EY Partners Reshape Governance of US Firm After Failed Split

Ernst & Young LLP said Thursday that its partners have signed off on a governance overhaul that would give them more say over the direction of the US firm.

The new leadership structure, announced in November, is the latest reform EY’s US affiliate has rolled out in the wake of a collapsed bid to break up the Big Four firm globally.

Under the new structure, EY will form a management committee charged with setting strategy for the US firm along with a partner advisory group and a governing board of 10 elected members plus the US firm’s managing partner. ...