5 LOSS OF CREDIBILITY: MANAGEMENT ADMITS IT NEEDS HELP ▪ Seemingly admitting the lack of internal capability, discipline and experience, Foley is looking to outsiders for answers ▪ Hiring McKinsey is a clear declaration of failure ▪ Even if McKinsey is able to develop a rescue plan, it is unclear that Mr. Foley is capable of executing it ▪ The Company needs a new CEO, rather than consultants to rectify past errors 42