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Grant Thornton chief executive Sacha Romanovitch departs

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Sacha Romanovitch, the first woman to run a big City accountancy firm, is stepping down as chief executive of Grant Thornton.The firm said she would depart when her successor was chosen.The leadership style of Ms Romanovitch, who brought in changes including profit-sharing for all staff and capping her own salary, was criticised in an anonymous memo last month.Grant Thornton audits Patisserie Valerie, which nearly folded last week.Ed Warner, chairman of Grant Thornton UK's partnership oversight board, said Ms Romanovitch had been "an inspiring CEO attracting great people to our firm and what we stand for".
He added: "Following discussions with Sacha, the board has agreed that a new CEO is the logical next step to create long-term sustainable profits for the firm. We are grateful for the innovative and inspiring work Sacha has done."She was appointed chief executive in 2015.
Listen to Ms Romanovitch discuss firms taking care of employees' mental health
Grant Thornton to create 48 jobs in Belfast
Grant Thornton fined "We have attracted so many talented people and great clients to our firm due to our purpose and what we stand for."The 50-year-old added that she would help the company in its transition to new leadership before leaving.Last year, Ms Romanovitch received an approval rating of 88% from staff in a recruitment firm's survey of employees' top 50 chief executives.
'Switch off from work'
Her employee-friendly style was reflected in a BBC interview in the summer in which she revealed her out of office email message during her holiday read: "I'm off with my family right now, back on 23 July. I'll be reading, diving and playing with my boys while they still want to play with me!"My great team will be dealing with my emails while I'm off ensuring you get support from the right people to keep things moving."At the time, Ms Romanovitch explained she wanted to make clear that people should have time to switch off from work.There is still so much that creates a sense of needing to work 24/7. My out of office is just one of those little things I do to signpost what I think should be the norm." Earlier this month, Ms Romanovitch told The Times that she intended to stand for election for a second four-year term in office.That vow followed the release of the critical internal memo, which claimed to speak for 15 partners or directors and accused her of "misdirecting" the firm.In August, Grant Thornton was fined ?3m by a watchdog for misconduct over its audits of Vimto-maker Nichols and the University of Salford.
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