With around 400,000 employees and $45 billion in revenue last year, EY is undoubtedly one of the world’s most influential companies, as one of the so-called “Big Four” accounting firms.
However, in recent years, the fast-growing professional services firm has also become a leader in critical initiatives that double as strategic priorities here at the Kogod School of Business, from emphasizing sustainability and diversity to doubling down on artificial intelligence.
Add in the fact that the company is among the largest employers of AU graduates, with some 400 alums in its ranks, and its chief executive would seem a fitting guest to welcome to campus, as Kogod Dean David Marchick acknowledged during an April 23 discussion with Carmine Di Sibio, EY CEO.
“You made basically three bets, which are very consistent with what we’re doing here at Kogod: diversity, sustainability, and AI,” Marchick said. “And we’re betting on the same.”
Marchick’s comment came as part of an hour-long discussion hosted by the Kogod School of Business’s innovative Gamechangers in Sustainability Speaker Series, which examines how the most innovative leaders create a more sustainable world.
An Italian immigrant who moved to the US at age three, Di Sibio hailed from a family that prioritized knowledge and hard work.
“They really valued education,” Di Sibio said of his parents. “Making sure we were educated more than they had been educated was paramount to them.”
Growing up in a suburb outside of New York City, Di Sibio went on to study chemistry at Colgate University, initially aspiring to become a physician. However, an internship would endear him to the world of business and accounting, ultimately prompting Di Sibio to pursue his MBA at New York University.
In 1985, he began his career as an auditor at EY's predecessor, Arthur Young & Co., solidifying his base within the company’s growing financial services businesses.
That would kick off a nearly four-decade run that would see Di Sibio work his way through EY’s ranks before ultimately being appointed global chairman and CEO in 2019.
Since then, EY has proliferated. As Marchick pointed out, when Di Sibio assumed his post five years ago, EY had around 270,000 employees and $35 billion in revenue. That’s a far cry from the 400,000 team members today—not to mention the company’s $50 billion in revenue last year.
“What’s spurred that growth? One thing is technology. That’s a big piece; companies need a lot of help in terms of implementing technology,” Di Sibio told the audience. “That was very big for our consulting business.”
However, a more recent phenomenon, Di Sibio said, involves sustainability and artificial intelligence.
During his tenure as CEO, EY has, under Di Sibio, placed a premium on sustainability.
In keeping with the company’s historic strategy for rolling out a major new initiative, EY's sustainability focus began internally at EY and then spread to its client advice.