T-Mobile US CEO exit leaves big question dangling 18 Nov 2019 Boss John Legere is leaving the telecom just as its $26 bln merger with Sprint nears its final hurdle. Successor Mike Sievert is a safe pair of hands. Still, the timing is peculiar, especially when Legere’s counterparts at Disney and AT&T stuck around to see M&A plans through.
Renault needs to break pay taboo to get right boss 18 Nov 2019 The French carmaker wants a new CEO, whose first job is to mend the Nissan relationship. But pay restraint at state-owned firms will deter contenders like Toyota’s Didier Leroy. Still, Air France busting its remuneration ceiling gives chair Jean-Dominique Senard some flexibility.
Viewsroom: SoftBank’s double trouble 14 Nov 2019 The Japanese firm is eyeing T-Mobile US CEO John Legere to take over leadership of WeWork. That is an additional twist in an already convoluted relationship. Legere is also trying to finalize a $26 bln deal with SoftBank’s Sprint, another asset in need of saving.
BHP boss hands over big shovel to successor 14 Nov 2019 Andrew Mackenzie departs the world's largest miner next month, leaving it in better shape than he found it. Veteran Mike Henry will face fresh challenges. He must make and sell a decision on a $20 bln potash project, and steer the steel ingredient producer into a greener era.
Uber’s success relies on CEO’s defensive driving 12 Nov 2019 Dara Khosrowshahi steadied the troubled firm and took it public in May. But its future depends on rivals. Car-hailing margins improved partly because Lyft cut marketing, while in faster-growing U.S. food delivery, competition is cutthroat. Keeping up will test his even keel.
WeWork pulls $26 bln telco deal into its vortex 11 Nov 2019 SoftBank may be considering T-Mobile US boss John Legere to run the office-sharing firm it rescued. But Legere is still clearing regulatory hurdles to a merger with Sprint, also backed by the Japanese firm. His early exit could leave SoftBank’s Masayoshi Son with double trouble.
New Credit Suisse investment-bank chief needs axe 11 Nov 2019 David Miller is taking over from James Amine, who helped run the unit for a decade. His top priority is to stop losing market share in key businesses like advising on deals. However, costs also look high, despite recent restructuring. There’s an argument for more cuts.
Viewsroom: When the CEO breaks the rules 7 Nov 2019 McDonald’s has provided a map for other firms after ousting boss Steve Easterbrook over a consensual relationship with an employee. Elsewhere, Aramco’s IPO and Fiat Chrysler’s merger with Peugeot. Plus: Breaking Japan’s love of hard cash.
McDonald’s CEO ouster sends clear #MeToo message 4 Nov 2019 The $144 bln fast-food chain replaced CEO Steve Easterbrook after he broke rules by having a consensual relationship with an employee. A simple policy, applied at the top, is one way to let everyone know that worse behavior – like harassment of subordinates – is out of bounds.
Apple needs CEO charm more than Facebook 30 Oct 2019 Tim Cook has Washington and even Beijing on side, while Mark Zuckerberg can barely speak without annoying someone in power – and Facebook is blocked in China. Yet since D.C. pressure ratcheted up a year ago, Zuckerberg’s stock has performed better. Diplomacy only goes so far.
BP’s new CEO can give investors a golden hello 29 Oct 2019 The UK oil major had a messy third quarter as it took a charge on recent disposals, and borrowing jumped year-on-year. But it also pays out less of its cash than peers. If incoming boss Bernard Looney can limit future writedowns, he has a simple way to get investors onside.
Dormant Samsung rouses Seoul’s other giants 28 Oct 2019 The conglomerate is in disarray: scion Jay Y. Lee is off the board of its $288 bln electronics business, and faces more jail time. Bosses at rival SK Group and autos empire Hyundai, meanwhile, are charging ahead in self-driving tech and other ventures. Korea Inc is due a shakeup.
Lazard fracas exposes overhyped French M&A market 23 Oct 2019 The departure of rainmaker Matthieu Pigasse highlights the frenzied pursuit of Parisian corporate financiers. Yet despite its strong local position, French clients bring in just a tenth of the firm’s global advisory revenue. American rivals could expand more profitably elsewhere.
Reckitt Benckiser suffers from deal indigestion 22 Oct 2019 The $54 bln maker of Gaviscon antacid is still having trouble absorbing its 2017 purchase of baby food maker Mead Johnson, says outgoing CFO Adrian Hennah. The result is a second cut in the 2019 sales target. The recognition is welcome, but a full recovery may require more pain.
Smith+Nephew calls rare bluff over CEO pay 21 Oct 2019 Namal Nawana wanted a higher salary to run the UK artificial joint maker. The board said no and has parted company with him. His $8 mln package lags U.S. peers, and the shares have done well since he joined 17 months ago. Still, he should have negotiated harder at the start.
EBRD opening is France’s chance at another top job 21 Oct 2019 President Emmanuel Macron has a good candidate to lead the bank: Treasury boss Odile Renaud-Basso. Repeating his success at landing Christine Lagarde at the ECB would ease the sting of Sylvie Goulard missing out on a big European Commission post. But it may not be plain sailing.
Review: Salesforce’s activist CEO has solid pitch 18 Oct 2019 Doing good is a business imperative, Marc Benioff argues in “Trailblazer”. He has put his money where his mouth is on issues like homelessness. His call to action at times reads like a corporate ad. But he makes a persuasive case that helping society can boost the bottom line.
DirecTV is AT&T boss’s ball and chain 17 Oct 2019 Randall Stephenson paid $67 bln in 2015 for the satellite TV firm, aiming to redefine video. The strategy hasn't panned out and now DirecTV’s worth has probably cratered. Even if the CEO could stomach the hit to his reputation, ditching the asset will be a challenge.
Hong Kong seeks new traffic cop for wonky market 15 Oct 2019 Ashley Alder made the best of a middling job as chief securities regulator. He made progress fighting shoddy IPOs, though failed to stop dual-voting share structures. His successor could tackle the SFC’s slow enforcement, but will still be stuck between powerful vested interests.
Boeing governance fig leaf is too little, too late 14 Oct 2019 The $211 bln airplane maker stripped CEO Dennis Muilenburg of his role as chairman. Ensuring he is focused on the 737 MAX mess is an overdue step, but insufficient. Wells Fargo offers one example of how efforts to fix a culture take time, and eventually an outsider’s perspective.