Ex-EY Global Leader Who Pursued Breakup Joins Prudential Board

Prudential Financial Inc. appointed to its board Carmine Di Sibio, the former global chair and CEO of Ernst & Young who led an ambitious but unsuccessful initiative to break up the audit and consulting firm.

Di Sibio will serve on the Prudential board’s audit committee as an independent director, according to a Monday announcement. He retired from EY in June.

“Carmine brings to Prudential a deep understanding of business strategy and innovation, which will help guide our continued efforts to be a higher growth, more capital efficient and more nimble company,” Gil Casellas, director and chair of the Prudential board’s Corporate Governance and Business Ethics Committee, said in a statement.

• Di Sibio had been expected to remain in his role with EY until 2025 but last year announced his retirement, after plans to spin off the firm’s consulting business and much of its tax practice into a stand-alone public company failed.
• The restructuring plan was designed to bolster profits for EY’s consulting business, freeing the firm from conflict of interest rules tied to its auditing practice. It fell apart after partners disagreed over compensation and resources for the audit practice.
• Di Sibio also serves on the boards of PayPal and nonprofit organization Focusing Capital on the Long Term.