PricewaterhouseCoopers Australia will cut partner pay by 30% next year following the tax document leaking scandal that wiped out profit for 2023.
Kevin Burrowes, who was appointed chief executive officer in June after former boss Tom Seymour stepped down in the wake of the scandal, apologized for past failures in leadership.
“Past leadership failed to meet the standards our people, our clients, the community and the Australian government rightly expect, and for that I apologise,” said Burrowes. Despite growing revenue 11% to A$3.4 billion, profit was flat in the year to June 2023, because of the reputational damage caused by the leak, the company said.
Together with the reputational fallout, the divestment is set to hit 2024 revenues, the firm said, meaning partner pay will be cut by as much as 30% in 2024. PwC’s Australia partners saw their average pay decline by 12% in 2023, with the lowest paid partner earning A$374,000.
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