Ernst & Young (EY), a multinational professional services network, has announced the launch of its new global business strategy offering called ‘EY-Parthenon’, in a move that brings its specialist strategy consulting arm and connected corporate and transactions strategy offering to not only in Nigeria and West Africa, but across the Africa continent for the first time.
The new entity, according to EY, is against the backdrop that businesses across sectors and industries are in a period of ongoing disruption and change.
With so much COVID-19 pandemic-driven uncertainty in the world over the past 18 months, nearly every business concern is now facing huge strategic challenges, the Landon-based company said.
According to EY, the pandemic has prompted what may be described as ‘new world’ unfolding at break-neck speed, with business leaders having to grapple with the changes to doing business, such as a more distributed workforces, the rapid shift to digitisation, sustainability and challenges to supply chains.
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“Business chief executives are no longer just running companies; they are also managing complex ecosystems as the pandemic has brought home to so many businesses,”, Ajen Sita, EY Africa CEO, said while speaking about the EY Parthenon launch.
According to him, they need to rapidly reset their strategies and implement them in double quick time. Our overarching purpose is to help businesses avoid the pitfalls of short termism. Businesses that think and plan for the long term attract the best people, the most committed investors and are the most beneficial to society.
“It is non-negotiable for businesses to recognise that their strategic planning should accommodate all stakeholders – shareholders, employees, customers, communities and the sustainability of the environment in which they operate. Businesses working with EY Parthenon will have access not only to African consulting expertise but also global experts from wherever they are based,” Ajen says.
Further highlighting the rationale behind the new entity, Olubunmi Kuku, EY Consulting Partner and EY Parthenon Lead in Nigeria, says the EY-Parthenon’s unique value proposition is all about delivering transformative, practical strategies for today’s business realities, noting that as a global strategy offering, EY Parthenon is bringing in a connected corporate and transactions strategy offering to the Continent.
“EY Parthenon is a critical and major differentiator for EY as a global firm, adding that, if properly implemented and pursued, it will help improve EY’s market leadership by winning clients’ confidence,” EY Regional Managing Partner for West Africa and EY Nigeria Country Leader, Anthony Oputa, said.
EY Parthenon is head-quartered in Boston, Massachusetts, in the US, and has 40 offices in 45 countries globally, including three in Africa—in Johannesburg, Lagos (Nigeria) and Nairobi. With more than 6,500 professionals globally, EY Parthenon will be led from Johannesburg by Paul O’Flaherty, a well-known business executive, who has extensive experience in corporate South Africa, including three years as Eskom FD. He has previously served as ArcelorMittal South Africa CEO, Absa Group Engineering CE, Group Five CFO and as CEO of a United Arab Emirates-based family business.
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