But John Connolly, chief executive of Big4 firm Deloitte, is to step down in May next year after three terms in charge.

Mr Conolly, 59, is considered the driving force behind the transformation of Deloitte into one of the most profitable auditors out of the big four.

Telegraph: In 2003, following on from the Enron scandal, Mr Conolly scooped up 3,500 Aurthur Andersen staff, catapulting Deloitte to the number two position in the UK overnight. At the same time, just when PwC, Ernst & Young and KPMG were shedding their consultancy practices, Deloitte made the strategic decision to invest.

More>

The competition for the top spot is now on. There’s big shoes to fill.