Jan 13, 2020

Varley to step aside as UK managing partner at EY

EY UK will elect a new managing partner in the next two months after Steve Varley announced plans to step down from the day-to-day management of the Big Four accounting firm. Mr Varley, who has been both UK chairman and managing partner for nine years, will resign the latter role in order to take on a new global position advising the firm and its clients on environmental sustainability. The move, which was announced to EY partners on Monday, will prompt a leadership contest at the third-largest Big Four firm by revenues, at a time when the accounting industry is grappling with unprecedented scrutiny from politicians and regulators. The process to replace Mr Varley as head of the UK and Ireland firm will begin next month and conclude in March. His successor will have to contend with pressure from regulators on EY and its rivals Deloitte, PwC and KPMG to separate their audit businesses from their lucrative consulting operations.

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