McKinsey & Company has announced a significant restructuring of its governance framework, appointing Andrew Pickersgill as the new chair of its board, a move aimed at enhancing oversight and creating clearer distinctions between the firm’s board and management. The changes take effect immediately.
Pickersgill, a senior partner based in Toronto with more than 25 years at McKinsey, steps into the role previously held by the global managing partner, a dual leadership position that combined board chair responsibilities with oversight of day-to-day operations. The firm’s global managing partner, Bob Sternfels, will continue to lead daily management but will no longer serve as board chair.
The restructuring is part of an ongoing, multi-year initiative to overhaul McKinsey’s governance, prompted by controversies tied to prior client engagements. These include the firm’s involvement in consulting work that contributed to Purdue Pharma’s opioid marketing efforts, which resulted in a $650 million settlement with the U.S. Justice Department in 2024. That same year, a McKinsey subsidiary resolved a separate Justice Department probe concerning allegations of bribery involving state-owned companies in South Africa.
The revised board, internally known as the shareholders council, will be streamlined from 30 members to 13, comprising 12 senior partners elected by peers alongside Sternfels. These members will relinquish other internal appointed roles but will maintain client responsibilities. This leaner structure is designed to foster greater independence in governance, offering more robust challenges to firm leadership and facilitating broader strategic discussions, including McKinsey’s direction amid evolving technologies such as artificial intelligence.
The board’s increased oversight role, according to Pickersgill, includes “providing governance and oversight” and reinforcing trust within the partnership. The firm’s leadership traces the restructuring plan back to a 2023 senior partner meeting in Seoul, where discussions around future governance priorities and client approval processes laid the groundwork for this overhaul.
McKinsey officials stress that these changes are essential as the firm grows. Today, McKinsey encompasses approximately 2,700 partners and 40,000 employees worldwide. Despite this expansion, the firm remains committed to its century-old partnership model rather than converting to a corporate structure. Sternfels emphasized the value of sustaining a unified global partnership, a principle that continues to guide the firm’s governance adaptations in a more complex operating environment.
Leadership has characterized the current governance adjustments as the final phase in the firm’s ongoing efforts to strengthen board oversight and internal controls, reflecting a broader resolve to prevent future client controversies and to uphold McKinsey’s reputation and operational integrity going forward.