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The suit says the deal could help Blackstone tighten its grip on the management of $25 billion in insurance assets.
Blackstone says that is a total misreading and its client has the independent right to cut ties.
Read Insider s original investigation into Blackstone s lucrative deal with the chairman of Fidelity National Financial.
Managing money for wealthy clients and institutional investors can be a cutthroat business, with competitors vying to steal accounts and undercut their rivals fees. And yet the world s largest private-equity firm, The Blackstone Group, seems to enjoy an uncanny level of job security: According to claims in a recently unsealed lawsuit, it has struck a deal with at least one major client that makes it almost impossible for the company to get fired.
Women and people of color have left Mailchimp in droves in recent months.
Those who spoke to Insider said Mailchimp has for years let toxic leaders thrive while failing to address inequalities.
More than 30 current and former employees told Insider why they think Mailchimp is driving away diverse talent.
On November 12, Mailchimp CEO Ben Chestnut sent a Slack message to his employees saying he wanted to acknowledge the elephant in the room. We ve had more people than usual leave the company lately, including some great leaders, he said in the message, which was viewed by Insider.
Those departures included many of Mailchimp s highest-ranking women and people of color. Since the start of 2020, Mailchimp has lost two female C-level executives, one female Chief Information Security Officer, one female vice president, and at least eight women or people of color at the director or senior director level.