Janet Truncale, the newly appointed CEO of EY is the first female leader of the Big Four firm

Janet Truncale, the first woman to head a Big Four audit company, was appointed as Ernst & Young LLP’s next chief executive officer. The London-based accounting firm announced in a statement that the new CEO will take over for Carmine Di Sibio on July 1st, Bloomberg claimed.

After rising through the ranks of EY’s US financial services sector servicing customers like Goldman Sachs, Di Sibio took leadership as global chair and chief executive in 2019.

For the most part, Truncale oversaw 14,000 people as the regional managing partner for EY’s financial services division, according to the statement.

““It will truly be an honor to lead this amazing organization.” The forthcoming CEO said in a statement, ” I am inspired by the example Carmine has set, instilling an intent to be professional leaders, focusing on staying ahead of the curve in technology, and most of all personifying EY values,” the new CEO said in a statement.”

This happened months after the accounting firm abandoned its original plan to split up, which called for selling out the majority of its tax practise and consulting business into a separate public company.

According to Bloomberg, the strategy was put in jeopardy when partners argued over crucial matters like how to split the tax practise, and EY’s powerful US affiliate objected.

In April of this year, Ernst & Young abandoned its “Project Everest” plan to divide its audit and consulting divisions due to opposition from its US office.

Leaders had informed partners that additional time and resources would be required to turn their plans for a potential split into reality.

The company wanted to split off much of its tax practise and advisory business into a separate public company. However, partners’ disagreements about pay and the resources required to staff the remaining audit practise proved to be a major source of friction for the leaders of EY’s US affiliate, and the plan named Project Everest, repeatedly failed.

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