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Progress fueled by the past

by Punit Renjen
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    2 minute read 28 January 2020

    Progress fueled by the past Deloitte Review, issue 26

    2 minute read 29 January 2020
    • Punit Renjen United States
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    Every leap forward is bound by principles that create a stable foundation for us all. The occasional, quick backward glance reminds us that challenges similar to those we encounter in business today have been met—and often conquered—before.

    Punit Renjen

    This coming year, as you steer your organization through the intricacies of the Fourth Industrial Revolution, I hope you’ll also join us in celebrating 175 years of what began as a one-man operation in the waning years of the First Industrial Revolution.

    I doubt there was much fanfare when William Welch Deloitte hung a shingle outside his London office in 1845. After all, there were 204 other accounting firms listed in the city’s directory that year. The 27-year-old Deloitte, who’d dropped out of school a dozen years earlier to work as an assistant in bankruptcy court, was an undistinguished face in a sea of competitors. But he was industrious and talented, which caught the eye of Great Western Railway’s board of directors, who appointed Deloitte as its first-ever independent auditor just four years later.

    As we barrel into the digital age, there’s value in recalling pivotal events that occurred since the age of steam engines. The occasional, quick glance into the rearview mirror reminds us that challenges similar to those we encounter in business today have been met—and often conquered—before. Our job as leaders, to paraphrase Goethe, is to make a better future by developing elements from the past.

    Learn more

    This article is featured in Deloitte Review, issue 26

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    Sprinkled throughout this issue of Deloitte Review are a number of viewpoints that Deloitte has expressed in prior years: reminders that circumstances evolve, but fundamental issues persist. The accountability sought by the board that invited William Deloitte’s external review in 1849 remains at the core of ethical debates around the use of technology. Concerns about privacy that exploded with the growth of data collection during the age of Aquarius are equally troubling in the age of analytics. Decades-old fears that automation will make humans obsolete continue to be stoked by leaps in artificial intelligence. Trepidation about diversity in the workplace has been replaced by anxiety that we don’t have enough.

    These ancient, ongoing struggles do not signal failure on our part. Quite the opposite, they reflect how far and how quickly business has advanced, and more importantly, how attached business leaders remain to the basic values that bind society. As much as ever, integrity matters. Responsibility matters. Fairness, security, well-being, and relationships all still matter. The fact that we remain focused on these ideals in the face of radical transformation speaks well of our instincts.

    Progress is fueled by the past, and every leap forward is bound by principles that create a stable foundation for us all. In the 175 years since William Welch Deloitte’s modest foray into professional services, the world has learned many lessons and achieved many amazing things. May the future be as full of potential.

    Acknowledgments

    Cover image by: Barry Downard

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    Punit Renjen

    Punit Renjen

    Global CEO Emeritus

    On December 31,  2022, Punit retired as Deloitte Global CEO after having served in the role since June 2015. He now serves as Deloitte Global CEO Emeritus. During his tenure as CEO, Punit developed and executed a global strategy that resulted in Deloitte becoming the leading professional services organization in the world and recognized as the strongest and most valuable commercial services brand.  As CEO, Punit developed and executed a global strategy that resulted in Deloitte becoming the leading professional services organization in the world and recognized as the strongest and most valuable commercial services brand. During his tenure, Deloitte has led its competitors in growth and impact, becoming the largest of the Big Four while also the leader in audit quality. Under Punit’s leadership Deloitte launched WorldClass—a global effort to prepare 100 million underprivileged people for a world of opportunity—based on the belief that when society thrives, business thrives. Recently Deloitte made a commitment to be net zero by 2030 under its WorldClimate initiative, and joined the First Movers Coalition. Punit is deeply committed to advancing diversity and inclusion at Deloitte through measurable actions toward gender balance. Prior to his current role, Punit served as the chairman of Deloitte LLP (Deloitte US) from 2011–2015. He also served as CEO of Deloitte Consulting LLP from 2009 to 2011. Over the course of his career, Punit has been recognized by numerous organizations for his leadership, business acumen and commitment to societal impact. In 2022, Punit was recognized by the Economic Times as “Global Indian of the Year” and the Carnegie Corporation of America as one of 34 “Great Immigrants. Great Americans.” In 2021, the US-India Strategic Partnership Forum recognized Punit with its Global Achievement Award. In 2020, Punit was awarded the Oregon History Makers Medal in recognition of his business leadership. Additionally, he was named by EMPower to their list of Top 100 Ethnic Minority Executive Role Models 2020 and the Indiaspora Business Leaders List recognized Punit as one of over 50 executives from the Indian diaspora. Previously, he has been awarded the NACD Directorship 100 award, the Haryana Gaurav Samman and picked as one of the top 25 consultants. Outside of Deloitte, he is a member of the Business Roundtable, the International Business Council of the World Economic Forum (WEF), and the WEF Alliance of CEO Climate Leaders. In 2022 Punit was appointed as a member of the US-India CEO Forum (an initiative of the US Department of Commerce) to deepen bilateral relationships between the two nations, and appointed to the Council for Inclusive Capitalism steering committee. Previously, he served as the chairman of the United Way Worldwide. Punit was born and raised in India. He moved to the United States on a Rotary Foundation scholarship to attend Willamette University. He has served on the Willamette University board of trustees. Willamette University awarded him an honorary doctorate in 2019 and cited him as a distinguished alumni. He is married and has a son.

    • punit@deloitte.com

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