NEW YORK (Reuters) – TPG Capital said on Thursday it had fired senior executive Bill McGlashan, effective immediately, as he faces charges connected to a U.S. college fraud scheme.
In a separate statement via a spokesman, McGlashan said he was resigning from the TPG Rise Fund and TPG Growth. He was the chief executive of both funds.
“I will be focused on addressing the allegations that have been presented, and there are aspects of the story that have yet to emerge that I wish I could share,” he said.
McGlashan, who was placed on indefinite administrative leave on Wednesday, was among those named in an investigation by U.S. authorities into a scheme that helped wealthy Americans cheat their children’s way into elite universities.
TPG said Jim Coulter will take over managing partner responsibilities for TPG Growth and Rise.
The Rise Fund says it aims to generate profits while benefiting society and the environment.
“We believe the behavior described to be inexcusable and antithetical to the values of our entire organization,” TPG said of McGlashan in a statement.
(Reporting by Joshua Franklin in New York, editing by Rosalba O’Brien and Lisa Shumaker)