EY CEO Carmine di Cibio to step down – Kommersant

CEO of the international consulting and audit company EY Carmine di Cibio will leave his post in the summer of next year – one year before the expiration of his term of office. The head of EY made such a decision after his plan to split the company into two parts – consulting and audit – failed. In April it became known that EY refused from separation due to the disagreement of American partners with this plan, which was called the “Everest project” and has been discussed by EY top managers since May 2022.

Recently, the Big Four companies, which in addition to EY include Deloitte, KPMG and PwC, have been increasingly criticized for the fact that their income from both activities – audit and consulting – leads to conflicts of interest and insufficient quality work. The heads of 15 regional offices of EY, including the American and British ones, spoke in favor of separation by the fall. Further, 13 thousand EY partners had to vote on the issue of separation. At this stage, the process stalled: the American partners refused to support the plan, believing that the company would have to spend too many resources to make up for the loss of the audit department from the mass transfer of employees to the new structure.

mass media quote Mr. di Cibio’s statement, which he sent to the company’s partners: “I am proud of the boldness of the idea that we set out in the framework of the Everest project. This courage will set the vector for the development of our entire sector, which will become apparent in the coming years. We challenged the status quo and asked some tough questions. Such actions will only make our organization better in the long run. Now it’s time to start a new generation of leaders.”

Evgeniy Khvostik