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thank u, next
Unclear who will replace him. Firm may try for a female Chair - like Beth Brooke or may move to have someone from the EMEIA or APAC firm lead (although unlikely US partners will allow that).
Weinberger has been a great leader. I have known him over 15 years. He is exceptional both personally and professionally. Yes, he was a real cool guy.
He has been at the forefront of creating change. He was made chair because tax had grown under him YOY despite the recession and other downturns. Turley before him did a great job of keeping the firm safe from a regulatory standpoint but growth was lagging. We were a distant 3rd size wise of the B4. Had KPMG not had their tax shelter issue they would have been bigger than us. Tax has always been a strong suit of EYs. So they brought Weinberger in to create a culture of more growth and since he is well connected in DC, that he could also keep the firm safe on the regulatory front.
While Vision2020 was too big a stretch, the firm has grown significantly under his watch and we have been fine from a regulatory standpoint. So while I am sad to see him go - he has been a good leader. Plus I have no issue with stretch goals. Will Mercury be a disaster - maybe. I don’t fault Weinberger for that. Many other chefs closer to that fire to blame.
Now with the above said, his stepping down does come as a surprise. The speculation at the PP level is maybe and hopefully not that there is a personal or family illness. The other more positive speculation is that he will possibly be appointed as a new Fed Chair or Head of the Treasury after he steps down.
I wish him and his family well He is a really good person.
Yeah Weinberger as Fed Chair?! What’s next, realty TV star as president?!
Be nice ! He was great. He did a lot for EY and I think next person has big shoes to fill
Just hoping he is leaving for a good reason and no scandal will come to the surface. He seems like a cool guy though.....
Seems fishy. Vision 2020 a little too ambitious or a scandal
As fed chair??? Are you serious? There is truly a 0% chance of that
P1, as a former EY person, I really appreciate your insights. I always thought highly of Mark from his communications but did not know him personally. I’d love to see him go on to head Treasury or something like that.
President 2020
He is retiring. He has plenty of money probably. Didn’t seem like there was any real drama there
Under the US partnership agreement Beth can stay on till she is 65. Also have no idea if she has to retire at 60 under the EYG agreements. Likely not. However People were speculating she may do so if this was offered. I don’t know Beth well enough to know.
Kelly just took her role.
Kate Barton just took hers.
I don’t know Jessie Chan or Alison Kay - the two other women on the Global Executive Board.
Also doesn’t have to be a woman, Carmine Di Sibio or Lou Pagnutti are other possible choices
I think it speaks a lot to about a person when the majority of people who have interacted with him have positive memories
The drama is that he is retiring two years before the end of his term. That is the surprising part. It is unusual for a chair to not serve out their full term and then retire. That is why there is the “shock”
Agree- no need for angst. He was a great CEO but I’m sure the next one will be as well- we have great talent.
Of course he's gotta get out before 2020
Don't really have an opinion on him. But a CEO doesn't impact my day to day much unless they embarrass the company or really screw up.
Who will replace ?
He is retiring. He said it at the end of his email
Highly doubt it was a personal illness. He was at new manager training speaking and even came out to Universal Studios. He mentioned he had no problem picking family over EY so I’m sure if it was a family illness he would have peaced out after his speech.
Beth Brook is 60 and retiring in June.