Poor Andy Baldwin, he’s gonna hate this news.
As former cheerleaders of Project Everest make their hasty exits, Carmine Di Sibio’s successor made a strong statement to EY people yesterday that a split of audit and consulting practices is not on the menu. Her comments sound a lot like what was said by Deloitte Global CEO Joe Ucuzoglu about his firm’s superior “multidisciplinary private partnership model” when the Green Dot and P-Dubs were busy rebuking the EY split plan in its early stages. You know, before the whole thing fell apart.
EY’s new global chief executive Janet Truncale has ruled out an immediate revival of the Big Four accounting firm’s plan to split in two, unveiling an alternative strategy that involves slimming down its central bureaucracy.
Truncale told the firm’s 400,000 staff in a memo on Thursday seen by the Financial Times that the business would “recommit to working together as one organization” and that her new leadership team planned to simplify the way the firm operated.
“There is huge power in our global scale and connectivity. So looking ahead, we’re going to recommit to working together — with EY clients, our ecosystems, and each other — as one organization,” she wrote.
Oh and there’s gonna be a new strategy in town now that Vision 2020 is four years behind us. Are you ready?
“All in”
Wise choice not to put a year on it.
Here’s what Truncale, whose first official day of work as EY Global Chair and CEO is July 1, said in a press release issued yesterday:
Today we launched the new EY global strategy – All in – which sets out a bold ambition to create new value for EY clients, people and stakeholders.
The world’s organizations face issues that are more complex and inter-connected than ever before. The All in strategy will ensure that EY’s globally integrated, multi-disciplinary network continues to lead through a rapidly evolving AI and technology-driven era.
In the last decade, EY has experienced extraordinary success and market leading growth, doubling in size to achieve US$50b in revenue. The All in strategy is about shaping EY’s next US$50b through purposeful growth – making intentional, future-focused investments in areas where we are uniquely positioned to lead – such as transformation, managed services and sustainability. All alongside an unwavering commitment to audit quality.
We will also build an even stronger organization by creating new ways to collaborate across EY’s vast geographical footprint and continuing to invest in the market-leading sector capabilities organizations need to address their most pressing issues, augmented by the accelerated adoption of AI.
All in is not just a business strategy, it captures an attitude and way of working – combining the multi-disciplinary skills of the 400,000 person strong EY workforce to anticipate and navigate a changing world – so that EY clients and EY people can shape the future with confidence.
How do we feel about that? A little plain, no? And lacking in the punniness of PwC’s New Equation.
New EY chief rules out reviving plan to split Big Four firm in two [Financial Times]