Deloitte announces new China CEO in the run up to the Firm’s centenary in this marketplace
Published: 30 September 2016
Deloitte China (The Firm) is pleased to announce that Patrick Tsang has been elected to the position of Chief Executive Officer effective 1 October 2016, receiving the baton from retired partner Lawrence Chia. The appointment has the strategic significance in supporting the Firm for its continued business contribution in China, riding on the solid foundation it has built since 1917.
Patrick's new leadership followed the announcement of the financial results of the Deloitte Global network, which reported aggregate revenue of US$36.8 billion for the fiscal year ended 31 May 2016 (FY2016), representing 9.5 percent growth in local currency terms. The Firm has continued to make pivotal contribution to the Deloitte Global network, evidenced by our current ranking as one of the largest member firms globally by headcount and revenue.
Commenting on the appointment, Punit Renjen, Deloitte Global CEO said "China, which is now the world's second largest economy, has been and will continue to be an important market for Deloitte globally. Patrick has a deep understanding about the China market, having over 20 years of experience in supporting Chinese companies in their local and global expansion, and advising multinational companies in establishing their footholds in China. I have no doubt about Patrick's new leadership in further strengthening the Deloitte's capabilities in this marketplace by helping clients to address their hot button issues, brought about by rapid changes in the business environment."
As the new Deloitte China CEO, Patrick will take up the responsibilities that focus on enhancing the depth and breadth of the Firm's capabilities in supporting clients in this constantly evolving environment within China. Tsang said: "I feel honored to assume this important position at a time when our firm is approaching its centenary in this marketplace. The appointment is more than a pinnacle of my personal career, but reflects the vote of confidence from my fellow partners, who share with me the common vision of building our stronger China practice for the future."
"The Deloitte purpose is about making an impact that matters. Since 1917, Deloitte has continued to make an impact that matters to the Chinese market by being part of its social and economic transformation. Over the past few decades, for instance, the China Firm has helped clients on over 500 IPOs and raising HK$1 trillion in IPO proceeds. We have also advised some of the largest outbound mergers and acquisitions by Chinese companies in support of their globalisation and business expansion. Deloitte has helped and will continue to help leading companies with their digital transformation by leveraging our global best practices and strategic alliances such as the recent Deloitte-Apple partnership. On the society front, we set up the Deloitte Foundation to aid the marginalized population and contribute to social development. Deloitte will remain committed to making an impact that matters to China's economy as we get ready to launch our journey for the next century in this marketplace," he said.
"Going forward, it will be critical for us to develop a distinctive Deloitte brand, underpinned by a refreshed approach that embraces innovation and technology for elevating our client experience. Equally important, we need to foster a culture that emphasizes on quality and collaboration, which are conducive to our sustainable business growth," Tsang added.
Tsang has developed his career with Deloitte for over 25 years. Prior to his appointment as CEO, he was the Eastern Region Managing Partner for Deloitte China, focusing on developing our regional network and business capacity in alignment with the future business opportunities and needs of companies in Eastern China and against China's plans for Shanghai to become one of the world's leading financial centers by 2020. Previously, he also held other leadership positions within the China Firm, including Eastern Region Audit leader and the national leader of the China Public Offering Group and China TMT Industry.