Deloitte LLP's Chief Executive Officer Joe Echevarria plans to retire later this month to follow his interest in public service, the accounting and consulting firm said on Friday.
Deloitte's board has named Chief Financial Officer Frank Friedman as the CEO pending completion of a formal leadership election, which is under way.
Echevarria, who joined Deloitte in 1978 and became the CEO in 2011, said, "I have determined that this is the right time in my life to pursue my passion for public service.
"Given my roots, inner-city Hispanic from the South Bronx - I am especially looking forward to continuing my role as co-chair with" former basketball star Earvin "Magic" Johnson on "the My Brother's Keeper Initiative, which is focused on helping boys and young men of color succeed."
President Barack Obama launched My Brother's Keeper this year to improve health, education and employment opportunities for black and Latino boys and young men. Under this initiative, the president asked leading U.S. foundations and corporations to partner with school districts, for example, to help these boys stay in school and get job training.
Echevarria also serves on the President's Export Council, the main national advisory committee on international trade, according to his bio on Deloitte's website. In 2013, he was a member of the Presidential Council on Election Administration.
Deloitte LLP is the member firm of Deloitte Touche Tohmatsu Limited, a UK private company. Subsidiaries of Deloitte LLP include audit firm Deloitte & Touche LLP [DLTE.UL].
(Reporting by Lehar Maan in Bangalore; Editing by Jan Paschal)