Consult thyself

24 February 2021 By John Foley Follow @johnsfoley

The ouster of boss Kevin Sneader following a $573 mln opioid bill suggests a firm that peddles advice is struggling with its own direction. McKinsey could consider an IPO. Outside investors are no cure-all, but they can help self-absorbed companies see themselves more clearly.

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McKinsey’s senior partners voted to replace Kevin Sneader as global managing partner, according to a person familiar with the situation. The news was first reported by the Financial Times on Feb. 24. The contest to take Sneader’s place, between two McKinsey insiders, will conclude in the coming weeks.

The consulting firm recently agreed to pay at least $573 million to resolve claims by U.S. states relating to advice it gave to opioid maker Purdue Pharma, Reuters reported on Feb. 3.

McKinsey partners vote every three years on their leader. Sneader took over in 2018. His predecessor Dominic Barton lasted for three terms, taking over in 2009 from Ian Davis, who served two terms.

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