Price Waterhouse Coopers (PwC), the $15-billion transnational consultancy major, has hit back by roping in Ashvin Parekh, the architect of KPMG's management consulting practice and a leader of its financial services industry for the entire Asia Pacific region.
The sudden resignation of Parekh caused a flutter in KPMG circles spurring speculations of more such moves.
Last month, the former consulting head of Coopers & Lybrand (C&L), J Rajagopal, had quit C&L to join KPMG as managing director. Following Rajagopal's induction at KPMG, Parekh's role and position had become unclear.
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Parekh will now head PwC's financial services practice, and lead its management consultancy services (MCS) practice for the western region operated out of Mumbai.
When contacted by Business Standard, MCS leader of PwC, Roopen Roy, confirmed the news saying, "I have always admired Ashvin as a professional. He is one of the best financial services leaders I have met anywhere. I am pleased he has joined a winning team committed to outdistance competition with its skills and global reach."
Parekh is credited with building an excellent financial services practice at KPMG which has, in the past, beaten Coopers & Lybrand on several projects for Industrial Development Bank of India, ICICI, Dena Bank, Vyasa Bank and the Reserve Bank of India.
Regarding further movements of top personnel, Roy said, "I believe there will be a churn at the top, and the last shot has not been fired."
PwC is currently rolling out a strategy to transform itself into an organisation which "thinks globally and execute locally."
With over 1,40,000 professionals and revenues in excess of $15 billion, PwC is currently the largest professional services firm.
The Indian operations have restructured to make it an integral part of PwC's global business.
"We will have an industry-focused `go-to-market' strategy and a service delivery strategy that spans from strategy to implementation," Roy said.
PwC's `go-to-market' strategy hinges around five major industry sectors i.e., financial services which includes banking, insurance, capital markets; consumer and industrial products which includes auto, pharma and hi-tech; Information, communication & entertainment (ICE); energy which includes oil & gas, power and mining; and services which includes government and internationally-funded engagements like the restructuring of Orissa State Electricity Board.
The service delivery strategy will be grouped under three heads: Strategic change, process improvement & technology (including ERP and systems integration).
"Our positioning is from strategy to implementation, and our organisation structure mirrors this strategic positioning," Roy said.