![\"Brian](\"https://www.pymnts.com/wp-content/uploads/2024/08/Brian-Niccol-Chipotle-Starbucks-1.jpg\")
Global money movement company TerraPay appointed Visa veteran Ralph Koker as global head of products.
\nIn his new role, Koker will refine TerraPay\u2019s 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.
\n\u201cHis 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,\u201d Ani Sane, co-founder and chief business officer at TerraPay, said in the release.
\nKoker 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.
\nBefore joining Visa, Koker was with FIS, where he held pivotal roles in Manila, Hong Kong and Bangkok, per the release.
\n\u201cI am honored to join TerraPay during this transformative phase,\u201d Koker said in the release. \u201cThe opportunity to contribute to TerraPay\u2019s mission of digitizing global money movement resonates deeply with me, and I look forward to driving innovation and growth alongside this talented team.\u201d
\nKoker joins TerraPay at a time when the company has been enhancing its capabilities and expanding its market.
\nOn 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 \u2014 Airtel, bKash, MPESA, Nequi and Sama Money \u2014 will use TerraPay\u2019s technology to facilitate the expansion of their wallets from local payment solutions to global ones.
\nIn 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.
\nThe 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.
\n\u201cThere are two ways you can increase revenue: either by charging a customer more or by reducing your costs,\u201d Sundaram said. \u201cAnd the use of technology in reducing costs is something that is easier to do than trying to charge the customer more.\u201d
\nThe post TerraPay Appoints Visa Veteran Ralph Koker as Global Head of Products appeared first on PYMNTS.com.
\n", "content_text": "Global money movement company TerraPay appointed Visa veteran Ralph Koker as global head of products.\nIn his new role, Koker will refine TerraPay\u2019s 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.\n\u201cHis 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,\u201d Ani Sane, co-founder and chief business officer at TerraPay, said in the release.\nKoker 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.\nBefore joining Visa, Koker was with FIS, where he held pivotal roles in Manila, Hong Kong and Bangkok, per the release.\n\u201cI am honored to join TerraPay during this transformative phase,\u201d Koker said in the release. \u201cThe opportunity to contribute to TerraPay\u2019s mission of digitizing global money movement resonates deeply with me, and I look forward to driving innovation and growth alongside this talented team.\u201d\nKoker joins TerraPay at a time when the company has been enhancing its capabilities and expanding its market.\nOn 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 \u2014 Airtel, bKash, MPESA, Nequi and Sama Money \u2014 will use TerraPay\u2019s technology to facilitate the expansion of their wallets from local payment solutions to global ones.\nIn 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.\nThe 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.\n\u201cThere are two ways you can increase revenue: either by charging a customer more or by reducing your costs,\u201d Sundaram said. \u201cAnd the use of technology in reducing costs is something that is easier to do than trying to charge the customer more.\u201d\nThe post TerraPay Appoints Visa Veteran Ralph Koker as Global Head of Products appeared first on PYMNTS.com.", "date_published": "2024-09-03T10:29:11-04:00", "date_modified": "2024-09-03T10:29:11-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/04/TerraPay.jpg", "tags": [ "cross-border payments", "Global Payments", "News", "Personnel", "PYMNTS News", "Ralph Koker", "TerraPay", "Visa", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2078562", "url": "https://www.pymnts.com/personnel/2024/goldman-sachs-begins-layoffs-as-part-of-annual-review-process/", "title": "Goldman Sachs Begins Layoffs as Part of Annual Review Process", "content_html": "Goldman Sachs reportedly plans to lay off between 3% and 4% of its workforce \u2014 amounting to about 1,300 to 1,800 people \u2014 as part of its annual review process.
\nThe layoffs have already started, will continue through the fall and are expected to be made across the bank\u2019s divisions, the Wall Street Journal (WSJ) reported Friday (Aug. 30), citing unnamed sources.
\nGoldman Sachs spokesperson Tony Fratto told the WSJ, per the report: \u201cOur annual talent reviews are normal, standard and customary, but otherwise unremarkable.\u201d
\nFratto added that the bank\u2019s total headcount is expected to remain higher at the end of the year than it was in 2023, according to the report.
\nGoldman Sachs\u2019 annual review process typically cuts between 2% and 7% of its workforce, with the percentage changing in different years depending on the bank\u2019s financial outlook and overall market conditions, the report said.
\nLast 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.
\nOther banks have similar programs in which they cut workers they\u2019ve determined to be underperforming, according to the report.
\nIt was reported in April that the largest U.S. banks cut a total of more than 5,000\u00a0jobs\u00a0during the first quarter to control costs in an uncertain economic climate.\u00a0Citigroup 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.
\nGoldman has been sharpening its focus on\u00a0investments, banking and other activities more geared to the markets after\u00a0selling\u00a0its GreenSky platform and continuing its pivot away from Main Street banking.
\nIt was reported Aug. 17 that economists at Goldman Sachs lowered the likelihood of a\u00a0recession, saying there\u2019s\u00a0a 20% chance of an economic downturn, down from 25%, based on recent retail sales and unemployment claims data.
\nAssuming the next jobs report \u2014 set to be released Sept. 6 \u2014 \u201clooks reasonably good, we would probably cut our recession probability back to 15%, where it stood for almost a year\u201d before a revision on Aug. 2, the bank\u2019s economists wrote.
\nThe post Goldman Sachs Begins Layoffs as Part of Annual Review Process appeared first on PYMNTS.com.
\n", "content_text": "Goldman Sachs reportedly plans to lay off between 3% and 4% of its workforce \u2014 amounting to about 1,300 to 1,800 people \u2014 as part of its annual review process.\nThe layoffs have already started, will continue through the fall and are expected to be made across the bank\u2019s divisions, the Wall Street Journal (WSJ) reported Friday (Aug. 30), citing unnamed sources.\nGoldman Sachs spokesperson Tony Fratto told the WSJ, per the report: \u201cOur annual talent reviews are normal, standard and customary, but otherwise unremarkable.\u201d\nFratto added that the bank\u2019s total headcount is expected to remain higher at the end of the year than it was in 2023, according to the report.\nGoldman Sachs\u2019 annual review process typically cuts between 2% and 7% of its workforce, with the percentage changing in different years depending on the bank\u2019s financial outlook and overall market conditions, the report said.\nLast 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.\nOther banks have similar programs in which they cut workers they\u2019ve determined to be underperforming, according to the report.\nIt was reported in April that the largest U.S. banks cut a total of more than 5,000\u00a0jobs\u00a0during the first quarter to control costs in an uncertain economic climate.\u00a0Citigroup 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.\nGoldman has been sharpening its focus on\u00a0investments, banking and other activities more geared to the markets after\u00a0selling\u00a0its GreenSky platform and continuing its pivot away from Main Street banking.\nIt was reported Aug. 17 that economists at Goldman Sachs lowered the likelihood of a\u00a0recession, saying there\u2019s\u00a0a 20% chance of an economic downturn, down from 25%, based on recent retail sales and unemployment claims data.\nAssuming the next jobs report \u2014 set to be released Sept. 6 \u2014 \u201clooks reasonably good, we would probably cut our recession probability back to 15%, where it stood for almost a year\u201d before a revision on Aug. 2, the bank\u2019s economists wrote.\nThe post Goldman Sachs Begins Layoffs as Part of Annual Review Process appeared first on PYMNTS.com.", "date_published": "2024-08-30T18:46:05-04:00", "date_modified": "2024-08-30T18:46:05-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Goldman-Sachs-layoffs.jpg", "tags": [ "banking", "economy", "financial institutions", "Goldman Sachs", "jobs", "Layoffs", "News", "Personnel", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2077926", "url": "https://www.pymnts.com/personnel/2024/stripe-cto-david-singleton-to-step-down-start-own-company/", "title": "Stripe CTO\u00a0David Singleton to Step Down, Start Own Company", "content_html": "David Singleton said in a\u00a0post\u00a0on LinkedIn that he is stepping down as chief technology officer (CTO) at Stripe after seven years to start his own company.
\nSingleton will be succeeded by Stripe Deputy CTO\u00a0Rahul Patil and will remain at Stripe until October to support the transition, according to the post.
\nReached for comment by PYMNTS, Stripe confirmed the CTO transition.
\nPatil\u00a0reposted Singleton\u2019s post, adding: \u201cIn pursuit of our mission to grow the GDP\u00a0of the internet, I\u2019m both grateful for and mindful of the trust in me to continue innovating through technology for Stripe\u2019s exceptional users as CTO.\u201d
\nSingleton did not share details about his own company but said he will start it soon and share details as it comes together.
\n\u201cWhen I first reached out to\u00a0Patrick Collison and\u00a0Claire 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,\u201d Singleton said in his post. \u201cWhile they gave me some great advice about my ideas, I came away *most* excited about joining Stripe\u2019s mission and decided to come onboard. Now, it\u2019s\u00a0time for me to pick up my startup dreams again and start something new on my own.\u201d
\nSingleton added in his post that Stripe\u2019s 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\u00a0requests are successfully processed \u2014 with the company handling more than 500 million such requests per day.
\n\u201cStripe is better set up to deliver on its mission than ever before,\u201d Singleton wrote. \u201cOur work is important in the world \u2014 supporting entrepreneurs and businesses to create innovation and opportunity on a global scale.\u201d
\nThe company has also announced new products and partnerships in recent weeks, including powering the\u00a0online payments and subscription billing for Australian streaming service\u00a0Stan; introducing\u00a0adaptive pricing for businesses in Asia Pacific and Latin America; and acquiring payments processing startup\u00a0Lemon Squeezy to \u201cscale\u00a0merchant of record selling in a big way.\u201d
\nThe post Stripe CTO\u00a0David Singleton to Step Down, Start Own Company appeared first on PYMNTS.com.
\n", "content_text": "David Singleton said in a\u00a0post\u00a0on LinkedIn that he is stepping down as chief technology officer (CTO) at Stripe after seven years to start his own company.\nSingleton will be succeeded by Stripe Deputy CTO\u00a0Rahul Patil and will remain at Stripe until October to support the transition, according to the post.\nReached for comment by PYMNTS, Stripe confirmed the CTO transition.\nPatil\u00a0reposted Singleton\u2019s post, adding: \u201cIn pursuit of our mission to grow the GDP\u00a0of the internet, I\u2019m both grateful for and mindful of the trust in me to continue innovating through technology for Stripe\u2019s exceptional users as CTO.\u201d\nSingleton did not share details about his own company but said he will start it soon and share details as it comes together.\n\u201cWhen I first reached out to\u00a0Patrick Collison and\u00a0Claire 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,\u201d Singleton said in his post. \u201cWhile they gave me some great advice about my ideas, I came away *most* excited about joining Stripe\u2019s mission and decided to come onboard. Now, it\u2019s\u00a0time for me to pick up my startup dreams again and start something new on my own.\u201d\nSingleton added in his post that Stripe\u2019s 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\u00a0requests are successfully processed \u2014 with the company handling more than 500 million such requests per day.\n\u201cStripe is better set up to deliver on its mission than ever before,\u201d Singleton wrote. \u201cOur work is important in the world \u2014 supporting entrepreneurs and businesses to create innovation and opportunity on a global scale.\u201d\nThe company has also announced new products and partnerships in recent weeks, including powering the\u00a0online payments and subscription billing for Australian streaming service\u00a0Stan; introducing\u00a0adaptive pricing for businesses in Asia Pacific and Latin America; and acquiring payments processing startup\u00a0Lemon Squeezy to \u201cscale\u00a0merchant of record selling in a big way.\u201d\nThe post Stripe CTO\u00a0David Singleton to Step Down, Start Own Company appeared first on PYMNTS.com.", "date_published": "2024-08-29T18:31:36-04:00", "date_modified": "2024-08-29T18:31:36-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/03/Stripe-payments-processor-2.jpg", "tags": [ "CTO", "David Singleton", "executives", "FinTech", "News", "Personnel", "PYMNTS News", "Rahul Patil", "Stripe", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2065538", "url": "https://www.pymnts.com/personnel/2024/td-bank-money-laundering-troubles-could-lead-ceo-change/", "title": "Report: TD Bank\u2019s Money Laundering Troubles Could Lead to CEO Change", "content_html": "TD Bank\u2019s ongoing issues with its anti-money laundering (AML) controls could usher in a leadership change.
\nThat\u2019s according to a Wednesday (Aug. 28) Reuters report, based on interviews with 10 shareholders at Canada\u2019s second-largest bank, as well as two analysts.
\nThey said a change in CEO is \u201cimminent\u201d 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.
\n\u201cOnce 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,\u201d said Ben Jang, a portfolio manager at TD shareholder Nicola Wealth, according to the report.
\nA spokesperson for the bank told Reuters it has a robust process for planning succession, adding that TD\u2019s \u201csenior executive bench is strong.\u201d TD told PYMNTS it had no comment beyond that.
\nTD 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.
\nThe 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.
\nU.S. regulators have been looking into the Canadian bank\u2019s AML efforts, causing TD to embark on a \u201cremediation\u201d of the program.
\nEarlier this year, TD fired more than a dozen employees, bringing criminal charges and disciplinary action against some of them.
\nThere is growing scrutiny of AML practices at financial companies.
\n\u201cAnd where these firms, banks and FinTechs among them, are deemed to come up short, there\u2019s a (literal) price to pay,\u201d PYMNTS reported last month. \u201cIn 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.\u201d
\nThe post Report: TD Bank\u2019s Money Laundering Troubles Could Lead to CEO Change appeared first on PYMNTS.com.
\n", "content_text": "TD Bank\u2019s ongoing issues with its anti-money laundering (AML) controls could usher in a leadership change.\nThat\u2019s according to a Wednesday (Aug. 28) Reuters report, based on interviews with 10 shareholders at Canada\u2019s second-largest bank, as well as two analysts.\nThey said a change in CEO is \u201cimminent\u201d 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.\n\u201cOnce 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,\u201d said Ben Jang, a portfolio manager at TD shareholder Nicola Wealth, according to the report.\nA spokesperson for the bank told Reuters it has a robust process for planning succession, adding that TD\u2019s \u201csenior executive bench is strong.\u201d TD told PYMNTS it had no comment beyond that.\nTD 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.\nThe 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.\nU.S. regulators have been looking into the Canadian bank\u2019s AML efforts, causing TD to embark on a \u201cremediation\u201d of the program.\nEarlier this year, TD fired more than a dozen employees, bringing criminal charges and disciplinary action against some of them.\nThere is growing scrutiny of AML practices at financial companies.\n\u201cAnd where these firms, banks and FinTechs among them, are deemed to come up short, there\u2019s a (literal) price to pay,\u201d PYMNTS reported last month. \u201cIn 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.\u201d\nThe post Report: TD Bank\u2019s Money Laundering Troubles Could Lead to CEO Change appeared first on PYMNTS.com.", "date_published": "2024-08-28T10:12:39-04:00", "date_modified": "2024-08-28T12:43:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/05/TD-Bank.jpg", "tags": [ "AML", "banking", "Banks", "fraud", "News", "Personnel", "PYMNTS News", "td bank", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2065341", "url": "https://www.pymnts.com/personnel/2024/report-general-motors-hires-apple-veteran-tim-twerdahl/", "title": "Report: General Motors Hires Apple Veteran Tim Twerdahl", "content_html": "General Motors (GM) has reportedly hired former Apple leader\u00a0Tim Twerdahl as vice president of product management for the automaker\u2019s software services group.
\nTwerdahl will report to GM\u2019s senior vice president of software and services product management,\u00a0Baris Cetinok, Bloomberg reported Tuesday (Aug. 27), citing unnamed sources.
\nGeneral Motors did not immediately reply to PYMNTS\u2019 request for comment.
\nThe automaker has previously added some other leaders who were with Apple in the past, according to the report. These executives include\u00a0David Richardson, who oversees the engineering side of GM\u2019s software and services group, and\u00a0Achim Pantfoerder.
\nGM 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\u2019s 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.
\nThis report comes about a week after it was reported that General Motors laid off over 1,000 salaried employees in its\u00a0software and services division as part of an effort to streamline the business unit.
\nA GM spokesperson told CNBC, according to an Aug. 19\u00a0report: \u201cAs we build GM\u2019s 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\u2019re 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.\u201d
\nThe automaker highlighted its gains in the\u00a0electric vehicle (EV) market during its July 23 earnings call.
\nDuring the second quarter, GM reported 40% year-over-year growth in U.S. EV deliveries, outpacing the industry\u2019s 11% increase. The automaker also said it is scaling production of some EV models and preparing for upcoming launches of others.
\nDespite 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.
\nOn the connectivity front, the automaker said in March that it stopped sharing\u00a0connected car data with brokers. This move followed a consumer outcry over GM\u2019s data sharing.
\nThe post Report: General Motors Hires Apple Veteran Tim Twerdahl appeared first on PYMNTS.com.
\n", "content_text": "General Motors (GM) has reportedly hired former Apple leader\u00a0Tim Twerdahl as vice president of product management for the automaker\u2019s software services group.\nTwerdahl will report to GM\u2019s senior vice president of software and services product management,\u00a0Baris Cetinok, Bloomberg reported Tuesday (Aug. 27), citing unnamed sources.\nGeneral Motors did not immediately reply to PYMNTS\u2019 request for comment.\nThe automaker has previously added some other leaders who were with Apple in the past, according to the report. These executives include\u00a0David Richardson, who oversees the engineering side of GM\u2019s software and services group, and\u00a0Achim Pantfoerder.\nGM 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\u2019s 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.\nThis report comes about a week after it was reported that General Motors laid off over 1,000 salaried employees in its\u00a0software and services division as part of an effort to streamline the business unit.\nA GM spokesperson told CNBC, according to an Aug. 19\u00a0report: \u201cAs we build GM\u2019s 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\u2019re 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.\u201d\nThe automaker highlighted its gains in the\u00a0electric vehicle (EV) market during its July 23 earnings call.\nDuring the second quarter, GM reported 40% year-over-year growth in U.S. EV deliveries, outpacing the industry\u2019s 11% increase. The automaker also said it is scaling production of some EV models and preparing for upcoming launches of others.\nDespite 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.\nOn the connectivity front, the automaker said in March that it stopped sharing\u00a0connected car data with brokers. This move followed a consumer outcry over GM\u2019s data sharing.\nThe post Report: General Motors Hires Apple Veteran Tim Twerdahl appeared first on PYMNTS.com.", "date_published": "2024-08-27T19:42:51-04:00", "date_modified": "2024-08-27T19:42:51-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/01/General-Motors.jpg", "tags": [ "Apple", "automakers", "executives", "general motors", "News", "Personnel", "PYMNTS News", "Tim Twerdahl", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2063268", "url": "https://www.pymnts.com/personnel/2024/3-co-founders-leave-french-ai-startup-h-amid-operational-differences/", "title": "3 Co-Founders Leave French AI Startup H Amid \u2018Operational Differences\u2019", "content_html": "French artificial intelligence (AI) startup\u00a0H said Friday (Aug. 23) that three of its co-founders are leaving the company due to \u201coperational differences.\u201d
\nCo-founders\u00a0Daan Wierstra,\u00a0Karl Tuyls and\u00a0Julien Perolat are leaving the company, H said in a Friday\u00a0post\u00a0on LinkedIn. Moving forward, the company will be led by CEO\u00a0Charles A. Kantor and Chief Technology Officer\u00a0Laurent Sifre.
\n\u201cWhile this has been a difficult decision for all parties involved, all are in agreement that this will enable the company\u2019s greatest moving forward and H continues to have the full support of its investors and strategic partners,\u201d the company said in the post.
\nWierstra, 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\u00a0Alphabet\u2019s AI lab,\u00a0Google DeepMind, Bloomberg\u00a0reported Friday.
\nTheir departure comes before H released a product, according to the report.
\nH raised $220 million for its goal of building artificial general intelligence, Bloomberg\u00a0reported May 21.
\nKantor told Bloomberg at the time that the company is working towards \u201cfull-AGI,\u201d a reference to artificial general intelligence, a level of AI that matches or exceeds human capabilities.
\nBefore 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.)
\nH is among the\u00a0artificial intelligence agent startups\u00a0that have caught the attention of investors and attracted investments with valuations ahead of their business fundamentals, PYMNTS reported in June.
\nIn its Friday post on LinkedIn, H said that the company \u201ccontinues on its journey\u201d and that it plans to release a series of models and products before the end of the year.
\n\u201cWhen H Company launched earlier this year, the team set out to advance the power of GenAI\u00a0to people and businesses globally via a new generation of action models,\u201d the company said in the post. \u201cToday, H\u2019s 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.\u201d
\nThe post 3 Co-Founders Leave French AI Startup H Amid \u2018Operational Differences\u2019 appeared first on PYMNTS.com.
\n", "content_text": "French artificial intelligence (AI) startup\u00a0H said Friday (Aug. 23) that three of its co-founders are leaving the company due to \u201coperational differences.\u201d\nCo-founders\u00a0Daan Wierstra,\u00a0Karl Tuyls and\u00a0Julien Perolat are leaving the company, H said in a Friday\u00a0post\u00a0on LinkedIn. Moving forward, the company will be led by CEO\u00a0Charles A. Kantor and Chief Technology Officer\u00a0Laurent Sifre.\n\u201cWhile this has been a difficult decision for all parties involved, all are in agreement that this will enable the company\u2019s greatest moving forward and H continues to have the full support of its investors and strategic partners,\u201d the company said in the post.\nWierstra, 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\u00a0Alphabet\u2019s AI lab,\u00a0Google DeepMind, Bloomberg\u00a0reported Friday.\nTheir departure comes before H released a product, according to the report.\nH raised $220 million for its goal of building artificial general intelligence, Bloomberg\u00a0reported May 21.\nKantor told Bloomberg at the time that the company is working towards \u201cfull-AGI,\u201d a reference to artificial general intelligence, a level of AI that matches or exceeds human capabilities.\nBefore 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.)\nH is among the\u00a0artificial intelligence agent startups\u00a0that have caught the attention of investors and attracted investments with valuations ahead of their business fundamentals, PYMNTS reported in June.\nIn its Friday post on LinkedIn, H said that the company \u201ccontinues on its journey\u201d and that it plans to release a series of models and products before the end of the year.\n\u201cWhen H Company launched earlier this year, the team set out to advance the power of GenAI\u00a0to people and businesses globally via a new generation of action models,\u201d the company said in the post. \u201cToday, H\u2019s 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.\u201d\nThe post 3 Co-Founders Leave French AI Startup H Amid \u2018Operational Differences\u2019 appeared first on PYMNTS.com.", "date_published": "2024-08-23T19:28:43-04:00", "date_modified": "2024-08-23T19:28:43-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/H-AI-startup-founders-departure.jpg", "tags": [ "AGI", "AI", "Artificial General Intelligence", "artificial intelligence", "Daan Wierstra", "H", "Julien Perolat", "Karl Tuyls", "News", "Personnel", "PYMNTS News", "startups", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2054878", "url": "https://www.pymnts.com/personnel/2024/general-motors-streamlines-software-services-unit-lays-off-1000-employees/", "title": "GM Streamlines Software and Services Unit, Lays Off 1,000", "content_html": "General Motors laid off over 1,000 salaried employees in Software and Services, its division focused on infotainment, OnStar, subscriptions and other emerging features.
\nThe 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.
\n\u201cAs we build GM\u2019s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,\u201d a GM spokesperson said in the report. \u201cAs a result, we\u2019re 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.\u201d
\nThe move follows the automaker\u2019s review of the unit\u2019s operations and comes less than six months after the unit saw leadership changes, according to the report.
\nThe changes included the departure of Mike Abbott, a former Apple executive who became GM\u2019s first executive vice president of software in May 2023 and left that role in March for health reasons, per the report.
\nAbbott was succeeded by two other former Apple executives \u2014 Baris Cetinok and Dave Richardson \u2014 who reviewed the software division and decided to streamline it, The Wall Street Journal reported Monday.
\nWhen announcing Abbott\u2019s 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.
\n\u201cWe 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,\u201d GM Chair and CEO Mary Barra said at the time.
\nGM 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.
\nIn 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.
\nFor all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.
\nThe post GM Streamlines Software and Services Unit, Lays Off 1,000 appeared first on PYMNTS.com.
\n", "content_text": "General Motors laid off over 1,000 salaried employees in Software and Services, its division focused on infotainment, OnStar, subscriptions and other emerging features.\nThe 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.\n\u201cAs we build GM\u2019s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,\u201d a GM spokesperson said in the report. \u201cAs a result, we\u2019re 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.\u201d\nThe move follows the automaker\u2019s review of the unit\u2019s operations and comes less than six months after the unit saw leadership changes, according to the report.\nThe changes included the departure of Mike Abbott, a former Apple executive who became GM\u2019s first executive vice president of software in May 2023 and left that role in March for health reasons, per the report.\nAbbott was succeeded by two other former Apple executives \u2014 Baris Cetinok and Dave Richardson \u2014 who reviewed the software division and decided to streamline it, The Wall Street Journal reported Monday.\nWhen announcing Abbott\u2019s 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.\n\u201cWe 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,\u201d GM Chair and CEO Mary Barra said at the time.\nGM 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.\nIn 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.\nFor all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.\nThe post GM Streamlines Software and Services Unit, Lays Off 1,000 appeared first on PYMNTS.com.", "date_published": "2024-08-19T12:42:08-04:00", "date_modified": "2024-08-19T12:42:08-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/02/General-Motors.jpg", "tags": [ "digital transformation", "general motors", "jobs", "News", "OnStar", "Personnel", "PYMNTS News", "software", "subscriptions", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2054230", "url": "https://www.pymnts.com/personnel/2024/mastercard-to-cut-3percent-of-workforce-amid-previously-announced-reorganization/", "title": "Mastercard to Cut 3% of Workforce; Will Redeploy to \u2018Growth\u2019 Areas", "content_html": "Mastercard reportedly plans to lay off 3% of its global workforce \u2014 about 1,000 people \u2014 as part of a reorganization it announced earlier this year.
\nMost of the employees who will be affected by the move will be notified by the end of the current quarter, Reuters\u00a0reported Friday (Aug. 16), citing a Mastercard spokesperson.
\n\u201cAs these changes are made, we plan to redeploy resources into growth areas,\u201d the spokesperson said, according to the report.
\nMastercard Chief Financial Officer\u00a0Sachin Mehra said in July that the company would record a one-time restructuring charge in the quarter ending Sept. 30, per the report.
\nThe company announced an\u00a0executive restructuring on April 9. In a press release outlining its plans, Mastercard said this\u00a0realignment of its organizational structure centered on three areas \u2014 Core Payments, Commercial & New Payment Flows, and Services \u2014 and would help accelerate growth and deliver value to shareholders.
\n\u201cThese changes will reinforce our strategy and competitive advantage to drive long-term growth, diversify our revenue streams and differentiate our products and solutions,\u201d Mastercard CEO\u00a0Michael Miebach said in the release. \u201cOur teams will be able to execute faster and deliver more value to our partners and customers.\u201d
\nDuring the company\u2019s most recent\u00a0earnings 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.
\nMiebach said during the earnings call that the macroeconomic environment \u201cremains mixed.\u201d
\n\u201cStrength in consumer spending continues to be supported by a solid labor market and wage growth,\u201d Miebach said. \u201cWhile there are some signs of labor market growth moderating, this is off very strong\u00a0levels of job creation. Also, inflation and interest rates remain in focus. We\u2019ve seen inflation cool, but to varying degrees across carded and non-carded categories.\u201d
\nMastercard has also been rolling out new products and partnerships. Since the beginning of August, the company launched a\u00a0crypto-to-fiat card with Web3/blockchain platform\u00a0MetaMask and cryptocurrency payments firm\u00a0Baanx; added new features to its open banking for\u00a0lending\u00a0program powered by employment/income verifier\u00a0Argyle; and teamed up with U.K. neobank\u00a0Ampere to allow that company\u2019s customers to access\u00a0card-to-card payments.
\nThe post Mastercard to Cut 3% of Workforce; Will Redeploy to \u2018Growth\u2019 Areas appeared first on PYMNTS.com.
\n", "content_text": "Mastercard reportedly plans to lay off 3% of its global workforce \u2014 about 1,000 people \u2014 as part of a reorganization it announced earlier this year.\nMost of the employees who will be affected by the move will be notified by the end of the current quarter, Reuters\u00a0reported Friday (Aug. 16), citing a Mastercard spokesperson.\n\u201cAs these changes are made, we plan to redeploy resources into growth areas,\u201d the spokesperson said, according to the report.\nMastercard Chief Financial Officer\u00a0Sachin Mehra said in July that the company would record a one-time restructuring charge in the quarter ending Sept. 30, per the report.\nThe company announced an\u00a0executive restructuring on April 9. In a press release outlining its plans, Mastercard said this\u00a0realignment of its organizational structure centered on three areas \u2014 Core Payments, Commercial & New Payment Flows, and Services \u2014 and would help accelerate growth and deliver value to shareholders.\n\u201cThese changes will reinforce our strategy and competitive advantage to drive long-term growth, diversify our revenue streams and differentiate our products and solutions,\u201d Mastercard CEO\u00a0Michael Miebach said in the release. \u201cOur teams will be able to execute faster and deliver more value to our partners and customers.\u201d\nDuring the company\u2019s most recent\u00a0earnings 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.\nMiebach said during the earnings call that the macroeconomic environment \u201cremains mixed.\u201d\n\u201cStrength in consumer spending continues to be supported by a solid labor market and wage growth,\u201d Miebach said. \u201cWhile there are some signs of labor market growth moderating, this is off very strong\u00a0levels of job creation. Also, inflation and interest rates remain in focus. We\u2019ve seen inflation cool, but to varying degrees across carded and non-carded categories.\u201d\nMastercard has also been rolling out new products and partnerships. Since the beginning of August, the company launched a\u00a0crypto-to-fiat card with Web3/blockchain platform\u00a0MetaMask and cryptocurrency payments firm\u00a0Baanx; added new features to its open banking for\u00a0lending\u00a0program powered by employment/income verifier\u00a0Argyle; and teamed up with U.K. neobank\u00a0Ampere to allow that company\u2019s customers to access\u00a0card-to-card payments.\nThe post Mastercard to Cut 3% of Workforce; Will Redeploy to \u2018Growth\u2019 Areas appeared first on PYMNTS.com.", "date_published": "2024-08-16T19:48:57-04:00", "date_modified": "2024-08-18T21:11:54-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Mastercard-layoffs.jpg", "tags": [ "economy", "jobs", "Layoffs", "MasterCard", "News", "Personnel", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2052053", "url": "https://www.pymnts.com/personnel/2024/new-starbucks-ceo-brings-innovative-track-record-challenging-qsr-environment/", "title": "New Starbucks CEO Brian Niccol Brings Innovative Track Record to QSR Environment", "content_html": "Chipotle CEO Brian Niccol will take over as CEO of Starbucks Sept. 9, and he has the support of Starbucks founder and Chairman Emeritus Howard Schultz.
\n\u201cI know how excited [Schultz] is,\u201d Starbucks board chair Mellody Hobson said during an interview with CNBC. \u201cWhen 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, \u2018Mellody, that\u2019s a home run.\u2019\u201d
\n
Schultz\u2019s seal of approval heralds what leadership hopes will be a new era that addresses challenges and drives future growth.
\nNiccol replaces Laxman Narasimhan. The transition comes after Elliott Management became one of Starbucks\u2019 largest investors.
\n\u201cWe 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\u2019 full potential,\u201d the activist hedge fund, which has previously targeted major corporations for change, said in a statement.
\nSchultz was critical of Starbucks\u2019 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.
\nIndustry analysts were positive in their assessment of Niccol\u2019s appointment. In an interview with PYMNTS, Amanda Lai, a retail analyst and director for consultancy McMillan Doolittle, said it is \u201ca 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.\u201d
\nGreg Zakowicz, senior eCommerce expert at Omnisend, told PYMNTS Niccol\u2019s hire is promising.
\n\u201cIt\u2019s surprising, but he may just be the perfect fit for the organization,\u201d Zakowicz said. \u201cHe 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\u2019t 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.\u201d
\nRachel Ruggeri will serve as Starbucks\u2019 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\u2019s stock has performed well, tripling over the last five years.
\nScott Boatwright will step in as interim CEO following Niccol\u2019s 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.
\nNiccol 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\u2019s performance.
\nHe introduced the Breakfast Menu, attracting new customers and enhancing the brand\u2019s appeal, and the Doritos Locos Tacos, which drove an increase in sales. Niccol also spearheaded Taco Bell\u2019s digital transformation by launching a user-friendly app that streamlined ordering and boosted customer engagement.
\nHis focus on operational efficiency and cost management enhanced profitability and solidified Taco Bell\u2019s position as a modern, innovative player in the fast-food industry. Additionally, his efforts to expand Taco Bell\u2019s international footprint and accelerate store openings contributed to the chain\u2019s global growth.
\nAt Chipotle, Niccol led a turnaround from 2018 to 2024, nearly doubling the company\u2019s revenue and achieving a stock surge of nearly 800%, Starbucks said in a press release.
\nNiccol introduced successful menu innovations and expanded digital capabilities, including online ordering, delivery services and the Chipotle Rewards program.
\n\u201cNiccol\u2019s previous experience at the helm of Chipotle will lend itself well to reinvigorating the Starbucks brand,\u201d Lai said. \u201cAt Chipotle, Niccol\u2019s 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.\u201d
\nShe added that the Chipotle Rewards loyalty program \u201cintroduced 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.\u201d
\nWhile Narasimhan\u2019s tenure as CEO at Starbucks was marked by declining global sales, Niccol\u2019s CEO trajectory at Taco Bell and Chipotle has ridden a wave of positive momentum.
\nDuring 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.
\n\u201cThis 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,\u201d Lai said. \u201cIn 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\u2019 digital growth plans to help Starbucks navigate the evolving competitive landscape and drive sustainable growth.\u201d
\nThe post New Starbucks CEO Brian Niccol Brings Innovative Track Record to QSR Environment appeared first on PYMNTS.com.
\n", "content_text": "Chipotle CEO Brian Niccol will take over as CEO of Starbucks Sept. 9, and he has the support of Starbucks founder and Chairman Emeritus Howard Schultz.\n\u201cI know how excited [Schultz] is,\u201d Starbucks board chair Mellody Hobson said during an interview with CNBC. \u201cWhen 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, \u2018Mellody, that\u2019s a home run.\u2019\u201d\n\nSchultz\u2019s seal of approval heralds what leadership hopes will be a new era that addresses challenges and drives future growth.\nNiccol replaces Laxman Narasimhan. The transition comes after Elliott Management became one of Starbucks\u2019 largest investors.\n\u201cWe 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\u2019 full potential,\u201d the activist hedge fund, which has previously targeted major corporations for change, said in a statement.\nSchultz was critical of Starbucks\u2019 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.\nIndustry analysts were positive in their assessment of Niccol\u2019s appointment. In an interview with PYMNTS, Amanda Lai, a retail analyst and director for consultancy McMillan Doolittle, said it is \u201ca 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.\u201d\nGreg Zakowicz, senior eCommerce expert at Omnisend, told PYMNTS Niccol\u2019s hire is promising.\n\u201cIt\u2019s surprising, but he may just be the perfect fit for the organization,\u201d Zakowicz said. \u201cHe 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\u2019t 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.\u201d\nRachel Ruggeri will serve as Starbucks\u2019 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\u2019s stock has performed well, tripling over the last five years.\nScott Boatwright will step in as interim CEO following Niccol\u2019s 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.\nNiccol 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\u2019s performance.\nHe introduced the Breakfast Menu, attracting new customers and enhancing the brand\u2019s appeal, and the Doritos Locos Tacos, which drove an increase in sales. Niccol also spearheaded Taco Bell\u2019s digital transformation by launching a user-friendly app that streamlined ordering and boosted customer engagement.\nHis focus on operational efficiency and cost management enhanced profitability and solidified Taco Bell\u2019s position as a modern, innovative player in the fast-food industry. Additionally, his efforts to expand Taco Bell\u2019s international footprint and accelerate store openings contributed to the chain\u2019s global growth.\nAt Chipotle, Niccol led a turnaround from 2018 to 2024, nearly doubling the company\u2019s revenue and achieving a stock surge of nearly 800%, Starbucks said in a press release.\nNiccol introduced successful menu innovations and expanded digital capabilities, including online ordering, delivery services and the Chipotle Rewards program.\n\u201cNiccol\u2019s previous experience at the helm of Chipotle will lend itself well to reinvigorating the Starbucks brand,\u201d Lai said. \u201cAt Chipotle, Niccol\u2019s 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.\u201d\nShe added that the Chipotle Rewards loyalty program \u201cintroduced 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.\u201d\nWhile Narasimhan\u2019s tenure as CEO at Starbucks was marked by declining global sales, Niccol\u2019s CEO trajectory at Taco Bell and Chipotle has ridden a wave of positive momentum.\nDuring 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.\n\u201cThis 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,\u201d Lai said. \u201cIn 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\u2019 digital growth plans to help Starbucks navigate the evolving competitive landscape and drive sustainable growth.\u201d\nThe post New Starbucks CEO Brian Niccol Brings Innovative Track Record to QSR Environment appeared first on PYMNTS.com.", "date_published": "2024-08-13T18:15:33-04:00", "date_modified": "2024-08-13T18:20:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/02/starbucks.jpg", "tags": [ "Amanda Lai", "Brian Niccol", "chipotle", "digital transformation", "food and beverage", "Greg Zakowicz", "loyalty rewards", "McMillan Doolittle", "News", "Omnisend", "Personnel", "PYMNTS News", "QSRs", "Restaurants", "starbucks" ] }, { "id": "https://www.pymnts.com/?p=2051590", "url": "https://www.pymnts.com/personnel/2024/starbucks-appoints-chipotle-head-brian-niccol-as-ceo/", "title": "Starbucks Appoints Chipotle Head Brian Niccol as CEO", "content_html": "Starbucks said Tuesday (Aug. 13) that it has appointed Chipotle Chairman and CEO Brian Niccol as CEO, effective Sept. 9, succeeding Laxman Narasimhan, who stepped down as CEO and director Tuesday.
\nNiccol will leave Chipotle effective Aug. 31, at which time Chipotle Chief Operating Officer Scott Boatwright will become the restaurant company\u2019s interim CEO, according to a Tuesday press release from Chipotle.
\nStarbucks 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.
\nAnnouncing these changes, Starbucks highlighted Niccol\u2019s \u201cfocus on people and culture, brand, menu innovation, operational excellence and digital transformation.\u201d
\nSince 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\u2019 wages and benefits, according to the release.
\nBefore 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.
\nHe currently serves on the board of directors of Walmart.
\n\u201cHis phenomenal career speaks for itself,\u201d Hobson said in the release. \u201cBrian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth.\u201d
\nNiccol said in the release that he has long admired Starbucks\u2019 brand, culture and \u201ccommitment to enhancing human connections.\u201d
\n\u201cAs 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,\u201d Niccol said.
\nNarasimhan served as Starbucks\u2019 CEO and as a member of its board of directors since March 2023, when he succeeded company founder and then-CEO Howard Schultz.
\nDuring his time in that role, Narasimhan improved the company\u2019s partner experience, innovated its supply chain and enhanced its store operations, Starbucks said in the Tuesday press release.
\n\u201cIn the face of some challenging headwinds, Laxman has been laser focused on improving the business to meet the needs of our customers and partners,\u201d Hobson said. \u201cWe all wish him the very best and know he will do great things in the future.\u201d
\nThis news comes about two weeks after Starbucks reported mixed financial results for its third fiscal quarter ended June 30. The firm\u2019s global comparable store sales dipped 3%, driven by a 5% decrease in transactions despite a 2% rise in average ticket size.
\nThe post Starbucks Appoints Chipotle Head Brian Niccol as CEO appeared first on PYMNTS.com.
\n", "content_text": "Starbucks said Tuesday (Aug. 13) that it has appointed Chipotle Chairman and CEO Brian Niccol as CEO, effective Sept. 9, succeeding Laxman Narasimhan, who stepped down as CEO and director Tuesday.\nNiccol will leave Chipotle effective Aug. 31, at which time Chipotle Chief Operating Officer Scott Boatwright will become the restaurant company\u2019s interim CEO, according to a Tuesday press release from Chipotle.\nStarbucks 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.\nAnnouncing these changes, Starbucks highlighted Niccol\u2019s \u201cfocus on people and culture, brand, menu innovation, operational excellence and digital transformation.\u201d\nSince 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\u2019 wages and benefits, according to the release.\nBefore 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.\nHe currently serves on the board of directors of Walmart.\n\u201cHis phenomenal career speaks for itself,\u201d Hobson said in the release. \u201cBrian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth.\u201d\nNiccol said in the release that he has long admired Starbucks\u2019 brand, culture and \u201ccommitment to enhancing human connections.\u201d\n\u201cAs 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,\u201d Niccol said.\nNarasimhan served as Starbucks\u2019 CEO and as a member of its board of directors since March 2023, when he succeeded company founder and then-CEO Howard Schultz.\nDuring his time in that role, Narasimhan improved the company\u2019s partner experience, innovated its supply chain and enhanced its store operations, Starbucks said in the Tuesday press release.\n\u201cIn the face of some challenging headwinds, Laxman has been laser focused on improving the business to meet the needs of our customers and partners,\u201d Hobson said. \u201cWe all wish him the very best and know he will do great things in the future.\u201d\nThis news comes about two weeks after Starbucks reported mixed financial results for its third fiscal quarter ended June 30. The firm\u2019s global comparable store sales dipped 3%, driven by a 5% decrease in transactions despite a 2% rise in average ticket size.\nThe post Starbucks Appoints Chipotle Head Brian Niccol as CEO appeared first on PYMNTS.com.", "date_published": "2024-08-13T10:37:32-04:00", "date_modified": "2024-08-13T10:37:32-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/03/Starbucks.jpg", "tags": [ "Brian Niccol", "chipotle", "laxman narasimhan", "News", "Personnel", "PYMNTS News", "QSRs", "quick service restaurants", "Restaurants", "starbucks", "What's Hot" ] } ] }