Ernst & Young announces Trent Henry as Canadian chairman and CEO

Firm applauds outgoing leader, Lou Pagnutti, on global appointment

TORONTO, June 22 /CNW/ - Today Ernst & Young announced Trent Henry as chairman and chief executive officer (CEO) of the Canadian firm.

"Ernst & Young has taught me many things, but two lessons resonate the most: always maintain an entrepreneurial spirit in business and always be willing to learn," said Henry. "Today's business leaders must learn to develop a global mindset that enables them to leverage the diverse perspectives necessary to drive innovation and renew economic growth."

Henry began his career with Ernst & Young in 1989, and was admitted to the firm's partnership in 1998. Most recently, he served as managing partner of the Canadian Tax practice and as a member of the Canadian Executive Committee.

In addition to his work advising a wide range of Canadian and international clients at Ernst & Young, Henry is a member of the Board of Governors of the Canadian Tax Foundation, a board member of the Canadian Council of the International Fiscal Association, and technical tax editor at CAmagazine. He was recently named a fellow of the Institute of Chartered Accountants of Ontario. He volunteers with the Toronto Regional Immigrant Employment Council mentoring program.

Henry replaces outgoing Chairman and Chief Executive Officer Lou Pagnutti, who has served in the role since 2004. Pagnutti is moving on to become Ernst & Young's Asia-Pacific Area managing partner and a member of Ernst & Young's Global Executive team.

"A recent survey by the Asia Pacific Foundation of Canada identifies China as the second most important economy for Canada (after the United States), and reveals that a majority of Canadians believe that the global influence of China will exceed that of the US in 10 years," says Pagnutti. "We cannot underestimate the importance of this region, as the future prosperity of our country may depend on it."

Henry will take on the new role and join Ernst & Young's Americas Executive Board effective July 3, 2010, while Pagnutti will stay on until August 2010 to ensure a smooth transition.

"We're very pleased that Trent will become the new leader of our Canadian practice," said Ernst & Young's Americas Area Managing Partner Steve Howe. "Trent has a global mindset, and he understands the importance of having a diversity of perspectives. This makes him a great leader and a welcome addition to the Americas Executive Board."

Ernst & Young would like to congratulate both Henry and Pagnutti on their new positions.

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For further information: Melissa Prince, melissa.prince@ca.ey.com, 416 943 3474; Brooke Morris, brooke.morris@ca.ey.com, 604 899 3597; Julie Fournier, julie.fournier@ca.ey.com, 514 874 4308