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Steve Noble | McKinsey & Company
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data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-2"><span>Steve Noble</span></h1><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8">Senior Partner<a data-component="mdc-c-link" href="/us/minneapolis" class="mdc-c-link___lBbY1_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Minneapolis</span></a></div><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mdc-u-mt-3"><p>Brings hands-on private-equity experience to identify and unlock new opportunities and build new capabilities across growth, operations, and cost performance, with a focus on driving broad-based performance transformation for retailers</p></div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f mdc-u-mb-2 mdc-u-mt-3 mdc-u-grid-gutter-md"><a data-component="mdc-c-link" href="#" class="mdc-c-link-icon___SEKyg_2734c4f" aria-haspopup="dialog" title="Email" aria-label="Email" data-sid="A42DF01E-1D29-4233-85AA-A6DD11C16051" data-layer-event-prefix="Exit Link" data-layer-action="click" data-layer-category="social" data-layer-subcategory="partner" data-layer-subcategory2="email" data-layer-text="Share this profile on email"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--radial___y3csX_2734c4f mdc-c-icon--size-xl___3BEee_2734c4f mdc-c-icon--primary mck-email-icon"></span></a><a data-component="mdc-c-link" href="https://www.linkedin.com/in/steve-noble" class="mdc-c-link-icon___SEKyg_2734c4f" target="_blank" title="LinkedIn" data-sid="" aria-label="LinkedIn" data-layer-event-prefix="Exit Link" data-layer-action="click" data-layer-category="social" data-layer-subcategory="partner" data-layer-subcategory2="LinkedIn" data-layer-text="Share this profile on LinkedIn"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--radial___y3csX_2734c4f 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He helps retailers define and implement a wide range of growth, cost, and operational improvements and his experience spans a wide range of retail categories and formats.</p> <p>Examples of recent client work include the following:</p> <ul> <li>delivering broad-based transformation programs that have defined new growth strategies, unlocked cost and operating efficiencies to fund this growth, and built new capabilities across commercial and operational functions</li> <li>developing and executing M&A strategies, conducting strategic and financial diligence in support of these transactions, and designing and implementing post-merger integration programs that have delivered more than one billion dollars in synergies</li> <li>defining, prioritizing, and launching new growth programs that tap attractive profit pools through new channels, markets, categories, and business models</li> </ul> <p>Beyond his client work, Steve has published on a range of retail transformation and strategy topics, including how to win within the changing consumer and retail landscape, how to prepare for and win through a downturn, and how retailers should think about mergers and acquisitions. Steve has played a variety of leadership roles within McKinsey Learning and spends several weeks per year leading our core training programs as faculty. He is a board member of Catholic Charities of Minneapolis and St. Paul and an advisory board member to the Consulting Enterprise at the University of Minnesota鈥檚 Carlson School of Management.</p> <p>Prior to joining McKinsey, Steve was a private-equity associate in Washington, DC, where he was responsible for executing leveraged buyout transactions and working with management teams to drive business performance.</p></div><div class="Profile_mck-c-profile__area-a__YIGXu container-placeholder mdc-u-grid mdc-u-grid-gutter-lg"></div></div><div class="Profile_mck-c-profile__sidebar-wrapper__E52KM"><div class="container-sidebar mdc-u-grid mdc-u-grid-gutter-xxl"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--primary___Ed-lT_2734c4f mdc-c-button--size-large___jwpUy_2734c4f" data-layer-event-prefix="Exit Link" data-layer-action="click" data-layer-category="social" data-layer-subcategory="partner" data-layer-subcategory2="email" data-layer-text="Share this profile on email"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mck-email-icon Profile_mck-c-profile__contact-icon__Xw5Jp"></span></button><div class="mdc-u-grid mdc-u-grid-gutter-xxl" data-layer-region="profile-expertise"><div><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f"></h2><div><ul class="List_mck-c-list___Lb7q"><li><a data-component="mdc-c-link" href="/industries/retail/how-we-help-clients" class="mdc-c-link___lBbY1_2734c4f"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-xs___g8-q5_2734c4f mck-arrow-right-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f">Retail</span></a></li><li><a data-component="mdc-c-link" href="/capabilities/transformation/how-we-help-clients" class="mdc-c-link___lBbY1_2734c4f"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-xs___g8-q5_2734c4f mck-arrow-right-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f">McKinsey Transformation</span></a></li><li><a data-component="mdc-c-link" href="/industries/retail/how-we-help-clients/strategy" class="mdc-c-link___lBbY1_2734c4f"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-xs___g8-q5_2734c4f mck-arrow-right-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f">Strategy</span></a></li><li><a data-component="mdc-c-link" href="/capabilities/m-and-a/how-we-help-clients" class="mdc-c-link___lBbY1_2734c4f"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-xs___g8-q5_2734c4f mck-arrow-right-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f">M&A</span></a></li><li><a data-component="mdc-c-link" href="/capabilities/strategy-and-corporate-finance/how-we-help-clients" class="mdc-c-link___lBbY1_2734c4f"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-xs___g8-q5_2734c4f mck-arrow-right-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f">Strategy & Corporate Finance</span></a></li><li><div class="List_mck-c-list__non-link-item__lRyc0"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-xs___g8-q5_2734c4f mck-arrow-right-icon"></span><span>Performance Transformation</span></div></li></ul></div></div></div></div></div><div class="mdc-o-content-body Profile_mck-c-profile__content-body__r8B5S Profile_mck-c-profile__additional-body__hv_Ft"><h3>Published work</h3> <p>“<a href="/industries/consumer-packaged-goods/our-insights/consumers-are-in-fact-buying-sustainable-goods-highlights-from-new-research">Consumers are in fact buying sustainable goods: Highlights from new research</a>,” McKinsey & Company, May 2023</p> <p>“<span style="background-color: #ffffff; color: #333333;"><a href="/industries/consumer-packaged-goods/our-insights/consumers-care-about-sustainability-and-back-it-up-with-their-wallets">Consumers care about sustainability—and back it up with their wallets</a></span>,” McKinsey & Company, February 2023</p> <p>“<a href="/industries/retail/our-insights/the-next-normal-in-retail-charting-a-path-forward">The next normal in retail: Charting a path forward</a>,” McKinsey & Company, July 2020</p> <p>“<a href="/industries/consumer-packaged-goods/our-insights/how-retailers-can-build-resilience-ahead-of-a-recession">How retailers can ring the register in a recession</a>,” McKinsey & Company, March 2020</p> <p>“<a href="/industries/consumer-packaged-goods/our-insights/the-consumer-sector-in-2030-trends-and-questions-to-consider">The Consumer Sector in 2030</a>,” McKinsey & Company, December 2015</p> <p>“<a href="/industries/retail/our-insights/how-retailers-can-keep-up-with-consumers">How retailers can keep up with consumers</a>,” McKinsey & Company, October 2013 </p> <h3>Past experience</h3> <p><strong>Thayer Capital Partners</strong><br /> Associate</p> <h3>Education</h3> <p><strong>Stanford Graduate School of Business</strong><br /> MBA</p> <p><strong>University of Notre Dame</strong><br /> BA</p></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl mdc-u-mt-5"></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Steve Noble","displayName":"Steve Noble","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"a42df01e-1d29-4233-85aa-a6dd11c16051","itemLanguage":"en","itemVersion":2,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"882cb5bd-9600-43d9-9d6b-de8134d4a7eb","templateName":"Profile","placeholders":{"jss-main":[{"uid":"8babdffb-0cfb-45a5-8364-eb32fa63d241","componentName":"Profile","dataSource":"","fields":{"data":{"profile":{"id":"A42DF01E1D29423385AAA6DD11C16051","name":"Steve Noble","engTitle":"Steve Noble","displayName":"Steve Noble","url":"/sitecore/content/McKinsey/Home/Our People/Steve Noble","template":{"name":"Profile"},"title":{"jsonValue":{"value":"Steve Noble"}},"background":{"jsonValue":{"value":"\u003ch3\u003ePublished work\u003c/h3\u003e\n\u003cp\u003e\u0026ldquo;\u003ca href=\"/industries/consumer-packaged-goods/our-insights/consumers-are-in-fact-buying-sustainable-goods-highlights-from-new-research\"\u003eConsumers are in fact buying sustainable goods: Highlights from new research\u003c/a\u003e,\u0026rdquo; McKinsey \u0026amp; Company, May 2023\u003c/p\u003e\n\u003cp\u003e\u0026ldquo;\u003cspan style=\"background-color: #ffffff; color: #333333;\"\u003e\u003ca href=\"/industries/consumer-packaged-goods/our-insights/consumers-care-about-sustainability-and-back-it-up-with-their-wallets\"\u003eConsumers care about sustainability\u0026mdash;and back it up with their wallets\u003c/a\u003e\u003c/span\u003e,\u0026rdquo; McKinsey \u0026amp; Company, February 2023\u003c/p\u003e\n\u003cp\u003e\u0026ldquo;\u003ca href=\"/industries/retail/our-insights/the-next-normal-in-retail-charting-a-path-forward\"\u003eThe next normal in retail: Charting a path forward\u003c/a\u003e,\u0026rdquo; McKinsey \u0026amp; Company, July 2020\u003c/p\u003e\n\u003cp\u003e\u0026ldquo;\u003ca href=\"/industries/consumer-packaged-goods/our-insights/how-retailers-can-build-resilience-ahead-of-a-recession\"\u003eHow retailers can ring the register in a recession\u003c/a\u003e,\u0026rdquo; McKinsey \u0026amp; Company, March 2020\u003c/p\u003e\n\u003cp\u003e\u0026ldquo;\u003ca href=\"/industries/consumer-packaged-goods/our-insights/the-consumer-sector-in-2030-trends-and-questions-to-consider\"\u003eThe Consumer Sector in 2030\u003c/a\u003e,\u0026rdquo; McKinsey \u0026amp; Company, December 2015\u003c/p\u003e\n\u003cp\u003e\u0026ldquo;\u003ca href=\"/industries/retail/our-insights/how-retailers-can-keep-up-with-consumers\"\u003eHow retailers can keep up with consumers\u003c/a\u003e,\u0026rdquo; McKinsey \u0026amp; Company, October 2013\u0026nbsp;\u003c/p\u003e\n\u003ch3\u003ePast experience\u003c/h3\u003e\n\u003cp\u003e\u003cstrong\u003eThayer Capital Partners\u003c/strong\u003e\u003cbr /\u003e\nAssociate\u003c/p\u003e\n\u003ch3\u003eEducation\u003c/h3\u003e\n\u003cp\u003e\u003cstrong\u003eStanford Graduate School of Business\u003c/strong\u003e\u003cbr /\u003e\nMBA\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eUniversity of Notre Dame\u003c/strong\u003e\u003cbr /\u003e\nBA\u003c/p\u003e"}},"about":{"jsonValue":{"value":"\u003cp\u003eSteve coleads our global work in retail transformation and leads our efforts on retail strategy and transformation in the Americas. He helps retailers define and implement a wide range of growth, cost, and operational improvements and his experience spans a wide range of retail categories and formats.\u003c/p\u003e\n\u003cp\u003eExamples of recent client work include the following:\u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003edelivering broad-based transformation programs that have defined new growth strategies, unlocked cost and operating efficiencies to fund this growth, and built new capabilities across commercial and operational functions\u003c/li\u003e\n \u003cli\u003edeveloping and executing M\u0026amp;A strategies, conducting strategic and financial diligence in support of these transactions, and designing and implementing post-merger integration programs that have delivered more than one billion dollars in synergies\u003c/li\u003e\n \u003cli\u003edefining, prioritizing, and launching new growth programs that tap attractive profit pools through new channels, markets, categories, and business models\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eBeyond his client work, Steve has published on a range of retail transformation and strategy topics, including how to win within the changing consumer and retail landscape, how to prepare for and win through a downturn, and how retailers should think about mergers and acquisitions. Steve has played a variety of leadership roles within McKinsey Learning and spends several weeks per year leading our core training programs as faculty. He is a board member of Catholic Charities of Minneapolis and St. Paul and an advisory board member to the Consulting Enterprise at the University of Minnesota\u0026rsquo;s Carlson School of Management.\u003c/p\u003e\n\u003cp\u003ePrior to joining McKinsey, Steve was a private-equity associate in Washington, DC, where he was responsible for executing leveraged buyout transactions and working with management teams to drive business performance.\u003c/p\u003e"}},"additionalExpertise":{"jsonValue":{"value":"Performance Transformation"}},"expertisePosition":{"jsonValue":null},"autoFetchPublishedWork":{"boolValue":false},"externalPublishedWork":{"jsonValue":{"value":""}},"aboutName":{"jsonValue":{"value":"Steve "}},"expertise":{"jsonValue":[{"id":"345782db-22e8-4406-b31a-1cc4d558dc86","url":"","name":"Retail","displayName":"Retail","fields":{"Related Link":{"value":{"href":""}},"Title":{"value":"Retail"},"Faceted Search":[],"Practice E-mail":{"value":"mckinsey_retail_practice@mckinsey.com"},"Closer Tout Link":{"value":{"href":"/industries/retail/our-insights","text":"","linktype":"internal","class":"","title":"","querystring":"","id":"{160CAF7D-29E3-43C8-B9AC-130A2B5DEFD1}","name":"Retail Insights"}},"Working With Us Link":{"value":{"href":"/industries/retail/how-we-help-clients","id":"{1199EDF5-0DB2-4244-A301-4904A3667F1E}","querystring":"","text":"","title":"","class":"","url":"/McKinsey/Home/Industries/Retail/How We Help Clients","linktype":"internal","name":"How We Help Clients"}},"Global Landing Links":{"value":[]},"Synonym":{"value":"Retail Practice"}}},{"id":"3c40a724-5866-4eba-8b36-d1acc13f3383","url":"","name":"McKinsey Transformation","displayName":"McKinsey Transformation","fields":{"Title":{"value":"McKinsey Transformation"},"Practice E-mail":{"value":"McKinsey_Transformation@mckinsey.com"},"Closer Tout Link":{"value":{"href":"/capabilities/transformation/our-insights","id":"{3B9F789D-3F05-4669-AC00-92F91FA89984}","querystring":"","text":"","title":"","class":"","url":"/McKinsey/Home/Business Functions/Transformation/Our Insights","linktype":"internal","name":"Transformation Insights"}},"Working With Us Link":{"value":{"href":"/capabilities/transformation/how-we-help-clients","id":"{8CE23D6F-1B6C-4341-9682-B51403113A2E}","querystring":"","text":"","title":"","class":"","url":"/McKinsey/Home/Business Functions/Transformation/How We Help Clients","linktype":"internal","name":"How We Help Clients"}},"Global Landing Links":{"value":[]},"Synonym":{"value":"McKinsey Transformation"}}},{"id":"b92d110e-abc2-4437-8509-b82b53515c09","url":"","name":"Strategy","displayName":"Strategy","fields":{"Related Link":{"value":{"href":""}},"Title":{"value":"Strategy"},"Description":{"value":"Even the most successful retailers are challenged by shifts in customer behavior, increasing corporate consolidation, and ongoing format evolution. 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