EY global chief financial officer resigns after spin-off plan failure

Ernest and Young (EY) global chief financial officer Jamie Miller resigned just six months into the role after a plan to breakup the group fell through, according to the Financial Times.

Miller was appointed by EY earlier this year (10 January 2023) and was also set to take up the same position at its proposed new public entity as part of plans for the firm to split itself into two.

The idea was to breakup its audit and consulting units, with Miller set to become the finance chief of the consulting business.

However, after EY called off the plans in April, she resigned from her role in June.

In a statement sent to the Financial Times, Miller said that EY was an “exceptional organisation”, but had left to “pursue other opportunities” with the transaction “off the table”.

Recent appointment

Meanwhile, earlier this year (4 July 2023), EY promoted Phil Vermeulen to insurance leader of Europe, the Middle East, India and Africa (EMEIA).

In his role, Vermeulen will be responsible for driving a quarter of EY EMEIA financial service revenues across 18 markets, 700 partners and 17,500 staff.

Omar Ali, EY EMEIA financial services leader, highlighted that “the European insurance market is transforming” and that its European financial services business was “focused on supporting our insurance clients on this journey”.

“[Vermeulen] has deep sector knowledge and clear leadership qualities which give me confidence he will seamlessly continue to deliver for our insurance clients,” he said.