EY Names Janet Truncale as First Female CEO of Big Four Firm (1)

Ernst & Young LLP picked Janet Truncale as its next chief executive officer, placing the first woman atop a Big Four audit firm.

She will succeed Carmine Di Sibio on July 1, according to a statement from the London-based accounting giant. Truncale most recently was the regional managing partner for EY’s financial services organization in the Americas, which includes 14,000 professionals, according to the statement.

“It will truly be an honor to lead this amazing organization,” Truncale said in the statement. “I am inspired by the example Carmine has set, instilling an intent to be profession leaders, focusing on staying ahead of the curve in technology and most of all personifying EY values.”

The move comes just months after the accounting firm scrapped its intended breakup, which included a plan for the company to spin off its consulting business and much of its tax practice into a stand-alone public company. That was jeopardized after EY’s influential US affiliate balked, while partners squabbled over key issues like how to divide the tax practice.

Truncale has spent more than 30 years at EY after first joining the firm as an intern. She rose through the ranks of the company’s financial services business, with stints overseeing the firm’s businesses focused on initial public offerings and capital markets in recent years.

She served as the global client service partner and senior advisory partner for many of the financial services organization’s largest clients, EY said in the statement.

When she takes over, Truncale, who describes herself as a working mom of three on EY’s website, will be one of the most senior women in financial and professional services. She is taking the helm of an organization with roughly 400,000 employees in more than 100 offices around the world.

“It’s a testament to the years many professional services firms have put into improving the diversity of their top team,” Lisa Quest, a partner at the consultancy Oliver Wyman, noting that more women are now overseeing revenue-generating activities and have responsibility for profit-and-loss statements. “This is the culmination of years of investment in diversity and inclusion programs, as well as making sure that women actually get into proper feeder positions and P&L line responsibilities to become eligible and on the shortlist for these types of roles.”

(Updates with additional information about Truncale beginning in fifth paragraph.)

To contact the reporter on this story:
Irina Anghel in London at ianghel1@bloomberg.net

To contact the editor responsible for this story:
Jenny Surane at jsurane4@bloomberg.net

© 2023 Bloomberg L.P. All rights reserved. Used with permission.