Deloitte announces new China Chairman and Vice-chairman

Published: 6 August 2014

Deloitte Touche Tohmatsu Limited (Deloitte Global) announced today that Deloitte China has appointed Clement Hung to the position of Chairman of the Deloitte China member firm ("Deloitte China" or "China firm"). At the same time, Philip Tsai was appointed as Vice Chairman of the China firm. Clement Hung assumed his new role and responsibilities from Joseph Lo, who has completed his term, and Philip Tsai succeeded the position from retired partner Alfred Tang.

Commenting on their appointment, Barry Salzberg, Deloitte Global CEO, said: "I'm delighted to welcome Clement Hung and Philip Tsai, two of the highest caliber leaders, into their new roles. The experience Clement and Philip bring to the Deloitte China leadership team will continue to further strengthen the Deloitte network’s capabilities in China and across Asia. The Chinese economy is set to become the world’s largest and as such, will give them both the opportunity to provide their extensive expertise in helping clients manage their most complex issues, such as increased regulation, competition and technological advances at a time of unprecedented change."

Deloitte China CEO, Lawrence Chia, said: "Since taking up the role of Deloitte China CEO last October, I have been working closely with our China partnership team to formulate strategies that build upon Deloitte China's strong foundations as arguably one of the longest established professional services firms in this marketplace. Complementing my background in financial advisory, our new Chairman, Clement Hung, and Vice Chairman, Philip Tsai, are very experienced partners of our firm with leadership roles in our audit practice as well as a track record of public service, community service and service to the development of our profession across the China region. I am looking forward to working with these two highly skilled colleagues who I know share my strong commitment to the China firm and to the business and wider community that our firm serves."

A chartered accountant, Hung has developed his career with Deloitte China for over 30 years. Prior to his appointment as Chairman, he was the Southern China Audit Leader and the Southern China Regional Deputy Managing Partner. Hung has been involved in many high level decisions related to business strategy and governance for Deloitte China, having been a Board Member of the China Firm since 2008 as well as serving as Deloitte China’s representative on the DTTL Board.

"The China firm is ranked as one of the largest member firms globally by headcount, so we are increasingly expected, as one of the largest member firms to be a key participant in the shaping of the strategic direction of the Deloitte network of member firms. With Deloitte's vision of the global economy and the role Deloitte will play in the professional services industry by 2020, this is an exciting time to be the China Chairman and a member of the DTTL Global Board," said Hung.

Also a chartered accountant, newly appointed Vice Chairman, Philip Tsai, has more than 30 years of audit experience serving Hong Kong based operations of multinational companies, as well as locally and overseas listed clients across a wide spectrum of industries. Tsai is a prominent business figure with an extensive portfolio of public service appointments and pro bono contributions. Tsai has been a board member of the China Firm since 2012 and he was the President of the Hong Kong Institute of Certified Public Accountants in 2011.

"It is an exciting, yet challenging time to serve as the Vice Chairman and a member of Deloitte China's leadership team that will mark our firm's centenary in the China marketplace in a few years' time, and define our firm's role and contribution going forward into the next century. My fellow partners can count on me in my role as the Vice Chairman to continue building a stronger network of business relationships and elevate our market eminence, leveraging my experience in the accounting profession and public appointments in various government, community and social service committees," said Tsai.