EY has elected Carmine Di Sibio as its new global chairman and CEO to succeed Mark Weinberger when he departs July 1, 2019.

Di Sibio has served as global managing partner in client service with the firm since 2013. He is responsible for leading strategy execution for the firm, and he has overall responsibility for four geographic regions and four service lines. He has overseen EY’s innovation movement, managing the firm’s $1 billion investment in new technologies.

The firm credits Di Sibio for orchestrating its acquisition strategy and expanding its resources and capabilities in a wide range of new and emerging fields. He also co-chairs the firm’s steering committee on diversity and inclusiveness.

Joining EY in 1985, Di Sibio has served as an advisory and assurance partner for many of the firm’s largest financial services accounts, EY says, and he is credited with starting the firm’s risk management and regulatory services.

Weinberger said he would resign his post as global chairman and CEO effective July 1 to pass the baton to the next generation. In a statement, he said Di Sibio is a leader who understands the importance of diverse and inclusive teams.

“Carmine is an outstanding and inclusive leader who has a foundation in audit and in serving the largest EY clients,” Weinberger said. “He knows how to engage people to reach their full potential. I believe the organization has made an exceptional choice.”

EY says it employs more than 270,000 people in 150 countries and earned revenue of nearly $35 billion in 2018. “I am honored to be chosen to lead this great organization, which I have been part of for over 33 years,” said Di Sibio in a statement. “I'm excited to build on the significant legacy and strong foundation we have here at EY.”