Zemedeneh Negatu leaves EY Ethiopia to join Fairfax Africa Fund LLC.

Addis Ababa, Ethiopia – Zemedeneh Negatu, a leading businessman, who was the managing partner of EY Ethiopia, has parted ways with the multinational consultancy and advisory firm, EY (formerly Ernst & Young), ending a decade-and-a-half old relationship. Zemedeneh has now assumed a new role – Global Chairman of Fairfax Africa Fund LLC.

“EY has ceased its relationship with its member firm in Ethiopia and is modifying its operating model in this country”, Fathima Naidoo, Africa Media Relations for EY, wrote in an email statement exclusively sent to The Reporter yesterday. “EY has served clients in Ethiopia for over 15 years and we remain committed to supporting their ongoing growth throughout existing Africa member firms, consisting of more than 5,750 people in 32 countries. We will continue to re-assess our operating model to ensure we are best serving our clients in one of the fastest growing economies in Africa”.

The multinational company, headquartered in London, UK entered the Ethiopian market almost two decades ago partnering with Zemedeneh. EY Ethiopia secured contracts with institutions including Ethiopian Airlines. Last year alone, it earned a 24 million birr contract with the national airline to help modernize its business management system.

Read more at: The Reporter