One California police officer killed, two injured in Riverside gun battle

China fixes its yuan midpoint at 7.0326 per dollar, stronger than…Analysts were predicting the midpoint to be set at 7.0421 per dollar after the yuan last traded at 7.0578 in Monday’s session, according to Reuters estimates. China Economyread more


China fixes its yuan midpoint at 7.0326 per dollar, stronger than…Analysts were predicting the midpoint to be set at 7.0421 per dollar after the yuan last traded at 7.0578 in Monday’s session, according to Reuters estimates. China Economyread more
One California police officer killed, two injured in Riverside gun battle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: joanna tan
Keywords: news, cnbc, companies, mondays, riverside, yuan, midpoint, dollar, set, officer, injured, gun, killed, traded, thananalysts, stronger, session, predicting, battle, california


One California police officer killed, two injured in Riverside gun battle

China fixes its yuan midpoint at 7.0326 per dollar, stronger than…

Analysts were predicting the midpoint to be set at 7.0421 per dollar after the yuan last traded at 7.0578 in Monday’s session, according to Reuters estimates.

China Economy

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: joanna tan
Keywords: news, cnbc, companies, mondays, riverside, yuan, midpoint, dollar, set, officer, injured, gun, killed, traded, thananalysts, stronger, session, predicting, battle, california


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Microsoft poaches Samsung’s chief medical officer to join its growing health team

Microsoft has snapped up David Rhew from Samsung Electronics, where he worked as a chief medical officer overseeing the company’s health efforts in the U.S.Rhew will be Microsoft’s new chief medical officer and work with a burgeoning health care team at Microsoft under its corporate vice president Peter Lee, the company announced in a blog post. Another key hire with a medical background is Jim Weinstein, who previously worked as the CEO of Dartmouth-Hitchcock’s health system. Microsoft started


Microsoft has snapped up David Rhew from Samsung Electronics, where he worked as a chief medical officer overseeing the company’s health efforts in the U.S.Rhew will be Microsoft’s new chief medical officer and work with a burgeoning health care team at Microsoft under its corporate vice president Peter Lee, the company announced in a blog post. Another key hire with a medical background is Jim Weinstein, who previously worked as the CEO of Dartmouth-Hitchcock’s health system. Microsoft started
Microsoft poaches Samsung’s chief medical officer to join its growing health team Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: christina farr
Keywords: news, cnbc, companies, care, growing, chief, announced, join, samsungs, worked, health, medical, team, poaches, microsoft, officer, working, samsung, company


Microsoft poaches Samsung's chief medical officer to join its growing health team

Microsoft has snapped up David Rhew from Samsung Electronics, where he worked as a chief medical officer overseeing the company’s health efforts in the U.S.

Rhew will be Microsoft’s new chief medical officer and work with a burgeoning health care team at Microsoft under its corporate vice president Peter Lee, the company announced in a blog post.

Microsoft in the spring snapped up Google Cloud’s health lead Greg Moore. The company previously recruited Josh Mandel from Alphabet’s life sciences group, Verily. Another key hire with a medical background is Jim Weinstein, who previously worked as the CEO of Dartmouth-Hitchcock’s health system.

Microsoft started dipping its toe in the health care sector more than a decade ago, under a previous team led by veteran technologist Peter Neupert. It has been more transparent about its priorities than some of its competitors, such as Amazon and Alphabet, which involve selling cloud services into health care and working on partnerships related to bringing AI technology to hospitals. It also has a research team working on earlier-stage projects in fields like genomics, as deriving insights from DNA requires huge computational capacity and storage.

In recent months, the company has also announced large partnerships with the health care industry to signal that it intends to team up with incumbents rather than disrupt them. It recently announced plans to work with the local health system Providence to build a “hospital of the future,” and it is working with Walgreens on new health care delivery models.

While at Samsung, Rhew’s focus has spanned a number of different areas, ranging from portable CT scanners, ultrasound machines, diagnostics products, research and development and wearable computing. Samsung competes most closely with Apple in the wearables space, and the two companies have been looking to one-up each other to add novel bio-sensors to their devices, such as electrocardiograms and blood pressure monitoring.

Rhew also has a background in clinical decision support and opening up access to medical data, which aligns closely with Microsoft. The company had a product for years, called HealthVault, which is now shuttering. It was designed to help consumers store their medical information. And it recently teamed up with competing tech companies on an effort to open up medical claims information, which has not been easily available to consumers in the past.

Follow @CNBCtech on Twitter for the latest tech industry news.


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: christina farr
Keywords: news, cnbc, companies, care, growing, chief, announced, join, samsungs, worked, health, medical, team, poaches, microsoft, officer, working, samsung, company


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HSBC reportedly plans to cut jobs after CEO John Flint’s departure

John Flint, chief executive officer of HSBC Holdings, at the World Economic Forum (WEF) in Davos, Switzerland on Jan. 24, 2019. HSBC, Europe’s largest bank by assets, is planning to cut thousands of jobs after the surprise announcement of Chief Executive Officer John Flint’s departure, the Wall Street Journal reported on Monday. “Up to 2% of the bank’s 237,685 employees could lose their jobs,” the Journal reported on Monday, after HSBC said Flint will step down as CEO on Monday, after 18 months


John Flint, chief executive officer of HSBC Holdings, at the World Economic Forum (WEF) in Davos, Switzerland on Jan. 24, 2019. HSBC, Europe’s largest bank by assets, is planning to cut thousands of jobs after the surprise announcement of Chief Executive Officer John Flint’s departure, the Wall Street Journal reported on Monday. “Up to 2% of the bank’s 237,685 employees could lose their jobs,” the Journal reported on Monday, after HSBC said Flint will step down as CEO on Monday, after 18 months
HSBC reportedly plans to cut jobs after CEO John Flint’s departure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: yen nee lee
Keywords: news, cnbc, companies, flints, jobs, journal, reportedly, cut, tucker, officer, hsbc, chief, departure, stevenson, ceo, john, reported, banks, plans, flint


HSBC reportedly plans to cut jobs after CEO John Flint's departure

John Flint, chief executive officer of HSBC Holdings, at the World Economic Forum (WEF) in Davos, Switzerland on Jan. 24, 2019.

HSBC, Europe’s largest bank by assets, is planning to cut thousands of jobs after the surprise announcement of Chief Executive Officer John Flint’s departure, the Wall Street Journal reported on Monday.

The job cuts will be targeted at senior roles and is expected shave up to 4% of the bank’s wage costs, HSBC Group Chief Financial Officer Ewen Stevenson told the Journal in an interview. The cuts would come from a combination of layoffs and attrition.

“Up to 2% of the bank’s 237,685 employees could lose their jobs,” the Journal reported on Monday, after HSBC said Flint will step down as CEO on Monday, after 18 months on the job.

In a statement, HSBC Chairman Mark Tucker said of Flint’s exit: “In the increasingly complex and challenging global environment in which the Bank operates, the Board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.”

Reuters, citing a person familiar with the matter, reported differences between Flint and Tucker over the pace and results of executing HSBC’s strategy. Those differences stemmed from Flint’s softer approach to cutting costs and setting revenue targets for senior managers to boost profit growth, according to the Reuters report.

During a conference call with investors and analysts on Monday, Tucker reiterated that there was “no disagreement on strategy.”

“I think the element where we have work to do is how we go about realizing those priorities,” he added.

Another sticking point was related to turning around the bank’s U.S. business, reported Reuters.

In the conference call with investors and analysts, Stevenson said the turnaround in the bank’s U.S. business is “not on track.” He added the lender is not expected to achieve its target of 6% return on tangible equity by 2020 given the challenging environment.


Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: yen nee lee
Keywords: news, cnbc, companies, flints, jobs, journal, reportedly, cut, tucker, officer, hsbc, chief, departure, stevenson, ceo, john, reported, banks, plans, flint


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Morgan Stanley launches new tool to let advisors, investors measure sustainable investing goals

Morgan Stanley signage on the door of their headquarters building in New York. Morgan Stanley is offering a new tool to help financial advisors and their clients measure sustainable investing choices and how they perform in their portfolios. The analytics and reporting application, called Morgan Stanley Impact Quotient, was announced on Monday. Once those priorities have been identified, the application then uses Morgan Stanley’s proprietary analytics and third-party data to measure how well por


Morgan Stanley signage on the door of their headquarters building in New York. Morgan Stanley is offering a new tool to help financial advisors and their clients measure sustainable investing choices and how they perform in their portfolios. The analytics and reporting application, called Morgan Stanley Impact Quotient, was announced on Monday. Once those priorities have been identified, the application then uses Morgan Stanley’s proprietary analytics and third-party data to measure how well por
Morgan Stanley launches new tool to let advisors, investors measure sustainable investing goals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-29  Authors: lorie konish
Keywords: news, cnbc, companies, stanley, launches, investors, investments, let, investing, goals, measure, advisors, impact, officer, sustainable, morgan, clients, tool


Morgan Stanley launches new tool to let advisors, investors measure sustainable investing goals

Morgan Stanley signage on the door of their headquarters building in New York.

Morgan Stanley is offering a new tool to help financial advisors and their clients measure sustainable investing choices and how they perform in their portfolios.

The analytics and reporting application, called Morgan Stanley Impact Quotient, was announced on Monday. The firm said the feature is part of the firm’s commitment to make sustainable investing a bigger part of the conversation between advisors and their clients.

The tool helps clients prioritize preferences when it comes to environmental, social and governance interests. That may include climate change, gender equality or religious values.

Once those priorities have been identified, the application then uses Morgan Stanley’s proprietary analytics and third-party data to measure how well portfolios reflect clients’ sustainable investing priorities. It can also evaluate how well a client’s investments align with the United Nation’s Sustainable Development Goals.

“It completely empowers the client to give them comfort and confidence that there is values alignment, because they’re defining what their values are,” said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.

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Financial advisors also receive suggestions for investments that might better reflect their clients’ impact goals.

When clients receive their account statements, they will be able to see how well their investments are performing relative to those sustainable goals, in addition to traditional metrics like returns and risk.

“You will actually have more data that you can use to make good decisions,” said Audrey Choi, chief sustainability officer and chief marketing officer at Morgan Stanley. “It will actually help you to have a deeper, richer understanding of both risk and opportunity as an investor.”

The launch of the tool comes as Morgan Stanley has seen through its own polls that investor demand for environmental, social and governance investing, and sustainable and impact investments is growing. About 80% of individual investors indicate they want to be able to tailor their investments to those goals. For millennials, it’s 89%.


Company: cnbc, Activity: cnbc, Date: 2019-07-29  Authors: lorie konish
Keywords: news, cnbc, companies, stanley, launches, investors, investments, let, investing, goals, measure, advisors, impact, officer, sustainable, morgan, clients, tool


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Relieved analysts praise Facebook’s bang-up results, raise price targets

J.P. Morgan, Morgan Stanley, Bank of America, Jefferies, Deutsche Bank, Evercore ISI and Mizuho hiked forecasts, while lone hold-out Barclays left its projection unchanged at $240, which already implies 17% upside from Wednesday’s close. Of the many line items lauded, analysts tended to highlight accelerating ad revenue growth thanks to increased use of Instagram’s stories feature and an upswing in impressions. Analysts also brushed aside caution from Facebook Chief Financial Officer David Wehne


J.P. Morgan, Morgan Stanley, Bank of America, Jefferies, Deutsche Bank, Evercore ISI and Mizuho hiked forecasts, while lone hold-out Barclays left its projection unchanged at $240, which already implies 17% upside from Wednesday’s close. Of the many line items lauded, analysts tended to highlight accelerating ad revenue growth thanks to increased use of Instagram’s stories feature and an upswing in impressions. Analysts also brushed aside caution from Facebook Chief Financial Officer David Wehne
Relieved analysts praise Facebook’s bang-up results, raise price targets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-25  Authors: thomas franck
Keywords: news, cnbc, companies, revenue, officer, price, raise, relieved, bangup, facebook, wall, morgan, streets, analysts, isi, praise, facebooks, targets, growth, results


Relieved analysts praise Facebook's bang-up results, raise price targets

Mark Zuckerberg, founder and chief executive officer of Facebook Inc., smiles during a news conference at the company’s headquarters in Palo Alto, California, U.S., on Wednesday, Oct. 6, 2010.

Brokerages were unanimous in their praise of Facebook on Thursday morning, a day after the social media company reported second-quarter profit nearly 6% above estimates despite increased regulatory scrutiny.

Filled with jargon and perversions of Simon & Garfunkel lyrics, Wall Street’s analysis of Facebook’s earnings included phrases like “compounding engagement,” “great momentum” and “Hello Acceleration, My Old Friend” as analysts cheered growth in Instagram advertisement sales and dismissed management’s “boilerplate” conservative tone.

Of the eight brokerage notes compiled and analyzed by CNBC, seven raised their price targets and advised clients to expect better returns from Facebook shares over the next several months. The stock closed at $204.66 on Wednesday but was down 2.6% Thursday morning.

J.P. Morgan, Morgan Stanley, Bank of America, Jefferies, Deutsche Bank, Evercore ISI and Mizuho hiked forecasts, while lone hold-out Barclays left its projection unchanged at $240, which already implies 17% upside from Wednesday’s close.

Of the many line items lauded, analysts tended to highlight accelerating ad revenue growth thanks to increased use of Instagram’s stories feature and an upswing in impressions. The analysts also were keen to look past the company’s $5 billion FTC charge as a one-time hit that would do little to derail the larger growth trend, but noted that persistent regulation could pose more of a problem.

Analysts also brushed aside caution from Facebook Chief Financial Officer David Wehner that tougher comparisons could result in revenue growth deceleration in upcoming quarters.

“Other than the $5bn fine, the FTC settlement requires no change in FB’s current operations other than stringent oversight of existing privacy guidelines,” Evercore ISI wrote. “Given the revenue acceleration and margin beat, our 2020 revenue and EPS estimates move higher by 3% and 2%, respectively, and our Target Price goes up to $230.”

Here’s what some of Wall Street’s top Facebook analysts thought of its earnings report:


Company: cnbc, Activity: cnbc, Date: 2019-07-25  Authors: thomas franck
Keywords: news, cnbc, companies, revenue, officer, price, raise, relieved, bangup, facebook, wall, morgan, streets, analysts, isi, praise, facebooks, targets, growth, results


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Facebook nominates chief privacy officer after $5 billion settlement with FTC

Based on what people are searching for on Google, a recession is…Search volumes for terms like “coupon” and “unemployment,” which were leading indicators of the Great Recession, are down significantly. Economyread more


Based on what people are searching for on Google, a recession is…Search volumes for terms like “coupon” and “unemployment,” which were leading indicators of the Great Recession, are down significantly. Economyread more
Facebook nominates chief privacy officer after $5 billion settlement with FTC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, officer, settlement, searching, ftc, issearch, recession, leading, nominates, privacy, unemployment, indicators, great, volumes, billion, chief, terms, significantlyeconomyread


Facebook nominates chief privacy officer after $5 billion settlement with FTC

Based on what people are searching for on Google, a recession is…

Search volumes for terms like “coupon” and “unemployment,” which were leading indicators of the Great Recession, are down significantly.

Economy

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Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, officer, settlement, searching, ftc, issearch, recession, leading, nominates, privacy, unemployment, indicators, great, volumes, billion, chief, terms, significantlyeconomyread


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A no-deal Brexit would make UK economy ‘permanently smaller’: Moody’s

A no-deal Brexit would make UK economy ‘permanently smaller’: Moody’s10 Hours AgoColin Ellis, chief credit officer for EMEA at Moody’s, says the risk of Britain crashing out of the EU without a deal has increased.


A no-deal Brexit would make UK economy ‘permanently smaller’: Moody’s10 Hours AgoColin Ellis, chief credit officer for EMEA at Moody’s, says the risk of Britain crashing out of the EU without a deal has increased.
A no-deal Brexit would make UK economy ‘permanently smaller’: Moody’s Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-24
Keywords: news, cnbc, companies, hours, permanently, moodys10, increased, officer, moodys, economy, brexit, uk, nodeal, risk, smaller


A no-deal Brexit would make UK economy 'permanently smaller': Moody's

A no-deal Brexit would make UK economy ‘permanently smaller’: Moody’s

10 Hours Ago

Colin Ellis, chief credit officer for EMEA at Moody’s, says the risk of Britain crashing out of the EU without a deal has increased.


Company: cnbc, Activity: cnbc, Date: 2019-07-24
Keywords: news, cnbc, companies, hours, permanently, moodys10, increased, officer, moodys, economy, brexit, uk, nodeal, risk, smaller


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Tesla CTO and co-founder JB Straubel is moving to advisory role as brain drain continues

His position will be filled by Drew Baglino, who had been a vice president of technology. Straubel is the latest high-profile departure from Tesla’s executive ranks. Steve McManus, who was a vice president in charge of engineering for car interiors and exteriors at Tesla, this week joined Apple. The iPhone maker also lured former Tesla vice president Michael Schwekutsch, who oversaw electric powertrains engineering, to join its Special Projects Group earlier this year. In June, Felicia Mayo, the


His position will be filled by Drew Baglino, who had been a vice president of technology. Straubel is the latest high-profile departure from Tesla’s executive ranks. Steve McManus, who was a vice president in charge of engineering for car interiors and exteriors at Tesla, this week joined Apple. The iPhone maker also lured former Tesla vice president Michael Schwekutsch, who oversaw electric powertrains engineering, to join its Special Projects Group earlier this year. In June, Felicia Mayo, the
Tesla CTO and co-founder JB Straubel is moving to advisory role as brain drain continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: lora kolodny
Keywords: news, cnbc, companies, teslas, tesla, vice, president, officer, cto, materials, executive, jb, role, brain, moving, cofounder, straubel, drain, continues, motors, used


Tesla CTO and co-founder JB Straubel is moving to advisory role as brain drain continues

Jeffrey Straubel, chief technical officer and co-founder of Tesla Motors Inc., center, speaks as billionaire Elon Musk, chief executive officer of Tesla Motors Inc., left, and Yoshihiko Yamada, consultant at Panasonic Corp., look on during a press event at Tesla’s new Gigafactory in Sparks, Nevada, U.S., on Tuesday, July 26, 2016.

Tesla’s Chief Technology Officer JB Straubel is leaving his post to become an advisor to the carmaker, CEO Elon Musk said on the company’s second-quarter earnings call on Thursday.

Straubel, one of the company’s co-founders, is best known for helping to create Tesla’s signature battery technology. He also oversaw power electronics, motors, software, firmware and controls, among other responsibilities at Tesla over the course of his tenure there.

“I’m excited to stay involved in some of our core technologies and all that and help where I can,” Straubel said on the call. He said it’s “not an executive type role.”

His position will be filled by Drew Baglino, who had been a vice president of technology.

Straubel is the latest high-profile departure from Tesla’s executive ranks. Steve McManus, who was a vice president in charge of engineering for car interiors and exteriors at Tesla, this week joined Apple. The iPhone maker also lured former Tesla vice president Michael Schwekutsch, who oversaw electric powertrains engineering, to join its Special Projects Group earlier this year. In June, Felicia Mayo, the vice president of human resources and head of diversity, left Tesla. That month the company also lost Peter Hochholdinger, who ran manufacturing at the factory in Fremont, California, to Lucid Motors.

The announced departure follows Tesla’s disappointing earnings report. The company announced weaker-than-expected revenue and a wider-than-expected loss, sending the shares down 10% in extended trading.

Straubel is also the founder of a recycling company called Redwood Materials with offices near Tesla’s Gigafactory in Nevada and car plant in Fremont.

According to shipment records shared with CNBC by Import Genius, Redwood Materials has, since May 2018, purchased equipment used for “electroplating, electrolysis or electrophoresis,” which could be used to extract and recycle some of the expensive raw materials used to make consumer electronics and electric vehicles.

WATCH: The one thing to look for on Tesla’s earnings call


Company: cnbc, Activity: cnbc, Date: 2019-07-24  Authors: lora kolodny
Keywords: news, cnbc, companies, teslas, tesla, vice, president, officer, cto, materials, executive, jb, role, brain, moving, cofounder, straubel, drain, continues, motors, used


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EBay poaches ex-Amazon Alexa executive for chief product officer role

EBay has poached a senior executive from Amazon as it works to compete in the crowded e-commerce market. The company announced Monday it has hired Peter Thompson, former vice president of Amazon’s Alexa Voice Services, as eBay’s new senior vice president and chief product officer. Thompson will start at eBay on July 29 and will report to eBay CEO Devin Wenig. Alongside Thompson’s hiring, eBay said it also appointed Mazen Rawashdeh as chief technology officer. Prior to Amazon, Thompson served as


EBay has poached a senior executive from Amazon as it works to compete in the crowded e-commerce market. The company announced Monday it has hired Peter Thompson, former vice president of Amazon’s Alexa Voice Services, as eBay’s new senior vice president and chief product officer. Thompson will start at eBay on July 29 and will report to eBay CEO Devin Wenig. Alongside Thompson’s hiring, eBay said it also appointed Mazen Rawashdeh as chief technology officer. Prior to Amazon, Thompson served as
EBay poaches ex-Amazon Alexa executive for chief product officer role Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: annie palmer
Keywords: news, cnbc, companies, thompson, served, officer, product, alexa, executive, ebay, poaches, examazon, chief, role, rawashdeh, vice, company, president, senior


EBay poaches ex-Amazon Alexa executive for chief product officer role

EBay has poached a senior executive from Amazon as it works to compete in the crowded e-commerce market.

The company announced Monday it has hired Peter Thompson, former vice president of Amazon’s Alexa Voice Services, as eBay’s new senior vice president and chief product officer.

Thompson will start at eBay on July 29 and will report to eBay CEO Devin Wenig.

Alongside Thompson’s hiring, eBay said it also appointed Mazen Rawashdeh as chief technology officer. Rawashdeh worked at eBay between 2003 and 2011, then served as a vice president at Twitter, in addition to working as an angel investor and tech adviser.

In his new role, Thompson will oversee eBay’s product experience, the company said. He’s expected to focus on simplifying how users shop on the site, including how they discover products and receive recommendations.

Prior to Amazon, Thompson served as TiVo’s chief operating officer, where he oversaw Rovi’s $1.1 billion acquisition of TiVo, which closed in 2016. He also held executive roles at Microsoft and T-Mobile, eBay said.

Thompson’s hiring comes as eBay raised its profit outlook and reported better-than-expected results in the latest quarter.

Analysts noted that the company’s investments in advertising, payments and personal recommendations appear to have bolstered results.

EBay is also exploring a potential sale of ticket exchange company StubHub. The process is still in the early stages, but “multiple” parties are reportedly eyeing it.


Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: annie palmer
Keywords: news, cnbc, companies, thompson, served, officer, product, alexa, executive, ebay, poaches, examazon, chief, role, rawashdeh, vice, company, president, senior


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Walmart announces executive shuffle to further integrate stores and digital

Smith will jointly report to Greg Foran, who runs Walmart’s U.S. stores, and Marc Lore, who runs Walmart’s U.S. e-commerce business. Open roles under Whiteside include a chief experience and strategy officer, a chief product officer and leader for the customer care team. Finance is another area that will be further integrated, as Walmart brings together the store and e-commerce finance teams. Walmart U.S. Chief Financial Officer Michael Dastugue will lead the new blended team, and continue to re


Smith will jointly report to Greg Foran, who runs Walmart’s U.S. stores, and Marc Lore, who runs Walmart’s U.S. e-commerce business. Open roles under Whiteside include a chief experience and strategy officer, a chief product officer and leader for the customer care team. Finance is another area that will be further integrated, as Walmart brings together the store and e-commerce finance teams. Walmart U.S. Chief Financial Officer Michael Dastugue will lead the new blended team, and continue to re
Walmart announces executive shuffle to further integrate stores and digital Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: courtney reagan
Keywords: news, cnbc, companies, ecommerce, digital, chief, teams, walmarts, stores, officer, report, executive, team, reporting, mcmillon, announces, walmart, shuffle, integrate


Walmart announces executive shuffle to further integrate stores and digital

Walmart is making further organizational changes as it continues to integrate its store and digital operations and leadership, according to a memo obtained by CNBC that was sent by CEO Doug McMillon to the retailer’s employees.

“Our customers want one, seamless Walmart experience,” McMillon wrote to employees. “Earning more of our customers’ business in food and consumables is foundational to our strategy, and, at the same time, we will expand our ability to serve them with general merchandise in stores and through our broad ecommerce assortment as we continue to invest and build our ecommerce business.”

The organizational changes are a continuation of a strategy to bring together physical and digital operations, assets and leaders that the retailer has deployed for several years, largely since the acquisition of Jet.com in the fall of 2016. Two of the most recent high-profile hires have included Suresh Kumar as Walmart’s chief technology officer and Janey Whiteside, who took a newly created role of chief customer officer after a two-decade career at American Express. Kumar joined in May after stints at big tech companies Google and Amazon.

The biggest change announced Friday is bringing the U.S. supply chain teams together, which will be led by Greg Smith, current executive vice president of Walmart U.S. supply chain. Smith will jointly report to Greg Foran, who runs Walmart’s U.S. stores, and Marc Lore, who runs Walmart’s U.S. e-commerce business.

Nate Faust is currently leading e-commerce fulfillment for Walmart, after joining the company as part of the Jet.com acquisition in 2016. Faust will assist with the integration of the new leadership teams before moving to a new, yet-to-be announced position within the organization.

Twelve other leaders from within have been named to the newly created U.S. supply chain leadership team.

Whiteside will continue to report to both Foran and Lore, but her team is ramping up as of Friday’s announcement. Reporting to Whiteside will be Walmart’s services and digital acceleration team led by Daniel Eckert, the returns team led by Linne Fulcher, and the media group led by Stef Jay. Open roles under Whiteside include a chief experience and strategy officer, a chief product officer and leader for the customer care team.

Finance is another area that will be further integrated, as Walmart brings together the store and e-commerce finance teams. Walmart U.S. Chief Financial Officer Michael Dastugue will lead the new blended team, and continue to report to Brett Biggs, Walmart’s chief financial officer. Steve Schmitt will become the new U.S. e-commerce chief financial officer supporting Lore’s team, and reporting to Dastugue. Schmitt is currently the Sam’s Club chief financial officer.

Not every area is being integrated, however, to “enable focus and speed,” McMillon said.

“Our ecommerce sales growth, improving customer metrics and progress on contribution profit are encouraging, and we want to keep that going” McMillon explains in the memo.

U.S. merchandising teams will stay distinct, but Ashley Buchanan will move from the executive vice president and chief merchandising officer at Sam’s Club to be the chief merchandising officer for U.S. e-commerce, reporting to Lore. Andy Dunn, Bonobos co-founder, is currently is in charge of the digitally native brands Walmart has acquired including Eloquii, Modcloth and others reporting to Lore, but will now report to Buchanan.

Walmart shares were essentially flat in Friday afternoon trading. The stock, which has a market capitalization of $328 billion, is up more than 23% since the start of the year.

The full text of the memo follows:


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: courtney reagan
Keywords: news, cnbc, companies, ecommerce, digital, chief, teams, walmarts, stores, officer, report, executive, team, reporting, mcmillon, announces, walmart, shuffle, integrate


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