IMA begins seek for new CEO as Thomson prepares to retire

The Institute of Administration Accountants has engaged the search agency Korn Ferry to assist it establish its subsequent chief with its president and CEO Jeff Thomson set to retire early subsequent yr. 

The IMA introduced Monday that Thomson, who has been main the group since 2008, can be stepping down early subsequent yr (see story). The IMA organized a search committee, which has chosen Korn Ferry because the search consultants. “As of Monday, the search will begin in earnest,” stated Thomson. “I hope there are various numerous, extremely certified candidates. Till the final day that I am formally CEO, I will be working my tail off to allow that new individual to be extremely profitable. I owe that a lot to the IMA and to the career.”

His time with the IMA goes again to 2005 when he was vice chairman of analysis earlier than changing into CEO. Beforehand, he had labored for greater than twenty years at AT&T after which as a highschool math trainer. He mirrored on his lengthy tenure with the group.

“It has been a life-changing expertise,” he advised Accounting At present. “I used to be not essentially groomed to be a CEO, but it surely was the chance of a lifetime. I used to be used to the lifetime of a telecom CFO, and right here I’m approaching 14 and a half years as CEO. Once I formally retire within the first a part of subsequent calendar yr, will probably be nearer to 15 years.”

Institute of Administration Accountants president and CEO Jeff Thomson

Courtesy of the IMA

He plans to maintain working over the following few months till his closing day as CEO to place the IMA in one of the best place. “We have now an unimaginable group of volunteers all over the world who’re actually the center and soul of the group,” stated Thomson. 

The IMA has expanded its efforts throughout his tenure round variety, fairness and inclusion, sustainability reporting and cybersecurity. “Simply the truth that we’re concerned as finance and accounting professionals in ESG, know-how and analytics, and DE&I tells you ways related and influential we’re,” stated Thomson. “However we have to do a greater job of telling that story to college students and younger professionals. With our dedication to ethics, inside controls, technique and information analytics, we’ve an unimaginable interdisciplinary affect on the worth chain. It goes past the career. It goes to our affect on the capital markets, on society, on how individuals comport themselves as professionals. I feel our alternative at IMA and within the career is boundless, which implies that you by no means hold striving and rising and making a tangible distinction.”

He has seen the function of the administration accountant evolving through the years. “The times of the CFO, CMA, CPA or CA being the man or gal or individual chargeable for the numbers and doing the books and the transactions are lengthy over,” he stated. “The function as a strategic enterprise companion and trusted enterprise advisor has come rather more to the forefront.”

The IMA has been partnering with the Affiliation of Chartered Licensed Accountants, the Worldwide Federation of Accountants and even its someday rival the American Institute of CPAs to advance the career. The teams have all labored to recruit extra younger individuals to hitch the career and develop their know-how abilities. Thomson began out on the IMA with a mixed know-how and finance background from his job at AT&T working with information. 

“Increasingly — whether or not it is in curricula or in on a regular basis jobs in finance and accounting — information analytics, information visualization and information science are being infused into the accounting and finance disciplines,” stated Thomson. 

As soon as he retires from the IMA, he plans to spend extra time along with his kids, grandchildren and great-grandchildren, however he’ll in all probability keep concerned with the IMA and the accounting career at massive.

“There are in all probability extra short- and longer-term alternatives than you’ll be able to depend on, carving the trail, retiring from IMA, however transferring on to one thing else,” stated Thomson. “Within the quick time period, it’s actually having the pliability to spend extra time with a rising household. My spouse and I adopted 4 younger individuals after they had been youngsters from completely different cultures all over the world, and so they’ve had children after which they’ve had children. However I do anticipate not directly to remain lively both with IMA or extra broadly the career. I am nonetheless a proud member and till early subsequent yr I will be on the COSO board engaged on a serious ESG examine to point out how inside controls can be utilized to enhance belief and confidence in sustainability info. Within the quick time period, I do not plan to sleep in and watch cleaning soap operas. I am actually not a golfer. I am going to undoubtedly be discovering methods to maintain lively, engaged and impressed in and out of doors of my chosen career. Who is aware of? I would even return and train math once more. You by no means know.”