TGP's Bill McGlashan was fired from the massive private equity firm on Thursday amid the massive college cheating scandal.
TPG's Bill McGlashan was fired from the private equity firm on Thursday amid the massive college cheating scandal.
"After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization," said a TPG spokesperson. McGlashan participated in both the college entrance exam cheating scheme and the college recruitment scheme, including by conspiring to bribe the senior associate athletic director at the University of Southern California to present his son as an athletic recruit, according to the criminal complaint.
Media strategy representatives for McGlashan put out a statement that McGlashan resigned on Thursday that contradicted TPG's official release. Included in the release was McGlashan's note to the board members:Though it breaks my heart to write this, I feel it is now the right thing to resign from The Rise Fund and TPG Growth. The progress we have made is too important for you to be distracted by the issues I am facing personally.
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