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2/25, 3:18 PM (Source: TeleTrader)
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EY Germany head stepping down

Hubert Barth, the chief of Ernst & Young Germany, is stepping down following the Wirecard AG scandal, the company said on Thursday.

Barth's departure is a part of a wider restructuring effort, named "Trust in Quality," with which the professional services company hopes to restore its reputation. He will be replaced by Jean-Yves Jegourel and Henrik Ahlers.

Additionally, an independent commission headed by Germany's former finance minister Theo Waigel will review EY's business practices and monitor the implementation of improvements to the auditing process.

Breaking the News / MD