Feb 26, 2021 @ 11:53
McKinsey replacing global manager after scandals
The consulting firm McKinsey on Thursday confirmed that it is voting to replace global managing partner Kevin Sneader after scandals including a role in the US opioid crisis.
The vote comes just weeks after McKinsey said it will pay $573 million to US states to settle claims that it contributed to the crisis through its advice to pharmaceutical giants, including OxyContin manufacturer Purdue Pharma.
“We deeply regret that we did not adequately acknowledge the tragic consequences of the epidemic unfolding in our communities,” Sneader said at the time.
McKinsey advised Purdue on how to “turbocharge the sales engine” of the drug by up to $400 million per year, according to a Massachusetts lawsuit, by arguing that the drug could reduce stress and make users more optimistic.
The settlement is rare in the history of the massive firm that advertises its ability to solve problems worldwide but has found itself accused of having a hand in creating a massive public health crisis in the United States.
McKinsey confirmed a report in the Financial Times on Thursday that the company’s partners are replacing Sneader after just one term in a post where serving two terms has been the norm.
“Every three years, McKinsey’s senior partners elect one of their colleagues to serve as the firm’s global managing partner,” a spokesperson said in response to an AFP inquiry.
“The election, which is conducted by an independent third-party firm, is now underway and we will announce the result after the election concludes.”
Almost half a million Americans died in overdoses from either prescription or illegal opioids between 1999 and 2018, according to the Centers for Disease Control and Prevention.
© Agence France-Presse