The chairman of Bermuda professional services firm EY stepped down yesterday after nearly 40 years with the company.

The firm said Gil Tucker, made chairman last year after seven years as managing partner, had decided to retire.

Now EY has announced a special scholarship in his name.

Pete Cangany, EY’s Bermuda senior partner, said: “Gil has made countless contributions to Bermuda, to the accounting profession and our firm.

“I thank Gil for his contributions and his leadership and wish him a well-deserved retirement.

“We are pleased that his legacy will live on at EY, through the high-performing organisation he helped create, the high standards he has set and the scholarship programme we are announcing.”

The first two recipients of the awards, worth up to $30,000 a year for five years, were awarded to Bermudians Hanna Guntl and Gianluca Gugliemucci, both former pupils of Warwick Academy.

Ms Guntl will begin her studies at the University of Western Ontario, while Mr Gugliemucci will attend the University of Kent in the UK.

The cash is available until students have completed the education requirements needed to sit the certified public accountant (CPA) exams.

Mr Tucker said: “It has been a privilege to work alongside so many talented colleagues over the four decades I’ve been at EY and to see the growth of our brand in Bermuda.

“I am proud to say that we have never been in a stronger position in the market, with an outstanding management team.

“I am also humbled to have the EY scholarship programme named in my honour and I congratulate Hannah and Gianluca.

“It is critical that we continue to take steps to mentor the next generation of leaders and this programme will open more doors for young Bermudians seeking careers in professional services.”

Mr Tucker joined EY in 1976, at first specialising in clients in retail and hospitality, as well as financial services.

He became a partner in the firm in 1992 and was promoted to managing partner in 2005 and to chairman last year.