The appointments come at a time when Deloitte is strategically investing and expanding its presence in the South Asia region
Deloitte Sri Lanka and Maldives announced the appointment of Channa Manoharan as their Country Managing Partner and Gerard David as Deputy Country Managing Partner and COO recently.
Deloitte is the largest professional services network globally with a presence in over 150 countries and with more than 450,000 professionals.
Channa, a senior partner with over two decades of experience will now lead the network entities in Sri Lanka and Maldives, as it embarks on its next phase of growth, while Gerard a senior partner in the Financial Advisory practice will oversee its business operations. The appointments come at a time when Deloitte is strategically investing and expanding its presence in the South Asia region. Deloitte offers a range of services to clients including audit and assurance, tax, consulting, financial advisory and risk advisory services in the two countries.
Recently the franchise partners and employees of Big Four accounting firm PwC changed their network affiliation to become part of the Deloitte network.
Meanwhile, SJMS, a Sri Lankan accounting firm with a long association with Deloitte, announced in September 2023 that going forward, their operations will be consolidated under the name Deloitte Associates.
Combined, Deloitte in Sri Lanka will now have around 1,000 professionals in audit, tax, consulting, risk advisory and financial advisory services. Deloitte in Sri Lanka and the Maldives will have 28 partners.
Under the leadership of Channa and Gerard, the Deloitte network entities in Sri Lanka and Maldives will harmonise the operations of the individual local entities and adopt an aligned approach to deliver value to all their stakeholders, including its people and clients.
Engagement teams will continue to work with clients uninterrupted. The new arrangement will bring a wide variety of insights and offerings which Manoharan says will further support their clients’ growth plans.
Romal Shetty, Chief Executive Officer of Deloitte South Asia also commented on the new appointments. “We are thrilled to announce these leadership appointments in Sri Lanka and Maldives. Channa and Gerard are exceptional leaders and I have confidence that they, along with our partners and professionals, will be the driving force behind our ongoing growth and success in the two countries. We eagerly anticipate the positive impact they will have on our organization as we move forward together.”
In the past five years, Shetty has led the growth of Deloitte’s Indian consulting practice from 2,000 to over 10,000 people. For Deloitte India, consulting has been the fastest-growing practice across the network in that time. In April 2023 Shetty was appointed Deloitte South Asia Chief Executive.
Among Deloitte’s businesses globally consulting revenue grew fastest at 19.1% followed by Risk Advisory, which grew 17.5% during the financial year that ended in May 2023.
Shetty added, “Deloitte is bullish about the economic growth of Sri Lanka and Maldives in the South Asia region. Our talented youth, together with the strategic adoption of technology, will lead to transformation and help the two economies, businesses and communities achieve their aspirations. This will also unlock a wealth of exciting new business opportunities in the region”.
Deloitte Sri Lanka and Maldives’ leadership team also share a track record with its South Asia Chief Executive of professional achievement and strong alignment with purpose.
Deloitte Sri Lanka and Maldives Country Managing Partner Channa Manoharan is recognized as one of Sri Lanka’s foremost business advisors. He has been engaged in offering management consulting and professional advice to local, multinational companies and multilateral agencies concerning business transformation for organic and inorganic growth and technology adoption. Of Deloitte’s global revenue streams consulting is the largest.
Manoharan is also deeply committed to the advancement of the knowledge and innovation sector in Sri Lanka. He served as the Chairman of the Sri Lanka Association for Software and Services Companies (SLASSCOM) where he made significant contributions to the industry’s expansion, market accessibility, talent development, and policy-related endeavours.
“I am looking forward to leading an outstanding team of partners and professionals, working together to deliver top-tier services that address our clients’ most crucial and complex issues during a time of rapid transformation and recovery in the economy,” he added.
Sri Lanka’s economy is undergoing structural changes as part of border reforms aimed at shifting the country to a higher growth path. The government’s divesting State-Owned Enterprises (SOEs), has seen Deloitte India appointed as transaction advisors for the privatization of Litro, Litro Gas Terminals and Cranwill Holdings, the company developing a Hyatt-branded hotel in Colombo.
Deloitte Sri Lanka and Maldives’ Deputy Country Managing Partner and COO Gerard David brings a wealth of experience in financial advisory services, specializing in corporate insolvency, restructuring, liquidations, and the management of closures for both listed and private companies, as well as government-owned entities and corporations. Gerard has managed the largest number of complex insolvencies and contributed towards policy matters in this field. His expertise also extends to business valuation, company mergers, due diligence, real estate advisory and divestiture, across a wide range of industries.
He said, “As a business, we have attained substantial scale, and in this new phase of growth and consolidation, we will look forward to greater synergies and enhanced operational efficiencies arising from a combined and highly talented workforce to create a meaningful impact for our people, clients, and communities.”
Deloitte’s South Asia Chief Executive Officer, Romal Shetty adds that the firm’s success is grounded in its purpose and values. He says the opportunities in the South Asian region are significant. “In the region, we are at this unique time and place, and we have the potential to make a huge difference in our community.”
Deloitte reported aggregate global revenue of US$64.9 billion for the fiscal year ending 31 May 2023, a 14.9% increase in local currency and a 9.3% increase in USD, from a year earlier. Deloitte is the largest professional services network by revenue and number of professionals in the world. Its growth has been both organic and acquisition-led.