Janet Truncale will succeed Carmine Di Sibio as the
new CEO of London-based accounting giant Ernst & Young on July 1. She will be
the first woman to lead a Big Four audit firm, reported Bloomberg.
Di Sibio became the global chair and chief executive
in 2019, having risen through the ranks of EY’s US business serving financial
services clients, including Goldman Sachs.
Truncale most lately was the regional managing partner
for EY’s financial services organization, which includes 14,000 professionals,
the statement read.
“It will truly be an honor to lead this amazing
organization. I am inspired by the example Carmine has set, instilling an
intent to be professional leaders, focusing on staying ahead of the curve in
technology, and most of all personifying EY values,” stated the new CEO.
This move was taken months after the accounting firm
scrapped its planned breakup, which included a plan for the company to spin off
its consulting business and much of its tax practice into a stand-alone public
company.
That plan was jeopardized after EY’s influential US
affiliate balked, while partners squabbled over significant issues like how to
divide the tax practice, as per Bloomberg reports.
Ernst & Young stopped its “Project Everest” scheme
to divide its audit and advisory units in April this year after its US branch objected
to the move.
Leaders had told partners that they planned to
continue laying the ground for a possible split and that more time and
investments were required to make that a reality.
The firm wanted to spin off its consulting business
and much of its tax practice into a stand-alone public company.
But the plan, known as Project Everest, suffered
repeated jolts as partners disagreed over compensation and the resources needed
to staff the remaining audit practice – a key sticking point for leaders of EY’s
US affiliate.
NE Watch Desk
