[Asia Economy Reporter Naju-seok] Kevin Sneader, Global Chairman of McKinsey & Company, failed to be reappointed. With this decision, Chairman Sneader will complete his term with a single three-year tenure.
According to the Wall Street Journal (WSJ) on the 24th (local time), Chairman Sneader did not pass the first stage of the global chairman election vote, which involved about 650 senior partners.
WSJ reported that Chairman Sneader faced consecutive crises, including the dispute mediation with Purdue Pharma, a U.S. pharmaceutical company responsible for the serious social issue of opioid painkillers in the United States.
McKinsey elects its global chairman every three years through a three-stage vote by senior partners, and this is the first time in decades that a chairman has failed to be reappointed.
Regarding the opioid crisis, Chairman Sneader made the decision to settle with state governments by paying $573 million (640 billion KRW), but some executives reportedly opposed this, insisting on continuing litigation.
In addition, WSJ reported that restrictions imposed by Chairman Sneader on partners' autonomy were cited as major reasons for his failure to be reappointed.
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