News: EY Chairman and CEO to step down

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EY Chairman and CEO to step down

Ernst & Young (EY) Chairman and CEO is stepping down in July, 2019. The company plans to appoint his successor next year in January.
EY Chairman and CEO to step down

Ernst & Young (EY) Chairman and CEO, Mark Weinberger is stepping down in July, 2019- the start of EY’s financial year 2020.

EY plans to name his successor somewhere in January, 2019, allowing a six-month transition from Weinberger to the new leader.

In a letter to employees, Weinberger mentioned that his departure came as the strategic initiative that he oversaw, titled Vision 2020, was drawing to a close.

He stated “EY, and indeed the world has gone through tremendous changes during my tenure and stepping down at the beginning of our financial year 2020 seems like the appropriate moment.”

Under Weinberger tenure,  global revenues at EY have climbed, hitting an all-time high in the latest financial year of $35bn. Also under his leadership, EY has worked to create a more diverse and inclusive workplace. The company has unwaveringly appeared on Fortune’s list of the 100 best companies to work for, ranked in at No. 52 this year.

His exit comes at a crucial time for the audit market, which has come under unprecedented scrutiny in the UK, South Africa, and the Netherlands over the past 18 months.

In addition to his tenure at EY,  Weinberger earlier worked as the Assistant Secretary of the United States Department of the Treasury (Tax Policy) in the George W. Bush Administration. He was also a co-founder of Washington Counsel, P.C., a law and legislative advisory firm that merged into EY and now operates as Washington Council EY.

Mark has done his  MBA  from Case Western Reserve University in Cleveland, Ohio, and a Master of Laws in Taxation from Georgetown University Law Center in Washington, DC.  He also holds an honorary doctorate from the Kogod School of Business at American University in Washington, DC. 

Image Credits: vatoz.hub-rural.co

Topics: Leadership, C-Suite

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