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Ernst & Young Elects Mark Weinberger as New Global Chairman and CEO
January 18, 2012
By Michael Foster, Big4.com Blogger
Ernst & Young has chosen Mark Weinberger as their new CEO. Weinberger was previously Americas Executive for the Big4 firm, as well as Head of Tax for the firm’s Americas operation. Weinberger has also worked for the U.S. Treasury, where he was the Assistant Secretary under George W. Bush. He had also worked on the U.S. Social Security Advisory Board during Bill Clinton’s administration.
The news comes after Ernst & Young’s current head, Jim Turley, announced his retirement from the company effective June 30, 2013, after 12 years of leading the firm.
Turley emphasized his successor’s public experience and work with regulatory bodies in a public statement. “Importantly, Mark has a regulatory mindset which will ensure Ernst & Young maintains strong connections with the many audit regulators and other officials with whom we engage globally,” Turley said.
Currently, Big4 firms are facing intense scrutiny in the European Union, as the European Commission considers new legislation that would effectively force the break up of auditing and consultancy services in the Big4 companies.
Weinberger commented on his firm’s attempts to be “constructive” in a statement. “I am proud of the important role Ernst & Young plays in the growth and efficient functioning of the global economy.Our role is to build trust and confidence in the world’s capital markets and help our clients to deliver on their promises to their stakeholders,” he said.
Weinberger’s promotion was unanimously supported by the firm’s executive and advisory council. He will be leading a company who is currently enjoying annual revenues of $23 billion.