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Ernst And Young Announces New EMEIA Area Initiative

by Amanda Banks, for LawAndTax-News.com, London

25 April 2008


Ernst & Young announced this week that its Global Executive and the Global Advisory Council have approved the proposed integration of all of its 87 country practices in Western and Eastern Europe, the Middle East, India and Africa into a new EMEIA Area.

It also confirmed that more than 700 partners in the Far East had supported a similar integration across 15 countries and territories.

The EMEIA Area will operate as a single unit, led by a single executive team and, where allowed by laws and regulations, will be underscored by formal combinations of practices. The new Area will represent a USD11.2bn organization with more than 60,000 people.

The 3,300 partners of EMEIA will vote on the integration by the end of May. The new EMEIA Area is expected to be effective from 1st July 2008.

The integration of the Far East Area creates a USD1.2bn organization, with more than 20,000 people. The new structure will also be effective from 1st July, 2008.

Mark Otty, currently the head of E&Y's UK practice, has been nominated to be the EMEIA Area Managing Partner, while David Sun and Jim Hassett were confirmed as Far East co-Area Managing Partners.
Chairman and CEO Jim Turley revealed that:

“The combinations we are announcing today are bold and exciting developments that dramatically further this integration. We are setting a new standard for professional services."

"Together with the integration of the 29 countries of our Americas practices, which we announced in 2006, we remain the most globally integrated professional services firm.”

Chief Operating Officer John Ferraro also commented that:

“We committed ourselves to the effective global integration of our business several years ago, and we have created the structures necessary to achieve this. Feedback from our clients and the market tells us that this is the right approach."

"These latest developments in Europe, the Middle East, India and Africa, and in the Far East, will significantly strengthen our business, and allow us to best serve our clients in the global economy.”

Jim Turley added that:

“The European 8th Directive provides a new regulatory environment to support the closer integration of our European operations, and this has enabled us to accelerate our thinking around our globalization plans.”

“These are significant developments that reflect the fact that our world is changing rapidly and increasingly acts without boundaries,” concluded Jim Turley.

“I am personally very enthusiastic we are taking these steps, and from my discussions with clients, regulators and our people, I believe they share this enthusiasm.”


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