Finance

Truncale will succeed Anthony Caterino, who has been named Senior Vice Chair and Deputy Managing Partner of EY Americas. Truncale has served in several leadership roles during her 28-year career at EY, including most recently as the Americas FSO Assurance Managing Partner.

In that role she was responsible for setting and executing the strategy for a practice that generated US$1.5b in global revenues across audit, financial accounting and advisory, and financial investigative and dispute services in FY20 ending on June 30, 2020.

Caterino succeeds Michael J. Inserra, who has served as Senior Vice Chair and Deputy Managing Partner of EY Americas for the past five years and is retiring June 30, 2021.

“We are thrilled to name Janet to this role at this watershed moment for EY and the financial services industry,” said Caterino. “Janet is well-regarded as a trusted advisor who will bring fresh thinking to how we help our clients navigate their businesses through this new normal. She has the proven ability to solicit diverse ideas and build consensus across multidisciplinary functions and solutions in order to make sound decisions.”

Truncale assumes leadership of the Americas Financial Services Organization which was created in 2000 and today includes more than 13,000 professionals at member firms in over 90 locations throughout the US, the Caribbean and Latin America. The FSO reported US$4.9b in revenue during FY20.

“I welcome this opportunity to lead the FSO at this key moment in time when clients and their customers are demanding enhanced protection, experiences and services from their financial institutions, especially during COVID-19,” said Truncale. “Over the last few years, we have seen the financial industry undergoing an evolution toward needs-based platform models as consumer preferences shift to interactions versus transactions. The COVID-19 pandemic amplifies this trend, fundamentally changing consumer relationships with their money and their financial services providers.”

Truncale added, “More than ever, financial institutions seek trusted partners to help them accelerate the digital transformation of their front to back offices in order to deliver on customer expectations. We are seeing companies invest in outsourcing and technology, taking stakes in startups that provide early access to new solutions, and creating alliances with FinTechs. All of this allows financial institutions to focus on their front office, while also sharpening back and middle office operations.”

Caterino noted that under Truncale’s leadership, the FSO Assurance team invested in advanced, technology-based solutions that are establishing a new industry standard for how audits are performed. He also said that Truncale demonstrated the ability to serve as a strategic operating executive and innovative leader and is described by peers as having a relentless focus on getting to the right answer. “She challenges the status quo, continuously looking for ways to improve the business,” said Caterino.

“I am also inspired by Janet’s empathy and care for our people. She has mentored and sponsored numerous people who have gone on to become partners and moved to EY leadership positions,” said Caterino. “For example, she sponsored the creation of a campus recruitment initiative called Women in Financial Services, designed to help close the gender gap in financial services and create a sense of belonging for our professionals. Outside of EY, she serves as Board Chair-Elect for Women’s World Banking, a global nonprofit devoted to giving low-income women in emerging markets access to the financial tools and resources they require to build security and prosperity. “She is a great listener and ally to those who continue to face racial and gender injustice and discrimination,” added Caterino.

Truncale is a member of the EY Americas Operating Executive and US Executive committees. Her professional achievements have been recognized with numerous industry accolades, including the Profiles in Diversity Journal Women Worth Watching award and the Crain’s New York Notable Women in Accounting and Consulting list.

Truncale received her bachelor’s degree in Accounting from The Wharton School of the University of Pennsylvania, and her MBA from Columbia University. She is a certified public accountant in New York and is a member of the American Institute of Certified Public Accountants (AICPA). Truncale resides in New Jersey with her husband and three children.