EY wants to separate its business into two: auditing, on the one hand, and consulting, on the other. Its purpose is to avoid conflicts of interest, but its operations are not without its difficulties. The person responsible for directing it was Carmine Di Sibio (Frigento, Italy, 1963), an American. Since 2019, he has been the global president and CEO of EY, formerly known as Ernst & Young.

Members from different countries will vote in the coming months for the halving. Regulators in the UK and other countries want it, but there are also economic reasons: accounting firms are often unable to audit companies that are also their consulting clients, so having two separate firms (perhaps with a consultant as listed), can attract more customers.

Di Sibio was born in Frigento, a city then of 5,000 (now 4,000) in the province of Avellino, in Campania, southern Italy. His family immigrated to the United States when he was three years old, and he grew up in Glen Cove, a coastal and industrial city in New York state that attracted European immigrants.

A first-generation student, he graduated in Chemistry from Colgate University, a private school in New York, and earned an MBA from the Stern School of Business at New York University. He has dedicated his career to auditing, and practice as a Certified Public Accountant (CPA).

He joined Ernst & Young in 1985. Since then he has worked as an advisor and underwriter with many of the company’s largest financial services clients. For the Americas, as it is called in the US, an enterprise risk management and regulation service was launched.

In 2013, he became the company’s global managing partner, specializing in client services, spanning four geographic regions (America, EMEA, Asia-Pacific, and Japan), and four key service divisions (tax services, consulting, insurance and consultation). ). Leading the launch of a $1 billion investment in new technology solutions over two years; and was instrumental in creating a global innovation team to redefine the way the group uses technology, both to transform existing services and create new solutions. “As our acquisition and alliance strategy leader,” the company said, “he has helped expand EY’s offerings into new and emerging areas.”

Regardless of the good relationship with this technology, or precisely because of it, it warns young auditors of the risks of always working from home. “While some form of sustainable flexibility is likely to be a key part of the future of work, it would be a mistake for most employers to try to build a long-lasting, enduring work culture entirely from home. Regular face-to-face interactions – though not every day – help maintain the qualities that make our workplaces unique and special,” he said a year ago in Quartz magazine.

In January 2019, he was appointed global president and CEO-elect for a four-year term; He took up the position in July of that year, replacing Mark Weinberger, who held it for six years.

other positions

Di Sibio is a board member of the non-profit organization Focusing Capital on the Long Term (FCLT), which is dedicated to driving a long-term business approach, which in turn can drive sustainable and prosperous growth. And he plays an active role in the World Economic Forum (WEF): he is a member of its international business council.

In addition, he co-chairs EY’s global diversity and inclusion steering committee, which works to maximize the power of diverse opinions, perspectives, and cultural references within the organization. He participates with other business leaders, such as Jamie Dimon of JP Morgan, in projects to integrate blacks and half-bloods into well-paid positions in their companies. “I’m kind of living the American dream, and I think every kid should have a chance,” he told Business Insider.

He is a trustee of the Foundation for Empowering Citizens with Autism and Family Promise, and is a member of the board of trustees of his alma mater, Colgate University. He has been married to Amy Di Sibio since 1989, and they have four children: Anna, Chris, Jane and Tommy. They live in New Jersey, and he is a sports fan.

Division

The process will be complicated, said Reuters analyst John Foley. Unlike listed companies, where shareholders can only vote once to approve the split, the JE must hold local voting in approximately 75 countries. In some a simple majority will suffice, in others it requires two thirds. In certain places one vote is given to each member; in other countries, power is distributed according to the capital of each person. And in others, partners with certain accounting qualifications enjoy separate votes.

Another problem is evaluating each piece: doing it by consulting is easy, but not by auditing, because there are no major audit firms listed. Di Sibio must ensure that partners (workers and owners at the same time) from both divisions are happy with the deal. In principle, the auditee will receive cash as compensation. The company expects the issue to be resolved by early 2023. Di Sibio, who has spent most of his life with it, must now play King Solomon.