Dive Brief:
- Carmine Di Sibio, global chairman and CEO of Ernst & Young announced to partners his plan to retire in June of 2024, according to reporting from the Wall Street Journal.
- Di Sibio has been with the Big Four accounting giant for over four decades, starting out as Americas banking and capital markets leader in 1985, according to his LinkedIn profile.
- The outgoing CEO’s new retirement date is the latest update to his term after he was granted a two year extension.
Dive Insight:
Originally, Di Sibio had planned to retire this month, but was then granted an extension of two years to see through a planned split of EY’s consulting and auditing arms into two separate entities, a project known as “Project Everest.”
The split — which was Di Sibio’s brain child — was announced in September, but crumbled shortly after due to pushback from U.S. audit leaders who thought that the consulting business was getting most of the company’s tax business, CFO Dive previously reported.
Despite the failed breakup, Di Sibio had written in a letter to partners back in April that the company “remains committed to moving forward with creating two world-class organizations that further advance audit quality, independence and client choice.”
Since the letter, EY has gone through layoffs of 3,000 workers and now must seek a successor to its global chairman and CEO.
The company had previously told CFO Dive that the decision to slash its workforce was not a result of the cratered “Project Everest.”
EY did not immediately respond to a request for comment on Di Sibio’s retirement.
