Ernst & Young completes groundbreaking globalization move
03/06/2008 09:53
Ernst & Young
Partners overwhelmingly approve the creation of EMEIA
London, 3 June 2008 - Ernst & Young today announces that its partners across Western and Eastern Europe, the Middle East, India and Africa have overwhelmingly approved the proposed integration of its country practices into a single EMEIA Area.
The new Area will be a US$11 billion organization with more than 60, 000 people and 3, 300 partners. It will operate as a single unit, led by Mark Otty as Area Managing Partner, and a single executive team. EMEIA will be effective from 1 July 2008.
Chairman and CEO Jim Turley said, "I am of course delighted by the tremendous response from our partners in favor of this significant step change in the globalization of our business. I have also been greatly encouraged by the level of feedback I have received from many of our clients across the globe, our young people and our regulators. The feedback is that this is a groundbreaking and positive step both for our own organization, and the profession as a whole."
"Our clients tell me this move is important because it is going to enable us to better meet their needs to deliver seamless, consistent high-quality service, not just across EMEIA, but right across the world. Our people want to be in an organization where their opportunities are without boundaries. They want and expect mobility, challenging international assignments and a diverse and teaming culture on a truly global scale," Jim said.
Mark Otty said, "These are exciting times. This integration is a really significant step for Ernst & Young and for our profession. Our people and our clients are really excited about our plans - our people see the opportunities for them whilst our clients can see how this builds on the level of service we already provide. These will include European companies looking to expand their activities in emerging markets and also, increasingly, new business giants from the Middle East, India, CIS and Africa seeking opportunities in developed markets."
Chief Operating Officer, John Ferraro, said, "This is a remarkable achievement given the scale and intensity of the process we embarked upon. We do not take the support of our partners for granted and have engaged in a concentrated, active dialog with them about our future. Partner votes were tabulated by an independent organization, which has confirmed that partners in 86 of the 87 countries have overwhelmingly approved the integration. In the remaining country, Sweden, our partners are facing unique local issues and will vote on the EMEIA proposal in the coming months. With this great support, we now will complete the process and begin operating EMEIA on 1 July."
Jim Turley concluded, "At the beginning of this year we said to ourselves 'we should be bold', and I believe we have been. This announcement today, together with the recent integration of our Far East practices, and that of our Americas practices in 2006, differentiates us in the marketplace as the most globally integrated professional services firm."
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