Deloitte names Patrick Tsang new China CEO

He receives the baton from Lawrence Chia.

Deloitte China has announced that Patrick Tsang has been elected to the position of Chief Executive officer effective 1 October 2016, receiving the baton from retired partner Lawrence Chia.

According to a release from Deloitte, the appointment has the strategic significance in supporting Deloitte for its continued business contribution in China, riding on the solid foundation it has built since 1917.

Tsang's new leadership followed the announcement of the financial results of the Deloitte Global network, which reported aggregate revenue of US$36.8 billion for the fiscal year ended 31 May 2016 (FY2016), representing 9.5 percent growth in local currency terms.

Here's more from Deloitte:

Commenting on the appointment, Punit Renjen, Deloitte Global CEO said “China, which is now the world’s second largest economy, has been and will continue to be an important market for Deloitte globally. Patrick has a deep understanding about the China market, having over 20 years of experience in supporting Chinese companies in their local and global expansion, and advising multinational companies in establishing their footholds in China.

I have no doubt about Patrick’s new leadership in further strengthening the Deloitte’s capabilities in this marketplace by helping clients to address their hot button issues, brought about by rapid changes in the business environment."

As the new Deloitte China CEO, Patrick will take up the responsibilities that focus on enhancing the depth and breadth of the Firm’s capabilities in supporting clients in this constantly evolving environment within China. Tsang said: “I feel honored to assume this important position at a time when our firm is approaching its centenary in this marketplace. The appointment is more than a pinnacle of my personal career, but reflects the vote of confidence from my fellow partners, who share with me the common vision of building our stronger China practice for the future.”