Alum to be first female CEO of ‘Big 4’ firm

Catherine Engelbert ‘86 made history Feb. 9 when audit and consulting firm Deloitte LLP announced that she will become its next chief executive officer.

That will make Engelbert, who has a bachelor’s in accounting from Lehigh and serves on the university’s Accounting Advisory Board, the first female CEO of a “Big Four” professional services firm in the United States. She will assume her new role on March 11.

“I’m deeply honored to lead Deloitte,” Engelbert said in a statement. “I look forward to collaborating with all our people to continue to lead our profession in quality and innovation.”

The news spread quickly on media outlets and through social media, with congratulatory tweets that included “Here’s to glass ceilings being broken!” and “Wow, this is incredibly inspiring.” The significance was not lost on Engelbert, who told Accounting Today that she intends to be “a role model for the next generation of diverse leaders at Deloitte” and to “pay it forward.”

Engelbert, 50, joined Deloitte after graduating from Lehigh and rose through the ranks there as an accountant. According to the firm, she has had a distinguished track record of serving several of Deloitte’s largest and most complex global clients. Currently she is chair and CEO of Deloitte & Touche LLP, the U.S. accounting, auditing and risk advisory subsidiary of Deloitte LLP, leading the audit practice.

In her new role, Engelbert will oversee the company’s approximately 65,000 employees in nearly 90 U.S. cities and India, and nearly $15 billion in annual revenue.

“To see her reach this level…she has truly shattered the glass ceiling,” said Parveen Gupta, professor and chair of Lehigh’s accounting department. “This is well deserved and well earned. I’m truly ecstatic to hear this happen.”

Gupta has interacted with Engelbert through her role on Lehigh’s Accounting Advisory Board. He also met with her in September at Deloitte’s New York offices, where she shared her story with Lehigh accounting students who were visiting the firm.

“She’s a phenomenally nice person,” Gupta said. “Cathy is just very down-to-earth, very straightforward.”

Kenneth P. Sinclair, professor of accounting, who had Engelbert as a student in his Cost Accounting course in the mid-’80s, said the news was “fantastic” not only for Lehigh students, but for all women. “It sends a signal…that they can rise to the top,” he said.

Engelbert told Accounting Today that she sought out both women and men as mentors at Deloitte throughout her career. She recalled growing up with five brothers and two sisters and entering the accounting profession when it was dominated by men. She said she felt it was important to make the most of opportunities that came up.

“Mentorship is really important for your own personal development, making sure that you’re seeking the right opportunities,” she said, “and then having the right people in the room when those decisions are being made about your deployment or the opportunities you might have, whether or not it’s an international assignment.”

Engelbert is a certified public accountant and a member of the American Institute of Certified Public Accountants. She is a past recipient of the YWCA’s Tribute to Women in Industry Award and is among the Women’s Fund of New Jersey’s ”25 Most Influential Women in Finance.”

“Cathy has been a formidable and influential industry presence during her many years at Deloitte and will undoubtedly continue to drive our firm and profession forward,” said Interim CEO Frank Friedman in a statement. “And in electing the first female CEO in the industry, Deloitte continues to lead in fostering inclusive leadership. Deloitte was also the first professional services firm to elect a minority CEO, woman chairman of the Board, and minority chairman.”

Deloitte holds elections for its CEO every four years. The nominating committee of Deloitte’s Board of Directors solicits all partners, principals and directors for input. Those recommended for the position needs at least approval of at least two thirds of the voting partners and principals.

Story by Mary Ellen Alu