- Carmine Di Sibio, EY’s dynamic CEO has stepped down after leading the firm to 40% growth over the last 5 years, achieving a revenue of $49.4 Bn in FY23.
- Succeeding him will be Janet Truncale, another pioneering leader who started as an intern at the Big 4, starting on July 1st, 2024.
- And remember, as Carmine says, “Stay curious, embrace the unexpected, and keep learning!”
Backstory
Carmine Di Sibio is a practicing Certified Public Accountant.
Hailing from the town of Frigento, Italy, he and his family moved to the United States when he was just three years old.
He spent his formative years in Glen Cove, New York.
An illustrious career at EY spanning 40 years
He began his journey at EY back in 1985. Since joining EY, Carmine has held various roles.
1985 – He joined the firm as an Audit Staff Member. Since joining he has worked in advisory and assurance roles with many of the firm’s largest financial services clients.
2001–2003: Americas Banking and Capital Markets Leader,
2003–2006: Assurance and Advisory Managing Partner – Financial Services,
2006–2013: Financial Services Managing Partner – Americas, Vice Chair – Americas Executive Board,
2011–2013: Chair of the Global Financial Services Markets Executive and Regional Managing Partner for the Americas Financial Services Organization, pioneering the establishment of EY Risk Management and Regulatory Services.
2013 to 2019: Global Managing Partner for Client Service, overseeing growth, relationship building, and innovation, and leading the execution of the organization’s global strategy across the Americas, EMEIA, Asia-Pacific, and Japan, as well as the tax, advisory, assurance, and transaction advisory services divisions.
2019 to 2024: Di Sibio took on the role of Global Chairman and CEO of EY on 1st July 2019, succeeding Mark Weinberger, who had served for six years.
He mentioned, “I am honoured to be chosen to lead this great organization, which I have been part of for over 33 years.”
Di Sibio also plays an active role in the World Economic Forum (WEF), serving as a member of its International Business Council.
Spearheading important initiatives
- $1 billion investment in cutting-edge technology solutions within two years.
- Establishing the Global Innovation team to revolutionize how EY leverages technology to enhance current services and develop innovative solutions.
- Additionally, he co-chaired EY’s Global Diversity and Inclusiveness Steering Committee.
- In September 2023, under Carmine’s leadership, EY announced the launch of the artificial intelligence platform EY.ai, following a US$1.4b investment. This is part of EY’s larger $10 billion enterprise investment plan spanning three years, which was announced in 2021.
- Recently in 2024, EY announced its plans to invest $1Bn to revamp the accounting profession and make it more attractive for young professionals.
Also read: Big 4 firms in India: Inside Deloitte, PwC, EY & KPMG career prospects, growth and salaries
The Collapse of Project Everest
If you keep up with the latest Big 4 news then chances are you have heard of EY’s Project Everest.
The bold plan proposed splitting EY’s audit and consulting divisions, with the possibility of one becoming a publicly traded company. This move had the potential to revolutionize the accounting industry.
In 2021, Carmine Di Sibio launched Project Everest, aiming to address regulatory pressures by transforming EY’s business model.
Despite initial progress, unfortunately, the Project couldn’t reach the summit. In April 2023, EY decided to halt Project Everest, leading to major financial consequences for the firm.
EY had reportedly taken out a loan exceeding $700 million to support Project Everest. When the project was scrapped, this substantial debt burden left the firm facing significant financial challenges.
Carmine’s parting message
Carmine Di Sibio, EY’s CEO, is stepping down after 39 years. He shared a heartfelt message, expressing gratitude for his time at EY and the relationships he built.
His parting advice is to stay curious, embrace unexpected paths, and never stop learning. Di Sibio on LinkedIn announced his departure from EY Carmine’s view on India.
Carmine’s view on India
In an interview with CNBC, Carmine mentioned that the firm is very bullish in India, with 100,000 employees out of 400,000 based there.
Of these, 60,000 are in Global Delivery Services, with plans for continued growth.
To retain this talent, especially young talent, the firm offers extensive training, including on-the-job and formal training in AI and sustainability.
They have a badge program for courses and free MBAs in sustainability and data analytics, with an upcoming MBA in AI.
Carmine said that this focus on training keeps employees engaged and adds value for clients.
Who will take over after Carmine?
It was decided long back.
On November 15, 2023, EY announced Janet Truncale as the next Global Chair and CEO, starting July 1st, 2024.
Her story is also nothing short of an inspiration for anyone who dreams of joining the Big 4.
She joined as an intern in 1991. And after 33 years with the firm, she will succeed Carmine Di Sibio as the new CEO.
Before becoming the CEO she held the role of Vice Chair and Regional Managing Partner for Americas Financial Services Organization (FSO), overseeing over 14,000 professionals.
What’s next for Carmine?
On 28th March, PayPal made an exciting announcement, revealing their intention to appoint Carmine Di Sibio to their Board of Directors as an independent director starting on July 1, 2024.
Carmine plans to relax with his family, enjoying beach time, cycling, and pickleball. After that, he looks forward to the next exciting chapter of his career.
