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Daily Tax Report: State
The Ernst & Young (EY) offices stand in 1 More London Riverside.
Photo by Jack Taylor/Getty Images
Sept. 29, 2023, 3:41 PM; Updated: Sept. 29, 2023, 5:57 PM


RACE TO BE EY’S NEW GLOBAL BOSS TURNS INTO US-EUROPE BATTLE (1)

By Michael Kapoor

Michael Kapoor
Freelance Correspondent

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 * Next CEO will decide direction of firm after failed plan to split consulting
   and auditing
 * Three candidates are based in Europe and three in North America

EY said Friday that it’s conferring with senior partners internationally over
who should become its next global CEO, after Carmine Di Sibio retired following
the collapse of a deal to split the firm’s consulting and audit practices.

Some 300 partners globally will be asked for their views on six possible
replacements, three of them from Europe and three from North America. The new
boss will be announced in November, with the final decision to be made by the
firm’s 18-strong global executive committee. The news was first reported by the
Financial Times.

Three of the candidates are based in Europe: London-based Andy Baldwin, the
firm’s global managing partner for client service, and Julie Teigland, managing
partner for Europe, the Middle East, India and Africa, along with Paris-based
Marie-Laure Delarue, head of global audit. Another two come from the US: Janet
Truncale, regional managing partner of the EY Americas Financial Services
Organization, and Raj Sharma, head of consulting in the Americas. The final
candidate is the firm’s Canada boss Jad Shimaly.

Di Sibio announced his retirement in June and will leave the firm at the end of
June 2024. The CEO’s departure followed the April collapse of a plan to split
the firm into separate audit and consulting branches, amid opposition from EY’s
US arm.

The tabling of the split plan left big questions about the firm’s direction,
which will be decided by the next CEO.

Di Sibio spearheaded the idea of a split last year in response to a demand from
global bosses for a convincing solution to the problem of auditor independence.
The reasoning was that separating the firm’s practices would demonstrate that it
wasn’t doing soft audits in return for lucrative consulting contracts, and free
both the consulting and audit side from increasingly severe restrictions on the
consulting work accounting firms could do for audit clients.

Regulations over audit independence vary by country. Big UK firms have already
split operations between audit and consulting.

EY says it is concentrating on consolidating its position now, after having
focused on the split plans for the past year, but increasingly stringent audit
regulation means the plans to separate auditing and consulting might still be
revived in part.

(Revisions throughout adding more context)

To contact the reporter on this story: Michael Kapoor at
correspondents@bloomberglaw.com
To contact the editors responsible for this story: Amelia Gruber Cohn at
agrubercohn@bloombergindustry.com; Jeff Harrington at
jharrington@bloombergindustry.com


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RELATED STORIES

Next EY CEO’s Tall Order: Heal Rifts, Fix Consulting Conflicts
June 14, 2023, 5:03 PM
EY Global CEO Di Sibio to Retire After Firm Failed to Split (2)
June 13, 2023, 4:15 PM
EY CEO Predicts Firm Will Revisit Potential Split in a Few Years
June 8, 2023, 10:01 AM
EY Battles Internal Strife In Wake of Abandoned Break Up (1)
April 12, 2023, 8:25 PM

TOPICS

 * corporate officers
 * non-U.S. accounting
 * retirement
 * pension fund accounting

© 2023 Bloomberg Industry Group, Inc.
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