McKinsey & Co. withdrawing from Russia

(Bloomberg) – Consulting giant McKinsey & Co., like numerous other corporations, is withdrawing from Russia—but not before taking flak from current and former staff for moving too slowly to cut ties with the country after invading Ukraine.

Sternfels also wrote that the company had suspended service to all state-owned entities on Wednesday and, effective Thursday, “we are suspending all client work in Russia. For projects underway, we will complete existing engagements.”

The shift came after a slew of other big companies cut ties with Russia and after McKinsey staff and former consultants levied harsh criticism against the company for its initial position. These critics noted that Sternfels’ earlier statement left room for McKinsey to work for state-controlled companies like energy giants Rosneft Oil Co. and Gazprom PJSC, both of which have lost support and investment from Western partners this week.

McKinsey has operated in Russia for nearly 30 years and does work for 21 of the country’s 30 biggest companies. It employs more than 700 people there, Sternfels said.

https://www.bnnbloomberg.ca/mckinsey-pulls-back-from-russia-…

Jaak