Deloitte, the big four accountants firm, has shoved aside the most elderly members of its senior executive team in a brutal move to bring in new blood.
Six of the 16-strong executive team are to leave the board, though they will remain with the firm, with younger partners being brought in to replace them in a slimmed-down team of 14.
Those stepping back include managing partner Stephen Griggs and three of its most senior women, with the male bias among Deloitte’s top management tier rising as result.
Deloitte said that the purge will allow a younger generation of partners to run for the top job by the time current senior partner Richard Houston steps down in 2027.
“I and the rest of the executive look forward to working with this next generation of leaders,” Houston told the FT.
Philip Mills will become the firm’s new managing partner, taking over next June when Stephen Griggs retires.
Deloitte’s partners received an average of £1mln in pay this year, the second consecutive period their remuneration has topped seven figures.