EY Split of Audit & Consulting Business Cancelled Due to Internal Disagreements, Potential IPO Plans & Partners to Receive $8 Million Including Shares of New Consulting Business
13th April 2023 | Hong Kong
EY planned split of Audit business & Consulting business had been cancelled due to internal disagreements. In March 2023, EY CEO Carmine Di Sibio had assured the split will go through. In 2022 September, EY was expected to approve the proposal to split the accounting firm and consulting firm to reduce conflict of interest and to accelerate respective business growth, with the final decision to take place in early 2023 with potential IPO plans, and EY partners may receive $8 million including shares of the new consulting business. The new EY consulting business will hold around 60% of revenue, and audit will hold around 40% of revenue. With the split, the consulting business may go publicly listed with estimated market value of around $10 billion, with equities being distributed to EY partners and EY employees. More info below.
“ EY Split of Audit & Consulting Business Cancelled Due to Internal Disagreements, Potential IPO Plans & Partners to Receive $8 Million Including Shares of New Consulting Business “
EY Split of Audit & Consulting Business Paused Due to Internal Disagreements But EY CEO Carmine Di Sibio Assures Split Will Go Through, Final Decision Targeted in 2023 with Potential IPO Plans & Partners to Receive $8 Million Including Shares of New Consulting Business
11th March 2023 – EY planned split of Audit business & Consulting business had “paused” due to internal disagreements but EY CEO Carmine Di Sibio assures the split will go through. In 2022 September, EY was expected to approve the proposal to split the accounting firm and consulting firm to reduce conflict of interest and to accelerate respective business growth, with the final decision to take place in early 2023 with potential IPO plans, and EY partners may receive $8 million including shares of the new consulting business. The new EY consulting business will hold around 60% of revenue, and audit will hold around 40% of revenue. With the split, the consulting business may go publicly listed with estimated market value of around $10 billion, with equities being distributed to EY partners and EY employees. More info below.
EY Expected to Approve Proposal to Split Audit & Consulting Services with Final Decision in Early 2023 with Potential IPO Plans, Partners to Receive $8 Million Including Shares of New Consulting Business
9th September 2022 – EY is expected to approve the proposal to split the accounting firm and consulting firm to reduce conflict of interest and to accelerate respective business growth, with the final decision to take place in early 2023 with potential IPO plans and EY partners may receive $8 million including shares of the new consulting business. The new EY consulting business will hold around 60% of revenue, and audit will hold around 40% of revenue. With the split, the consulting business may go publicly listed with estimated market value of around $10 billion, with equities being distributed to EY partners and EY employees. EY has 13,000 partners and around 312,000 employees globally. EY is one of the world’s largest accounting firm and one of the Big 4 accounting firm alongside Deloitte, KPMW & PwC, has around 312,000 employees globally.
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