McKinsey partner quits consulting to serve as a minister in Pakistan

23 January 2019

Former McKinsey partner Taimur Khan Jhagra has revealed why he left a high paying job in Dubai to take up a public service position in Pakistan as the provincial finance minister for Khyber-Pakhtunkhwa.

In an interview with local New York Times-affiliated media agency the Express Tribune, Taimur Khan Jhagra, the PTI (Pakistan Tehreek-e-Insaf, led by legendary former cricketer Imran Khan) party’s finance minister for the Khyber-Pakhtunkhwa province in the Northwest of Pakistan, has revealed his motivation for leaving a $600,000 a year job with McKinsey in Dubai to take up the role at home – for a salary of just Rs180,000 per month.

Joining McKinsey & Company as an associate consultant in Dubai in 2008, Jhagra was made partner with the management consulting giant at the beginning of 2017, focusing on the energy and public sectors and having previously led the development of McKinsey’s new office in Pakistan. Just prior to joining the firm, Jhagra completed an MBA, General Management, with the esteemed London Business School, complementing an earlier BSc in Mechanical Engineering.

Yet, at the beginning of last year, after nearly nine and a half years at McKinsey but only twelve months since having been admitted to its partnership, Jhagra gave up his job and joined the PTI party in Pakistan – elected to the Provincial Assembly of Khyber Pakhtunkhwa after contesting the 2018 election. Late last year, Jhagra was selected for the locally governing PTI cabinet and appointed as Provincial Minister of Khyber Pakhtunkhwa for Finance.Ex-McKinsey partner gives up $600,000 job to become finance minister in PakistanIn his interview with the Express Tribune, the first question Jhagra fields is; “Did your colleagues at McKinsey ever ask what you were smoking when they found out you’re leaving the company to join politics in Pakistan?” Only his friends and family according to Jhagra, while many of his colleagues at McKinsey were said to have been incredibly supportive. The real intoxicant? His sense of responsibility to family’s constituency in rural Peshawar.

“If you’re privileged enough to be educated and have a political constituency, it is an obligation to try and make a difference in the country,” Jhagra says. “I adopted my work ethic from my uncle Iftikhar Khan Jhagra and Ghulam Ishaq Khan (the former President of Pakistan, who was Jhagra’s grandfather). You feel very guilty when you have lucky breaks in life and still don’t have the courage to serve the country.”

The transition back to Pakistan and into the world of politics hasn’t however been the smoothest of rides (with Jhagra having been out of the country for a decade and a half, spending time professionally in China in addition to the Middle East) – including strong opposition from within his own party. “The local party chapter reacted against me vehemently and my effigies were burning on the road. It was quite intimidating,” Jhagra tells the Tribune.

Having since moved on, Jhagra is now concentrating on the future, evidently drawing on his management consulting and public sector expertise in support of his party’s centrist, egalitarian platform. “As the finance minister, I want to focus on two things. First, I want to see how to generate more revenue within the province, and second, how does one utilise the budget more efficiently? My vision is to transform the way K-P earns and spends its resources.”

Deloitte adds Richard Hayler as Disputes and Arbitration leader

16 April 2019

Deloitte has brought in Richard Hayler as its new Southeast Asia Disputes and Arbitration Leader. Hayler crosses from FTI Consulting – continuing the recent personnel shuffle in the regional forensics space.

Following the onboarding of veteran forensics expert Jarrod Baker as its new Forensic Investigations Leader for Southeast Asia earlier this year, global professional services leader Deloitte has added another ex-FTI Consulting executive to its regional forensics practice with the appointment of Richard Hayler as its new Southeast Asia Disputes and Arbitration leader. It’s Hayler’s second stint at the Big Four firm.

Originally starting out as an auditor in the chemicals, pharmaceuticals & energy practice of fellow Big Four firm KPMG in the UK (via a five-year Technical Director role with specialist life sciences consultancy Primarius), Hayler after three years crossed to Deloitte in 2008, serving as an Associate Director for its Forensic & Dispute Services division in London, and then from 2012 in Singapore. 

From there, Hayler joined the Singapore office of FTI Consulting’s Economic & Financial practice, promoted to senior managing director at the beginning of last year. Now, like his colleague Baker, Hayler has returned for his second stint with Deloitte, after respectively four and nearly six years with FTI. Meanwhile, FTI recently added e-discovery expert Christopher Marks as a senior managing director – continuing its global raid on Ernst & Young.

“I am delighted to be returning to Deloitte rejoining old friends and being on board with a great team,” Hayler said. This is an exciting time to be back at Deloitte as the firm has made great strides integrating to serve its clients across Asia Pacific better and I look forward to being part of that success.” As of September last year, Deloitte began integrating its Asia Pacific arms into single operational unit – with a co-attendant $321 million investment committed to human capital.Deloitte adds Richard Hayler as Disputes and Arbitration Leader in Southeast AsiaHayler across his career has developed expertise in a broad range of  competencies around forensics, disputes and litigation, including complex valuations, M&A and contractual disputes, accounting irregularities; alleged misappropriation, asset tracing and fraud investigations among others – having led or advised teams multiple jurisdictions in “some of the largest and most complex cases in the last decade.”

“Having Richard in our leadership team is a strong market differentiator,” said Tim Phillipps, Deloitte’s Financial Crime Strategy and Response Network leader for APAC. “His track record and extensive experience will be critical as we continue to expand and strengthen our presence in the Southeast Asia region.  It will enhance our capacity to serve our clients, and ensure that we continue to provide clear, timely and insightful counsel.”

In addition to Deloitte, Hayler serves on the Standards Review Board of the International Valuation Standards Council, as well as being a member of the adjunct faculty at Singapore Management University’s School of Law and the Honorary Treasurer for the Board of Directors of the Chartered Institute of Arbitrators Singapore. He was also last year a group representative for financial & fintech business group with the local British Chamber of Commerce.

According to the firm, Hayler’s recruitment forms part of its plans to expand its forensics services in the region – a practice which has already grown substantially in recent years to include more than 125 dedicated forensic practitioners based in Singapore, Indonesia, Malaysia, Thailand, and Vietnam, with growth driven by investment in disputes and arbitration, electronic discovery, investigations, forensic digital platforms and financial crime advisory and analytics among other areas.