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.
