EXECUTIVES: Consultant, Heal Thyself

Management consultants, those freelance high priests of an arcane science, earn their living by helping other companies solve problems. Lately, though, many have been hard-pressed to solve their own. Faced with waning profits and a changing market for its services, the $2 billion-a-year consulting industry is undergoing a sweeping turn over in its own top executive suites.

In the past 18 months, nearly a dozen major consulting firms have changed their chief executives. At McKinsey & Co., the largest, with billings of about $45 million last year, C. Lee Walton Jr. stepped...

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