EY’s incoming CEO has shuffled her leadership team ahead of her taking over the role later this year, as she names four global managing partners to help her run the Big Four firm.
The firm elected New York-based Janet Truncale as its next CEO back in November. She is set to take over from Carmine Di Sibio in July as he will be retiring from EY.
According to the Financial Times, in an email sent to all partners, Truncale has names four global managing partners, adding that the wider global executive team will be “the same size or smaller” in the future.
Back in January 2023, it was revealed that EY was planning to alter the leadership team of its UK operations to cut its executive committee from 13 members to seven, while the UK operations would no longer have a chief operating officer.
The firm has been through a bumpy time following the failure to implement Project Everest after pushback from EY’s US unit last April. The plan was to separate its audit division from its consulting business but it was ditched.
Notably, in her leadership plan, Andy Baldwin was noted to be swapping his current role as global managing partner for client service to become a senior adviser. Baldwin’s name was in the hat for the next CEO, but as the FT noted, he was also a major player in designing Project Everest, alongside Di Sibio.
By naming four global managing partners, Truncale expanded the number of this senior leadership position by two. She named Jad Shimaly, head of EY Canada, will take on some of Baldwin’s role overseeing client services and Raj Sharma, currently head of the US consulting business, will become global managing partner for growth and innovation.
Both Shimaly and Sharma were in the leadership race with Truncale.
She has also named Anthony Caterino, a long-term partner in the US business, and Harsha Basnayake, currently deputy leader of the Asia-Pacific region as the other two global managing partners.
She is also planning cuts to the central organisation as part of a broader overhaul of operations, people familiar with the matter told the FT.
They also informed the FT that she could set out a cost-savings target running to hundreds of millions of dollars annually. She is also expected to be pressed on other aspects of her strategy at a meeting of senior partners in Florida this week.