EY plots leadership reshuffle after Big Four firm’s break-up plans scrapped
EY is planning to alter the leadership team of its UK operations just weeks after it scrapped plans to break-up its audit and consulting business.
The Big four accountancy firm’s UK managing partner Alison Kay, one of the top executives in Britain and a likely candidate for the role of boss, will move to a European role, potentially removing her from the running.
According to reports from Sky News’ Mark Kleinmann today, a memo was circulated to EY partners last week, informing them that its executive committee would be cut from 13 members to 7 and that the UK operations would no longer have a chief operating officer.
The announcement comes weeks after the audit giant called off plans that would have seen the break-up of its audit and consulting sections, intended to address growing concerns over conflicts of interest.
The Big Four, EY, KPMG, Deloitte and PwC, have faced a raft of criticism in recent years about the overlap between the two divisions, as expensive contracts can be secured for consulting and deals work, from the same clients which the firms are auditing.
An EY spokesperson said of today’s announcement, that it had “reshaped two of its internal UK management teams. These changes will allow more EY Partners to be focussed on serving our clients and stakeholders.”
“EY’s UK LLP Board is the ultimate governance and decision-making body for the UK firm and remains unchanged.”
The firm told Sky News that the leadership overhaul was unrelated to the collapse of the plot.