EY names future heads of its audit and consulting businesses

PROFESSIONAL services firm EY has unveiled the future leaders of its audit and consulting businesses, if plans of splitting the two units come to fruition.

Current EY global chair and chief executive Carmine Di Sibio has been appointed to run the Big Four accounting firm’s advisory business, while US chair and managing partner Julie Boland will run the assurance business.

The accounting firm had previously announced plans to split into a partnership focused on assurance, and a new corporation focused on consulting. Presently, these split companies are tentatively referred to by EY as “AssureCo” and “NewCo”.

Di Sibio and Boland’s new roles will be effective from the date of the separation, EY said on Thursday (Dec 15).

London-based Di Sibio has been at the helm of EY since 2019, and is said to have led the accounting giant to its highest revenue growth in nearly two decades in FY2022, when EY posted combined global revenues of US$45.4 billion.

Boland took over as EY’s US chair in July, and had previously served as chief financial officer of public and privately-owned US companies before joining EY in 2010.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

“We firmly believe that this bold move to separate the organisation will enable us to embrace the changing landscape, build businesses that redefine the future of our professions, create exciting new opportunities, and deliver greater long-term value for EY people, clients and communities,” said EY.

“The selection of these two leaders is a significant milestone in the separation process,” it added.

“We are moving forward in a thoughtful and deliberate manner, making good progress on the path to partner votes early next year.”

The new appointments come ahead of country-by-country votes among EY’s 13,000 partners next year, who must vote in favour of the plan for the proposed separation to take effect. The voting is expected to conclude by early 2023.