KPMG’s Houston office gets new leader
Julie Luecht, a longtime partner specializing in the energy industry, was named the managing principal to lead the Houston office of the accounting and consulting firm KPMG.
Luecht, who joined KPMG in 1996 and became a partner in 2003, succeeds Tandra Jackson, who is moving to a national role with the firm as vice chair of growth and strategy.
Luecht’s goal is to grow the Houston office in terms of both clients and employees and workers, a particular challenge during a pandemic and recession. She must manage the office’s 1,500 professionals, all of whom are working remotely, and help them
network with clients at a time when close, face-toface interactions aren’t possible.
The firm has had to adapt, Luecht said, using software such as Microsoft Teams to hold virtual meetings and stay connected to clients and potential clients. It has also had to help those clients adapt not only to remote workforces, but also economic uncertainty and difficult business conditions.
KPMG has clients across
a variety sectors such as retail and health care. But a large share of the Houston office’s clients is in the oil and gas industry, which is facing tough choices as low commodity prices force many to cut spending, production, workers and dividends.
Luecht said the choices vary from company to company, but overall, the pandemic has brought financial duress to the oil and gas industry. In March, the oil and gas shares began to plummet along with energy demand and oil prices, which briefly plunged into negative territory in April.
Share prices of some companies dropped by more than 50 percent.
Prices have rebounded above $40 a barrel and most U.S. companies plan to restore much of the production shutdown during the oil crash, according to the Norwegian consultancy Rystad. At $40 a barrel, however, profits, if any, are likely to be slim and not enough to support growth, analysts say.
KPMG is working with its oil and gas clients to make them more efficient, recommending cost-cutting measures and helping them adopt or expand digital
technologies.
“We’ve had some very volatile prices on oil and gas,” Luecht said, “and that’s really affected some of our clients.”
In the office, Luecht said, she will continue to support career development and diversity initiatives, such as Accelerate 2025, which launched in July. The initiative aims to diversify the firm’s leaders by 2025, according to a statement from KPMG.
A racial and ethnic breakdown of the firms leadership wasn’t available, a spokesman said.
“Essentially, we want to
make sure that our company looks like America,” Luecht said.
It’s uncertain when employees will return to KPMG’s office. In the meantime, KPMG is supporting employees by providing child care backup at designated child care centers or in-home care, as well as curbside services so people can pick up items from the offices.
The transition to telecommuting has been smooth, Luecht said, and could continue after the pandemic if preferred by employees.
“We’re evaluating it,”
Luecht said. “We're actually trying to get some sentiment analysis from our people to see how they feel about it.”