Carmine Di Sibio elected to succeed Mark Weinberger as head of EY

22 January 2019 Consultancy.asia

Carmine Di Sibio has been elected as EY’s next Global Chairman and CEO, to replace current head Mark Weinberger at the beginning of July.

Ernst & Young has elected Carmine Di Sibio as its new Global Chairman and CEO, effective from the 1st of July. Currently acting as the Big Four firm’s Global Managing Partner - Client Service, with overall responsibility for its major service-line divisions and four primary geographies, Di Sibio will take over from incumbent CEO Mark Weinberger when he steps down in June after six years in the role.

Di Sibio has been with EY for more than three decades, originally joining the firm in the US in 1985, and in addition to overseeing the firm’s four geographic groupings (the Americas, EMEIA – Europe, the Middle East, India and Africa, and the soon to be integrated Asia Pacific and Japan), and four primary service divisions – tax, advisory, assurance, and transaction advisory services – Di Sibio has also been tasked with the execution of EY strategy.

For its last reporting year, EY pulled in a record $34.8 billion in revenues across its services and regions, up 7.4 percent year-on-year (with its Asia Pacific business the firm’s standout growth region). As well as guiding the firm’s operations, Di Sibio also holds responsibility for EY’s $1 billion innovation investment set aside for new technology over the next two years, as is the co-chair of the firm’s Global Diversity and Inclusiveness Steering Committee.Carmine Di Sibio elected to replace Mark Weinberger as head of EY“Carmine is an outstanding and inclusive leader who has a foundation in audit and in serving the largest EY clients,” Weinberger said. “He is a leader who understands the importance of diverse and inclusive teams, and he knows how to engage people to reach their full potential. I believe the organisation has made an exceptional choice, and Carmine is the right EY Global Chairman and CEO in these transformative times.”

“As I reflect on my time at CEO, it’s remarkable to consider how much the world has changed—and how much the expectations of global businesses have changed along with it,” Weinberger wrote ahead of this year's Davos conference. “Today, in an era of transformation and uncertainty, people around the world are looking to the business community for leadership. It’s time for next generation of CEOs to rise to the challenge. Our license to lead depends on it.”

Di Sibio has held numerous global operating and leadership roles during his three decades with the firm, previously serving as Chair of the EY Global Financial Services Markets Executive and as Regional Managing Partner for the Americas Financial Services division, where he started EY’s Risk Management and Regulatory Services. Di Sibio holds a BA in Chemistry and an MBA from New York University’s Stern School of Business.

“I am honored to be chosen to lead this great organisation, which I have been part of for over 33 years,” the CEO-elect said. “The role we play in the capital markets and the work each and every one of the 270,000 EY people do every day to create a better working world are things of which I’m very proud. It's been a great opportunity to work with Mark and the leadership team on the development and execution of our Vision 2020 strategy over the past six years.”

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