McKinsey & Company Inc history

In 1931 he drafted the General Survey Outline, and the next year he opened a New York outpost in the offices of a defunct investment house at 52 Wall Street—six offices with a reception area.

The firm’s second office was opened in New York City in 1932.

Bower joined the company in 1933, when management consulting was called management engineering.

In 1934, the Chicago office moved to the forty-first floor of the new Field Building on 135 South LaSalle.

After McKinsey died in 1937, the company continued the hiring practices the founder had instituted.

The New York office purchased exclusive rights to the McKinsey name in 1946.

McKinsey & Company shifted direction in 1950, however, when Marvin Bower became managing director.

McKinsey’s profit-sharing, executive and planning committees were formed in 1951.

In 1970, he became the manager of the New York office.

In 1971 McKinsey created the Commission on Firm Aims and Goals, which found that McKinsey had become too focused on geographic expansion and lacked adequate industry knowledge.

In 1976, he was elected managing director by the other partners.

Daniel also began McKinsey’s knowledge management efforts in 1987.

In 1988, Ron Daniel stepped down as managing director, and Fred Gluck took his place.

By 1993, however, half of the nineteen partners and more than half of the staff left Information Consulting Group for other jobs. It also found itself being left behind in the fast growing area of information technology, and in order to acquire the necessary expertise, it purchased Information Consulting Group in late 1989 from a British firm.

McKinsey also continued to conduct many notable pro bono projects for organizations such as the Joffrey Ballet, Pittsburgh Theater, and the University of Texas business school. Its 1992 study of the University of Texas involved a team of fourteen consultants who spent nearly 4,000 hours determining how to overhaul the M.B.A. program to make it more competitive with the leading business schools in the country and more relevant to the real world business environment.

By 1993, however, half of the nineteen partners and more than half of the staff left Information Consulting Group for other jobs.

In 1994, Rajat Gupta became the first non-American-born partner to be elected as the firm’s managing director.

In 2001, McKinsey launched several practices that focused on the public and social sector.