Carmine Di Sibio released the details of the EY break up plan on a firmwide webcast on July 28, 2022.

There will be two companies – Assureco and Newco.

Assureco – $18 billion of valuation

Assureco would retain the old member firm structure that EY currently has.

Assureco would be the standalone audit firm. EY hopes that by breaking this entity apart, they can pursue more audit contracts.

People could make audit partner faster according to EY internal board members.

This would be a unique opportunity in the marketplace since no one else is doing this

Newco – $24 billion

Newco will perform no public audits.

This will be the consulting company that goes public.

Partners will still own the company in a partnership format. They will be similar to goldman sachs.

Partners would own the majority of Newco while a minority of the ownership would be open to the public and employees


According to the CEO, EY would finish this break up in the end of 2023.

  1. the first step is that ey has to get the 15 largest locations together to come up with recommendations
  2. the second step is that ey would have member firm information sessions to educate their partners
  3. third step is that ey partners would vote on the deal
  4. ey would execute the logistics of the split up
  5. newco would go public