EY Appoints First Female CEO

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Janet Truncale, a 53-year-old American, has been appointed as the global chief executive of EY, marking a historic moment as the first woman to lead a Big Four audit firm.

Truncale, boasting a three-decade tenure with EY, will assume the position succeeding the current EY Global Chair and CEO, Carmine Di Sibio, who was elected in 2019 and is stepping down a year earlier than initially planned. Truncale’s leadership decisions, set to unfold when she takes over in July, hold significance not only for EY’s trajectory but also provide a crucial benchmark for its Big Four counterparts – Deloitte, KPMG, and PwC.

Di Sibio, during his tenure, spearheaded the NextWave initiative, a global strategy aimed at generating long-term value for all stakeholders, resulting in a compounded annual growth rate of 9.5% and an additional $13 billion in revenue. However, his support for Project Everest, which aimed to split EY into auditing and consulting entities, faced setbacks earlier this year. The project intended to eliminate conflict-of-interest rules hindering the consulting group from collaborating with EY’s audit clients, including major tech companies globally.

Project Everest, while a transformative proposal for the accounting industry, encountered opposition from U.S. executives who feared potential weakening of the audit business. Truncale, in her new role, is tasked with steering EY toward a revised trajectory.

Announcing Truncale’s selection, Di Sibio expressed confidence in her leadership, citing her exceptional skills and extensive experience in serving clients across EY’s diverse businesses. Truncale, a mother of three, currently holds the position of regional managing partner, EY Americas Financial Services Organization. Leading a team of over 14,000 professionals throughout the Americas, she stated, “It will truly be an honor to lead this amazing organization. The work we do in creating opportunity for our people and clients, as well as our role in the capital markets, defines EY as an organization, and I couldn’t be prouder to have the opportunity.”