In his new role, Koker will refine TerraPay’s product strategy, spearhead its go-to-market initiatives, and help the company scale its service offerings and strengthen its client relationships on a global scale, the company said in a Tuesday (Sept. 3) press release.

“His strategic insights and deep-rooted experience in product innovation will prove to be vital as we continue to elevate our offerings and deliver unparalleled value to our customers,” Ani Sane, co-founder and chief business officer at TerraPay, said in the release.

Koker was most recently a member of the global money movement team at Visa, a company he joined in 2011. In that role, he focused on defining strategic growth initiatives and enhancing customer services.

Before joining Visa, Koker was with FIS, where he held pivotal roles in Manila, Hong Kong and Bangkok, per the release.

“I am honored to join TerraPay during this transformative phase,” Koker said in the release. “The opportunity to contribute to TerraPay’s mission of digitizing global money movement resonates deeply with me, and I look forward to driving innovation and growth alongside this talented team.”

Koker joins TerraPay at a time when the company has been enhancing its capabilities and expanding its market.

On Aug. 20, the company said it teamed up with five digital wallet operators to facilitate cross-border payments and money movement. The five wallet operators participating in the new Wallet Interoperability Council — Airtel, bKash, MPESA, Nequi and Sama Money — will use TerraPay’s technology to facilitate the expansion of their wallets from local payment solutions to global ones.

In July, TerraPay partnered with Swift to enable financial institutions to send money to mobile wallets via the Swift system. This arrangement applies to 2.1 billion mobile wallets worldwide and is designed to enhance the cross-border payments experience for both businesses and consumers.

The first half of 2024 has been marked by technological advancements and strategic initiatives aimed at reducing transaction costs as a key way to spur greater interoperability and financial inclusion, TerraPay Chief Operating Officer Ram Sundaram told PYMNTS in an interview posted in July.

“There are two ways you can increase revenue: either by charging a customer more or by reducing your costs,” Sundaram said. “And the use of technology in reducing costs is something that is easier to do than trying to charge the customer more.”

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The layoffs have already started, will continue through the fall and are expected to be made across the bank’s divisions, the Wall Street Journal (WSJ) reported Friday (Aug. 30), citing unnamed sources.

Goldman Sachs spokesperson Tony Fratto told the WSJ, per the report: “Our annual talent reviews are normal, standard and customary, but otherwise unremarkable.”

Fratto added that the bank’s total headcount is expected to remain higher at the end of the year than it was in 2023, according to the report.

Goldman Sachs’ annual review process typically cuts between 2% and 7% of its workforce, with the percentage changing in different years depending on the bank’s financial outlook and overall market conditions, the report said.

Last year, the bank cut about 6% of its employees in January 2023, followed by more layoffs in May and the fall of that year, per the report.

Other banks have similar programs in which they cut workers they’ve determined to be underperforming, according to the report.

It was reported in April that the largest U.S. banks cut a total of more than 5,000 jobs during the first quarter to control costs in an uncertain economic climate. Citigroup made the biggest reduction, eliminating some 2,000 jobs during the quarter as part of a reorganization aimed at improving profits and reducing management layers.

Goldman has been sharpening its focus on investments, banking and other activities more geared to the markets after selling its GreenSky platform and continuing its pivot away from Main Street banking.

It was reported Aug. 17 that economists at Goldman Sachs lowered the likelihood of a recession, saying there’s a 20% chance of an economic downturn, down from 25%, based on recent retail sales and unemployment claims data.

Assuming the next jobs report — set to be released Sept. 6 — “looks reasonably good, we would probably cut our recession probability back to 15%, where it stood for almost a year” before a revision on Aug. 2, the bank’s economists wrote.

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Singleton will be succeeded by Stripe Deputy CTO Rahul Patil and will remain at Stripe until October to support the transition, according to the post.

Reached for comment by PYMNTS, Stripe confirmed the CTO transition.

Patil reposted Singleton’s post, adding: “In pursuit of our mission to grow the GDP of the internet, I’m both grateful for and mindful of the trust in me to continue innovating through technology for Stripe’s exceptional users as CTO.”

Singleton did not share details about his own company but said he will start it soon and share details as it comes together.

“When I first reached out to Patrick Collison and Claire Hughes Johnson in 2017 it was not about the possibility of joining Stripe, but rather to ask for advice about a company I was planning to start then,” Singleton said in his post. “While they gave me some great advice about my ideas, I came away *most* excited about joining Stripe’s mission and decided to come onboard. Now, it’s time for me to pick up my startup dreams again and start something new on my own.”

Singleton added in his post that Stripe’s engineering team grew many times over during the last seven years; that the company scaled to handle over $1 trillion per year; and that more than 99.999% of Stripe API requests are successfully processed — with the company handling more than 500 million such requests per day.

“Stripe is better set up to deliver on its mission than ever before,” Singleton wrote. “Our work is important in the world — supporting entrepreneurs and businesses to create innovation and opportunity on a global scale.”

The company has also announced new products and partnerships in recent weeks, including powering the online payments and subscription billing for Australian streaming service Stan; introducing adaptive pricing for businesses in Asia Pacific and Latin America; and acquiring payments processing startup Lemon Squeezy to “scale merchant of record selling in a big way.”

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That’s according to a Wednesday (Aug. 28) Reuters report, based on interviews with 10 shareholders at Canada’s second-largest bank, as well as two analysts.

They said a change in CEO is “imminent” in 2025, per the report, with most of them positing the notion of an outside hire who has knowledge of the U.S. banking sector, and who can start fresh once TD resolves its AML troubles.

“Once we get past these rocky waters, and there is a little bit of light at the end of the tunnel, maybe that will help create more clarity for leadership change,” said Ben Jang, a portfolio manager at TD shareholder Nicola Wealth, according to the report.

A spokesperson for the bank told Reuters it has a robust process for planning succession, adding that TD’s “senior executive bench is strong.” TD told PYMNTS it had no comment beyond that.

TD CEO Bharat Masrani took the job 10 years ago when the bank was in expansion mode and focused on the U.S., where it now has roughly 1,150 branches on the East Coast, more than it has in its home country, the report said.

The news came days after the bank released quarterly earnings that showed a $2.6 billion provision related to a possible investigation into the AML program. This came after a $450 million provision announced during the prior quarter.

U.S. regulators have been looking into the Canadian bank’s AML efforts, causing TD to embark on a “remediation” of the program.

Earlier this year, TD fired more than a dozen employees, bringing criminal charges and disciplinary action against some of them.

There is growing scrutiny of AML practices at financial companies.

“And where these firms, banks and FinTechs among them, are deemed to come up short, there’s a (literal) price to pay,” PYMNTS reported last month. “In the meantime, the very rules governing AML and fraud-fighting efforts may change, as a commentary period is ongoing as regulators seek input on the use of advanced technologies to sharpen fraud defenses at financial institutions.”

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Twerdahl will report to GM’s senior vice president of software and services product management, Baris Cetinok, Bloomberg reported Tuesday (Aug. 27), citing unnamed sources.

General Motors did not immediately reply to PYMNTS’ request for comment.

The automaker has previously added some other leaders who were with Apple in the past, according to the report. These executives include David Richardson, who oversees the engineering side of GM’s software and services group, and Achim Pantfoerder.

GM has been adding talent from Silicon Valley tech companies to support its efforts in software services, self-driving vehicles and battery-electric cars, in a bid to compete with rivals like Tesla and China’s automakers. The company has also been adding to its staff to manage the complexity of electric vehicles, connectivity and other digital features, per the report.

This report comes about a week after it was reported that General Motors laid off over 1,000 salaried employees in its software and services division as part of an effort to streamline the business unit.

A GM spokesperson told CNBC, according to an Aug. 19 report: “As we build GM’s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact. As a result, we’re reducing certain teams within the Software and Services organization. We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.”

The automaker highlighted its gains in the electric vehicle (EV) market during its July 23 earnings call.

During the second quarter, GM reported 40% year-over-year growth in U.S. EV deliveries, outpacing the industry’s 11% increase. The automaker also said it is scaling production of some EV models and preparing for upcoming launches of others.

Despite market adjustments, GM remains focused on sustainable growth and profitability in the EV sector, supported by strategic partnerships and advancements in battery technology, PYMNTS reported in July.

On the connectivity front, the automaker said in March that it stopped sharing connected car data with brokers. This move followed a consumer outcry over GM’s data sharing.

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Co-founders Daan Wierstra, Karl Tuyls and Julien Perolat are leaving the company, H said in a Friday post on LinkedIn. Moving forward, the company will be led by CEO Charles A. Kantor and Chief Technology Officer Laurent Sifre.

“While this has been a difficult decision for all parties involved, all are in agreement that this will enable the company’s greatest moving forward and H continues to have the full support of its investors and strategic partners,” the company said in the post.

Wierstra, Tuyls and Perolat are three of the five co-founders of H, and are three of the four co-founders who joined the company from Alphabet’s AI lab, Google DeepMind, Bloomberg reported Friday.

Their departure comes before H released a product, according to the report.

H raised $220 million for its goal of building artificial general intelligence, Bloomberg reported May 21.

Kantor told Bloomberg at the time that the company is working towards “full-AGI,” a reference to artificial general intelligence, a level of AI that matches or exceeds human capabilities.

Before a rebranding that was announced on May 21, H was known as Holistic AI. (Holistic is the name of a separate AI company based in the United Kingdom.)

H is among the artificial intelligence agent startups that have caught the attention of investors and attracted investments with valuations ahead of their business fundamentals, PYMNTS reported in June.

In its Friday post on LinkedIn, H said that the company “continues on its journey” and that it plans to release a series of models and products before the end of the year.

“When H Company launched earlier this year, the team set out to advance the power of GenAI to people and businesses globally via a new generation of action models,” the company said in the post. “Today, H’s team of almost 40 engineers and researchers remain committed to this vision, developing cutting edge action capabilities that enhance worker productivity and push the frontiers of AI research and engineering.”

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The employees impacted by the layoffs were notified Monday (Aug. 19), CNBC reported, citing unnamed sources. GM confirmed there had been layoffs but did not disclose the number, according to the report.

“As we build GM’s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,” a GM spokesperson said in the report. “As a result, we’re reducing certain teams within the Software and Services organization. We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.”

The move follows the automaker’s review of the unit’s operations and comes less than six months after the unit saw leadership changes, according to the report.

The changes included the departure of Mike Abbott, a former Apple executive who became GM’s first executive vice president of software in May 2023 and left that role in March for health reasons, per the report.

Abbott was succeeded by two other former Apple executives — Baris Cetinok and Dave Richardson — who reviewed the software division and decided to streamline it, The Wall Street Journal reported Monday.

When announcing Abbott’s appointment in May 2023, GM said he would lead a team that brought together three software functions that were distinct at the time and that the newly consolidated organization would develop vehicle and enterprise software technologies and solutions and deliver digital services and features to retail and commercial customers.

“We have entered the next phase of our technology-driven transformation focused on rapidly scaling new [electric vehicle (EV)] models and our Ultifi software platform, which will drive faster innovation and enable new and exciting customer experiences,” GM Chair and CEO Mary Barra said at the time.

GM said in March 2022 that it aimed to facilitate the delivery of software services by adding its software platform, 5G connectivity and larger screens to vehicles. It said consumers may pay up to $135 a month for these services.

In March, GM stopped sharing connected car data with LexisNexis and Verisk. The move followed a New York Times report that the automaker had been sharing that data with the data brokers.

For all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.

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Most of the employees who will be affected by the move will be notified by the end of the current quarter, Reuters reported Friday (Aug. 16), citing a Mastercard spokesperson.

“As these changes are made, we plan to redeploy resources into growth areas,” the spokesperson said, according to the report.

Mastercard Chief Financial Officer Sachin Mehra said in July that the company would record a one-time restructuring charge in the quarter ending Sept. 30, per the report.

The company announced an executive restructuring on April 9. In a press release outlining its plans, Mastercard said this realignment of its organizational structure centered on three areas — Core Payments, Commercial & New Payment Flows, and Services — and would help accelerate growth and deliver value to shareholders.

“These changes will reinforce our strategy and competitive advantage to drive long-term growth, diversify our revenue streams and differentiate our products and solutions,” Mastercard CEO Michael Miebach said in the release. “Our teams will be able to execute faster and deliver more value to our partners and customers.”

During the company’s most recent earnings report, which was released July 31, Mastercard said it had strong performance in the second quarter, with net revenue increasing by 14% year-over-year to $6.3 billion.

Miebach said during the earnings call that the macroeconomic environment “remains mixed.”

“Strength in consumer spending continues to be supported by a solid labor market and wage growth,” Miebach said. “While there are some signs of labor market growth moderating, this is off very strong levels of job creation. Also, inflation and interest rates remain in focus. We’ve seen inflation cool, but to varying degrees across carded and non-carded categories.”

Mastercard has also been rolling out new products and partnerships. Since the beginning of August, the company launched a crypto-to-fiat card with Web3/blockchain platform MetaMask and cryptocurrency payments firm Baanx; added new features to its open banking for lending program powered by employment/income verifier Argyle; and teamed up with U.K. neobank Ampere to allow that company’s customers to access card-to-card payments.

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“I know how excited [Schultz] is,” Starbucks board chair Mellody Hobson said during an interview with CNBC. “When I called him and told him what we were doing and what I have been working on and what the board had been pursuing, he said, ‘Mellody, that’s a home run.’”

Schultz’s seal of approval heralds what leadership hopes will be a new era that addresses challenges and drives future growth.

Niccol replaces Laxman Narasimhan. The transition comes after Elliott Management became one of Starbucks’ largest investors.

“We welcome the appointment of Brian Niccol, and we look forward to continuing our engagement with the board as it works toward the realization of Starbucks’ full potential,” the activist hedge fund, which has previously targeted major corporations for change, said in a statement.

Schultz was critical of Starbucks’ trajectory under Narasimhan, who relied on discounting and new products to revitalize the company after he became CEO in March 2023, CNBC reported. Starbucks struggled with declining sales over several quarters, including drops in China and softness in the U.S. market.

Industry analysts were positive in their assessment of Niccol’s appointment. In an interview with PYMNTS, Amanda Lai, a retail analyst and director for consultancy McMillan Doolittle, said it is “a logical choice to help revitalize the momentum behind the company and address the complex challenges facing the company as consumer preferences continue to evolve and competition continues to grow in the coffeehouse sector.”

Greg Zakowicz, senior eCommerce expert at Omnisend, told PYMNTS Niccol’s hire is promising.

“It’s surprising, but he may just be the perfect fit for the organization,” Zakowicz said. “He has an impressive background, especially in the food industry where products are nonessential items, and has successfully led companies like this during challenging economic times. With a continual increase of consumers trading down on items like groceries, I don’t think this should be understated. He knows how to appeal to consumers at times when their wallets are tight. That is one thing Starbucks desperately needs.”

Rachel Ruggeri will serve as Starbucks’ interim CEO until Niccol begins, Reuters reported. Niccol became CEO of Chipotle in 2018 and is credited with driving growth and innovation at the company. Chipotle’s stock has performed well, tripling over the last five years.

Scott Boatwright will step in as interim CEO following Niccol’s departure Aug. 31. Boatwright, who has been with Chipotle since 2017, has been instrumental in overseeing operations for more than 120,000 employees and over 3,500 stores, as well as integrating key technologies within the restaurants, according to a press release.

Niccol is no stranger to the QSR sector. During his tenure as CEO of Taco Bell from 2015 to 2018, Niccol implemented several strategies that improved the brand’s performance.

He introduced the Breakfast Menu, attracting new customers and enhancing the brand’s appeal, and the Doritos Locos Tacos, which drove an increase in sales. Niccol also spearheaded Taco Bell’s digital transformation by launching a user-friendly app that streamlined ordering and boosted customer engagement.

His focus on operational efficiency and cost management enhanced profitability and solidified Taco Bell’s position as a modern, innovative player in the fast-food industry. Additionally, his efforts to expand Taco Bell’s international footprint and accelerate store openings contributed to the chain’s global growth.

At Chipotle, Niccol led a turnaround from 2018 to 2024, nearly doubling the company’s revenue and achieving a stock surge of nearly 800%, Starbucks said in a press release.

Niccol introduced successful menu innovations and expanded digital capabilities, including online ordering, delivery services and the Chipotle Rewards program.

“Niccol’s previous experience at the helm of Chipotle will lend itself well to reinvigorating the Starbucks brand,” Lai said. “At Chipotle, Niccol’s focus on digital transformation, operational efficiency and customer engagement helped lead the fast-casual chain into a new phase of growth. Initiatives included re-envisioning its online ordering platform to grow digital sales, launching and growing Chipotle loyalty program to drive customer engagement, and simplifying the menu to improve in-store operations.”

She added that the Chipotle Rewards loyalty program “introduced personalized challenges and achievement rewards to gamify the experience and drive engagement with customers. He could similarly look to refresh the Starbucks Rewards program by emphasizing personalization and adding experiential elements to increase loyalty and drive retention.”

While Narasimhan’s tenure as CEO at Starbucks was marked by declining global sales, Niccol’s CEO trajectory at Taco Bell and Chipotle has ridden a wave of positive momentum.

During his tenure at Chipotle, Lai explained, Niccol created an environment centered on innovation and continuous improvement. His emphasis on learning and development empowered employees at all levels of the organization and drove improvements in operational excellence and service quality.

“This could translate well to bringing a new energy to Starbucks where morale has been challenged by multiple leadership changes and ongoing pressures from union campaigns over the years,” Lai said. “In the age of digital transformation, Starbucks needs a leader who can re-establish trust and loyalty among both its employees and customers while forging a path forward that positions the company as a digital-first leader in a crowded coffee landscape. With his experience driving digital initiatives, such as launching loyalty and expanding mobile ordering and delivery at Chipotle, Niccol is well-positioned to further refine and evolve Starbucks’ digital growth plans to help Starbucks navigate the evolving competitive landscape and drive sustainable growth.”

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Niccol will leave Chipotle effective Aug. 31, at which time Chipotle Chief Operating Officer Scott Boatwright will become the restaurant company’s interim CEO, according to a Tuesday press release from Chipotle.

Starbucks Chief Financial Officer Rachel Ruggeri will serve as interim CEO, and its board chair, Mellody Hobson, will become lead independent director, the coffee retailer said in a Tuesday press release.

Announcing these changes, Starbucks highlighted Niccol’s “focus on people and culture, brand, menu innovation, operational excellence and digital transformation.”

Since he become CEO of Chipotle in 2018, that company has nearly doubled its revenue, increased its profits nearly sevenfold, increased its stock price nearly 800%, and improved employees’ wages and benefits, according to the release.

Before joining Chipotle, Niccol served as chief marketing and innovation officer, president and CEO of Taco Bell; held leadership roles at Pizza Hut; and worked in brand management at Procter & Gamble, per the release.

He currently serves on the board of directors of Walmart.

“His phenomenal career speaks for itself,” Hobson said in the release. “Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth.”

Niccol said in the release that he has long admired Starbucks’ brand, culture and “commitment to enhancing human connections.”

“As I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values,” Niccol said.

Narasimhan served as Starbucks’ CEO and as a member of its board of directors since March 2023, when he succeeded company founder and then-CEO Howard Schultz.

During his time in that role, Narasimhan improved the company’s partner experience, innovated its supply chain and enhanced its store operations, Starbucks said in the Tuesday press release.

“In the face of some challenging headwinds, Laxman has been laser focused on improving the business to meet the needs of our customers and partners,” Hobson said. “We all wish him the very best and know he will do great things in the future.”

This news comes about two weeks after Starbucks reported mixed financial results for its third fiscal quarter ended June 30. The firm’s global comparable store sales dipped 3%, driven by a 5% decrease in transactions despite a 2% rise in average ticket size.

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