EY has named two of its top leaders as heads of the firm’s soon-to-be separate audit and advisory businesses, as it pushes forwards with plans for a global split.
EY said current chief executive Carmine Di Sibio will head the new consulting business – NewCo – as it named US managing partner Julie Boland as global chair and chief executive of EY’s new audit firm – AssureCo.
The appointments come as EY pushes ahead with ballots of global partners as it seeks approval for plans to separate its advisory business from its audit divisions.
If completed, the global split, which is aimed at freeing EY from the conflicts-of-interest rules that block it from selling advice to audit clients, is set to be the biggest shakeup to the Big Four in decades.
“The selection of these two leaders is a significant milestone in the separation process,” EY said in a statement, as it claimed to be “making good progress on the path to partner votes early next year.”
The appointments follow criticism from former EY partners over a lack of clarity around who will be leading the newly split off firms.
In a letter last month, the former partners called on EY’s board to “move forwards with leadership decisions” and communicate them in a “transparent manner.”
Di Sibio took up the position as EY’s chief executive in 2019, having started his career in the accounting firm’s audit business. Boland was elected as managing partner at EY’s US business in February 2022.