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 changes.
“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.