Accenture (NYSE:ACN) has picked 51-year old Julie Sweet as CEO after serving on the company's management committee for almost a decade. She has headed Accenture's North America operations since 2015 She has said looking for diversified revenue growth will be a key priority for her. She has previously been a Partner for 10 years at Cravath, Swaine and Moore. "Julie is the right person", assented current interim CEO David Rowland who will step into the role of Executive Chair. Non-Executive Chair Marge Magner, speaking on behalf of the board, cited Julie's "ability to forge major client relationships", "leading with innovation" and "focus on delivering value to shareholders" as key strengths which will serve her well as CEO. She is a member of the TechNet Executive Council.
Thursday, 11 July 2019
Under BladeLogic Founder Dev's Leadership, Mongo DB Stock is Up 200%, Market Cap 8.7bn
Mongo DB (NASDAQ:MDB) stock is up 200% year to date, from $52 to $157. Its current CEO, Dev Ittycheria, co-founded BladeLogic and sold the company to BMC for a whopping $900m. BladeLogic has since been re-branded to TrueSight.
Tuesday, 9 July 2019
Christian Sewing Presses "Restart" for Deutsche Bank, Casting off Equities, Capital Crunching Fixed Income and Shoving 7.4bn RWA into "Capital Release" Unit
Deutsche CEO Christian Sewing has stated "We are doing what is necessary to unleash our true potential...We are building on our strengths. This is a restart for Deutsche Bank".
Sewing replaced outgoing German-speaking British Chief Executive John Cryan on 8 April 2018. One year into the CEO role Sewing has unleashed a radical restructure of the Deutsche Bank.
New Board members effective 1 August 2019 will be ex-McKinsey consultant Christiana Riley, Bernd Leukert who is a member of the Supervisory Board of Bertelsmann SE and held various executive roles at SAP and Stefan Simon, a lawyer, bringing experience in corporate law, corporate governance and compensation oversight (he is also an honorary professor at the University of Cologne).
A major part of the restructuring will be exiting the Equities Sales and Trading business and reducing capital consumed by the other businesses especially Rates. A preliminary agreement has been struck with BNP Paribas to provide continuity of service for electronic equities clients with a view to moving technology and staff across in due time. Deutsche's electronic equities and prime brokerage is mainly US-based. Several hedge funds have pulled out of Deutsche's prime business following a series of fines.
As part of the "restart", 74 billion euros of risk-weighted assets will be moved into a Capital Release Unit (CRU) for wind-down. A new CET1 target ratio of 12.5% has been targeted along with a fully loaded leverage ratio of 5% from 2022. There will also be a reduction in headcount by 18,000 full time employees. 13 billion will be invested in technology in the next three years.
Sewing replaced outgoing German-speaking British Chief Executive John Cryan on 8 April 2018. One year into the CEO role Sewing has unleashed a radical restructure of the Deutsche Bank.
New Board members effective 1 August 2019 will be ex-McKinsey consultant Christiana Riley, Bernd Leukert who is a member of the Supervisory Board of Bertelsmann SE and held various executive roles at SAP and Stefan Simon, a lawyer, bringing experience in corporate law, corporate governance and compensation oversight (he is also an honorary professor at the University of Cologne).
A major part of the restructuring will be exiting the Equities Sales and Trading business and reducing capital consumed by the other businesses especially Rates. A preliminary agreement has been struck with BNP Paribas to provide continuity of service for electronic equities clients with a view to moving technology and staff across in due time. Deutsche's electronic equities and prime brokerage is mainly US-based. Several hedge funds have pulled out of Deutsche's prime business following a series of fines.
As part of the "restart", 74 billion euros of risk-weighted assets will be moved into a Capital Release Unit (CRU) for wind-down. A new CET1 target ratio of 12.5% has been targeted along with a fully loaded leverage ratio of 5% from 2022. There will also be a reduction in headcount by 18,000 full time employees. 13 billion will be invested in technology in the next three years.
Monday, 3 June 2019
Bamberg-born Reinhard Ploss' Infineon to Acquire AMD-Alumni Formed Cypress Semiconductor for $10bn
This makes Infineon the top automotive IC supplier in the world.
Last year it bought Siltectra for 125m euro, a 2010-founded specialist in wafer treatment technologies.
Bamberg-born Reinhard Ploss is Chief Executive of Infineon, shares his birthplace of Conrad III of Germany, and studied Process Engineering at the Technical University of Munich.
Cypress Semiconductor has a range of products including NOR flash memories. Oshkosh, Wisconsin born T.J. Rodgers was a founder of Cypress Semiconductor along with other alumni from AMD.
Infineon has an interesting background. It was founded as recently as 1999 and was a spinoff of Siemens AG's semiconductor operations on the premise that public financing for the semiconductor business specifically was more practical than relying on Siemens' internal financial resources.
The subsidiary prior to spinoff was called Siemens Semiconductors.
Last year it bought Siltectra for 125m euro, a 2010-founded specialist in wafer treatment technologies.
Bamberg-born Reinhard Ploss is Chief Executive of Infineon, shares his birthplace of Conrad III of Germany, and studied Process Engineering at the Technical University of Munich.
Cypress Semiconductor has a range of products including NOR flash memories. Oshkosh, Wisconsin born T.J. Rodgers was a founder of Cypress Semiconductor along with other alumni from AMD.
Infineon has an interesting background. It was founded as recently as 1999 and was a spinoff of Siemens AG's semiconductor operations on the premise that public financing for the semiconductor business specifically was more practical than relying on Siemens' internal financial resources.
The subsidiary prior to spinoff was called Siemens Semiconductors.
Thursday, 23 May 2019
Qualcomm Impacted by $272m EU Antitrust Fine
The fine is related to Qualcomm's historical pricing (from 2009 to 2011) of 3G modem chips and comes at the end of a four-year long investigation by the EU.
The fine was announced by the EU's Competition Commissioner Margrethe Vestager. She was previously a member of the Folketing (Danish Parliament) known as Folketinget in Danish ("people's thing") which governs Denmark, the Faroe Islands and Greenland.
Antitrust laws govern the distribution of economic power and are aimed to ensure fair competition.
Price fixing activities generally come under antitrust law.
The fine was announced by the EU's Competition Commissioner Margrethe Vestager. She was previously a member of the Folketing (Danish Parliament) known as Folketinget in Danish ("people's thing") which governs Denmark, the Faroe Islands and Greenland.
Antitrust laws govern the distribution of economic power and are aimed to ensure fair competition.
Price fixing activities generally come under antitrust law.
Friday, 17 May 2019
Amazon Contributes to $575m Investment in Deliveroo
Amazon has invested heavily in Deliveroo, having scrapped its own online food delivery service. Deliveroo will use the money for international expansion. Its model is not to employ riders directly but pay them per delivery.
Saturday, 4 May 2019
Avengers: Endgame Boosts Disney Share Price to $140
Disney's share price rose to $140 following news of the success of Avengers: Endgame, its latest release in the Marvel Cinematic Universe (MCU).
To date, the top 10 Marvel films have brought in more than $1bn each on average, supporting Disney's decision to acquire Marvel in 2009 for $4bn. Marvel was founded in 1986 as a subsidiary of Cadence Industries (it was subsequently taken over several times, and was described as a "mini-Disney in terms of intellectual property" by Greensboro-born American businessman, Ron Perelman, who won $1.5bn from Morgan Stanley in legal claims, a decision which was later reversed).
After Marvel, Disney later acquired Lucasfilm (2012) from founder George Lucas for $4bn (citing "substantial pent-up demand" for Star Wars movies, and 21st Century Fox (2019) (which owns in turn Star India, and majority owns Hulu, a low-cost streaming media subscription service and Fox Deportes, formerly Fox Sports en Espanol).
Disney Plus, a new streaming service, is also set to be launched late 2019, featuring the entire Star Wars series plus a range of Disney-owned content.
ABC Television alumnus Robert ("Bob") Iger has been CEO of Disney for over a decade, succeeding Michael Eisner in 2005, having been five years in the COO position.
Bob went to Ithaca College in New York (Tompkins County).
Bob earned a whopping $65m for being CEO in 2018. He also joined the Board of Directors of Apple in 2011 (chaired by American businessman and former CEO and later Chairman of Genentech, Arthur Levinson).
To date, the top 10 Marvel films have brought in more than $1bn each on average, supporting Disney's decision to acquire Marvel in 2009 for $4bn. Marvel was founded in 1986 as a subsidiary of Cadence Industries (it was subsequently taken over several times, and was described as a "mini-Disney in terms of intellectual property" by Greensboro-born American businessman, Ron Perelman, who won $1.5bn from Morgan Stanley in legal claims, a decision which was later reversed).
After Marvel, Disney later acquired Lucasfilm (2012) from founder George Lucas for $4bn (citing "substantial pent-up demand" for Star Wars movies, and 21st Century Fox (2019) (which owns in turn Star India, and majority owns Hulu, a low-cost streaming media subscription service and Fox Deportes, formerly Fox Sports en Espanol).
Disney Plus, a new streaming service, is also set to be launched late 2019, featuring the entire Star Wars series plus a range of Disney-owned content.
ABC Television alumnus Robert ("Bob") Iger has been CEO of Disney for over a decade, succeeding Michael Eisner in 2005, having been five years in the COO position.
Bob went to Ithaca College in New York (Tompkins County).
Bob earned a whopping $65m for being CEO in 2018. He also joined the Board of Directors of Apple in 2011 (chaired by American businessman and former CEO and later Chairman of Genentech, Arthur Levinson).
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