EY has announced that Mark Weinberger is to step down as EY global chairman and CEO after six years in the role, during which time he championed increasing diversity at all levels in the firm and created a more inclusive culture, says Accountancy Daily.
Weinberger’s departure takes effect from 1 July 2019, the start of the firm’s financial year 2020. EY says it expects to appoint his successor sometime in January, allowing for a six-month transition and smooth hand over of responsibilities.
Weinberger has served on the EY global executive for the past decade and was on the Americas executive board for the five years previously. His tenure of the top post saw an 8.5% annual compound revenue growth rate at the firm, which moved to widen its remit as a professional services organisation, with over 120 acquisitions bringing in new skills and capabilities, such as cybersecurity, artificial intelligence and data.
EY said Weinberger championed increasing diversity at all levels in the firm and creating a more inclusive culture. On the global executive, the highest governing body in EY, the percentage of women increased to more than 26% and it included more representation from the emerging market and early stage partners to bring in younger voices. Additionally, nearly 30% of the EY FY18 partner class consisted of women.
Weinberger said: ‘When I reflected on the massive changes we have navigated over the last seven years and the strong position we command to enable EY to excel in the years ahead, I realised that the time is right for me to step aside.
‘I know there is an even brighter future for EY and I am excited to see what will be shepherded in by the next generation of exceptional EY leaders. I have great confidence in the extraordinary talent that extends across our organization. I am thankful for the opportunity to have served EY clients and people around the world.’
In addition to his time at EY, Weinberger has held a number of public positions. These include serving as assistant secretary of the US Department of the Treasury (tax policy) in the George W. Bush administration, and serving on the US Social Security administration advisory board, which advises the President and Congress on all aspects of the social security system, during the Clinton administration.