I imagine some people would like the opportunity to talk about affects them in their pants in a slightly different way than some of the strapping lads from EY! so this post shall serve as that opportunity.
It's our understanding that discussions will continue through next week, so there's plenty of time for everyone to work themselves into an adequate lather should your discussion be a few days off. But for those of you that have had your chat already, we don't want to leave you hanging, especially if you've already considered taking drastic action.
On Tuesday we briefly shared a video that was put together by the E&Y Las Vegas office that involved a large pair of headphones (Koss perhaps?) an Elvis impersonator, plenty of off-key singing and out-of-sync choreography.
Unfortunately, the video didn’t last and AG piped in only to replace the singalong with another video that had – ugh – subtitles but at least it was a little better rehearsed.
Anyway, we did some poking around and we found out a little back story on this whole “We are Las Vegas” production.
Apparently, the video had its non-GC debut at a townhall meeting in LV last night that was relatively uneventful, according to an accountant close to the sitch:
It was basically a loyalty pep rally. They told us that we would be getting raises, but of course said we would “follow the market.” That’s ironic from a firm that strives to be the “market leader.”
Sounds like the typical yarn but it sounds like it was followed by mucho boozing so that made up for it… Anyway, what about that video?!?
What’s with the ginormous headphones?
Headphones guy was just asked to wear them as a prop. Stevie Wonder did, why not somebody else???
Was the whole office in on this thing? Were accountants forced to participate against their will?
There were people from all service lines. I would say tax and audit were both represented equally. Amazingly, there WERE people who were excited about singing the song.
How was the video received?
I was amazed how the upper level management at the town hall (from various west coast cities) was impressed with the song. The overwhelming response at town hall was “that was a good video.” I think a training at our Times Square office might be in place.
Why on Earth did someone decide to put this on YouTube?
This morning we learned from a couple of sources that the big guy will be calling it a career officially on June 30, 2013 and the firm will announce a new CEO-elect at some point in early 2012.
Here’s JT’s message to the troops:
I have written to all our partners to let them know about my plans to retire from Ernst & Young on 30 June 2013.
Every year, our Global Executive (GE) considers the priorities and initiatives we feel Ernst & Young should focus on in the upcoming year, and these priorities are then approved by our Global Advisory Council (GAC), the top governance body of Ernst & Young.
Periodically, we also take a longer look at our strategy and vision, and involve the GAC in this as well. In July, we informed our partners that we were beginning such a long-term strategic review. The GE and I believe that our new strategy and leadership-succession plans are inextricably linked, and we agreed that June 2013 would be the right time for me to retire.
This is a normal process and the timing has worked out perfectly. I will be 58 years old, which is the normal early retirement age for many of our partners. By then, we will be implementing our new strategy and it’s right that a new leader should steer this implementation.
We are starting a robust process to identify the man or woman who will succeed me, in accordance with our regulations. We intend to identify a new Chairman and CEO elect during the first part of 2012. What I feel very good about is that we’re the type of organization that continually develops large numbers of great leaders, so I see many men and women who could lead Ernst & Young successfully into the future.
This is not a retirement letter or speech to you all, as there is much to do before June 2013. However, I wanted to be very open with you about our plans. Thank you for your continued support as we continue both our strategy and succession-planning process.
James S. Turley
Chairman and CEO
UPDATE: Ernst & Young provided us with the following statement:
In a communication to all Ernst & Young partners worldwide on 10 November 2011, James S. Turley, Chairman and Chief Executive Officer of Ernst & Young confirmed that he will retire as planned, aged 58, on 30 June 2013. The succession process to decide a new Chairman and CEO-elect is now underway and will conclude in early 2012, no later than April.
So after riding out Lehman, handing out a lot of trophies, and inspiring the greatest lyric in the history of Big 4 employee produced videos, (I’m sure there are other accomplishments too) Jimbo will ride off into the Black and Yellow sunset. This seems like an appropriate tribute:
Feel free to leave other well wishes below.
Before you go!
Are you Looking for a fresh accounting career opportunity?
Going Concern now has thousands of open accounting jobs.
