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McKinsey votes out global managing partner after one term: report

McKinsey's 650 senior partners vote in an election every three years, and its global managing partner failed to advance this year, FT reports. ....

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Head of McKinsey Is Voted Out as Firm Faces Reckoning on Opioid Crisis

Head of McKinsey Is Voted Out as Firm Faces Reckoning on Opioid Crisis
Partners decided not to keep Kevin Sneader in the top job. Weeks earlier, McKinsey had reached a historic settlement agreement in the U.S. over its advice to drugmakers.
Kevin Sneader has served as the consulting firm’s global managing partner since 2018.Credit.Samir Hussein/Getty Images for The Business of Fashion
Feb. 24, 2021
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.
The decision to deny Mr. 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. 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. ....

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Indian exporters welcome infrastructure-heavy budget as government readies rollout of new DFI

The Indian government has pledged to pump US$2.7bn into a new development finance institution (DFI) as part of plans to galvanise infrastructure spending and help the country bounce back from the deleterious effects of Covid-19.
The announcement was made in the country’s annual budget earlier this month, with India’s finance minister Nirmala Sitharaman stating that she would introduce a bill for setting up the new DFI with a starting capital of roughly Rs200bn.
The ambition is to have a lending portfolio of at least Rs5tn (approximately US$69bn) in three years’ time, with the DFI also expected to play a role in funding the government’s National Infrastructure Pipeline (NIP). ....

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What Ngozi Okonjo-Iweala's WTO role means for African women — Quartz Africa

February 22, 2021
Last week, the World Trade Organization appointed its first African and first female director-general, Ngozi Okonjo-Iweala. The Nigerian-American has a stellar financial pedigree, having worked as Nigeria’s finance minister, and at the World Bank for decades.
And in mid-February, economist and deputy governor of Rwanda’s Central Bank, Monique Nsanzabaganwa, was elected as the African Union’s first female deputy chairperson. Effectively the commission’s chief operating officer, Nsanzabaganwa will be tasked with overseeing desperately needed reform.
It’s inspiring to see African women reach such heights a sign of the many strides the continent has made in gender parity. Africa has a remarkably high number of female entrepreneurs, and the highest representation of women at the board level than any other region in the world 25%, against the global average of 17%, McKinsey’s 2019 report on gender in equality for African women noted. ....

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The Next Prize: Geopolitical Stakes In The Clean Hydrogen Race

The Next Prize: Geopolitical Stakes In The Clean Hydrogen Race
Yergin could not have picked a better title for the book not just because he was awarded a Pulitzer for it, but because he masterfully exposed how oil was a game of huge risks and monumental rewards. Today, judging by all the excitement, hydrogen seems well positioned to become the next great prize, a zero-carbon version of oil.
Hardly a week goes by without a government or a company announcing a new hydrogen plan or project. The enthusiasm for hydrogen is understandable: whether it is used in a fuel cell to produce electricity or burned in an engine to produce heat, the only ‘exhaust’ it creates is water vapor. As more and more governments commit to net-zero-emission targets by mid-century, hydrogen becomes an appealing energy carrier to decarbonize hard-to-electrify sectors, such as heavy industry and long-haul transport. ....

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