EY shelves plan to split audit and advisory business after backlash from partners
EY has suspended its plan to spin off its audit and advisory business after a backlash from partners at a meeting in New York last night.
Bosses at the Big Four company shelved plans to put the split process to a vote after a meeting of senior partners from its US offices.
The disruptive proposal – dubbed Project Everest – has been put on hold while teams of specialists attempt to resolve disputes between different factions.
Breakup pending: EY bosses shelved plans to put the spinoff process to a vote after a meeting of senior partners from its US offices
EY partners in its UK offices are expected to be briefed on the development on a call today.
In the United Kingdom, the consulting firm must convince three quarters of its partners to support the proposal.
A vote was expected from partners in April or May, although there have been some postponements of votes so far.
An EY spokesperson said: “We remain committed to the strategic logic behind Project Everest and believe a deal can and should be reached.”
