The definitions of the new CEO Pw of PwC

Ricardo Arraño Toledo assumed the role of leader of PwC Chile on July 1, replacing Renzo Corona, who had held the position for eight years. As a senior partner at the firm, one of the Big Four auditing firms with a presence in Chile since over a century, Arraño will serve a four-year term before retiring at age 62, which coincides with his 58th birthday in September. His appointment was confirmed through an internal election process, during which he emerged victorious after securing two-thirds of the votes cast by the 39 partners of PwC Chile. The leadership transition followed a structured succession process initiated by the regional leader of PwC Latin America Network, Argentine Santiago Mignone. Mignone oversaw the selection process, evaluating potential candidates among the 39 senior partners. Initially, Arraño had not considered running for the top position, having been content in his role as risk management partner for Chile and the region. However, encouragement from fellow partners led him to reconsider. Over the course of several days, he met with colleagues, listened to their perspectives, and ultimately decided to run. He competed against other leaders within key business areas, including audit head Fernando Orihuela and consulting head Federico Morello. Arraño’s victory was attributed to his extensive experience within the firm, his role as a risk management partner, and his ability to connect with both local and global operations. In outlining his plans, he emphasized technological transformation, particularly leveraging artificial intelligence as a core component of future strategies. His vision includes balancing PwC Chile’s primary revenue stream, auditing, with its growing Tax & Legal Services and consulting divisions. Born and educated as an accountant at the Universidad Tecnológica Metropolitana (Utem), Arraño joined Langton Clarke, the representative office of Coopers & Lybrand, in 1990. In 1997, he moved to New York to work at the firm's headquarters, following earlier studies in English in Minnesota, which proved valuable in his career. The global merger that created PwC in 1998 saw Arraño remain with the newly formed entity. Later in the early 2000s, he left auditing to join PPL, the American parent company of the energy firm Emel, but returned after 18 months and was promoted to partner. Outside of professional life, Arraño has a notable hobby: precision rifle shooting. He is a member of the Club de Tiro de La Reina, where he holds nearly 20% ownership. He is also a national champion in long-range shooting, specializing in Extreme Long Range Shooting, and participates in international competitions. He clarifies that his involvement is purely recreational, not related to hunting. As he prepares to take over from Corona, who had built a strong reputation through his tenure, Arraño acknowledges that his approach differs. Known for his low profile and direct engagement with clients, he emphasizes relationship-building and interaction with the business community. During June, he visited with Corona to meet with owners, board members, audit committees, and executives, further strengthening these connections. This focus on networking and client relationships aligns with his broader strategy to enhance PwC Chile’s visibility and influence in the market.