Mark Weinberger has been elected as the next
global chief executive of Ernst & Young (E&Y).

Weinberger will succeed Jim Turley, who is to
retire 30 June 2013.

Weinberger is currently part of the firm’s
global executive team and runs the global tax practice.

He has previously led the US firm’s tax
practice and was appointed assistant secretary of the US Treasury
under President George Bush.

He was also appointed to the US Social
Security Advisory Board by President Clinton.

Turley said Weinberger has a regulatory
mindset which will ensure Ernst & Young maintains strong
connections with the many audit regulators and other officials with
whom the firm engages globally.

“I look forward to working with Mark through a
productive transition and am confident he will be an outstanding
leader for E&Y who will take our organisation to even greater
levels of success,” he said.

Weinberger said these are challenging times as
the world faces profound economic, geopolitical and demographic

“E&Y is well positioned to play a
constructive role assisting our clients, regulators and other
stakeholders shape the future. I am proud of the important role
E&Y plays in the growth and efficient functioning of the global
economy,” he said.