"McKinsey & Co.’s partners voted to replace Kevin Sneader as the elite consulting firm’s leader, after internal dissatisfaction over steps he took following a series of crises for the firm, people familiar with the matter said." - The Wall Street Journal, February 24, 2021.
Recently, as media outfits kept reporting, management consulting firm McKinsey had a pile-on of crises. They included:
Opiod settlement for $573 million for its work with Purdue and other drug manufacturers
Assignments with e-cigarette Juul and controversial foreign governments
Settlement with the Justice Department about how it discloses conflicts of interest.
Of course, shade has been thrown on the brand.
But, ironically, public knowledge of these could nudge nations, companies and individulas in political or regulatory trouble to seek out McKinsey. Based on all the scandals, McKinsey could be exactly the right consultant for them.
Obviously Sneader represents fallout from the crises. He has been the first McKinsey head who wasn't voted a second term. The process at McKinsey is for every three years the approximately 650 senior partners conduct a staggered vote on if the head is a keep or throw back. On the first round, it was obvious Snead was going to be a keep.
The firm will search for a new leader.
It is interesting to recall that a head guy who had retired - Rajat Gupta - wound up in prision related to insider trading. His name was removed from the list of McKinsey Alumni.
Small changes can trigger big success in your career and your business communications. Swing by for a complimentary consultation (janegenova374@gmail.com)
Comments