DSM’s two new heads stretch sustainability halo 2 Dec 2019 Feike Sijbesma is leaving the $23 bln Dutch maker of food supplements and fibres. In 13 years as CEO, he championed planet-friendly businesses while delivering a 443% return to investors. Handing the job to two subordinates adds a governance challenge to sky-high expectations.
Nomura takes the easiest road with new CEO 2 Dec 2019 Koji Nagai performed poorly as boss and will now become chairman, a shareholder-unfriendly tradition in corporate Japan. Successor Kentaro Okuda’s time running the Americas unit supports the bank’s global goals. But a veteran pick is unlikely to bring fast fixes to bigger issues.
Review: Math steals the show in quant legend’s bio 22 Nov 2019 Jim Simons of Renaissance Technologies is one of the most successful investors of all time, yet most people know little about the cagey mathematician. Gregory Zuckerman tries to change this in “The Man Who Solved the Market”. But algorithms are the real stars of this story.
Australia’s misbehaving banks run out of excuses 22 Nov 2019 Amid a $1.7 bln capital call, Westpac has been thwacked by a regulator for 23 mln money-laundering violations. Boss Brian Hartzer will find it hard to stay. The country’s lenders already have been shamed, fined and punished in other ways. It’s unclear how to set them straight.
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.
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.
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.
China’s ultra-rich feel a very small pinch 11 Nov 2019 Alibaba's Jack Ma and fellow billionaires saw their net worth drop 12% in 2018. That’s steeper than for peers globally, in part due to a weaker yuan. But the number of super-tycoons shrank too, a reminder that wealth is concentrating even at the top of China's economic pyramid.
Review: #MeToo comes out of the shadows 25 Oct 2019 The casting couch is a Hollywood trope, but it's real for many women. Yet exposing their mistreatment is daunting, and not just because it requires courage. Two books about the fall of media mogul Harvey Weinstein show the insidious role of legal agreements that muzzle victims.
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.
Swiss bank spy fiasco puts UBS succession in frame 4 Oct 2019 While Credit Suisse embarrassed itself with its recent surveillance of Iqbal Khan, the fiasco raised questions about who will succeed Sergio Ermotti atop arch-rival UBS. Strong internal contenders have departed, and Khan just arrived. Ermotti may need to postpone his retirement.
Imperial Brands hunts for new boss at a bad time 3 Oct 2019 CEO Alison Cooper is on the way out. The 17 bln pound company is shifting its focus to vapes rather than tobacco while facing regulatory scrutiny about how deadly the former are. Selling bits of the business in tricky markets is another challenge. The job will be a hard sell.
Gilbert exits Standard Life Aberdeen with whimper 2 Oct 2019 The former co-CEO of the $8 bln asset manager will step down as vice chairman next year. His departure removes management clutter. But with shares off over a third since 2017, the best argument for the merger he led is that without it, things would have been even worse.
Thiam absolved but not unscathed in spy scandal 1 Oct 2019 An internal investigation has cleared the Credit Suisse CEO of wrongdoing after his chief lieutenant hired spies to tail an ex-employee. Tidjane Thiam has now lost two key staff in three months. Worse, ignorance of key decisions in the company you run is not a good look.
Bob Dudley has made decent lemonade from BP lemons 30 Sep 2019 The oil major’s chief executive may step down next year. The company is in tolerably good shape given the scale of the Gulf of Mexico mess that he inherited nine years ago. Breaking with Dudley’s cautious approach to climate change would allow his successor to usher in a new era.
Credit Suisse spy caper explodes Swiss discretion 24 Sep 2019 The Swiss bank’s former wealth management boss Iqbal Khan called police after private detectives pursued him around Zurich. Lenders have legitimate fears about rivals poaching staff. But snooping on bankers suggests paranoia, while getting caught in the act is just incompetent.
Digital viewers add cash to Bollywood’s glitz 19 Sep 2019 After two decades abroad, India's Oscars swept into Mumbai this week. It's a timely homecoming for the world's busiest film industry. Box office receipts are booming and the sale of rights to Amazon, Netflix and others have helped earnings too. Everyone is winning, for now.
Mugabe gave Zimbabwe freedom from monetary logic 6 Sep 2019 The long-serving president, who has died aged 95, presided over hyperinflation more than a decade ago. Yet he stayed in office until 2017. That showed Zimbabweans it was okay to ignore basic fiscal and monetary norms. It’s a legacy his successor seems unable to move on from.
India gets stuck in anti-corruption crossfire 23 Aug 2019 After tycoons, authorities are turning to politicians, arresting opposition veteran and former finance minister P. Chidambaram. The move, months after Narendra Modi's big win, fuels fears of factionalism; it also raises concerns about the unwanted consequences of a cleanup.
Unrest is recurring cost of Hong Kong’s stinginess 16 Aug 2019 Since demonstrations rocked the city in 2014, economic roots of dissatisfaction have worsened. Housing prices rose, tycoons’ dominance increased, and officials made token gestures while hoarding fiscal reserves. Today’s protests are political, but inequality feeds the flames.