Obituary: Thomas Holton
Thomas L. Holton, 95, died on June 14, 2021, in Jupiter, Fla. He was formerly a resident of Greenwich, CT, and maintained a residence in Juno Beach, FL.
Holton was born in Prairie Hill, TX, one of six children in a Primitive Baptist family. His father worked a small farm and later operated a gas station and fuel delivery service in Wellington, TX. His upbringing instilled a work ethic that would serve him well throughout his life — he was fond of recalling how he would assist his father at an early age, driving the John Deere tractor before he was big enough to crank it. Considered rather shy in his youth, he credited his mother with helping him become more confident and outgoing by insisting he take a job at the town drug store, where he was a delivery boy and soda jerk.
When he enlisted in the military in World War II, Holton was asked by a woman at the recruiting desk, “Army OK with you?” He was about to say yes, but then impulsively said, “No, Navy” — a capricious but perhaps life-changing decision. He was assigned to the Naval Petroleum Reserve in Southern California (possibly a nod to his Texas background), where he met his wife, Maxine, who worked in the naval supply depot, and was introduced to accounting. After the war, on the GI Bill, he earned a
bachelor’s degree in business and a master’s degree in accounting at Baylor University in Waco, TX.
Holton started his career at a small accounting firm in San Antonio, where he rejected lucrative offers from the corporate sector in favor of public accountancy. His firm’s merger with Peat, Marwick, Mitchell & Co. led to a move to Chicago, where he became managing partner of Peat, Marwick’s Chicago office as well as area partner for the Midwest region.
Holton earned a reputation within his firm for being a problem solver and expert in auditing procedures and professional practices. He was transferred to Peat, Marwick’s executive offices in New York in 1968, where he became the partner in charge of the New York office and was elected to the firm’s board of directors. In 1979, the partnership elected him Chairman and Chief Executive of the firm, an office he held until his retirement in 1985 (he remained chairman of the international partnership until 1986).
Holton served as an advisor to presidents Carter and Reagan, served as chairman of the American Institute of Certified Public Accountants (AICPA) committees on SEC regulations and auditing procedure, was named Accountant of the Year in 1985 by the accounting society Beta Alpha Psi, and was honored by Baylor University with both the Outstanding Achievement Award and the Distinguished Alumni Award, as well as the establishment of the KPMG Peat Marwick – Thomas L. Holton Chair of Accounting. In 1991, he received the Gold Medal for Distinguished Service from the AIPCA, the highest honor in the accounting profession. In retirement, he served on the boards of Bethlehem Steel, Kalamazoo College, and Jupiter Medical Center Foundation in Florida.
Holton was an enthusiastic and dedicated golfer, and was a member of Burning Tree and Greenwich country clubs in Greenwich, Blind Brook Club in Purchase, NY, and Loxahatchee and Old Marsh clubs in Florida.
He is preceded in death by his wife of 61 years, Maxine S. Holton, and his second wife of nine years, Florence L. Holton; his parents, Homer T. Holton and Ether Miley Rasco Holton; his brother, Howard Holton; his sisters, Mary Alice Darrow, Jackie Lester, Ollie Faye Johnson, and Marie McFarland; his nephews, Thomas Howard Lester, Homer Earl Lester, and George Johnson; and his nieces, Linda Denton, Sandra Hays, and Barbara Jackson.
He is survived by his son, Thomas L. Holton, Jr., and daughter, Dana Holton Hendrix; stepson Douglas Lavin; stepdaughter Deirdre Parish; grandsons Cullen Hendrix and Jason Hendrix; granddaughter Genevieve Hendrix; great-granddaughters Echo Hendrix, Lena Hendrix, and Nova Hendrix; nieces Rita Barker, Paula Bartholomew, Jamie Johnson, Mary Lou Kane, Joy Mills, Nancy Riley, Janet Shook, and Lesa Tarver; nephews Chris Darrow, Truett Holton, and Donald McFarland; and many great-nephews and great-nieces.
A memorial service will be held at a date yet to be determined. Memorial contributions may be made to Baylor University, designated for the KPMG – Thomas L. Holton Scholarship in Accounting and sent to One Bear Place #97050, Waco, TX 76798-7050; please note in the memo and cover letter: KPMG – Holton Scholarship.
