Jul 2nd 2013
By Jason Bramwell
Mark Weinberger was named global chairman and CEO of Ernst & Young (EY) on July 1, the same day the Big Four firm announced the adoption of EY as its global brand name, unveiled a new logo, and adopted "Building a better working world" as its purpose and tagline.
Weinberger, fifty-one, succeeds Jim Turley as the top executive of the professional services organization. Turley, a thirty-six-year veteran of EY and global chairman and CEO since 2001, retired last week.
A former assistant secretary of the US Treasury (tax policy) under the George W. Bush administration and most recently EY's global vice chair of tax, Weinberger said the firm's vision through 2020 is driven by where it sees the world going, where it sees its clients going, and where it needs to go to serve them.
"We need to be the most globally integrated professional services organization, delivering global service, but providing it locally, and making sure we understand the global market – what's going on with our clients day in and day out," Weinberger said in a video posted on the EY website. "We're positioning ourselves to be that type of organization and focusing on the relevance that we pay the world capital markets.
"We have a tremendous responsibility with our audits and providing that assurance to the world capital markets through the free flow of capital; through every advisory project where we help companies get more efficient, hire more people, and build their local communities; through every tax engagement where we help companies figure out how to comply with the complex rules around the world; and through our transactions practice where we help companies move and raise capital," he continued. "So we have a great role to play across the spectrum in helping to build a better working world."
Weinberger said EY is making significant changes to respond to the changing world and its clients' needs, including how the firm operates and how it delivers client services.
"Tied to that, we're changing our logo to EY," he added. "We're going to be boldly known as EY around the world."
Shortening the firm's name will provide consistency and ease of use for EY practices and clients around the world, according to Weinberger.
"Our new brand name and logo demonstrate clearly and boldly who we are and reflect the goal we have recently set for ourselves to be the number one brand in our profession," he said in a written statement.
He added that changing EY's tagline "puts front and center what we do every day, and that's building a better working world."
"We believe that everything we do – every audit, every tax return, every advisory opportunity, every interaction with a client or colleague – contributes to building a better working world," Weinberger said. "We know that building a better working world is an ambitious objective, but it's an incredibly important aspiration."
Weinberger began his career with EY in 1987 as an entry-level staff member in the firm's national tax department. After several years with the firm, he turned his attention to the public sector, accepting a position as the chief tax and budget counsel for Missouri Senator John Danforth.
In 1994, Weinberger was subsequently appointed chief of staff of the Bipartisan Commission on Entitlement and Tax Reform by President Bill Clinton. Weinberger also served on the US Social Security Advisory Board during the Clinton administration. In these roles, he cultivated a deeper interest in large budget issues, taxes, and entitlements, developing a reputation as one of the country's leading authorities on tax policy.
In 1996, Weinberger cofounded Washington Counsel PC, a Washington, DC–based law and legislative advisory firm, which merged into EY and now operates as Washington Council EY. Subsequently, Weinberger became the head of EY's US National Tax Practice.
He returned to public service in 2001 when he was appointed by President Bush as assistant secretary (tax policy) of the US Treasury. Weinberger has been a member of the Global Executive, EY's highest-level management body, since 2008.
Weinberger said moving to the role of EY global chairman and CEO is an exciting and humbling experience.
"It's an incredibly important time in the world economy. What we do as an organization – the relevance that we provide to the capital markets, to the companies, and to the communities around the world – can't be overstated," he concluded. "Today, the world is changing incredibly fast. Our challenge is to be a large global organization, in 150-plus countries, but be nimble enough to be able to respond to current events – both externally and inside our profession. So that's the challenge, but that's also the opportunity."