EY UK boss Hywel Ball sparks leadership battle after decision to resign

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EY's UK head Hywel Ball plans to resign, sparking a leadership race just as the Big Four firms face a market downturn.

In an email to partners seen by the Financial Times, Ball, who has led the accounting firm since 2020, told colleagues it was time to pass the baton to someone else.

As head of the British firm, the second-largest in EY's global network after the United States, Ball was an influential figure when the firm's global bosses tried and failed to spin off its accounting and consulting divisions globally.

The 61-year-old was a strong supporter of the deal, code-named Project Everest. This deal transformed the business model that had dominated the accounting world for decades.

Carmine Di Sibio, EY's global president who designed the spin-off proposal, is also expected to leave the company at the end of the month.

In a memo to partners, Ball said he would agree a transition plan with his successor, but that the transition period would not be long.

Ball was older than the company's typical retirement age of 60, but his term was extended for a second time last year. A person briefed on the decision at the time said Ball planned to serve the entire extension until June 2025.

Ball added in the note that the commitment I made was to navigate the UK business through the uncertainty that arose following the separation talks and that the company had to regroup after the Everest project was abandoned last year.

Ball, who has been with EY for 40 years and will be paid $3.6 million in 2023, has gone through a period of rapid expansion, with revenue rising from $2.6 billion in 2020 to $3.76 billion last year. As companies grapple with the pandemic, net-zero goals and the changes brought about by artificial intelligence, consultants are cashing in on calls for advice.

Last year he tried to stabilize the business after the collapse of Project Everest, downsizing his executive team and cutting hundreds of jobs in the face of slowing demand for industry services.

In a separate memo to all staff seen by the FT, Ball said the decisions he had made to restructure the business were difficult and by no means easy.

His departure will begin a highly political succession process overseen by EY's overseas bosses, with several senior partners vying for the top job. British firm 930 Equity Partners will consult on who should be its new senior partner as part of a sounding process, but will not receive a direct vote, according to a person with knowledge of the process.

Ball surprised many of his colleagues by emerging as a consensus candidate in 2020, according to a person familiar with the process.

His roles as chairman and senior partner will be split, meaning he will also have to choose a new chairman. The Financial Reporting Council, which regulates UK accountancy firms, has been pressuring audit firms to follow best practice among UK listed companies and have separate executives for senior partner and chairman roles.

The company declined to say how it would select a new chairman or whether it would seek an outside appointee.

Ball signaled that his exit does not mean retirement, saying he is looking forward to the next step in his career.

As part of Hywell Ball's leadership transition plan, an internal selection process will begin in the second half of 2024, EY said in a statement.

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