Tag Archives: Key Personnel Changes

BlackRock bolsters European management as part of post-Brexit expansion

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FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo

LONDON (Reuters) – BlackRock (BLK.N), the world’s biggest asset manager, has appointed two executives to oversee Continental Europe for the first time as part of its efforts to expand in the region, a memo to staff on Wednesday seen by Reuters showed.

Over the last two years, BlackRock had accelerated its investment in the region as a “strategic priority” and now ran more than $1 trillion, “making us the largest independent asset manager on the Continent,” its head of Europe, the Middle East and Africa, Rachel Lord, said in the memo.

With “an ambitious strategy for growth” in the region, Lord said it needed “dedicated leadership” and so had appointed two country heads, Stephane Lapiquonne and Christian Hyldahl, to jointly lead the company’s efforts.

Reporting by Simon Jessop; editing by Sinead Cruise

Our Standards:The Thomson Reuters Trust Principles.

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WeWork plans to name real estate industry veteran Mathrani CEO: sources

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FILE PHOTO: A WeWork logo is seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch -/File Photo

(Reuters) – Softbank-backed office sharing firm WeWork plans to name real estate industry veteran Sandeep Mathrani as its new chief executive, according to people familiar with the matter.

Sebastian Gunningham and Artie Minson who are currently co-CEO’s of WeWork parent The We Company, will remain with the company at least through a transition period, the people said.

The news was reported earlier on Saturday by The Wall Street Journal.

Reporting by Aishwarya Nair in Bengaluru and Joshua Franklin in New York; Editing by Bill Berkrot

Our Standards:The Thomson Reuters Trust Principles.

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Japan orders tighter immigration procedures after Ghosn flees country

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FILE PHOTO: Carlos Ghosn, President and Chief Executive Officer of Renault, attends the company’s annual shareholders meeting in La Defense business district, near Paris, April 29, 2008. French carmaker Renault sticks to its target of a 2008 operating profit margin of 4.5 percent, despite a weaker dollar and pound and a faster than forecast rise in raw material prices, Ghosn told the annual general meeting. REUTERS/Benoit Tessier/File Photo

TOKYO (Reuters) – Japan ordered stricter immigration procedures on Sunday in response to the daring escape of ousted Nissan Motor Co (7201.T) boss Carlos Ghosn, the first official response to an episode that has rocked the nation’s legal system.

“I have instructed the Immigration Services Agency to coordinate with related agencies to further tighten departure procedures,” Justice Minister Masako Mori said in a statement.

Ghosn’s “apparently illegal” departure was very regrettable, she said, promising a thorough investigation to uncover truth and adding that there was no record of his leaving Japan.

Mori said that Ghosn’s skipping bail cannot be justified and that the court has revoked his bail. Ghosn is facing four charges of financial irregularities from his time at Japan’s No. 2 carmaker, all of which he denies.

Ghosn became an international fugitive after he revealed on Tuesday he had fled to Lebanon to escape what he called a “rigged” justice system in Japan, where he faces charges relating to alleged financial crimes.

Tokyo prosecutors, in a separate statement, sought to justify Japan’s criminal-justice system, where long detention times before indictment and questioning without lawyers have been criticized as “hostage justice” meant to extract confessions.

Japan’s legal system guarantees all defendants a prompt, open and fair trial, the prosecutors said, defending Ghosn’s more than 100 days of detention on the grounds that he “had an extensive domestic and overseas network and that he could deploy his considerable influence to conceal evidence.”

Reporting by Tim Kelly and Junko Fujita.; Writing by Junko Fujita and William Mallard; Editing by Gerry Doyle

Our Standards:The Thomson Reuters Trust Principles.

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New Boeing CEO Calhoun is hardened company disaster supervisor

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(Reuters) – Beleaguered Boeing Co (BA.N) is placing its future within the fingers of a turnaround veteran who has led a number of firms in disaster, minimize his enamel at engine maker Common Electrical Co (GE.N) and has spent a decade on the board of the world’s largest planemaker.

Newly appointed Chief Government David Calhoun, 62, was made Boeing’s chairman two months in the past within the midst of the disaster that has rocked the corporate since airliner disasters in Indonesia and Ethiopia led to the grounding of its best-selling 737 MAX.

This isn’t his first style of company upheaval.

Calhoun grew to become chairman of the Caterpillar Inc (CAT.N) board shortly after federal brokers raided its headquarters in 2017, headed a Common Electrical unit that included jet engines after the Sept. 11, 2001 assaults, and turned spherical media analysis firm Nielsen to go public. He has additionally been a longtime government at Blackstone non-public fairness group.

“Having seen him run GE’s aviation enterprise after 9/11, I do know he can execute below stress,” former GE chief government Jeff Immelt instructed Reuters by electronic mail when requested about Calhoun, including that Calhoun would restore buyer belief in Boeing.

As Calhoun tackles the MAX disaster, he additionally faces questions from European regulators over a deal to purchase the industrial arm of Brazil’s Embraer in a serious strategic transfer.

Calhoun, who has co-written a ebook on enterprise, “How Firms Win,” says being candid is a part of being a pacesetter, an strategy which many critics say was absent from Boeing’s initially guarded strategy to considerations in regards to the 737 MAX.

“The second you get into the workplace til the second you allow, each interplay is judged,” he stated in a video printed in 2014 by the Jack Welch Administration Institute.

“You attempt to cover something from everyone and I feel your physique language turns into completely obvious.”

But in his quick time as Boeing chairman, Calhoun has confirmed his potential to power adjustments behind the scenes, as seen by his position within the departure of Kevin McAllister as chief government of Boeing’s planemaking arm in October. The removing was silent and swift, foreshadowing Dennis Muilenburg’s ouster this week.

Some insiders noticed McAllister – one other GE veteran – as a scapegoat for the MAX disaster. Others say he paid the value for distractions together with extensively publicized cracks within the firm’s older 737NG jets, which caught the board off guard. The 737 MAX was not impacted by the cracking problem.

The reckoning got here at a casual board dinner in Texas led by Calhoun in late October. As administrators wound up a two-day summit a day later, Calhoun and Muilenburg took McAllister apart and instructed him he was out, two individuals briefed on the assembly stated.

FILE PHOTO: Nielsen CEO David Calhoun (C) is congratulated after his firm’s IPO opened, on the ground of the New York Inventory Alternate January 26, 2011. REUTERS/Brendan McDermid

In an indication that the board was already claiming a brand new voice below just lately appointed chairman Calhoun, having break up the CEO and chairman roles, the decisive dinner dialog that led to the shake-up came about with out Muilenburg, the individuals stated.

Boeing declined touch upon confidential board discussions.

McAllister and Muilenburg couldn’t be reached.

PRESSURE FOR CHANGE

Now, Calhoun should restore frayed relations with regulators, proceed to handle a money squeeze from the disaster and produce to market the brand new 777X jet at a time of powerful regulatory scrutiny.

His expertise on the Boeing board will permit Calhoun to “take the reins in brief order with out the necessity for an extended interval of familiarization,” stated Timm Schulze-Melander, industrials specialist at European analysis home Redburn.

As a long-time board member who discovered the trade at GE, Calhoun shares the qualities of each an insider and outsider – worrying some who query whether or not he’s the recent blood Boeing must overhaul what typically appears a smug company tradition.

“Boeing wants a revamp of its company governance. The board must be fired,” stated Paul Njoroge, a Toronto-based funding skilled who misplaced his household within the Ethiopia crash.

“I don’t suppose (Calhoun) goes to vary the tradition of Boeing,” he added.

A former Nielsen government referred to as Calhoun a “hard-nosed” chief who doesn’t heat to dissent, however who can encourage.

“(Boeing) may want somebody as powerful as Dave. I don’t suppose he can be a great supervisor over a protracted time frame. As a disaster supervisor, he may have the ability to get it carried out,” the individual stated.

Regardless that Calhoun sat on Boeing’s board all through the event of the MAX, some argue he has the tenacity to drive by reform.

FILE PHOTO: Nielsen CEO David Calhoun (2nd L) is congratulated after his firm’s IPO opened on the ground of the New York Inventory Alternate, January 26, 2011. REUTERS/Brendan McDermid

“It’s onerous to usher in someone who doesn’t know aviation or have credibility with airways,” stated Lundquist Group managing director Jerrold Lundquist, a advisor who first met Calhoun within the 1990s and who believes he’s what stricken Boeing wants.

“It’s powerful to return in chilly. To a point that could be a trade-off they need to make,” Lundquist stated.

Reporting by Tim Hepher in Paris, Allison Lampert in Montreal and Kenneth Li in New York. Further reporting by Chibuike Oguh and Ankit Ajmera; Writing by Peter Henderson and Tim Hepher; Enhancing by Lisa Shumaker and Grant McCool

Our Requirements:The Thomson Reuters Belief Ideas.

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China’s indebted HNA group names chairman’s son as president: Caixin

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A HNA Group emblem is seen on the constructing of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee

SHANGHAI (Reuters) – China’s indebted HNA Group has appointed its chairman’s son as president as a part of enterprise restructuring on the finance-to-aviation conglomerate, Chinese language monetary journal Caixin reported on its web site on Saturday.

Chen Xiaofeng, son of HNA Chairman Chen Feng, has been appointed president of the group, changing Zhang Ling, in accordance with Caixin.

HNA’s official web site named Chen Xiaofeng as president, in addition to a member of the board. Chen, a graduate of the College of Washington, can be chairman and CEO of HNA’s North American unit, in accordance with the web site.

Chen Feng has been HNA’s sole chairman after Wang Jian, the group’s co-chairman, died throughout a enterprise journey in France in July, 2018.

Since final 12 months, HNA has been ramping up gross sales of its property to stave off an intensifying money crunch as Beijing curbs abroad enlargement by personal corporations. By way of asset disposals, HNA is paring again an empire that when unfold from Deutsche Financial institution (DBKGn.DE) to Hilton Worldwide (HLT.N).

Reporting by Samuel Shen and John Ruwitch

Our Requirements:The Thomson Reuters Belief Ideas.

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SoftBank turns towards WeWork’s dad or mum CEO Neumann: sources

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(Reuters) – Japan’s SoftBank Group Corp (9984.T), the largest investor in WeWork proprietor The We Firm, is exploring methods to exchange Adam Neumann as chief government of the U.S. office-sharing start-up, 4 folks aware of the matter mentioned on Sunday.

FILE PHOTO: Adam Neumann, CEO of WeWork, speaks to visitors throughout the TechCrunch Disrupt occasion in Manhattan, in New York Metropolis, NY, U.S. Might 15, 2017. REUTERS/Eduardo Munoz -/File Photograph

The uncommon showdown between SoftBank and considered one of its largest investments comes after We Firm postponed its preliminary public providing (IPO) final week, following pushback from perspective traders, not simply over its widening losses, but additionally over Neumann’s unusually agency grip on the corporate.

This was a blow for SoftBank, which hoped for We Firm’s IPO to bolster its income because it seeks to woo traders for its second $108 billion Imaginative and prescient Fund. It invested in We Firm at a $47 billion valuation in January, but inventory market investor skepticism led to the startup contemplating a possible valuation within the IPO earlier this month of as little as $10 billion, Reuters reported.

Administrators on We Firm’s seven-member board which are aligned with SoftBank are deliberating learn how to exchange Neumann as CEO, the sources mentioned. Benchmark Capital, one other huge investor in We Firm, would additionally like Neumann to step apart, one of many sources mentioned.

No problem to Neumann has but been tabled, the sources mentioned. A We Firm board assembly to debate Neumann’s future might be held as early as this week, one other of the sources mentioned.

One possibility that SoftBank is contemplating is asking Neumann to develop into interim CEO whereas a headhunting agency is employed to search out an exterior alternative, the primary supply mentioned.

The sources requested to not be recognized as a result of the matter is confidential. We Firm and SoftBank declined to remark, whereas Neumann and Benchmark Capital couldn’t be instantly reached for remark. The Wall Avenue Journal first reported on SoftBank exploring methods to exchange Neumann as CEO.

As co-founder of the We Firm, Neumann holds particular voting shares that allow him to dismiss dissident board administrators and shoot down any problem to his authority. Nonetheless, SoftBank may select to not again We Firm’s IPO or present it with extra funding. It has already funded the cash-burning start-up to the tune of $10 billion, and was discussing committing one other $1 billion to the IPO.

We Firm mentioned final week it’s aiming to develop into a publicly traded firm by the tip of the 12 months.

In an indication of the deteriorating relations between SoftBank and WeWork, Neumann didn’t take part in a gathering of executives of corporations backed by SoftBank that occurred in Pasadena, California, final week and was organized by SoftBank CEO Masayoshi Son, based on two folks aware of the matter.

Reporting by Anirban Sen in Bengaluru and Joshua Franklin in New York; Extra reporting by Greg Roumeliotis in new York and Rishika Chatterjee in Bengaluru; Modifying by Sonya Hepinstall and Daniel Wallis

Our Requirements:The Thomson Reuters Belief Ideas.

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M&S CFO Humphrey Singer to give up his position

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FILE PHOTO: A person leaves a Marks & Spencer retailer in London, Britain, on this January 7, 2016 file photograph. REUTERS/Toby Melville

(Reuters) – Marks & Spencer Group Plc (MKS.L) mentioned on Saturday its Chief Monetary Officer Humphrey Singer has determined to go away the corporate.

Singer will work with Group Chief Govt Officer Steve Rowe on his succession course of, the corporate mentioned in a press release.

Singer’s departure date has not but been determined and he’ll proceed together with his duties till it’s confirmed, the British retailer mentioned.

“After eighteen months of working with Steve to guide the transformation technique and rebuild the finance operate I’ve determined that now’s the appropriate time to maneuver on,” Singer mentioned in a press release.

The information of Singer’s departure comes at a time when the 135-year previous retailer shall be relegated out of the London’s FTSE 100 index from Sept. 23.

Reporting by Bhargav Acharya and Sabahatjahan Contractor in Bengaluru, Enhancing by Ros Russell

Our Requirements:The Thomson Reuters Belief Ideas.

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Kraft Heinz names Anheuser-Busch executive as new CEO

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FILE PHOTO: A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York March 25, 2015. REUTERS/Brendan McDermid/File Photo

(Reuters) – Kraft Heinz Co said on Monday it appointed Anheuser-Busch InBev executive Miguel Patricio as Chief Executive Officer, replacing Bernardo Hees.

Patricio will take over from Hees on July 1.

Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber

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Swedbank chairman quits over money laundering scandal

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STOCKHOLM (Reuters) – Swedbank Chairman Lars Idermark has quit only a week after the lender’s chief executive was ousted over her handling of a money laundering scandal, saying the controversy threatened to distract from his role as head of forestry group Sodra.

FILE PHOTO: Swedbank Acting CEO Anders Karlsson and Chairman of the Board Lars Idermark attend a news conference in Stockholm, Sweden March 28, 2019. REUTERS/Johan Ahlander/File Photo

The bank, Sweden’s biggest mortgage lender, had fired its CEO Birgitte Bonnesen last week only an hour before a heated annual shareholder meeting marked by disgruntled investors rounding on her handling of the money laundering allegations.

Allegations against Swedbank, largely reported by Swedish TV, have linked it to a scandal at Danske Bank, which faces potential lawsuits, fines and sanctions after admitting last year that 200 billion euros ($225 billion) of suspicious payments had flowed through its Estonian branch between 2007 and 2015.

“Following recent strong debate about Swedbank and questions about the bank’s control of suspicious money laundering in the Baltics, I have concluded that the media attention is not compatible with my CEO role at Sodra,” Idermark said in a statement on Friday.

“Therefore, I have decided that the best alternative is to leave the position as chair of Swedbank with immediate effect.”

In connection with last week’s meeting, where many investors were vocal in their criticism of the bank’s management, third-largest shareholder Alecta had warned it could demand further dismissals if the board did not take immediate action to restore confidence in the bank.

“It’s a welcomed and expected decision, but it’s shouldn’t have taken so long; it would have been better if he resigned before the AGM,” Swedish Shareholders’ Association chief Joacim Olsson told Reuters.

Olsson called on the bank to put all cards on the table, including internal investigations into its dealings in the Baltics.

Alecta on Friday said that the Swedbank nomination committee should continue to strengthen the board.

“They need to be thorough, but it shouldn’t take too long,” an Alecta spokesman said.

Both Bonnesen and Idermark had been under fire for the bank’s communications and how they have handled the allegations, which have sparked a four-way investigation by regulatory authorities in Sweden, Estonia, Latvia and Lithuania. Swedbank shares, meanwhile, have lost about a third of their value.

The shares were unchanged at 146.50 Swedish crowns by 0805 GMT on Friday, having recovered from a seven-year low of 127.2 crowns set on March 29 when the departure of its CEO was announced.

The committee in charge of the bank’s executive appointments said it would intensify work on strengthening the board, including finding a new chairman. The board said it would call a special shareholder meeting to confirm any appointment.

($1 = 0.8908 euros)

Reporting by Helena Soderpalm and Johannes Hellstrom; Additional reporting by Johan Ahlander; Editing by David Holmes and David Goodman

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