The CEO of Deloitte US, Joe Echevarria, has decided to retire after 36 years at the firm. Frank Friedman, the current CFO of the accounting and consulting firm in the US, has been appointed as (interim) CEO.
In a press release, Deloitte US has announced that it has appointed Frank Friedman, the current CFO, as the firms’ (interim) CEO. The appointment follows the departure of Joe Echevarria, who was Deloitte’s US CEO since 2011. Echevarria has decided to leave 9 months ahead of the end of his 4-year-CEO-term, stating that he wishes to pursue his interest in public service. While the company is in the midst of the regular CEO-election process, which occurs every 4 years, it is unclear if Friedman will be elected CEO for the upcoming 4 years or if he will only serve as an interim CEO.
Friedman joined Deloitte in 1979 with a BA degree in Accounting, Accounting and Finance of the University of Kansas. During his 35 years at Deloitte, Friedman held the position of Deputy Managing Partner Operating Infrastructure, Systems & Technology for 29 years until 2008. In 2008, he became Deputy CFO of Deloitte US and US Operating Group Member. In 2011, he was promoted to Deloitte’s CFO and Managing Partner, Finance & Administration. “I am truly humbled to serve as CEO,” says Friedman. “It is an honor to have the opportunity to lead Deloitte — 65,000 people who every day deliver measurable and enduring impact on behalf of our clients, communities and society.”
Leaving CEO Joe Echevarria joined Deloitte in 1978 with a BA degree in Business Administration of the University of Miami. Echevarria became an Audit partner in 1988 and has held several leadership positions, including US Managing Partner of Operations. Echevarria was elected CEO in 2011 for a 4-year-term. While serving as CEO, Echevarria, among others, was member of the US Board, the Deloitte Touche Tohmatsu Limited (DTTL) Executive and the DTTL Board, and the Chair of the US Executive. During his leadership, Deloitte’s annual revenue grew from $11.9 billion in 2011 to $13.9 billion in 2013. “Joe has overseen a period of robust growth, helping to establish key client relationships and development opportunities for our people, and we are thankful for his years of service,” says Punit Renjen, Deloitte's Chairman.
Echevarria decided to cut his CEO-term at Deloitte short to pursue his interest in public service. “I have determined that this is the right time in my life to pursue my passion for public service,” says Echevarria. “Given my roots, inner-city Hispanic from the South Bronx—I am especially looking forward to continuing my role as co-chair with Magic Johnson on the My Brother’s Keeper Initiative, which is focused on helping boys and young men of color succeed.”