Bill McGlashan, the founder and managing partner of TPG Growth which is majority owner of CAA and helped launch STX Entertainment among other Hollywood entities, has been put on administrative leave by parent company TPG after he was among 46 people indicted Tuesday for their part in a nationwide college bribery scam.
McGlashan made Vanity Fair‘s 2017 list of the 100 most influential people in business, politics and technology as CEO of The Rise Fund, a $2 billion impact-investment platform co-founded with U2’s Bono, Richard Branson and Jeff Skoll among others. With Robert Simonds he also helped co-found STX Entertainment.
In 2014, TPG paid $225 million in equity for a majority stake in the Hollywood agency.
“As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” a TPG spokesman said this afternoon. “Jim Coulter, Co-CEO of TPG, will be interim managing partner of TPG Growth and The Rise Fund. Mr. Coulter will, in partnership with the organization’s executive team, lead all investment work for both going forward.”
McGlashan got his MBA from Stanford Graduate School of Business and a BA with Honors from Yale University, two universities caught up in the scandal in which parents through an intermediary allegedy paid millions in bribes to test administrators and coaches at top schools like UCLA, USC, Yale, Georgetown and Stanford so their children could gain admission.
He is one of several high-profile names to be indicted on charges of conspiracy to commit mail fraud and honest services fraud. Others include Felicity Huffman, Lori Loughlin and Loughlin’s fashion designer husband Mossimo Giannulli.
McGlashan is a member of several corporate and nonprofit boards, according to TPG, including Brava, Common Sense Growth, e.l.f. Cosmetics, Endeavor Global, Fender Musical Instruments, Gavin de Becker and Associates, HotSchedules, Seasoned, and XOJet.
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.