Ernst & Young global chair and CEO Mark Weinberger stepping down
Mark Weinberger, the global chairman and CEO of Ernst & Young, is planning to step down July 1, 2019, after six years running EY’s global network.
Weinberger has been an influential voice in both accounting circles, as well as in Washington, D.C., where he was Assistant Secretary of the Treasury for Tax Policy during the George W. Bush administration.
He has served on the EY Global Executive Board for the past 10 years and on the Americas Executive Board for the five years before that. He was elected EY global chairman and CEO in 2012 and led EY through its Vision 2020 strategy. The firm said he believes the time is right for him to step down at the beginning of its fiscal year 2020.
Over the past six years of his tenure, EY has done over 120 acquisitions, adding new skills in areas such as cybersecurity, artificial intelligence and data analytics. During his tenure, EY’s annual compound revenue growth rate was 8.5 percent worldwide.
“When I reflected on the massive changes we have navigated over the last seven years and the strong position we command to enable EY to excel in the years ahead, I realized that the time is right for me to step aside,” Weinberger said in a statement Monday. “I know there is an even brighter future for EY and I’m excited to see what will be shepherded in by the next generation of exceptional EY leaders. I have great confidence in the extraordinary talent that extends across our organization. I’m thankful for the opportunity to have served EY clients and people around the world.”
No successor has yet been named by EY. In addition to his time in the George W. Bush administration, Weinberger was appointed by President Bill Clinton to serve on the U.S. Social Security Administration Advisory Board. He has also held other U.S. government and policy positions, including chief of staff of President Clinton’s 1994 Bipartisan Commission on Entitlement and Tax Reform; chief tax and budget counsel to Sen. John Danforth, R-Missouri, advisor to the National Commission on Economic Growth and Tax Reform, and commissioner on the National Commission on Retirement Policy. He was co-founder of Washington Counsel, P.C., a Washington D.C.-based law and legislative advisory firm that merged into EY and now operates as Washington Council EY.
Weinberger plays an active role in the World Economic Forum as a member of its International Business Council and as a Global Agenda Steward for Economic Progress. In addition, he co-chairs the Russia Foreign Investment Advisory Council with Prime Minister Dmitry Medvedev, and serves as Chairman of the International Business Leaders Advisory Council (IBLAC) to the Mayor of Shanghai. He is on the board of directors of the Washington D.C.-based U.S. Business Roundtable and chairs its Tax and Fiscal Policy Committee. He is also a member of the International Advisory Board of British-American Business, is a member of the International Integrated Reporting Council, and is on the board of advisors for the American Council for Capital Formation. He was a member of President Obama’s Infrastructure Task Force and President Trump’s former Strategic Policy Forum.