EY’s global chairman and CEO, Carmine Di Sibio, who has been a driving force behind the split, reportedly is in line for a payout worth tens of millions of dollars.
EY’s 13,000 partners are likely to receive details of a plan to split the firm into an audit and a consulting businessA vote to split the 312,000-strong firm into separate auditing and consulting businesses would be the biggest shake-up in the global professional services and auditing market in more than two decades.
”AssureCo as it’s called, will include the relevant [Financial Services Organisation] resources and is designed to be a multidisciplinary firm. It’d be anchored around our market leading audit capability,” said Glenn Carmody, EY Oceania assurance leader, at the same staff briefing. “At the moment on day one, roughly 11 per cent [of NewCo] will be the part that’s the subject of the IPO, the free float, and the other 14 or 15 per cent will ... [be] for the benefit of future distributions to staff, partner-equivalents, those that are promoted into the partner equivalent role within NewCo,” Mr Robson said at the staff briefing.
“The cash that the partners on the AssureCo side receive will obviously be cash in their hands. We’ve got to be really careful around how the arrangements are structured so that we don’t lose good partners because they’re simply in a monetary position that they can make different choices,” Mr Robson said.they might have their cash pay reduced by up to 40 per cent as part of the cost cuttings if they split off into a standalone company.
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