At the recent Milken Global Conference, Jim McCann sat down with Carmine Di Sibio, who is concluding his remarkable 39-year career at EY in June. Reflecting on his journey and looking ahead, Di Sibio shared his insights on the transformative trends shaping the future, particularly the geopolitical landscape and the rise of artificial intelligence.
As he transitions from his role, Di Sibio remains optimistic about EY’s direction and his next chapter, leaving a legacy of innovation and mentorship.
This conversation has been edited for length and clarity.
Jim McCann: As you reflect on 39 years at the firm, how has that world changed?
Carmine Di Sibio: We didn’t even have computers when I started. When I was with the predecessor firm, Arthur Young, about three or four years in, we started getting these computers.
What do the next five or 10 years look like in your eyes?
Number one, I think today the world is changing. Geopolitics is changing the world. We’ll see where it is 10 years from now, but there are issues in terms of cross-border, truly operating globally. The China relationship is a big factor. I think that is going to change some things.
Second, obviously, is AI. How’s AI going to change EY and this profession? There is no doubt that AI will be a huge tool for us to do more work, better work. But we truly still believe in people. And so, we think of AI as a tool. Now, it’ll make some things more efficient, and it’ll make some things smarter. It’s going to be a balance.
It seems to me that you have a dual responsibility there. One is to learn the technology, but at the same time you’re the facilitator. You’re the consultant that is helping all your clients learn how to use this technology.
Absolutely. Jim. We look at AI in three different buckets. One is how do we help our clients use AI? Today, we’re doing a lot of use cases with our clients in all different sectors. Like health care and financial services.
The second is using AI to better our business. We’re a big Microsoft shop, we bought 20,000 licenses of Copilot, and we’re training our people. So that should increase our productivity. If you asked me, “What percentage is that increase in your productivity already?” I would say it’s still early, but the initial numbers are going to be 20, 30, 40%.
The last bucket is around what I call “Good AI.” We want our people and our leaders involved with government and NGOs to make sure that what we’re doing with AI is making the world better. In our case, building a better working world.
You really are a hiring machine. So many young people want to go to work at EY because they get paid to learn. It’s just like graduate school for them, right?
It is. If you look at corporates today, and how many people in the finance organization of any corporate come from a big four firm, it’s a huge percentage. We train, really, the world when it comes to finance, accounting, and consulting. It’s a great model.
It’s a great model for [EY] because they’re all alumni of the firm. And we hope to maintain great relationships, and then eventually, end up being hired for work.
And you’re deliberate about staying connected?
Yes, we have a whole alumni relations group in the U.S. and globally that makes sure we stay connected.
Once you join EY, it’s a lifetime relationship, whether you’re here for two or three years, or you’re here for 39. Obviously, the longer you’re here, the more of a relationship with the firm there is. But some of our best clients are alumni.
You’re writing another book right now on good, proper transition. And it’s amazing to see because you’re very involved in Janet [Truncale] coming into your role. What do you hope the Wall Street Journal, or maybe Worth, is writing about the transition a year from now? What are you hoping they say?
I have known Janet for 30 years; she has been one of my mentees for 30 years. So, I could not be prouder of EY having a great leader. She’s the first global chair and CEO of a big four firm that’s a woman. We’re all very proud of that.
EY, going forward, I think number one, will have a big focus on AI, and a big focus on productivity and growth. Janet will look at how you unlock value going forward. It might be a different type of transaction or a different way of working, including potentially private capital and so forth. But she has a whole team that’s going to be looking at that going forward.
A year from now, what’s on the portfolio of things you’re working on?
I’m going to do a lot of different things. I’ll go on a few boards, and I will do some private equity work. I was announced on the PayPal board. The first meeting’s in July, It’ll be fun.
