P&G is returning to a familiar governance model: one person serving as both Chairman and CEO, supported by a Lead Independent Director and a board rich in CEO and CFO experience. The real question is whether Joseph Jimenez and the independent directors can do more than oversee Shailesh Jejurikar. They must also add value.

McKinsey & Company—one of the world's most influential private partnerships—has undertaken a major governance overhaul. By separating the roles of Chair and Global Managing Partner, reducing its shareholder council from approximately 30 members to 12, and extending leadership terms, the firm is redesigning how power, oversight, and decision-making work at the top. The reforms offer important lessons for boards, CEOs, and governance professionals navigating the future of insti