They are a global management consulting firm who Charlie and the BOD pay billions of dollars to every year. McKinsey is driving the stagecoach while The Old Boys Club sits back and collect their bloated salaries.
Interesting that none of our C-Suite execs ever mention the importance of the relationship publicly. McKinsey keeps a purposely low-profile. Their advice is associated with mass layoffs, disguised with euphemisms such as “finding efficiencies” or “organizational streamlining”, and always about the expansion of executive pay.
The inside joke is “Every time McKinsey recommends a mass layoff, a dead billionaire gets his wings.”
McKinsey is involved in every facet: shaping the strategy; managing enterprise-wide risk; advising on the build-out of Corporate and Investment Banking; blueprinting the new operating model; marketing and sales; the offshoring of IT and back office functions; WFH and RTO policies; heavily driving all the DE&I; intricately involved in the downsizing to reduce overhead costs.
Why bring it up now? The 18% raise to Charlie is an insult to everyone. What are we paying him $29 Million/year for when he is nothing more than the face of the company and not even a good one at that? The fact that he has continued to fail to get Wells Fargo out from under the Federal Asset Cap should be questioned by every regulator and every shareholder. So is Charlie worth $29 Million/year just because the stock price is up meagerly in 2023? Even a $30 Billion Company Stock Buyback can’t get the stock price back to where it was before Charlie became CEO despite the DJIA being 50% higher today.
Charlie and the Board are pulling a fast one and I hope someone important takes a deeper look.