Partners of McKinsey have voted Kevin Sneader out of the position of the global managing partner during the leadership election of the firm. The decision by the partners has been reportedly taken over his handling of several controversial issues during his tenure. According to reports, around 650 senior partners of the firm voted against Sneader. The voting was seen as a referendum on Sneader’s role as managing partner for three years. This is a huge setback for Sneader because all five of his predecessors served for at least two terms or more. The only one in the recent memory to serve for only one term is 54-year-old Scot. The firm was already dealing with several crises when Sneader took over in 2018.
According to insiders, Sneader voted out because partners rejected his efforts to bring reform in the influential global consulting firm. The vote also means that McKinsey is likely to choose the next head from two senior partners – San Francisco-based Bob Sternfels or Amsterdam-based Sven Smit. They are in the last round of the leadership election and the final vote is expected to take place within the next few weeks. Meanwhile, the firm recently agreed to pay USD 600 million to settle lawsuits brought by 49 US states.
McKinsey, also known as the CEO factory’, is famous for providing pricey advice to multinational companies and governments around the world. The list of former employees includes some of the biggest names in politics and business. Some of the big names in the list of alumni include a former chief operating officer of Facebook Sheryl Sandberg and Chelsea Clinton. McKinsey has offices in around 65 countries and employs almost 30,000 people. It is a go-to consultant for the government of the United Kingdom. It picked up some very lucrative contracts during the coronavirus pandemic. According to reports, £14,000 a day was paid to consultants of McKinsey to create ‘vision, purpose and narrative’ for Public Health England.