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KPMG partners have begun jockeying for position ahead of a potential UK leadership contest as boss Jon Holt’s campaign to become global chief creates uncertainty at the top of the Big Four accounting firm.
Holt, who has led the 16,000-person UK firm since 2021, is in a two-way race with global executive Gary Wingrove to run KPMG’s operations across more than 130 countries, the FT reported last week.
His candidacy creates a potential vacancy in the UK, the second-largest national firm in KPMG’s network of locally owned businesses, which share branding and technology.
Senior UK partners have begun privately discussing candidates to replace Holt if he wins the global job, according to people with knowledge of the matter, with some sounding out colleagues about whether they would vote for them if they were to stand.
The heads of KPMG’s advisory, audit and tax businesses are among the potential candidates being discussed by partners, though no formal process is expected until Holt’s plans become clear, the people said. Board member Callum Licence has also emerged as a possible contender.
Holt’s term leading the £3bn-in-revenue UK partnership runs until 2029 but KPMG International is due to select the next global boss by March before a handover at the end of September.
The Big Four normally choose new leaders only when the incumbent’s term is about to end, but the possibility of Holt’s elevation to global boss means jostling to succeed him has begun even before it is certain there will be a vacancy in the UK.
One former KPMG executive said partners “will be spending a huge amount of time on this”, and that the “internal politicking” would be “such a waste of energy” if the UK process did not come to pass.
Lisa Fernihough, head of advisory — the firm’s largest business line, comprising consulting and deal advisory — is expected to be among the candidates, according to people at the firm.
Fernihough, former chief people officer, commands respect from multiple partner cohorts and “knows how much everyone gets paid, which helps quite a lot”, said one of the people. She is likely to be judged partly on whether she can restore the advisory business to solid revenue growth after it contracted in 2024 amid a sector slowdown.
Cath Burnet, Holt’s successor as head of audit in 2021, is also seen as a strong potential candidate, according to four people who have worked with her. She is credited with helping to rebuild the firm’s image after a series of audit failures and is seen as close to Holt, said one of the people, though some at the firm questioned whether she would be able to win enough support outside the audit practice.
Vicki Heard, head of tax and legal, has also emerged as a contender to become the UK firm’s first permanent female chief executive.
At 46, she is young enough to serve two full terms before reaching the firm’s standard retirement age of 60 and her division has performed strongly during a post-pandemic consulting downturn. But tax partners have previously struggled to win support across the wider partnership.
Licence, a senior financial services partner, has not run a business line but could attract the “core” financial services voter base, said one former senior partner, while another said he was the most “commercially minded” of the likely contenders. He is well regarded for his work for UBS after its takeover of Credit Suisse, which has had a high profile internally.
If Holt leaves, the board will take “soundings” from partners and interview nominees before deciding who to put forward for a partner vote on his replacement.
It would be the firm’s first leadership contest since the chaotic departure of Bill Michael from the role in 2021 after he told staff to “stop moaning” about pandemic working conditions. Holt was the only candidate chosen by the board for a partner vote on that occasion.
The talks over succession come as KPMG grapples with disruption from AI and seeks to prove to clients that it can adapt quickly.
Financial performance at the UK firm has improved under Holt, who cut costs, reduced the number of equity partners to the lowest in two decades and froze promotions for years. The firm is expected to publish financial results this week showing robust performance for the year to September 2025.
Other partners highlighted as skilful enough to guide the firm include Melissa Geiger, chair of the UK-Swiss board after the firms merged in 2024; UK chief operating officer Chris Hearld; and Liz Claydon, global head of deal advisory, according to several current and former partners. However, the partners cautioned that the trio had shown little appetite for the role.
Karim Haji, global and UK head of financial services, and Robin Walduck, recently appointed UK chair, could also consider standing, said one person close to the firm.
KPMG UK said: “This is all speculation. There is no succession process under way. Jon Holt’s term as group chief executive [of the merged UK-Swiss firm] and UK senior partner runs to September 30 2029. We remain focused on delivering our strategy and the benefits from our UK and Swiss merger.”