Bill Michael resigns from the audit giant saying he is “truly sorry” his words “caused hurt”.
image copyrightKPMG
The UK chairman of KPMG has resigned following a row over comments he made at a meeting on Monday.
Bill Michael had reportedly told consultants to “stop moaning” about the impact of the pandemic and lockdown on people’s lives, and to stop “playing the victim card”.
Announcing his resignation, Mr Michael said his position was “untenable”.
He added that he was “truly sorry that my words have caused hurt amongst my colleagues”.
Mr Michael had temporarily stepped aside after KPMG launched an independent investigation into the comments.
He said on Friday: “I love the firm and I am truly sorry that my words have caused hurt amongst my colleagues and for the impact the events of this week have had on them.
“In light of that, I regard my position as untenable and so I have decided to leave the firm.”
The row blew up this week after Mr Michael reportedly made the comments in an online meeting with 500 staff members.
Staff had raised concerns over potential pay, pension and bonus cuts.
He later apologised for the “stop moaning” comments, saying his words did not reflect his beliefs.
While at KPMG Mr Michael “championed the debate about bank culture and standards and the need for change in the industry,” according to a KPMG biography.
He was also special adviser to the UK’s Treasury Select Committee into Banking Standards.
Bina Mehta, who has stepped in as acting chair of KPMG UK, said: “Bill has made a huge contribution to our firm over the last 30 years, especially over the last three years as chairman, and we wish him all the best for the future.”