The decision follows an extensive nominations process that included interviews with potential candidates, a rigorous, independent assessment and undertaking partner views through surveys and soundings.

A partnership approval vote will now be held with the result to be announced on or before 14 April. If approved, the appointment will take immediate effect.

This follows the resignation of chairman Bill Michael last month following a bruising online meeting with the consulting team.

Bina Mehta, KPMG UK chair, said: ‘Jon was the outstanding candidate and met all the criteria we laid down at the start of our nomination process. We took on the views of our partners as well as using external expertise as part of the process. Jon knows our firm inside out and is a first-class leader. He currently heads our audit practice overseeing 7,000 people and has previously led the financial services practice. I know our partners will benefit from Jon’s experience, expertise and his inclusive leadership and I’m delighted he has agreed to put his name forward for the role of chief executive.

'On behalf of the board, I’d like to recognise and thank Mary O’Connor for leading the firm on an interim basis over the last few weeks. Mary did not hesitate to step into the interim leadership role when asked, for which the whole board and I would like to extend our gratitude and thanks.’