Struggling retailer Gap (GPS) is in crisis mode ahead of the crucial selling periods of back to school and the holidays, with the stock down nearly 6% in pre-market trading after it revealed the departure of its CEO. Gap surprised a few on the Street Monday evening after the market close by announcing CEO Sonia Syngal would be stepping down as CEO after a “brief” transition period. In her place, executive chairman Bob Martin will assume the role as interim CEO. Syngal was seen as a potential… Source link
Read More »Google exec Bill Ready – TechCrunch
After a 12-year run, Pinterest co-founder Ben Silbermann is stepping down from his perch as CEO of the popular image and link-sharing service. Following word of Silbermann’s departure, Pinterest’s stock price rose by more than 8% in after-hours trading. That initial pop may have been a sigh of relief from some investors, who’ve watched Pinterest’s stock steadily decline over the last year. Or, perhaps it’s a vote of confidence for Pinterest’s incoming… Source link
Read More »‘This pandemic is not over,’ Citi exec explains
The shock of the war in Ukraine and China’s zero-COVID policy continues to signal that the pandemic supply chain woes are far from being done. “We have a huge supply shock with what’s going on with the war,” Citi Global Head of Public Sector Group Julie Monaco told Yahoo Finance (video above) at the 2022 World Economic Forum (WEF) in Davos, Switzerland. “So that exasperated things. … We have to remind people all the time: This pandemic is not over. Certainly in China, it’s very disruptive… Source link
Read More »‘It’s a dramatic shift,’ says food exec
Consumers continue to grapple with inflation — and it’s leading to shifting behaviors at the grocery store. Saffron Road, which manufactures clean-label frozen food products and better-for-you meals, noticed an uptick in sales over the past few months as more shoppers gravitate toward frozen items amid the current economic environment. “The last six months, we’ve been on a tear,” Adnan Durrani, Saffron Road CEO, told Yahoo Finance, adding that the brand has seen “record months, every… Source link
Read More »‘The consumer has substantially built their savings’ to weather some inflation: Merrill Lynch exec
The reaction to retail earnings this week may be too bearish on the state of the consumer, says one investing expert. “Candidly, I think some of the read on the retailers is more pessimistic on the state of the consumer than what our data shows,” Andy Sieg, president of Merrill Wealth Management, told Yahoo Finance Live on Thursday. “When we look at checking and savings accounts across Bank of America, we see our client base, which is 67 million households across the U.S. in strong… Source link
Read More »‘It’s time to be a real company,’ says media exec
Netflix (NFLX) has some work to do. Earlier this week, the company confirmed to Yahoo Finance that it will be laying off about 150 positions of the streamer’s 11,000 workforce in an effort to reduce spending and offset slowing revenue growth. “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly U.S.-based,” a Netflix spokesperson said in a statement. “These changes… Source link
Read More »Ads on Netflix could change ‘the entire TV ecosystem,’ marketing exec says
Netflix is still reeling from its unexpected decline in Q1 subscribers — and the major dip is causing co-CEO Reed Hastings to rethink his anti-advertising approach following years of resistance. “Those who have followed Netflix know that I have been against the complexity of advertising and a big fan of the simplicity of subscription,” Hastings said during the company’s earnings call last week. “But as much as I am a fan of that, I am a bigger fan of consumer choice, and allowing consumers… Source link
Read More »Democrats have been a ‘huge disappointment to the industry,’ Curaleaf exec says
With 4/20 in the rearview mirror for the cannabis industry, some companies are still looking for reasons to celebrate as the fight to legalize marijuana continues. The Biden administration has been mostly silent on the topic of federal marijuana legalization, offering neither support nor opposition to the bill which passed the House of Representatives earlier this month. The Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, if signed into law, would remove marijuana from the list… Source link
Read More »Espresso martinis see a ‘resurgence’ as COVID-19 trends stick, Pernod Ricard exec says
Cocktail-making is stirring up “a real resurgence,” according to Pernod Ricard (RI.PA) North America CEO Ann Mukherjee. With consumers staying home during the COVID-19 pandemic, at-home cocktail making became popular, Mukherjee told Yahoo Finance. Top of the list: chocolate and espresso martinis. “We saw that comeback [of espresso martins], actually, even within COVID as we saw a lot of in-home cocktail-making…people enjoyed them at home and now they want to enjoy them in the restaurants,”… Source link
Read More »Google’s Employees Return to the Office Today. This Former Exec Says Hybrid Work Won’t Last
After two years of mostly remote work and months of changing plans about when to bring people back to the office, Google’s hybrid work arrangement begins today. That means that most employees will be expected to be in the office three days each week, with the rest of the time spent working remotely. Google has spent a considerable amount of time and energy reconfiguring office spaces to accommodate a hybrid work arrangement and to give employees peace of mind about returning even though we… Source link
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