Mike Fucci was recently named Chairman of the Board for Deloitte LLP. Fucci has been a member of the Deloitte Board of Directors since 2012, serving on its Governance Committee, and chairing its Risk and Regulatory Committee. "I am humbled by this rare privilege to repre- sent my colleagues as Chairman of the Board," he says. Fucci, who was named one of Consulting magazine's Top 25 Consultants in 2008, will transition from his current role as National Man- aging Director of Deloitte Consulting this month. Consulting caught up with Fucci to discuss his new role as he takes over for Punit Renjen as Chairman.
Consulting: As you begin to transition roles, what are the major differences be- tween your current role and your new role as Chairman of the Board?
Fucci: It's a fairly substantial transition. I've spent most of my 34 years at Deloitte serving clients and building businesses. For example, I helped grow our Human Capital practice from its inception into a business today that generates more than a billion dollars of revenue annually. Get- ting there meant immersing myself deeply within the operations of the business and managing them closely every day. Today, my role as Chairman is to look at the operations of Deloitte's many businesses through a different lens—from the outside in. When you look at something from a governance perspective, you act first and foremost as a steward on behalf of the firm's partners. It's all about providing oversight to confirm that what management is doing and wants to do will serve our clients and our people in the best manner possible. It's a substantial transition for me, for sure, but I'm really looking forward to it.
Consulting: What' s your top priority?
Fucci: First and foremost, Deloitte is a part- nership. The Board's role in a partnership is to recognize how our operations touch the many constituents and stakeholders we serve—our partners, our professionals, our clients, our regulators—and understand how we intersect and interact with each of them. It's a challenge. As the largest ma- jor audit and consulting firm in the United States, Deloitte operates across multiple disciplines. I need to make sure the Board understands the needs of all of our different constituencies so that we make decisions that best marshal our resources on their behalf.
It really comes down to the Board playing three roles. As a steward, providing guidance to our leadership. As an advocate, providing balance and sup- porting management. I want us to act as a sounding board by listening, con- sidering, and offering constructive challenges to management's thinking. And finally, our third role is that of a guardian. This role is probably the nearest and dearest to my heart. The Board serves as the guardian of the Deloitte brand, the Deloitte culture, and our sense of partnership.
Consulting: You come out of consulting . What's the status of consulting and how will it impact Deloitte going forward?
Fucci: Consulting is doing incredible work for our clients and the growth has been fantastic. Perhaps because we've recognized that we can bring consult- ing's talents together with those of our audit, tax, and advisory businesses to solve our clients' most complex issues. What I can bring to the Board, hopefully, is a balanced view that Deloitte can deliver far more than the sum of its parts. I believe consulting is posi- tioned well to continue leading the profession.
Consulting: What do you see as some of the major drivers of the business?
Fucci: I think being known as an innovative brand in a global, digital economy will be a big driver of Deloitte's business over the next two to five years. We've invest- ed heavily in innovation, and I think innovation as a business will be huge. Helping clients innovate and rethink their businesses will be huge.
Consulting: What do you see as the biggest challenge that lies ahead?
Fucci: Our biggest challenge is talent. We're fo- cused on making sure we can bring the best tal- ent we can into the firm—and retaining them by keeping them motivated and engaged. I think it's a little bit different now than when I joined the firm 34 years ago. Then, being invited to become a Partner in a certain number of years was the goal. I don't think people today have that same focus. They want meaningful work that enables them to make a difference. If we don't provide that kind of opportunity, we'll lose them. So we're very aware that today's talent needs to be motivated a lot ear- lier and differently than people my age.
As a result, the type of work we're focused on right now will give younger talent the type of roles and experience they're looking for a lot earlier in their career. Talent management will be one of the bigger issues for everyone going forward. We're looking at new talent models and new skill sets for sure. Perhaps the biggest shift that I've seen over the last decade involves where we're getting talent from and, on the flip side, where they're going if they decide to leave Deloitte. We don't get many people leaving us to go to direct competitors. If they leave, it's because they want totally different opportunities outside the industry.
Consulting: Where's the profession is going? How do you think consulting delivery models will change in the future?
Fucci: I see clients looking to their professional services firms to deliver greater creativity, value, and results much more quickly than in the past. Innovation and technology are driving that from strategy through implementation. We don't have the luxury of months or years for a Phase I assessment, followed by a Phase II assessment. Those days are over. Clients are looking for an execution plan and actionable deliverables much earlier in the process.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.