He will take up his new post as chairman for a four-year term beginning on 1 July 2016 leading the global network, which has fee income of $33.9bn (£23.9bn) worldwide and is ranked number two worldwide according to the Accountancy Top 25 networks survey.

Since 2009, Moritz has led PwC US as its chairman and senior partner. During his tenure, the US firm focused on increasing quality service and enhancing its brand and reputation by developing and retaining key talent and expanding its capabilities across all areas of the business. As the largest firm in the network, PwC US reported annual fee income in for the financial year ending 30 June 2015 at $12.2bn, up 10% year on year.

Moritz has been with PwC his entire career, joining in 1985 and becoming a partner in 1995. His background is in assurance, primarily serving financial services companies. During his career he spent three years with PwC Japan, where he provided audit and advisory services to numerous European and US-based financial services organisations operating in Japan and across Asia.

He recently completed two terms as the chairman of the governing board for the Center for Audit Quality (CAQ), a non-partisan and non-profit group dedicated to enhancing investor confidence and public trust in the global capital markets.

John G Maxwell, chairman of PwC’s global board. “During his tenure in the US, Bob's outspoken support of work-life flexibility for the firm's people, the importance of diversity on his own team, and the significant investments he has overseen in new and cutting edge technologies make him the ideal forward-looking leader to navigate the global economy and bring our best ideas and solutions to clients.’

Nally, the current PwC global chairman, will retire this June after a 42-year career with PwC. He served two terms in this position during a period of growth and expansion, including the 2014 acquisition of consulting firm Booz & Company and is also a former chairman and senior partner at the US arm of PwC.

Moritz’s successor as chairman of PwC US will be announced later this year, following an election process.