Management & Leadership

GM’s mostly female board shows it can be done

25 April 2019

The $56 bln automaker is set to have a majority of female directors, led by CEO Mary Barra. Gender diversity is improving more quickly in Europe thanks to legal mandates. But GM has shown there are enough qualified women to fill the jobs. It can lead the U.S. charge by example.

Ross McEwan will leave RBS at its peak

25 April 2019

The outgoing Kiwi boss helped the loss-making lender become a profitable dividend payer. His successor will face new challenges, including a cooling economy, Brexit, fast-growing digital rivals and the risk of a political lurch to the left that may keep the bank in public hands.

Bayer shareholder revolt rests on shame factor

25 April 2019

BlackRock and others want to punish the German chemicals group for its takeover of Monsanto, which destroyed $33 bln of value. But the likely vote of disapproval is more bad PR than a binding order. It’s a sign of the limits of shareholder activism in Germany.

Nomura’s star rainmakers face a drier spell

25 April 2019

The $13 bln bank’s Japanese advisory arm had a blowout year, a bright spot in otherwise dismal earnings, thanks to mandates for SoftBank and Takeda. Yet cost cuts abroad, uncertainty around deals like Toshiba Memory's IPO and an apparent snub by Japan Post could tarnish 2019.

At least Uber investors will have a say on losses

24 April 2019

The ride-hailing app touts a separate chair and CEO, one vote per share and annual director elections. Rival Lyft and image-search firm Pinterest by contrast have insiders with supervoting stock and staggered boards. All lose money but only Uber shareholders can push for change.

Cox: Emmanuel Macron is succumbing to shortcuts

24 April 2019

The French president’s plan to close ENA, the elite school that churns out civil servants and CEOs, smacks of symbolism. So does his pledge to fix Notre-Dame in five years. Reforming the economy, like rebuilding a great cathedral, demands tough choices, not political gimmicks.

Picking the next Bank of England chief

24 April 2019

The hunt is on for a replacement for Governor Mark Carney, who leaves in early 2020. Breakingviews’ interactive yardstick helps sift through the runners and riders.

How to pick the next Bank of England chief

24 April 2019

The hunt is on for a replacement for Governor Mark Carney, who leaves in early 2020. Only talented economists with top-notch central bank experience need apply. Creativity and grit are also required. Breakingviews’ interactive yardstick helps sift through the runners and riders.

Boeing has a chance to get ahead on governance

23 April 2019

The $212 bln aerospace giant is facing calls to strip chair-CEO Dennis Muilenburg of the former title. Half of the S&P 500 now split the roles. Boeing's sluggish response to 737 MAX crashes shows why it makes sense. An 11 pct fall in the share price provides a handy excuse, too.

Kraft Heinz new boss is a good palate cleanser

22 April 2019

Miguel Patricio is not an entirely fresh ingredient for the food company – he ran marketing at AB InBev, created by Kraft’s second-largest shareholder. Both companies have underperformed in recent years. That said, his focus on marketing may break the company’s holding pattern.

Terry Gou’s presidential hopes will rock Taiwan

18 April 2019

Citing support from a sea goddess, the Foxconn founder is running for the top job. Beijing links and a history of outsourcing to cheap mainland factories will be at issue, when the economy is weak. The campaign will also unsettle relations between Taipei, Washington and Beijing.

JPMorgan’s CEO parlour game is far from over

18 April 2019

Putting finance director Marianne Lake in charge of consumer lending is an unsubtle hint about who might one day replace Jamie Dimon. She makes for a solid succession candidate. A lot can happen at a mega-bank in four years, though. Hot-seats have a way of becoming jump-seats.

CEO exit puts ABB overhaul on firmer footing

17 April 2019

The Swiss-Swedish group has abruptly parted company with boss Ulrich Spiesshofer – who presented ABB’s revamped strategy only two months ago. There’s no immediate replacement. Still, a 5 pct share bump suggests even if investors like the new direction, they fancy a new helmsman.

Bezos breathes down overpaid Oracle bosses’ necks

11 April 2019

The Amazon founder’s bold bets helped the e-commerce giant create a $30 bln cloud unit. His annual letter talks about winning more commercial-database business. It’s a warning for Oracle’s top executives, who will need to better justify their pay if they’re to see Bezos off.

Viewsroom: Wells Fargo searches for a leader

11 April 2019

The U.S. bank may be tempted to recruit from splashy peers like Goldman Sachs. But there are better reasons to poach from smaller firms. Meanwhile, the $170 bln Chinese liquor maker Kweichow Moutai is worth more than Diageo. Breakingviews columnists discuss the firewater’s draw.

U.S. CEOs put their heads in the clouds, literally

11 April 2019

Most of the 100 biggest U.S. companies let executives use company aircraft for personal trips. These perks tend to be a small part of executive pay but are red meat for social and financial activists. Some small firms are flagrant too. Yet there are some role models out there.

Hadas: Biased central bankers beat foolish ones

10 April 2019

President Trump’s pick of loyal supporter Herman Cain as a U.S. Fed governor is a bad idea. Not because of his partisan bias, since central banks are inherently political. But monetary policy is too poorly understood and unpredictable to be entrusted to amateur ideologues.

Wells Fargo CEO is a B-lister’s job of a lifetime

9 April 2019

Whoever replaces Tim Sloan atop the $222 bln U.S. lender needs three qualities: banking experience, an ability to deflect political brickbats and patience for financial rewards. Those chasing status needn’t apply – which rules out most of Wall Street’s leaders-in-waiting.

Letters to shareholders: a guide for the busy CEO

5 April 2019

Leaders like JPMorgan CEO Jamie Dimon are enthusiastic recent adopters of the form mastered by Berkshire Hathaway’s Warren Buffett. But penning sweeping views of what ails the world and the dangers of short-termism takes time. Breakingviews offers a template for corporate chiefs.

Apple tea leaves suggest worrying shift on M&A

4 April 2019

The $920 bln firm has reduced stock buybacks, its merger specialist now reports to CEO Tim Cook, and its services push needs more oomph. That all suggests bigger deals are coming. Yet one Apple virtue has been avoiding large takeovers that distract from making compelling gadgets.