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A profile of the U.S. Member Firm Chairman who will lead Deloitte Global as CEO from 1 June, 2015
Renjen has held a number of leadership positions, including chairman and CEO of Deloitte Consulting LLP. In addition to being chairman of Deloitte LLP, he currently serves as a member of the board of directors of Deloitte Touche Tohmatsu Limited (Deloitte Global), and as chairman of the Deloitte Foundation board of directors. He has been selected as Deloitte Global’s new chief executive officer, and will assume the new role on 1 June 2015, the start of Deloitte Global’s new fiscal year.
Punit is in his 28th year with the Deloitte network and was selected as the new CEO of Deloitte Touche Tohmatsu Limited (DTTL). He will begin his term on June 1, 2015, when the current DTTL CEO retires. Punit has been Chairman of the Board, Deloitte LLP (U.S. member firm), since June 2011. As chairman, Punit leads the board in providing governance and oversight as well as guidance on priority matters such as firm strategy, risk mitigation, and talent development. Punit is a member of the DTTL board of directors and its Governance Committee.
Outside of Deloitte, Punit is a member of the boards of directors at United Way Worldwide and the U.S.-India Business Council. He was named an honoree to the 2012, 2013, and 2014 National Association of Corporate Directors (NACD) “Directorship 100” and was named a “Top 25 Consultant” by Consulting magazine in 2007. He speaks regularly with top-tier media as well as at premier conferences and business schools. Punit often comments on research regarding the attributes of exceptional organizations, including the importance of a well-articulated and lived workplace “culture of purpose” as well as a high-functioning board.
Punit has held a number of leadership roles within the Deloitte network, including CEO of Deloitte Consulting LLP in the U.S. member firm. During his tenure as U.S. Consulting CEO, the consulting practice experienced tremendous growth despite an ongoing recession, helping Deloitte Consulting LLP become one of the largest consulting providers according to leading analysts’ rankings. Along with his partners and directors, he guided Deloitte Consulting LLP to be recognized as one of the “2010 Best Firms to Work For” by Consulting magazine and as one of the top firms in Vault’s Guide to the Top 50 Management and Strategy Consulting Firms.
Throughout Punit’s career, he has helped clients in various industries address a range of issues, including M&A, strategy, and operations improvement. His clients have included large multinational organizations spanning the energy, utilities, and telecommunications industries.
Punit was born and raised in India. He moved to the United States after winning a Rotary Foundation Scholarship to Willamette University, where he earned a master’s degree in management. He now serves on the board of trustees of Willamette University. He is married and has a son.
Punit Renjen discusses Deloitte core beliefs
2014: Culture of purpose
For the past three years, Renjen has commissioned the Deloitte Core Beliefs & Culture Survey. The 2014 survey found that focusing on purpose rather than profits builds business confidence and drives investment. This is a critical finding — and underscores the significant impact a “culture of purpose” can play in fostering a thriving community.
An array of key indicators shows an economy of fits and starts. Everything from hiring to business inventories is up one month and down the next. As a result, many businesses continue to sit on excess capital rather than put it to productive use. But not all businesses. Those committed to creating meaningful impact for all stakeholders (including clients, employees, and communities) foster strong cultures of purpose. This sense of purpose inspires confidence among leaders and stakeholders alike — and can lead to a competitive advantage in a time of economic volatility.
Confidence — it fuels business investments, innovation, and long-term growth. However, the current climate of uncertainty has greatly diminished that confidence slowing economic recovery.
Punit Renjen’s blueprint for building a culture of purpose
Articulate: Capture exactly who you are in language that’s specific and clear – and write it down.
Propagate: Communicate and illustrate the organization’s purpose that has been articulated – subtly and steadily over time.
Embed: Create the framework of programs and operations that gives your people a way to live the organization’s purpose.
Live: Align the behavior of leaders and employees alike with “who you are” and “why you exist.”
“All exceptional organizations have a culture of purpose defined by delivering meaningful impact for customers, employees, communities, and other stakeholders – which they clearly articulate and uncompromisingly live.”
- Punit Renjen
Punit Renjen’s five current trends in governance
- Succession planning: As disruption in the marketplace increases, boards must ensure their organizations have ready-now leaders in place – and a strong pipeline of developing leaders for the future.
- Risk management and brand protection: Boards must recognize that risk and value cannot be separated as risk is a decision-driver rather than a consequence of decisions that have been already made.
- Independence and creative tension: Fostering creative tension encourages and increases independence of thought in the boardroom.
- Culture of purpose: A culture of purpose beyond making a profit is essential in establishing and sustaining meaningful relationships with all stakeholders.
- Diversity: Exceptional boards bring together a variety of voices, backgrounds, and life experiences that can generate real deliberation – and new solutions.
In the news
- Renjen in the Huffington Post: “Does Focusing on ‘Society’ Limit Business as a Force of Good?”
- Renjen shares his insight in the Deloitte press release on the annual 2014 Deloitte core beliefs and culture survey
- Renjen cites “creative tension” as “The Crucial Edge that Makes a Board Exceptional” in Forbes