PwC US boss Tim Ryan drops out of global leadership race

Tim Ryan, CEO of PwC US, has dropped out of the race to become Bob Moritz’s successor as PwC global chair, the Financial Times reported last week.

Ryan told partners last Friday he will retire from PwC US in June 2024 following the completion of his second term.

Ryan was the most likely choice to succeed Moritz, who is also set to complete his second four-year term in 2024. PwC US, which accounts for 40% of the global accounting and consulting network’s revenue, usually has its leaders ascend to the global chair position.

However, there was some opposition from non-US partners arguing Ryan was not well suited for the more ambassadorial, coordinating nature of the global chair role.

One partner told the Financial Times that Ryan is a “hard-charging, tough businessman,” who is “very direct.” Another said, “Tim’s style…is tough for many other territories to handle.”

Kevin Ellis, head of PwC UK, told the Financial Times, “It is a chair or ambassadorial role. It’s a different skill and a different job. Tim has been an extremely good CEO. I wasn’t as shocked as everyone else that he decided this wasn’t the right job for him.”

Non-US partners also bristled at the idea that the US CEO should necessarily become global head. “There was a feeling that there can’t be a procession, there has to be a process,” one said.

Ryan has been at PwC for 35 years. During his seven years as US CEO he grew revenues from $16 billion to $20.7 billion.

With the apparent frontrunner out of the race, the new top candidates for PwC global chair are Mohamed Kande, US head of consulting, and Carol Stubbings, a UK-based partner who leads PwC’s tax and legal services division globally.