- 14 February 2017
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Kenya Airways has confirmed it is to end a controversial cost-cutting and revenue re-engineering contract with McKinsey – one that has seen it spend Sh2.3 billion (20.8 million euros) over the last ten-months on a near-permanent team of advisers. Instead, the airline will now only hire US McKinsey consultants on an as and when basis. The new deal brings an end to a contract that has been described as ‘lopsided and the most expensive in Kenya’s corporate history’. The initial contract was for two-years, but the new arrangement has been put in place after the end of the first year of working with McKinsey. The airline’s chairman, Michael Joseph, said: “We have decided to change [the contract] because we think we have done what we need to do.” The contract was criticised, because Sh2.3 billion was paid to McKinsey at the same time the airline was reporting losses of Sh50 billion for 2014-16.
Source : www.standardmedia.co.ke