Today’s news in brief – 22/11/2024
PwC is set to see numerous partners retire early next month, as part of plans to enhance the firm’s performance. This move follows rising costs, including increased employer National Insurance contributions. Approximately 1,030 UK partners were informed of a “larger-than-usual” round of retirements, reportedly involving partners with pay packages averaging £1m. The decision comes after PwC appointed 60 new partners earlier this year under UK boss Marco Amitrano. Sources differ on the significance of the retirement numbers, and PwC has not commented. The changes aim to position the firm for future challenges and opportunities.
RSM has supported Laxtons Specialist Yarns, a Yorkshire-based manufacturer, in transitioning to an employee-owned business via an Employee Ownership Trust (EOT). Founded in 1907, Laxtons supplies yarn across the UK and 20 global markets. Managing director James Laxton, the fourth-generation owner, passed full control to the workforce to preserve its culture and drive long-term growth. Employees now hold an indirect stake, fostering inclusive decision-making. RSM provided structuring and tax advice for the transition. Laxton expressed optimism about securing the company’s legacy and empowering its team for future success, with management staying on to oversee the transition.
ICAEW has appointed Phil Parry as its new chief information officer (CIO) to lead its technology strategy and digital transformation. Reporting to CEO Alan Vallance, Parry will oversee IT operations, digital publishing, and AI integration. With over 20 years of experience, Parry previously served as CIO of McArthurGlen, driving major digital and AI innovations across 11 countries. At ICAEW, he aims to strengthen IT systems and enhance digital capabilities to meet evolving member needs. Vallance emphasised the critical role of technology in ICAEW’s strategy, expressing confidence in Parry’s expertise to advance the Institute’s goals in a digital landscape.
