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Futures News - WSJ.com: Management
From today, October 17, 2017
- Struggling Ralph Lauren Tries to Fashion a Comeback
Ralph Lauren?s new CEO, formerly at Old Navy, hopes to revive the company by closing stores, trimming management and reducing discounts.
- Viacom's Paramount Stake Sale Hits Wall
If Viacom follows through on plans to sell a stake in its Paramount Pictures movie studio, it will need the buy-in of controlling shareholder Sumner Redstone and his daughter Shari Redstone.
- Gilead's New CEO Faces Pressures on Hepatitis C Pills
John Milligan, Gilead?s new CEO, will face many challenges, including pressures over competition and pricing for the company?s hepatitis C pills. Gilead sales have risen nearly 3½ times to $32.2 billion last year.
- Law Firm Cravath Raises Starting Salaries to $180,000
New York law firm Cravath, Swaine & Moore is raising its base pay for starting lawyers by 12.5%, the first increase in nearly a decade and a move likely to trigger a wave of similar hikes throughout the legal industry.
- Finance Chiefs Collect Strings of Acronyms to Bolster Credentials
Being a CPA used to be a prerequisite for becoming a chief financial officer. But a growing number of other labels?like CMA, CFA and CITP?are vying for a place of honor on finance professionals? résumés.
- Tribune Vote Totals Show 40% Withheld Their Board Votes
The company?s regulatory filing suggests many shareholders favor a merger with Gannett.
- Mark Zuckerberg's Twitter and Pinterest Accounts Hacked
Mark Zuckerberg?s Twitter and Pinterest accounts were taken over in recent days because he reused a password: ?dadada,? according to a person familiar with the matter.
- Cisco's Famed Development Team Resigns
Four Cisco Systems executives that created some of the company?s biggest hit products are resigning, in an apparent disagreement with their roles under a recent reorganization.
- Daimler to Lay Off More Than 1,200 Workers in North America
Daimler will lay off more than 1,200 workers at three plants in the U.S. and one in Mexico, the second such cut this year in response to falling demand for commercial trucks.
- Viacom CEO Disputes Move by Redstone Trustees
Lawyers for Philippe Dauman and George Abrams said the purported ratification of their removal from Sumner Redstone?s trust by a majority of trustees is ?meaningless.?
- Martin Shkreli Pleads Not Guilty to New Conspiracy Charge
Former pharmaceutical executive Martin Shkreli pleaded not guilty Monday to a new conspiracy charge filed by Brooklyn federal prosecutors.
- A Rare Female Fund Manager Reflects on Her Career
Fund manager Susan Hirsch, a Wall Street pioneer, beats the odds but bears the scars.
- Wal-Mart CEO Touts Tech
At its annual shareholder meeting, Wal-Mart showed off its use of drones in warehouses and voted in founder Sam Walton?s 34-year-old grandson as a board member.
- Nest Founder Tony Fadell Leaving Company
Tony Fadell, chief executive of Alphabet?s home-automation firm Nest, is leaving the company he co-founded six years ago amid reports that he was losing support of employees.
- Majority of Sumner Redstone Trustees Support Removing Top Lieutenants
Sumner Redstone?s attorneys are arguing that the ouster of Viacom CEO Philippe Dauman and director George Abrams from the trust that will eventually oversee the mogul?s media empire will stand regardless of Mr. Redstone?s competency.
- CEO Pay Shrinks 4.6%, With Little Correlation to Shareholder Return
Median pay for chief executives of the biggest U.S. companies slipped 4.6% last year, but the link between annual compensation and shareholder returns remained weak.
- Redstone Has 'Legal Mental Capacity' to Make Decisions
A doctor for media mogul Sumner Redstone said the ailing 93-year-old ?retains the legal mental capacity to make the decisions? he has made in recent weeks regarding his interests in Viacom and CBS.
- Tribune Changes Name to Tronc; Board Is Re-Elected
Tribune Publishing said shareholders voted to re-elect the company?s board nominees Thursday as the newspaper owner also announced plans to change its name.
- Gawker CEO Stands Ground in Thiel Dispute
Gawker Media Chief Executive Nick Denton on Thursday fired back at venture capitalist Peter Thiel for secretly funding a ?vendetta? lawsuit against him and his company, casting himself as a champion of free speech.
- Noble's Richard Elman to Retire as Chairman
Struggling commodities trader Noble Group said Richard Elman would retire as chairman and it is planning a rights issue, the latest in a series of attempts by the company to shore up its weak financial position.
- EBay CEO: We're No Amazon
CEO Devin Wenig takes great pains to differentiate eBay from its bigger rival, Amazon.com, pointing out what he says is eBay?s larger inventory and greater emphasis on value pricing.
- Lululemon Founder Criticizes Company's Management
Just more than a year after resigning from its board, Lululemon founder Chip Wilson is again angling for changes at the athletic-apparel retailer.
- Sumner Redstone's Granddaughter: Aunt Shari Is Manipulating Him
One of Sumner Redstone?s grandchildren has gone on the offensive against his daughter Shari, accusing her of manipulating the mogul and turning him against Viacom?s board.
- Tribune Takes Fight to Shareholders
Tribune Publishing, owner of the Los Angeles Times and Chicago Tribune, will ask shareholders at its annual meeting Thursday to support its digital vision for saving the struggling company and urge them to reject Gannett?s takeover in a symbolic show of no confidence.
- P&G Chief Adds Chairman Role
Procter & Gamble said Chief Executive David S. Taylor has added the chairman title following the retirement of current executive chairman and former CEO A.G. Lafley.
- Facebook's Sandberg Says Peter Thiel Will Remain on Board
Silicon Valley entrepreneur Peter Thiel will remain a director of Facebook Inc. despite his providing the funding for lawsuits against Gawker Media, Facebook Chief Operating Officer Sheryl Sandberg said Wednesday.
- Fitbit Names First Women to Board
Fitbit named its first women to its board?Williams-Sonoma?s Laura Alber and Glenda Flanagan of Whole Foods?part of a recent movement by tech companies to hire more women as top decision makers.
- Medivation Sets Wednesday as Cutoff for Vote on Board Removal
Medivation Inc.?s shareholders as of close of business Wednesday will be able to vote on Sanofi SA?s proposal to replace the oncology drugmaker?s board.
- Judge Raps Dell on Buyout
Michael Dell?s 2013 buyout of his computer company shortchanged shareholders by more than $6 billion, a Delaware judge ruled, vindicating critics of the controversial deal who argued it favored Mr. Dell and his partners.
- Shari Redstone Says Viacom Shareholders Want New Management
The daughter of Sumner Redstone responded to criticism by board members of her role in her father?s media empire.
- Icahn Takes Big Stake in Allergan, Endorses Drugmaker's CEO
Billionaire investor Carl Icahn took a stake in Allergan PLC and threw his support behind the drug company?s chief executive, Brent Saunders, in a departure from the activist?s usual playbook.
- Great Plains Energy Buys Westar in Midwest Utilities Consolidation
Missouri-based Great Plains Energy said it agreed to buy Kansas?s Westar Energy for roughly $8.6 billion in a move the utilities hope will lead to more controlled costs and consumer rates.
- Samsung Suffers Symbolic Blow From Seoul Court
A South Korean appeals court unexpectedly sided with minority shareholders on last year?s $8 billion merger of two Samsung Group affiliates, ordering an increased payout.
- Bosses Turn to Loans to Help Employees
Worried about their financially strapped workforce, a handful of companies are stepping in to offer employees alternatives to payday loans and other expensive financial products.
- Staples CEO to Step Down
Staples said CEO Ron Sargent will step down on June 14, weeks after the office-products retailer and Office Depot called off their merger amid regulatory roadblocks.
- Amazon CEO Sides With Media in Gawker Case
Jeff Bezos said he doesn?t support efforts by billionaires to undermine the media by funding legal campaigns.
- SiriusXM Radio Service Pares Latin-Music Outlets
SiriusXM has moved several Latin music channels off its satellite service, leaving them accessible only online. The move has vexed some subscribers and recording labels.
- Las Vegas Sands to Settle Suit Filed by Former Macau CEO
Las Vegas Sands has agreed to pay more than $75 million to settle a lawsuit by its former top Macau executive, whose allegations prompted federal bribery investigations into the company, according to a person familiar with the matter.
- Nuns With Guns: The Strange Day-to-Day Struggles Between Bankers and Regulators
The sobering reality of banking in 2016 is that lenders are awash in new regulations, and growing armies of rule-interpreters and enforcers?for good or ill?are bringing striking changes to banks? internal cultures. Some bankers view these compliance officials as nuns with guns?ultraconservative but still dangerous.
- Viacom Board Prepares for Fight
Lead independent director Frederic Salerno said in a letter to Viacom constituencies the board is preparing for a legal battle to keep their seats because they don?t believe controlling shareholder and former chairman Sumner Redstone has the mental capacity to act of his own free will.
- Venture Capital and Its Discontents
The cultural dominance of venture capital and hypergrowth for startups is provoking a backlash in tech, with some VCs and founders working on a more ?organic? way to grow new businesses.
- Verizon Workers Win Concessions in Deal to End Strike
Two unions representing more than 36,000 Verizon workers were able to win concessions from the carrier in a new four-year contract, helping to end a nearly seven-week labor strike.
- The Price 'Assertive' Women Pay At Work---and How to Minimize It
Research shows women on average are penalized for direct, explicit forms of assertiveness but not for assertiveness expressed through nonverbal means.
- The Biggest Mistakes CEOs Make With Their Personal Facebook Accounts
No. 1: Having a passive presence, or none at all.
- What Keeps Companies From Thinking Digitally?
Clara Shih, CEO and author, says the problem is often simply a lack of leadership.
- Former Zurich Insurance CEO Martin Senn Commits Suicide
Martin Senn, the former CEO of Zurich Insurance who left the company in December, has killed himself, marking the second suicide among the insurer?s top management ranks in the past few years.
- Noble Puts Unit Up for Sale; CEO Quits
Embattled commodities trader Noble Group announced the resignation of its chief executive and the planned sale of its prized North America energy solutions business.
- Viacom CEO Gets June Hearing in Lawsuit Over Redstone Trust
A judge granted Viacom Chairman Philippe Dauman and board member George Abrams? request for a speedy hearing after the two sued to invalidate their removal from a trust to oversee media mogul Sumner Redstone?s holdings.
- De Beers Gets a New CEO
De Beers named a new chief executive as the diamond giant steers through a rough patch of low prices caused by weaker demand for the precious gems.
- Activist Ackman Tries Life as an Inside Man
After firing Valeant?s CEO, investor William Ackman has been defending the embattled drug company from outside critics.
- Viacom Director Presses for Access to Sumner Redstone
Viacom?s lead independent director wants a face-to-face meeting with Sumner Redstone, but the ailing mogul?s attorney so far hasn?t granted him access.
- Twitter Loses Two More Executives
Twitter Inc. is losing two senior executives, departures that come as the social-media company continues to try to keep key talent on board.
- Valeant Rejected Joint Takeover Approach From Takeda, TPG
Valeant Pharmaceuticals International Inc. received a joint takeover approach this spring from Japan?s Takeda Pharmaceutical Co. and private-equity firm TPG that the beleaguered drug maker rejected, according to people familiar with the matter.
- Wendy's Makes New CEO Official
Wendy?s officially tapped finance chief Todd Penegor to become the fast-food chain?s chief executive, part of a previously announced succession plan.
- Sears Holdings Losing CFO Robert Schriesheim
Sears Holdings is losing CFO Robert Schriesheim, as the company remains mired in red ink and explores strategic alternatives for some of its most-prized brands.
- Offshore Driller Rowan's Executives to Take Pay Cut
Offshore driller Rowan?s top executives have agreed to a voluntary 10% salary cut starting July 1 as a show of ?good faith? during the oil-price downturn.
- Craving More Growth, Walgreens Dismissed Its Theranos Doubts
The drugstore chain made a blood-testing deal without fully validating the startup?s technology, worrying that Elizabeth Holmes might balk if Walgreens pushed too hard.
- Exxon, Chevron Shareholders Reject Climate-Change Stress Tests
Shareholders at Exxon Mobil and Chevron narrowly voted down resolutions calling for stress tests to determine the risk that efforts to curb climate change pose to their businesses.
- Sanofi Moves to Replace Medivation Board
Sanofi stepped up pressure on U.S. biotech firm Medivation to engage in takeover talks, calling a shareholder vote on whether to remove the entire board of the oncology drugmaker.
- Redstone Taps New Stewards
Sumner Redstone has appointed three new stewards of his media holdings, after dismissing top associates from those duties last week.
- Chevron CEO: Climate Change Could Help Business
Chevron CEO John Watson has a blunt message for investors, climate activists and anyone else listening: Fossil fuels aren?t going away. But this stance increasingly sets him apart from his oil counterparts.
- Coca-Cola Makes Management Changes
Coca-Cola shook up its management, replacing the heads of its Asia and Africa businesses.
- When the CEO Reports to Private-Equity Bosses
Executives can make their mark by becoming CEO of a company owned by private-equity investors. But senior managers risk career derailment if they can?t handle the strict personal accountability often demanded.
- Domino's Pizza Helped Cheat Workers Out of Pay, Suit Claims
In the latest dispute over the legal relationship between companies and their franchisees, New York?s attorney general claims in a lawsuit that Domino?s Pizza is responsible for its franchisees underpaying employees.
- UniCredit CEO Federico Ghizzoni Stepping Down
The chief executive of UniCredit SpA, Italy?s largest bank, has agreed to step down, clearing the way for the board to begin a search for his successor.
- Man Charged in Slaying of Longtime Coal Executive
Police arrested an Ohio man and charged him with murder in connection with the shooting death of former Patriot Coal CEO Bennett Hatfield in southern West Virginia.
- Best Buy Issues Soft Profit Outlook
Best Buy warned its financial performance would be weaker in the current quarter and announced the exit of Chief Financial Officer Sharon McCollam.
- Fiat Chrysler Finds New Boss for Alfa Romeo, Maserati
Fiat Chrysler?s Harald Wester had stepped down as the head of Alfa Romeo and Maserati, the latest sign of how the automotive group is struggling to fire up its two premium brands.
- Verizon CEO: Strike May Hit Results
Verizon Communications hinted on Tuesday that the continuing labor strike may impact its second-quarter results.
- Versace Appoints Jonathan Akeroyd as CEO
Italian fashion house Versace appointed Jonathan Akeroyd as its new chief executive, replacing Gian Giacomo Ferraris.
- Abercrombie Taps Target, Victoria's Secret Veterans as Brand Chiefs
Abercrombie & Fitch named Target veteran Stacia Andersen and Victoria?s Secret veteran Kristin Scott as the apparel retailer?s new brand presidents.
- DuPont, Dow Chemical Detail Post-Merger Executive Roles
DuPont and Dow Chemical Co. provided more details about plans for the leadership team following the planned merger of the chemical giants, including leadership for the three businesses that eventually would be split off.