Deloitte CEO Joe Echevarria has announced he plans to retire by the end of August to pursue his interest in public service. Current CFO Frank Friedman has been appointed by Deloitte’s board of directors to assume Echevarria’s position immediately until the firm completes its formal leadership election, which is currently under way.

Echevarria says he will continue in his role as co-chair with Magic Johnson of the My Brother’s Keeper Initiative, which focuses on helping boys and young men of color succeed. He mentioned no other specific service plans immediately. “While difficult to leave the firm I have called home for my entire career, I have determined that this is the right time in my life to pursue my passion for public service,” he said in a statement. “It has been an honor and a privilege to be a partner at Deloitte.”

Punit Renjen, chairman of Deloitte, said in a statement that Echevarria oversaw a period of robust growth for the firm, “helping to establish key client relationships and development opportunities for our people.” Expressing confidence in Friedman, Renjen said the firm’s work on behalf of its clients will continue seamlessly through the transition.

Friedman is a 34-year veteran of Deloitte, serving as CFO since 2011. He is a member of the firm’s U.S. executive committee and chairs the U.S. operating group.

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