This just in: Carmine is gonna head out.
On Tuesday, Di Sibio made it clear he did not intend to step down immediately, but would instead oversee the organisation through a long transition lasting until the end of the next financial year in June 2024.
In a partner webcast, he said he planned to leave “having reached the EY mandatory retirement age”.
His initial four-year term was due to expire this month but EY had extended his tenure for two years, allowing him to continue beyond the firm’s retirement age of 60 so that he could oversee the split, which he had argued would become a blueprint for other Big Four firms.
Carmine reached the peak of his EY career in early 2019 after the retirement of GC favorite and Kenny Powers lookalike Mark Weinberger. All seemed well until someone got the bright idea to separate audit and consulting last year.
Had the Project Everest split gone forward, Carmine was set to be head of the liberated consulting business. As we know, that never materialized. Only days ago, Di Sibio said in a Bloomberg Markets Europe appearance the firm would likely revisit the split in a few years.
A successor is expected to be named in November.