KPMG Lower Gulf will have a new CEO at the helm from 2023 as the current CEO Nader Haffar, will be stepping down after indicating he will not participate in the upcoming elections for the CEO post.
Haffar will remain in the current role until December 31.
A statement from KPMG said that it will continue the full governance review process that is being undertaken by an independent global law firm. Additionally, the firm has started an independent CEO election process to be completed before year-end.
Haffar has been the centre of a series of stories in Financial Times alleging nepotism, cronyism and partner discontent in the company. In July, the paper reported partner unrest over governance issues, including the fact that Haffar had extended his tenure until 2027 without offering an opportunity for opponents to run against him.
The resignation also comes less than two weeks after Dubai financial regulators slapped a $2 million fine on the company for its auditing of Abraaj.
In a statement, Haffar said: “The current speculation about various issues related to KPMG Lower Gulf’s governance is a distraction for the firm, unsettling for our people, and has an impact upon the firm’s reputation. For these reasons I will not stand as a candidate in the leadership election process.
“KPMG Lower Gulf is a great firm and full of amazing talent. I am very proud of what we accomplished over the last five years and believe the future will be brighter. My decision will help to ensure that future.”
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