Ernst & Young (E&Y) global chairman and chief executive James Turley is to step down in 2013.
Turley informed E&Y partners on 10 November he would step down and make way for fresh leadership in line with a new long-term strategy.
Turley has helped lead E&Y through one of the most turbulent periods for the global accounting industry, which suffered widespread revenue contractions in fiscal 2009/2010.
E&Y has also been embroiled in the Lehman Brothers fall out as former auditors, which has been a testing time for the global firm.
E&Y said Turley would retire when he is 58 on 30 June 2013.
“The succession process to decide a new Chairman and CEO-elect is now underway and will conclude in early 2012, no later than April,” E&Y stated.