OREANDA-NEWS. On November 12, 2007 BDO International, the world’s 5th largest accounting network, announced that Jeremy Newman, managing partner at BDO Stoy Hayward, is to become CEO of BDO International, effective 1 October 2008, reported the press-centre of BDO.

Frans Samyn, who has been in post as Chief Executive at BDO’s head office in Brussels, Belgium, since October 2002 will step down when his term of office comes to an end in September 2008.

Jeremy Newman has been managing partner of BDO Stoy Hayward, the UK Member Firm of BDO International since 2001 and his term of office is also due to end in September 2008. An election to appoint his successor in the UK firm will be held, as planned, early in 2008.

Since 2002, BDO International’s global revenues have risen from USD 2.4 Billion to USD 3.9 Billion in 2006 and the world wide number of partners and staff increased from 22,500 to 30,000. BDO is recognised internationally by the financial markets and the regulators as one of the world’s six large accounting networks with global capabilities.

During his time as managing partner, Jeremy Newman has led BDO Stoy Hayward through some of its most significant developments:

the firm’s fee income has risen from Ј122.5m in 2001 to Ј317m in 2007
staff numbers have risen from 1,400 in 2001 to over 3,000 in 2007
being the only firm outside the Big 4 to audit a FTSE 100 company in recent years; the firm now has the largest portfolio of FTSE 350 audits outside the Big 4
strengthened the firm’s regional operations through mergers and acquisitions to create a meaningful presence in all the UK’s key commercial centres

His appointment as the new CEO of BDO International is a clear sign of the global network’s desire to build on its existing foundations by investing more heavily in its infrastructure and its management.

The role of CEO of BDO International will continue to be an authoritative and challenging voice in the current debate over the market domination of the Big 4 firms, and the resulting lack of competition and choice in the audit market. Jeremy has successfully persuaded the UK market that BDO Stoy Hayward has the necessary capabilities to audit all but the very largest firms. His appointment demonstrates the International network’s recognition of the need to influence the global market of BDO’s market position, strength and capabilities.

Jeremy Newman comments: “I am very proud to have served as managing partner at BDO Stoy Hayward and the growth and success of the UK firm will continue to be my number one priority until I stand down in September 2008.

“It will be a privilege for me to move into this new role with BDO International and to drive forward the development of an already strong international network, ensuring that BDO can truly be the only alternative to the Big 4, not only in national markets, but also on an international scale.”

Frans Samyn added: “I am pleased to see that the BDO International network is determined to further strengthen its position in the world wide accounting market. Clients and prospects are keen to see more choice and regulators want more competition. With his track record in the UK, Jeremy will be able to convince the entire world wide network and the international markets that BDO will fill the void.”