×
You will be redirected back to your article in seconds

TPG Growth Founding Partner Bill McGlashan Fired Amid College Admissions Scandal

Bill McGlashan, a founding partner of private equity giant TPG Growth and a co-founder of STX Entertainment, has been fired following his indictment Tuesday in the college admissions scandal that has rocked the country.

TPG confirmed McGlashan’s ouster in a statement Thursday. Representatives for McGlashan maintained that the executive resigned his post around 1 p.m. PT, an hour before he was fired. TPG is a majority owner in CAA.

Bill McGlashan has been terminated for cause from his positions with TPG and Rise effective immediately. 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. 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,” TPG said.

McGlashan’s resignation letter to his TPG partners noted the hastiness of his departure and indicated his concern about securing a payout for his interests in the company.

“I am doing so without having worked out our financial relationship and without prejudice to my financial rights,” McGlashan wrote. “You have told me you will act fairly, and I am grateful.”

McGlashan’s ouster is the latest fallout from the indictments that have sparked a tidal wave of outrage over allegations that affluent parents — including actors Felicity Huffman and Lori Loughlin — paid bribes and used other illegal means to help get their children into elite schools.

McGlashan, who lives in Northern California’s affluent Marin County, is accused of bribing USC coach Donna Heinel to have his son admitted to the school, going so far as to fake a photograph to indicate that his son played football. He’s also accused of paying $50,000 to have his son take the ACT test on Dec. 9 and Dec. 10 in 2017 at a facility in West Hollywood, where a proctor corrected his answers, according to the indictment. On Dec. 10, cell phone records indicate that McGlashan’s son was not in West Hollywood but back in the Bay Area, suggesting that an impostor took the reading, writing and science sections of the test.

The indictment includes lengthy transcripts of telephone conversations between McGlashan and an individual described as cooperating witness No. 1, or “CW-1.” The transcripts indicate that McGlashan was concerned that his son be kept in the dark about the scheme, and that McGlashan approved of the effort to use PhotoShop and other tools to fake a sports profile for his son.

“The way the world works these days is unbelievable,” McGlashan told CW-1 as they discussed which photo to use, according to the indictment.

McGlashan’s firing came barely an hour after Loughlin was dropped by Hallmark Channel, where she was a regular in the drama series “When Calls the Heart” and the telepic series “Garage Sale Mysteries.”

McGlashan had been with TPG since 2004. Before that he worked in the technology and pharmaceutical sectors.

Read McGlashan’s resignation letter to his TPG partners below.

My dear partners,
It is with a very heavy heart that I am submitting this resignation from my positions at TPG and The Rise Fund. Given the short time we have had, I am doing so without having worked out our financial relationship and without prejudice to my financial rights. You have told me that it is important to TPG and The Rise Fund to have this clear separation occur quickly and that is why I am submitting this resignation effective immediately. You have told me you will act fairly, and I am grateful. I will separately send the message that I want to give to the team and the Founders Board (and obviously the three of you) and will work with Adam to make sure we get it out in a coordinated way. 
Bill

More Biz

  • Tencent Profits Hit $1 Billion Per

    Tencent Profits Hit $1 Billion per Month as Company Loses Fizz

    Growing regulatory encroachments into its games business, a smaller than expected spin-off for its music division, and a fourth quarter profits drop, pointed to a troubling year for Chinese tech giant Tencent. Its financial results for the full 2018 period, while delivering profits of nearly $1 billion a month, appeared to bear out that thesis. [...]

  • splice

    Splice Raises $57.5 Million in Latest Funding Round

    Splice, a favorite of music creators that allows access to a library of three million rights-cleared sounds, announced today that the company closed a Series C funding round at $57.5 million. That brings Splice’s total amount raised to roughly $102 million since its launch in 2013. It raised a Series B in November of 2017. [...]

  • WGA Agents Contract Tug of War

    WGA Leaders to Meet With Showrunners on Agency Packaging Fight (EXCLUSIVE)

    WGA leaders are set to meet Wednesday night with a group of showrunners who are raising concerns about the guild’s handling of negotiations with talent agents over the issue of packaging fees and agency-affiliated productions. The meeting is set for 7:30 p.m. at WGA West headquarters. WGA West president David Goodman is expected to attend. [...]

  • Bill Murray St Vincent 2014

    Weinstein Co. Sued Over Trademark Infringement in Bill Murray Film

    A horse-racing announcer has sued the Weinstein Co., claiming that the company infringed on his trademarked phrase in a 2014 Bill Murray movie. Dave Johnson is the man behind “And down the stretch they come!,” which he began using while calling races in Illinois in the 1960s. The phrase took off when Johnson moved to [...]

  • HALLIE ANDERSON AND JESSICA PAGE Mom

    Mom + Pop Promotes Hallie Anderson and Jessica Page to Co-General Managers

    Mom + Pop Music has promoted Hallie Anderson to co-GM and head of marketing and Jessica Page to co-GM and head of digital, the company announced today. They had previously served as VP of marketing and VP of digital strategy, respectively. “Being able to promote, empower and support Hallie and Jess in their new positions [...]

  • Disney Fox Takeover Placeholder

    Disney, Fox Employees Grapple With Day One Transition on Two Hollywood Lots

    What kind of a boss will Disney be? That’s a question facing employees at 20th Century Fox, Fox Searchlight, National Geographic Partners, FX Networks, and other assorted parts of Rupert Murdoch’s former media empire. Wednesday was their first full day as staffers of the Walt Disney Co. and the initial moves have done little to [...]

  • Jay Wilson Joins Mascot Label Group

    Jay Wilson Joins Mascot Label Group as VP of Publicity

    Jay Wilson has been named VP of publicity for Mascot Label Group, the company announced today. A veteran of Republic, Glassnote and Universal Records, In his new position Wilson will conceive and implement media strategies for the company and its roster of artists such as Beth Hart, James Morrison, P.O.D., Robert Randolph and the Family [...]

More From Our Brands

Access exclusive content