Cathy Engelbert has been elected to chief executive officer of Deloitte LLP, becoming the first female CEO of a major audit and consulting firm in the U.S. Mike Fucci has been elected to the position of chairman of the Board of Deloitte LLP. Engelbert and Fucci will both begin their new roles on March 11, 2015.
"Cathy has a strong track record of advising some of the firm's leading clients, and working with regulators to advance our industry-leading Audit practice," said Punit Renjen, currently chairman of the Board of Deloitte LLP. "Mike's experience growing new practices and developing talent across the organization has helped Deloitte offer an unmatched portfolio of services. I am confident Cathy and Mike will lead with distinction, helping Deloitte continue to drive impact that matters."
Engelbert, , currently serves as chairman and CEO of Deloitte & Touche LLP, the U.S. accounting, auditing and risk advisory subsidiary of Deloitte LLP, leading the Audit practice. Since joining Deloitte in 1986, Engelbert has had a distinguished track record serving several of Deloitte's largest and most complex global clients and is a former member of the Deloitte LLP Board of Directors.
"I'm deeply honored to lead Deloitte," said Engelbert. "I look forward to collaborating with all our people to continue to lead our profession in quality and innovation. Together, we make an impact that matters every day for our clients, the capital markets, communities and society."
Engelbert is a member of the Financial Accounting Standards Advisory Council, which advises the Financial Accounting Standards Board on strategic issues, project priorities, and other matters that affect accounting standard-setting. She has held partner roles serving several of the world's leading life sciences and pharmaceutical companies and advises multinational companies on financial instrument accounting matters. Engelbert has served on the Deloitte LLP Board of Directors and was a member of the Board's Strategic Investment, Finance & Audit, Risk, and Regulatory & Government Relations Committees.
Engelbert holds a BS in accounting from Lehigh University. She is a certified public accountant and a member of the American Institute of Certified Public Accountants. She serves as a member of the Accounting Advisory Board for Lehigh University. Engelbert is a past recipient of the YWCA's Tribute to Women in Industry Award and is among the Women's Fund of New Jersey's "25 Most Influential Women in Finance."
"Cathy has been a formidable and influential industry presence during her many years at Deloitte and will undoubtedly continue to drive our firm and profession forward," said Frank Friedman, who has served as the interim CEO and will become chief operating officer. "And in electing the first female CEO in the industry, Deloitte continues to lead in fostering inclusive leadership. Deloitte was also the first professional services firm to elect a minority CEO, woman chairman of the Board, and minority chairman."
For more than 33 years, Mike Fucci, , has been a practitioner and principal at Deloitte. During his career, Fucci led the U.S. Human Capital practice's growth to over $1 billion. In 2009 he took responsibility for all Consulting service areas during a significant economic downturn. Under his leadership, Consulting's service areas thrived and have been among the U.S. firms' top performing business units. Fucci has been a member of the Deloitte LLP Board of Directors since 2012, serving on its Governance Committee, and chairing its Risk and Regulatory Committee.
"I am humbled by this rare privilege to represent my colleagues as chairman of the Board," said Fucci. "I appreciate the full scope of this responsibility, and I look forward to leading our Board of Directors in executing our charter of governance and oversight. Through constructive and candid dialogue with Cathy, her management team, as well as among our partnership, together we can continue to increase Deloitte's meaningful impact on all our stakeholders."
Fucci holds a bachelor's degree in math from Montclair State University. He was named to Consulting Magazine's distinguished "Top 25 Consultants" list for his work with clients and leadership excellence, and he remains a thought leader within the HR consulting market. Fucci has been featured as a Conference Board speaker on HR, compensation and talent management topics.
Deloitte has been recognized 15 times on Fortune magazine's list of "100 Best Companies to Work For" since 1998 and is "Great Rated" by the Great Place to Work Institute Inc. Deloitte's Talent initiatives have received wide recognition this past year. Deloitte's recent accolades include being ranked twice as the "No. 1 Private Company for Leadership Development" by Chief Executive, No. 5 on Universum's 2014 "World's Top 50 Most Attractive Business Employers" list and No. 11 on DiversityInc's "Top 50 Companies for Diversity."
The election of Deloitte LLP's CEO and Chairman takes place every four years. The Nominating Committee of Deloitte's Board of Directors solicits all partners, principals and directors for their views on desired attributes for their elected leaders and requests suggestions for specific candidates. The Board's recommended candidates must then be approved by two-thirds of all voting partners and principals.
Deloitte LLP is a member of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), that provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including three quarters of the Fortune 500. Our people work across more than 20 industry sectors to deliver measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to make their most challenging business decisions with confidence, and help lead the way toward a stronger economy and a healthy society.