Women are rising in the business world

EY (Ernst & Young), one of the world's four largest financial audit firms, has appointed Janet Truncale as CEO of its Americas Financial Services Organization, which covers the US and all countries on the continent. With this decision, Truncale, who will take the seat of Carmine Di Sibio—who retired following the collapse of EY's plan to spin off its consulting arm into a new public company—also became the first woman to head one of the companies in the Big Four*.

CHOSEN OVER THE FAVORITES

Janet Truncale, who has been working at EY for over 30 years since joining as an intern, managed to be among the 11 candidates initially nominated for the position and later among the 6 finalists. The 18-member board of directors decided that the 53-year-old executive was the right person for the job from a list that included the favorite for the position, British partner Andy Baldwin, and Jad Shimaly, who runs EY's Canadian business.

SHE WILL TAKE OFFICE ON JULY 1

According to the statement made by the London-based accounting giant, Truncale will replace Carmine Di Sibio on July 1. According to the statement, Truncale was most recently the regional managing partner of EY's financial services organization in the Americas, which consists of 14 thousand professionals.

SHE WILL MANAGE 400 THOUSAND PEOPLE

Truncale, who has been working at EY for 33 years, rose through the company's financial services business by overseeing the firm's work focused on IPOs and capital markets in recent years. In the statement made by EY, it was noted that Janet Truncale served as a global client service partner and senior advisory partner for many of the financial services organization's largest clients. Truncale, who describes herself on the EY website as a working mother of three, will be one of the most senior women in the financial and professional services field when she takes office. Truncale is taking charge of an organization with approximately 400 thousand employees in more than 100 offices worldwide.

WOMEN ARE RISING

Speaking to Bloomberg after the high-profile appointment decision, Oliver Wyman said that more and more women are overseeing revenue-generating activities and are being brought into positions responsible for profit and loss statements. Wyman pointed out that the historic appointment is proof of the effort audit firms have spent for years to increase the diversity of their senior teams.

WHAT DOES THE BIG FOUR MEAN?

The global accounting industry is dominated by four major players, often referred to as the Big Four. These firms are KPMG, Deloitte, Ernst & Young (EY), and PricewaterhouseCoopers (PwC). They offer a wide range of services to clients, including audit, tax, consulting, and advisory services. The Big Four have a significant presence in all major markets around the world and serve a wide variety of clients, including multinational corporations, governments, and non-profit organizations.

News Source: 12punto