Following a scandal involving the misappropriation of secret government tax plans in the nation, PwC Australia has named a new chief executive.
A private equity firm will purchase the accounting giant's government business for A$1 ($0.70; £0.50).
According to a statement from PwC Australia, this will enable the business to "move forward with predictability and focus.".
The classified information was revealed to have been leaked in January by a former PwC Australia partner.
Drafts of corporate tax avoidance laws were shared by the ex-partner, who was providing advice to the Australian government, with colleagues who then used them to make sales pitches to potential clients. Between 2014 and 2017, there were leaks.
According to the business, no private information was ever used to lower clients' tax obligations.
Politicians and officials, however, have demanded that PwC Australia be barred from receiving government contracts until it adequately addressed the scandal.
Kevin Burrowes has been named as PwC Australia's new chief executive, the company announced on Sunday. He formerly served as the global clients and industries leader for PwC Network.
Justin Carroll, the chair of PwC Australia's governance board, said that he would work with his coworkers and the management team to regain the trust of the company's stakeholders.
A binding agreement for the sale is expected to be reached by the end of next month, the company added, and it will sell Allegro Funds its Australian federal and state government business.
Without any "disruption in vital services to public sector clients," the sale will result in the creation of two independent firms, according to PwC Australia.
After admitting to being one of at least 67 recipients of the sensitive information at the center of the scandal, Tom Seymour, the previous chief executive of PwC Australia, resigned in May.
Nine partners were placed on leave later that month, and the governance board was reorganized.
The revelations were referred to as a "shocking breach of trust" by Australia's Treasurer Jim Chalmers.
According to official figures, the Australian government has contracts with PwC for the current fiscal year worth A$255 million.
Major pension funds, including AustralianSuper, and the nation's central bank have declared that they will not enter into any new contracts with PwC as a result of the scandal.
