.  He most recently served as vice chair, audit & risk advisory services, for KPMG LLP. He has also served as global managing partner – audit for KPMG International, where he chaired the global audit steering group, and was a member of KPMG International’s international executive team.