In a surprising turn of events, David Dunckley has announced his decision to step down from his role as head of Grant Thornton UK.
Dunckley, who has been at the helm of the firm since 2018, will be succeeded by the firm’s chief operating officer Malcolm Gomersall, until a permanent replacement is found.
Dunckley’s decision to step down came as a surprise to many, as he was expected to remain in his role until the end of 2026.
His tenure was marked by significant changes in the firm’s strategy, including a shift away from the public interest entity audit market to reduce exposure to high-risk clients.
Despite facing several high-profile fines for failings in its audit work, Grant Thornton under Dunckley’s leadership managed to improve its audit quality, as acknowledged by the Financial Reporting Council in July.
“Over Christmas, I decided it was time to take a break, following a successful five years service as CEO,” Dunckley said in a statement. “I am confident that I pass a quality operation into the safe hands of my successor and all our partners.”
A successful tenure
During his tenure, Dunckley faced criticism for his comments to MPs that the firm’s audit teams did not look for fraud.
However, he managed to stabilize Grant Thornton after his predecessor, Sacha Romanovitch, resigned following attacks on her leadership style and socialist agenda.
Under Dunckley’s leadership, Grant Thornton reported a 12% rise in revenues to £610 million in 2022, while the average partner pay fell by 5% to £579,000.
The road ahead
With Dunckley stepping down, the firm now faces the challenge of finding a successor who can continue to drive growth while navigating the complex landscape of the accounting industry. The firm has assured that Dunckley will remain as a partner until the end of March to ensure a smooth transition.
As Grant Thornton embarks on this new chapter, it will be interesting to see how the firm navigates the challenges and opportunities that lie ahead. The firm’s ability to adapt to changing market dynamics and maintain its growth trajectory will be key to its future success.