More is better - why having two chairmen works for KPMG China
For the third time in a dozen years, KPMG China has defied conventional management practise by appointing co-chairmen instead of a single head
KPMG clearly doesn't think much of the Chinese saying that "two tigers can't live on the same mountain".
In a rare move, instead of the convention of getting a chairman and a chief executive officer, KPMG China appointed Honson To and Benny Liu as co-chairmen at the end of March.
Analysts generally believe two heads can erode management efficiency by delaying decision-making, and in extreme cases even undermine corporate culture if the two leaders are in a power struggle.
But when the two chairmen met the South China Morning Post for an interview, they highlighted the benefits of having two chairmen. "It is the third time in 12 years that KPMG China has appointed two chairmen. Past experience has shown it works well," Liu said.
"The accountancy industry has changed substantially, as have client needs. They require different types of services. These include audit, advisory, tax, regulations and IT advice. Having two chairmen with different specialisations and skill sets can help the firm to be run more effectively and provide more comprehensive services for our clients.
"We have a large number of clients in Hong Kong and mainland China. Having two chairmen ensures we have the highest level of management meeting the clients personally to listen to what they need and to provide the services they want," Liu said.