Ernst & Young global CEO to step down in July

Ernst & Young global chairman and chief executive Mark Weinberger has served in the role since 2013. The company said it expects to appoint a replacement next month.
Ernst & Young global chairman and chief executive Mark Weinberger has served in the role since 2013. The company said it expects to appoint a replacement next month.ST FILE PHOTO

Ernst & Young (EY) global chairman and chief executive Mark Weinberger will leave the accounting and professional services giant at the start of the next financial year.

Mr Weinberger, who has served in the role since 2013, will step down on July 1.

EY cited its "well-defined succession process" and said it expects to appoint a replacement next month.

Mr Weinberger, a former assistant secretary for tax policy at the United States Treasury under former US president George W. Bush, joined EY's global leadership team in 2008 after five years on the executive board for the Americas.

He first started out at EY's US tax department in 1987, before moving to several government positions, including chief of staff to former US president Bill Clinton's 1994 commission on tax reform. His law advisory firm, Washington Counsel, which he co-founded in 1996, was later merged with an EY unit.

Mr Weinberger said in a statement: "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."

EY noted that it had racked up annual revenue growth of 8.5 per cent under Mr Weinberger's leadership.

A version of this article appeared in the print edition of The Straits Times on December 05, 2018, with the headline 'Ernst & Young global CEO to step down in July'. Print Edition | Subscribe