A former deputy chair of KPMG until 2020, Richards has extensive management, board, and advisory expertise, with over 40 years of corporate finance and capital markets experience.

Richards will work with group chief executive officer Chris Horne and the senior leadership team in delivering the private equity back firm’s next phase of growth, which is driven by an ambitious acquisition programme.

At KPMG, she focused on environmental, social and corporate governance (ESG) issues, including risk and reputation, culture, and diversity and inclusion.

Azets is ranked 9th in the Accountancy Daily Top 75 and was formed in 2017 by private equity firm Hg. The firm reported fee income of £300.5m for year end June 2022 with operating losses of £7.5m, which it said were down to the way acquisitions were funded.

Last June, private equity firm PAI Partners joined the business as a co-controlling investor alongside Hg. This followed attempts to sell the business earlier in the year.

Melanie Richards CBE said: ‘I’m pleased to be joining a successful and fast-growing business as we embark on its next growth phase. I’m very much looking forward to working with Chris and the executive team to achieve our ambitions.

‘Azets is a purpose-driven business and I am energised by the opportunity to establish the group’s leading market position and strong platform for future growth.’

Richards is a non-executive director of Morgan Stanley International and consultancy firm HKA, and a member of the boards of the Royal National Theatre and Invictus Games Foundation, and chair of The Eve Appeal.

Chris Horne, group chief executive officer at Azets, said: ‘Melanie’s experience as a chair, board member, and senior executive leading companies with their growth ambitions will help deliver our five-year pathway strategy.

‘Melanie joins Azets at an important stage of our development, as we continue to focus on investing in our colleagues and supporting the changing needs of our clients. Melanie is an influential leader in diversity and inclusion, and ESG, and I know our values are closely aligned both operationally and in these important areas.’

Chartered accountant Hurst steps down after three years at the firm, having joined in 2021. He is also chair of listed cybersecurity specialist, Darktrace plc and AI anti-fraud experts, Featurespace.

‘I want to thank Gordon for his exceptional leadership since 2020,’ Horne added. ‘Gordon helped guide Azets through a transformational phase, during which we built the foundations for long-term success, at a time when we all faced significant challenges related to the global pandemic. We wish Gordon well in all his future endeavours.’