Bill McGlashan Resigns From TPG Amid College Admissions Scandal
Sources say Jim Coulter will be taking on additional responsibilities with respect to TPG’s Hollywood investments going forward.
Bill McGlashan is exiting TPG after he was named as one of the dozens charged in a college admissions scandal, the firm said Thursday.
"Bill McGlashan has been terminated for cause from his positions with TPG and Rise effective immediately," reads a statement from TPG. "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."
The private equity investment firm added, "As we stated in the previous announcement of Mr. McGlashan’s administrative leave, Jim Coulter will take over managing partner responsibilities for TPG Growth and Rise."
Sources say Coulter will be taking on additional responsibilities with respect to TPG’s Hollywood investments going forward.
McGlashan, a co-founder of STX Entertainment, also stepped down from the board of the production company on Wednesday.
On Tuesday, the Department of Justice indicted McGlashan for conspiracy to commit mail and wire fraud in connection with an alleged attempt to get his son granted admission to USC as a crew recruit. Desperate Housewives actress Felicity Huffman and Full House star Lori Loughlin were also among the dozens of parents who were charged.
Prosecutors allege that McGlashan took part in a cheating scheme "by conspiring to bribe Donna Heinel, the senior associate athletic director at the University of Southern California ('USC'), to facilitate his son’s admission to USC as a recruited athlete."
In an exit note to the TPG board, McGlashan said, "I will also be focused on addressing the allegations that have been presented, and there are aspects of the story that have yet to emerge that I wish I could share."
McGlashan's full note is below.
My Dear 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. The work The Rise Fund is doing is critically important to the world. By stepping down, I hope that The Rise Fund and TPG Growth will be best set to continue their mission. The Rise Fund and TPG Growth are obviously much bigger than any single individual, and it is important you continue building incredible companies that deliver great returns and impact. I am deeply sorry this very difficult situation may interfere with the work to which I have devoted my life.
As you can imagine, my primary concern at this point is for my family. I will also be focused on addressing the allegations that have been presented, and there are aspects of the story that have yet to emerge that I wish I could share. It is essential however that this process happens apart from The Rise Fund and TPG Growth.
It has been an absolute honor to work with all of you, and I am deeply grateful for the unique privilege I have had to start this work with you. I hope with all my heart for your great continued impact. I am going to focus on my family and comprehensively addressing the allegations, but I wish you all great success.