Bill McGlashan resigned Thursday from his executive roles at private equity firm TPG and social consulting firm Rise Funden, after being involved with dozens of wealthy individuals in a college admissions cheating scandal, believed to be the largest in US history. 19659002] McGlashan had served as the management partner for TPG Growth, the company's growth share arm and participated in The Rise Fund along with "U2" singer Bono. The 55-year-old CEO announced his resignation in a listing to board members in both companies.
"I'm very sorry that this very difficult situation can interfere with the work I have devoted to my life," wrote McGlashan. "As you can imagine, my primary concern is at this point for my family. I will also focus on managing the claims that have been presented and there are aspects of the story that have not yet emerged that I wish I could share It is important, however, that this process happens apart from the Risefonden and TPG Growth. "
McGlashan and dozens of other defendants were arrested and charged with various degrees of bribery and fraud for their participation in the admission system. Rich parents, including actress Lori Loughlin and Felicity Huffman, paid a total of $ 25 million in bribes to college buses, school officials, and test administrators to influence the move-in process and improve their children's chances of getting into schools.
Court documents revealed that McGlashan collaborated to forge test results and create a false athletic history for his son so that he could participate in the University of Southern California. At one point, McGlashan and a federal government official discussed the possibility of changing images to appear as if his son was a kicker or punk during the recruitment of the USC football team.
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TPG initially placed McGlashan on indefinite leave. The private equity company is the majority shareholder of Hollywood Talent Agency CAA.