In 2019, the firm agreed to pay $15 million in a settlement with the Justice Department to resolve allegations that it failed to properly disclose potential conflicts of interest stemming from its bankruptcy work. That work has been the focus of lawsuits in recent years. Barton, was a Rhodes scholar - runs many of the firm’s technology-focused initiatives and is also the senior partner overseeing McKinsey’s bankruptcy restructuring practice. But he could also be a staunch defender of McKinsey in the wake of scandal, including its extensive work in Saudi Arabia, which came under intense scrutiny in late 2018 after The Times disclosed that a McKinsey employee, in a written report, had identified influential critics of the Saudi government and that several of those critics or their family members were later arrested. Sneader oversaw the introduction of measures aimed at preventing controversial projects, including new procedures on reviewing prospective clients.
“With this agreement, we hope to be part of the solution to the opioid crisis in the U.S.”ĭuring his watch, Mr. “We deeply regret that we did not adequately acknowledge the tragic consequences of the epidemic unfolding in our communities,” Mr. McKinsey did not admit wrongdoing in the settlement, but both senior partners - who would have been voting in the election of Mr. That exchange was a key part of the settlement states made with McKinsey this month. On July 4 of that year, two McKinsey senior partners on the Purdue account exchanged emails discussing possibly “eliminating all our documents and emails” to head off repercussions the firm might face. The shake-up at the prestigious consulting firm was first reported by The Financial Times. Sneader’s replacement are Bob Sternfels, based in San Francisco, and Sven Smit, based in Amsterdam. Sneader, 54, did not even make it to the final round of balloting, according to the company executive, who spoke on the condition of anonymity. The last time a firm leader was denied a second term was in 1976, according to the company’s internal history book. It is highly unusual for a sitting managing partner at McKinsey to be refused a follow-on term. Earlier this month, McKinsey had agreed to pay 49 states a historic settlement of almost $600 million because of sales advice the company had given to drugmakers.
Sneader a second three-year term as global managing partner came in a vote by more than 600 senior partners, according to a company executive. Partners at McKinsey & Company voted out the consulting firm’s top executive, Kevin Sneader, this week as it continues to face blowback over its role in fueling the opioid crisis.
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