Growth and Leadership at McKinsey & Company
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Code : LDS0016A
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Region : USA |
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About McKinsey McKinsey founder James O. McKinsey (Mac) left his academic career as a professor of accounting at the University of Chicago to build a firm that provided finance and budgeting services, but quickly gained a reputation for providing advice on organization and management issues.Marvin Bower (Bower) joined McKinsey in 1933. Bower, known as “the father of consulting business”1held both a J.D.2 and an M.B.A. from Harvard University. Following Mac's early death, Bower began to carefully shape the firm by insisting on a few core principles. He insisted that McKinsey be called a firm and not a company... McKinsey & Co. and the Globalization of Management Consultancy In 1956, McKinsey changed from a legal partnership into a corporation. With the growth in client base, McKinsey established new offices in Chicago, Los Angeles, and San Francisco. The most significant change in firm’s strategy since 1956 was the firm’s decision to expand internationally. The first foreign office was opened in London in 1959. In the U.S. and abroad, McKinsey acquired new clients, including major government and military organizations, top conglomerates, and several key defense contractors. During the 1960s, the lowering of trade barriers motivated many major American and European companies to reach beyond their own borders. Many multinationals became McKinsey clients. . McKinsey began to expand its international presence. It established offices in the Netherlands, Germany, Italy, France, and Switzerland. It also added Canada and Australia to its international network... Accelerating Growth at McKinsey In 1989, McKinsey acquired Information Consulting Group (ICG) to build its information technology capabilities. It was a step away from its traditional strategy of organic growth. Another initiative which was not a part of the firm’s initial strategy was the opening of McKinsey Global Institute (MGI) in 1990. MGI started as independent research unit within McKinsey to conduct and publish research studies undertaken by the consultants at McKinsey as well as the leading scholars from around the world. In 1994, Rajat Gupta (Gupta), an Indian became the managing partner. Gupta was a graduate from IIT, Delhi, and MBA from Harvard Business School... |
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E-Business Bust and the Strategic Shift By 2001 the e-business bust and the general weakening of the economy had a significant impact on consulting firms. McKinsey took the extraordinary step of asking its partners to contribute as much as $200,000 each to support the firm’s financial resources. Kearney, Booz Allen and the consulting arms of the accounting firms all began to eliminate jobs; McKinsey and Boston Consulting Group later followed suit...
