LONDON (Reuters) - Big Four accounting firm Ernst & Young said on Thursday it had appointed Saulius Adomaitis as the new head of its oil and gas business, which will receive a $500 million boost to expand its focus on the energy transition.
Adomaitis will succeed EY veteran Andy Brogan who was promoted to head the company's Global Energy & Resources Strategy division.
Adomaitis, who has 25 years experience in the sector and was most recently the EY Global Energy Enterprise Asset Management Lead, will lead a team of 10,000 employees in his new role.
The $500 million investment will go towards developing digital solutions to monitor and reduce the oil and gas sector's carbon emissions as the world aims to sharply reduce greenhouse gas emissions by 2050 and shift away from fossil fuels to renewables.
(Reporting by Ron Bousso)