Richard N. Foster
Richard N. Foster | |
|---|---|
| Occupation(s) | Management consultant, author |
| Years active | 1973–present |
| Known for | Consulting at McKinsey & Company; authoring "Innovation: The Attacker's Advantage" and "Creative Destruction" |
Richard N. Foster, currently the Managing Partner at Millbrook Management Group LLC, previously held the position of Director and Senior Partner at McKinsey & Company. During his tenure, he provided consulting services to clients in the United States, Europe, and Asia, focusing on industries such as chemicals, electronics, healthcare, retail, and consumer products.
Early life and education
Foster completed his Bachelor of Science, Master of Science, and Doctorate degrees in Engineering and Applied Science at Yale University.
Career
Beginning his career at McKinsey & Company in 1973, Foster dedicated 31 years to the firm. He was promoted to principal in 1977 and elevated to Senior Partner and Director in 1982, positions he held for over two decades. He established and led McKinsey’s private equity practice and oversaw the technology and healthcare divisions. Foster also maintained enduring consulting engagements with key clients within the healthcare sector.
He spearheaded a comprehensive 15-year study that examined financial and capital market information from more than 4,000 American companies. This extensive research formed the foundation for his acclaimed publications “Innovation: The Attacker’s Advantage” (1986) and “Creative Destruction” (2000), which analyze the interplay between capital investment, innovation, and corporate governance. In 1985, Foster co-wrote significant articles published in Research Management addressing methods to enhance returns on R&D investments; these contributions were recognized with the Maurice Holland Award in 1986.
Between 1994 and 2004, Foster was a board member of the Santa Fe Institute, where he supported its economics program devoted to finance and trading methodologies.
His current board roles include positions at Trust Company of the West, athenahealth, Cardax Pharmaceuticals, Memorial Sloan Kettering Institute—where he chairs operations and policy committees—W. M. Keck Foundation, Innosight, the Council for Aid to Education—serving as chair of strategy—and the Council on Foreign Relations.
In April 2011, Foster became a venture partner at Lux Capital, offering guidance on investments related to life sciences and healthcare information technology.
Personal life
Richard N. Foster lives in New York, NY.
Bibliography
- Richard N. Foster and Sarah Kaplan. "Creative Destruction: Why Companies that are Built to Last Underperform the Market - And How to Successfully Transform Them". Currency, 2000.
- Richard N. Foster. "Innovation: The Attacker's Advantage". Summit Books, 1986.