Energy tax expert Derek Leith has announced that he is leaving global professional services giant EY this summer.
During Mr Leith’s time at the firm, EY has gone from a global headcount of around 100,000 to nearly 400,000., and revenue generated by EY’s Aberdeen team has almost trebled since he took over in 2012.
Mr Leith's departure paves the way for Moray Barber, currently head of tax for EY in Aberdeen, to take over as head of office from July 1.
Mr Leith, 60, will also be bowing out from his job as EY’s global head of oil and gas, and his other key role as the firm’s tax “sustainability leader” for the UK and Ireland when he leaves at the end of June.
He is not retiring, and told The Press & Journal that he planned to make the most of his vast experience and many business contacts.
Support needed
He said he aimed to continue to play a key role in shaping the future of the north-east - and warned that the region needs “appropriate support” from government if it is to become a major hub for green energy in Scotland.
“There is a huge opportunity but I worry about how able we will be to seize it in the absence of appropriate government support from Westminster," he said.
“I hear people say, and I’m not making a political point, they want Aberdeen to be the centre of green energy in Scotland.
“If you are going to say something like that, then where is the substance behind it?
“What are you changing, what are you doing and where are you spending money to make it happen."
He added: “It would be easy for me to dwell on the negatives, when I think of the journey this city has had and how successful EY has been in the traditional energy sector.
“Is it all coming to a horrible end? Well, it shouldn’t, if we are wise. I just see a lot of muddle at the moment.
“Politics has become very short-term and soundbites, rather than nuanced arguments.”
Transition opportunity
Mr Leith was born and brought up in Wick. He left school at 17 to go to Heriot-Watt University in Edinburgh to do engineering, before going on to study politics and philosophy at Aberdeen University and “stumbled into tax” on taking a job with HM Revenue and Customs.
After five years at HMRC and another five working as a tax advisor for energy giant BP, he joined EY and has been there ever since.
He said he knew he would be moving on when he turned 60, adding: “I am proud of what the team in Aberdeen has achieved. EY has had an enormous influence in tax policy.
“I am going to take all the experience I have gained over the years and the relationships I have developed – that I hope I will be able to maintain – and try to do the best I can for the city.”
Mr Barber – born and bred in Aberdeen – said he was excited about the chance to lay a bigger role in navigating EY’s Granite City-based team through the “incredible challenges” of energy transition.
“Nothing is going to be straightforward,” he added.
The 48-year-old joined the firm as a partner in August 2020, having previously worked for Deloitte and KPMG.