Big Four member Ernst & Young has a new global chair and CEO: Janet Truncale, a long-time insider who has worked in the financial services sector for more than 30 years.
Truncale will take up the post next June. She’s stepping into the shoes of outgoing EY boss Carmine Di Sibio, who led the firm through a period of strong growth: EY added $13 billion to its yearly revenues during Di Sibio’s tenure on the back of a 9.5% compound annual growth rate.
Notably, the executive also laid the groundwork of the firm’s AI strategy. Under Di Sibio’s leadership, EY launched a collection of AI services and tools called EY.ai that Truncale will no doubt expand given the intensive focus on machine learning in the corporate world.
Di Sibio commented in a prepared statement that “Janet is an exceptional leader, with a strong foundation in serving clients across all EY’s businesses. She is a great choice to lead our organization through the next chapter of its history.”
Before officially becoming EY’s global chair and CEO next June, Truncale will continue in her current role as the head of EY Americas’ FSO business. The business, which employs about 14,000 people, provides accounting services and advise to financial services organizations such as banks.
Earlier, Truncale was the managing director of EY Americas’ FSO Assurance unit. The unit, which is part of the FSO business Truncale currently leads, helps clients improve their internal accounting processes.
Truncale brings a lot of experience to her new role. She has spent more than three decades in the financial services industry, much of it at EY, which means she has extensive knowledge of not only the market where the firm competes but also its inner work processes and client relationships.