Boss of UK audit giant EY to retire next year

Boss of UK audit giant EY to retire next year

UK auditing giant EY announced Tuesday that its CEO will retire in 2024 on the heels of a failed plan to split its audit and consulting units.

The professional services firm said that Di Sibio, who has headed the group since 2019, told partners that "he will retire as Global Chair and CEO of EY, having reached the mandatory retirement age of 60 this March".

"I am proud of the bold vision we set out in Project Everest," Di Sibio said in a webcast.

"The courage that we displayed set the entire sector on a new course that will only become apparent in the years to come," he said.

EY in April said it was stopping its "Project Everest" scheme to split its audit and advisory units after opposition from its US branch.

The move was agreed in September and aimed to accelerate growth and avoid conflicts of interest but required the approval of EY's 13,000 worldwide partners.

Di Sibio's term had been extended until 2025 to oversee the split.