October 1, 2007 will see a changing of the guard at KPMG when Theo Bullmore retires from his role as managing partner, which he has held since taking over from Mike Austin in 1992.
Theo Bullmore |
Theo joined Peat Marwick Mitchell & Co. in London in 1971, first transferring to the Cayman Islands office in 1975. After spells with KPMG Solomon Islands and Freeport, Bahamas, Theo returned to Cayman in 1982 and was admitted to Partnership in 1983, states a press release.
Although trained initially as an auditor, Theo was drawn toward the forensic and restructuring side of the business and has had great success as an investigator, liquidator and expert witness in a number of high profile cases.
Theo has seen some dramatic changes in the Islands, the financial sector and the firm since 1975. When he arrived there was one partner, Mike Austin, eight other staff and his salary was CI$12,000 per annum which, he says, was considered handsome at the time. There were few banks, no captive insurance companies and derivatives had yet to be invented. Now KPMG has 13 partners, over 200 staff and thriving departments specialising in hedge funds, structured finance, captive insurance and US taxation amongst others.
Within KPMG, he regards his greatest achievement as having helped to found an alliance of offshore jurisdictions, which now comprises nineteen KPMG country practices primarily in the offshore financial sector, sharing knowledge, creating efficiencies and working cooperatively together for the common good.
Asked how he has managed to stay with one firm for over 36 years, Theo explains there are two reasons. ‘Firstly, I have really enjoyed the camaraderie of KPMG; secondly, nobody else ever offered me a job!’
Although retiring as a partner, Theo will still be involved with KPMG in a consultancy capacity. ‘I wish all my fellow Partners the best in the future’ says Theo, ‘and I hope they enjoy themselves as much as I have with the Firm.’
Roy McTaggart will take over as managing partner and chairman of the firm’s Management Committee, comprising Kevin Lloyd, Simon Whicker, Novelette Ebanks and Sarah Cowell. Roy says, ‘Theo has done such a phenomenal job growing the firm over the past 24 years as a partner. We are lucky to be able to continue to draw on his skills and experience.’
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