Ernst & Young CEO Weinberger to step down 2019
Y today announces that Mark Weinberger will step down from his role as EY Global Chairman and CEO effective from July 1, 2019 – the start of its financial year 2020.
During Weinberger’s tenure as EY Global Chairman and CEO, the global organization has undergone tremendous change. EY is now helping more clients in more places tackle their toughest challenges than ever before. There are more than 270,000 EY people in over 150 countries, and last year 65,000 people joined EY.
Weinberger embraced the transformation needed for EY to be a leading professional services organization and during his tenure its annual compound revenue growth rate was 8.5%. Over the past six years, over 120 acquisitions have brought in new skills and capabilities, such as cybersecurity, artificial intelligence and data. Today EY has 2,000 software robots (bots) at work, with 1,300 of these for clients and 700 in use internally. There are now over 20,000 data and analytics practitioners and more than 2,000 data scientists in EY. Best-in-class blockchain, cyber and digital solutions have been developed in EY.
Within the organization, Weinberger championed increasing diversity at all levels 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. He also focused on developing EY people, creating a best-in-class experience through innovative programs such as EY Badges (a skills accreditation program) and LEAD (its non-numerical based performance management system). Weinberger established the global organization’s purpose of Building a Better Working World during his tenure, as he guided the evolution of EY into a purpose-led organization.
Weinberger has served on the EY Global Executive for the past 10 years and on the Americas Executive Board for the five years prior. He was elected EY Global Chairman and CEO in 2012 and successfully led EY through its Vision 2020 strategy and believes the time is right for him to step down at the beginning of its fiscal year 2020.
Weinberger says, “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 realized that the time is right for me to step aside. I know there is an even brighter future for EY and I’m 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’m thankful for the opportunity to have served EY clients and people around the world.
“I am sincerely grateful to each and every one of the 270,000 EY people and countless alumni around the world; the success of EY has always come down to EY people. Individually and collectively we have driven EY’s accomplishments. The best part of being EY Global Chairman and CEO, and what I will miss the most, is traveling around the world to meet with EY people and clients. I have always been amazed and humbled by the everyday acts EY people do to build a better working world and have been privileged to see this firsthand.”
EY has a well-defined succession process and will vet a diverse slate of candidates. It expects to appoint a new EY Global Chairman and CEO sometime in January, allowing a six-month transition and smooth hand over of responsibilities which will become effective July 1, 2019.