90 years of making a difference

• 1920s The birth of a company

  • The birth of a company

    • In 1924, 26-year-old Alexander Richardson Grant began sole proprietorship, Alexander Grant & Co., in Chicago.
    • The firm entered the New York market in 1928.
    • In 1929, mass panic and subsequent heavy selling led to the sudden, catastrophic collapse of U.S. stock prices on what became known as “Black Tuesday,” heralding the start of the worldwide Great Depression.
    
    
• 1930s Regulatory impact

  • Regulatory impact

    • The Securities Act of 1933 passed, requiring public companies to disclose financial statements that had been audited by independent public accountants.
    • In 1934, the Securities Exchange Act passed, which established the Securities and Exchange Commission.
    • In 1938, Alexander Grant passed away, leaving a two-partner firm: Milo Hopkins and Maurice Stans.
    
    
• 1940s First independent review department

  • First independent review department

    • 1940 saw the appointment of Maurice Stans as executive partner and, in 1941, Jack Goedert was named the firm’s first principal.
    • Lou Kessler joined the firm in 1946 to head the profession’s first independent review department.
    • The Southern California (1948) and Cincinnati (1949) offices opened.
    
    
• 1950s Net revenue hits $2 million

  • Net revenue hits $2 million

    • Net revenues exceeded $1 million in 1951 and $2 million in 1954.
    • San Francisco (1953); Milwaukee (1955); Seattle and Denver (1958); and Dallas (1959) offices opened.
    • In 1955, Jack Goedert and Joe Sullivan became co-executive partners.
    
    
• 1960s New markets

  • New markets

    • The firm’s national office was established in 1961.
    • The firm grew through more than 50 acquisitions during the next two decades, adding the following offices: San Antonio (1961); Detroit (1962); Cleveland (1965); Atlanta, Houston, Kansas City, Minneapolis, Washington, D.C. (1968); and Baltimore, Boston, Fort Lauderdale, Miami, Philadelphia, Pittsburgh, Portland, San Jose and St. Louis (1969).
    • Jack Goedert and Wally Olson were named executive partner in 1961 and 1967, respectively.
    • Net revenues grew from $5 million in 1961 to more than $10 million in 1968.
    • In 1969, an agreement establishing the firm of Alexander Grant Tansley Witt was reached by the four founding firms from Australia, Canada, the United Kingdom and the United States.
    
    
• 1970s Women in leadership

  • Women in leadership

    • Marilyn Nemec was named the first female partner in 1973.
    • The firm continued its expansion from a regional Midwest firm to a national firm, adding offices through M&A, including in San Diego (1970); Oklahoma City and Reno (1973); Madison and Appleton, Wisc., McLean and Tampa (1975); and Sacramento (1979).
    • In 1973, the Financial Accounting Standards Board was established to replace the Accounting Principles Board of the American Institute of Certified Public Accountants (established in 1959).
    • Net revenue exceeded $50 million in 1974.
    
    
• 1980s Grant Thornton International

  • Grant Thornton International

    • Grant Thornton International was established in 1980 as a new international accounting firm, a union of leading national firms in the world’s more important trading countries.
    • The firm’s merger with Fox & Company in 1985 created the 9th largest accounting firm and added Salt Lake City and Wichita offices.
    • Net revenues exceeded $100 million in 1985 and $200 million in 1986.
    • Alexander Grant & Co. and Thornton Baker changed names to Grant Thornton in 1986.
    
    
• 1990s Global expansion continues

  • Global expansion continues

    • In 1990, Grant Thornton International grew to be represented in 69 countries by 25 member firms.
    • The firm became a limited liability partnership in 1995.
    
    
• 2000s Billion-dollar breakthrough

  • Billion-dollar breakthrough

    • Net revenue exceeded $1 billion in 2007.
    • Ed Nusbaum was named chief executive officer in 2001.
    • In 2002, the Sarbanes-Oxley Act was established and the firm welcomed 60 partners and hundreds of staff from Arthur Andersen.
    • In 2004, Women at Grant Thornton was established to enhance the recruitment, retention and advancement of women into leadership positions, and the firm’s Phoenix office opened.
    • Working Mother magazine named Grant Thornton for the first time in 2006 as one of the 100 Best Companies for its commitment to progressive workplace programs, including child care, flexibility, advancement and paid family leave.
    • Stephen M. Chipman was named chief executive officer in 2009.
    
    
• 2010s The next frontier

  • The next frontier

    • 2010 Dodd-Frank Act enacted broad reforms for the U.S. financial services industry.
    • In 2011, Grant Thornton acquired experienced audit, tax and advisory professionals from LECG, Huron Consulting, and CCR in Boston.
    • The firm announced record net revenue of $1.212 billion in 2012.
    • In 2012, the firm opened the Grant Thornton Shared Services Center in Bangalore, India, in partnership with Grant Thornton India.
    • In 2013, Grant Thornton acquired MarketSphere’s Oracle Solutions business unit.
    • Grant Thornton International Ltd was named International Accounting Bulletin’s Network of the Year in 2013.
    • J. Michael McGuire was named the firm’s chief executive officer-elect in 2014, succeeding Stephen Chipman on Jan. 1, 2015.