McKinsey, the world’s largest consultancy firm, has fired its leader, Kevin Schneider, for allegedly handling controversies during his tenure.
According to the Financial Times, 650 of the firm’s senior partners voted for Snyder before the final round of leadership elections, which, according to the Financial Times, was seen as his three-year referendum on the role.
-Old-year-old Scott will be one of the first McKinsey leaders in recent memory to complete just one term – both of Schneider’s five predecessors as global managing partners have completed two or more terms.
The influential company is known for providing valuable advice to governments and multinational companies around the world. Known as the “CEO Factory”, Mickinson’s network of former employees includes some of the biggest names in business and politics.
Notable alumni include Chelsea Clinton, former chief operating officer of Facebook Sher Fischer Sheryl Sandberg and former chief executive of Credit Suisse Tedgen Thiem. In Britain, politicians including William Hague, former HSBC chairman Lord Green, former city regulator Lord Turner, who worked or paid.
Countries With over 600,000 staff in 65 countries, McKinsey is an advisor to the UK government, and has made profitable contracts during the Covid crisis. Last year, McKinsey paid consultants 56 3,563,000 for a six-week job, to define his “vision, purpose and statement” to create a permanent replacement for Public Health England.
But Pay Integrity, which is fond of mottos such as “Leadership by Integrity,” has been stung by a string of crises during Schneider’s leadership.
Earlier this month, McKinsey announced 49 U.S. lawsuits about its role in helping drug manufacturers sell more prescription pain killers. The lawsuit brought by the states agreed to pay about 600 600 million (42 6,426 million) for the settlement, even though the country faced an opioid overdose epidemic.
The adviser came under pressure after legal documents came out that he had advised oxycontin manufacturer Pardu Pharma in 2013 on how to “turbocharge” drug sales. The pay firm has been found to have encouraged sales representatives to focus on doctors who have prescribed high volumes of oxycontin. , And trying to move patients into more potent versions of the drug.
Snyder apologized after the settlement, but stopped pleading guilty on behalf of McKinsey. The company announced two years ago that it would not advise clients on io pioid related business.
Blue-chip consultancy has also faced criticism for working with dictatorial regimes. In 2018, the pay firm said it was “horrified” to learn that a document it had created could be used to target critics of the Saudi government. McKinsey said he had no evidence that documents created for internal purposes were misused.
Earlier this month, she was one of the so-called consultants who received millions from a company embroiled in the Angolan corruption scandal. McKinsey said at the time that an internal investigation had found no irregularities.
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In the absence of Schneider, one of the two senior partners led by McKinsey, Bob Sternfels or Sven Smith W. Both are reported to have made it to the final round of elections, which are held every three years.
A spokesman for McKinsey did not confirm Schneider’s removal, but said: “The election, conducted by an independent third-party company, is now underway and we will announce the result after the election is over.”
Schneider’s fall came just weeks after KPMG UK chairman Bill Michael resigned, then told staff to “stop crying” during a virtual meeting about the effects of the coronavirus epidemic.
The 52-year-old Australian Australian, who has led the company since 2017, made the remarks during a meeting at a virtual townhall earlier this month, attended by a third of the 1,500 employees of the financial services advisory team.
Michael told staff to stop “playing victim cards” and called the concept of unconscious bias “complete and utter nonsense over the years”.
Michael, who paid 1. 1.7 million last year, stepped aside after the accounting firm asked the law firm Linklater to conduct an independent investigation. He later apologized, saying the controversy had made his place on the accounting giant “unstable”.
