Abstract

The case study explores the role played by Janet Truncale the first woman CEO of UK based global professional services firm Ernst & Young (EY), in rebuilding the firm post the collapse of its ambitious project “Project Everest”, intended to split its audit and consulting businesses into two distinct entities. The project aimed to address potential conflicts of interest inherent in the firm’s multidisciplinary structure and regulatory concerns. However, internal disagreements, particularly within the US division of the firm, led to the project’s failure and left the firm grappling with internal dissent, financial costs, reputational damage, and regulatory scrutiny. Following the failure of his plan, Di Sibio, announced his retirement in June 2023. Thereafter, Truncale who had over 30 years of experience with EYe was elected as the CEO of the company in July 2024. The case chronicles Truncale’s journey from an intern to CEO of EY and how her rise to the top post demonstrated her resilience, determination, and commitment to her work. To rebuild EY for future growth, Truncale embarked on a comprehensive strategy called “All In” that underlined the integration of EY’s multidisciplinary expertise to deliver comprehensive client solutions, streamlining operations, nurturing talent, and embracing digital transformation. The case looks at the host of challenges that Truncale could face as she forges a bold, new path forward for the firm.

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• Examine the underlying causes and consequences of the glass ceiling effect with a specific focus on its impact on women’s career progression and leadership advancement.
• Understand the complexities of leading an organization through a strategic turmoil and the steps required to stabilize and rebuild.
• Evaluate the role of a leader in rebuilding trust, morale, and alignment within an organization.
• Analyze Truncale’s leadership style and assess the strategic initiatives she has implemented to transform EY.
• Identify the challenges of implementing change and explore approaches to rebuild trust and credibility with internal and external stakeholders after a corporate setback

Keywords

women in business; Glass Ceiling; Leadership; Change Management; organizational crisis; Project Everest, Janet Truncale; Ernst & Young (E&Y); collaboration; innovation,Trait-Based Leadership; Change Management Model Collaborative Leadership; professional services industry; competitive strategy