EY picks Janet Truncale as its new CEO, the first woman to lead Big Four Firm
Bloomberg reported. Di Sibio took over as 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 recently 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," the new CEO said in a statement. This came 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 key issues like how to divide the tax practice, as per Bloomberg reports. Ernst & Young stopped its "Project Everest" scheme to split its audit and advisory units in April this year after its US branch opposed 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 needed to make that a reality.
The firm intended 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 setbacks 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. (With Bloomberg inputs)Milestone Alert!
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