Deloitte Touche Tohmatsu announced that Chris Lu has been elected the CEO of the Deloitte China commencing 1 October 2008. Lu succeeds Peter Bowie who will take up the position of Senior Partner, Deloitte China. Further, Joseph Lo has been elected as Chairman of Deloitte China, succeeding outgoing Chairman Kenneth McKelvie whose term ended on 31 May 2008.
“Lu and Lo are very experienced local partners with proven track records in helping Deloitte, its people and clients excel,” says Jim Quigley, global CEO Deloitte. “They are well qualified to continue the strong growth and expansion of Deloitte China for the benefit of our clients, people and communities, not just in China, but around the world. I celebrate the accomplishments of former CEO Peter Bowie, former Chairman Ken McKelvie, and their team, for building the solid foundations that have enabled Deloitte to be a leader in professional services in China. I thank them for their exceptional leadership and for being role models for our people everywhere.”
Since the unveiling in 2004 of the US$150 million China strategy, Deloitte China has achieved significant growth. The firm has more than tripled its headcount and revenues are increasing well into the double-digits. It is one of Deloitte’s fastest growing member firms, and is now the fourth largest firm (in headcount) after the United States, United Kingdom, and Canada, accounting for about 5% of the Deloitte workforce globally.
As part of its ongoing effort to build its local capabilities, Deloitte China has admitted 44 high-performing professionals to partnership and hired 1,500 university graduates in FY08/09. Its commitment to people development has also won it best employer awards.
“Our vision is for Deloitte China to be recognized by our clients and our people, not just as world class, but truly in a class of our own for both technical and service excellence in all areas of our multidisciplinary offerings,” says Lu. “With the solid foundation laid over the past five years, this is highly attainable. Our diversity of experience and expertise, combined with our commitment to think and act with an always one step ahead approach, allows us to address our clients’ challenges and opportunities with practical approaches.
“In the next five years, we will continue to focus on developing our people, equipping them with skills for the markets of the future as much as the present. Aligned with that, we are also investing in infrastructure and resources to help us further develop and utilize our intellectual capabilities. One of the major initiatives is the establishment of the Deloitte China Research and Insight Center to identify, analyze and provide insights on issues that shape our clients’ businesses.”
Lu has over 27 years of international and Greater China experience. He has worked in Deloitte offices in the United States and Taiwan prior to transferring to the China firm in 1994. He currently serves a number of leadership roles include Managing Partner of Eastern China, National Managing Partner of Clients & Markets, as well as Co-Leader of Global Chinese Services Group. He was awarded Shanghai’s prestigious Magnolia Award in 2003 and 2005, which recognizes expatriates for their deep friendship with and significant contributions to the development of the city of Shanghai.
Prior to his role as Chairman of the China firm, Lo was a leader of its Reorganization and Forensic practices and a co-leader of the Financial Advisory Services practice. He is actively involved in Mainland affairs serving as a member of 10th Hebei Provincial Committee of the Chinese People’s Political Consultative Conference (CPPCC), and Advisor for the China Accounting Standards Committee of the Ministry of Finance of the People’s Republic of China
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