Deloitte Names New CEO Frank Friedman

Deloite LLP has named Frank S. Friedman as the firm's new CEO, succeeding Joe Echevarria, who is retiring to focus on public service.

Friedman has been based in Kansas City, according to The Kansas City Star, and became the firm's CFO in 2011. He has worked with the firm for 34 years after graduating from the University of Kansas in 1979. He intends to stay in the Kansas City area, even though Deloitte is headquartered in New York.

“I am truly humbled to serve as CEO,” he said in a statement Friday. “It is an honor to have the opportunity to lead Deloitte — 65,000 people who every day deliver measurable and enduring impact on behalf of our clients, communities and society.”

The firm is in the midst of a leadership election, which occurs every four years, and it is unclear whether Friedman will serve as an interim CEO or will serve a complete four-year term, according to The Wall Street Journal.

Echevarria was elected to a four-year term in 2011, but decided to leave nine months before his term ends. He joined the firm in 1978, according to Reuters. He plans to continue his involvement with philanthropies such as My Brother's Keeper, which President Obama launched this year to provide health, educational and work opportunities for young black and Latino men. Echevarria is co-chair of the initiative with former NBA player Earvin “Magic” Johnson.

“I have determined that this is the right time in my life to pursue my passion for public service,” Echevarria said in a statement. "Given my roots, inner-city Hispanic from the South Bronx—I am especially looking forward to continuing my role as co-chair with Magic Johnson on the My Brother’s Keeper Initiative, which is focused on helping boys and young men of color succeed.”