KPMG International chairman Jon Madonna has handed over the reins as chairman and chief executive of the firm’s US practice, KPMG Peat Marwick, to Stephen Butler. Butler, who was elected to the post last Thursday, outlined plans to increase the firm’s revenue by 10% a year, and to increase profit-per-partner at a broadly similar rate. For the year to June the firm reported revenues of $2.53bn, with income per partner of $325,000.