EY UK boss: Issues that led to split plan still exist – we need to find an answer
The problems that EY’s failed split plan was supposed to answer are still lingering, the firm’s UK boss has warned in a rare interview.
Speaking to The Sunday Times, EY’ UK chair and UK and Ireland’s managing partner Hywel Ball, highlighted the firm’s need to “find a response” to the questions that led it to the split plan.
The Big Four firm had proposed a plan that would overhaul its businesses in order to address regulatory concerns over potential conflicts of interest.
The plan, also known as Project Everest, would have split its consulting and auditing businesses. It was was cancelled in April after push back from EY’s US unit.
Ball said: “Those strategic questions that led us to think about Everest still exist and we need to find a response to them. That doesn’t mean we will be doing Everest 2. There are many ways to deal with those questions. But that’s the challenge of the new strategy”.
The Big Four firm appointed its first female global CEO earlier this week as it has picked its head of its financial services business in the Americas, Janet Truncale.
“I’ve known Janet a long time. She’s a fantastic person,” Ball added.
Her appointment comes after the announcment in June that current global chair and CEO Carmine Di Sibio would be retiring next year.
Like it’s competitors, EY has been making preparations for layoffs, as it confirmed in August that around 150 jobs are set to be cut.