Category Banking and Finance

Sprinklr has announced Rory Read as its new CEO and President, effective immediately. This leadership shift follows the tenure of co-CEOs Ragy Thomas and Trac Pham, with Thomas transitioning to an advisory role while remaining Founder and Chairman of the Board. Pham will step into a new, unspecified advisory position and will no longer be on the Board of Directors.

Thomas described the appointment as an “exciting new chapter” for Sprinklr, highlighting that Read’s leadership would strengthen the company’s foundations, bolster product innovation, and further customer and partner success.

Read, whose background includes executive roles at IBM, Lenovo, Dell, and, more recently, Vonage, rose to prominence by transforming Vonage’s enterprise communications portfolio with CCaaS, UCaaS, and CPaaS solutions. His tenure culminated in the sale of Vonage to Ericsson in 2021 for $6.2 billion, after which he served as Ericsson’s Senior Vice President and Head of the Business Area Global Communications Platform. He left that position earlier this year.

Read’s extensive experience in the CCaaS sector aligns with Sprinklr’s aspirations to accelerate its service offerings in the rapidly evolving contact center market. During a recent earnings call, Thomas candidly discussed the operational challenges Sprinklr faced as it scaled its CCaaS platform, Sprinklr Service, to meet rising demand, especially after securing major clients like Deutsche Telekom and BT. To scale effectively, Sprinklr has been building partnerships, establishing carrier networks, and tailoring solutions to address regional compliance standards—a process Thomas described as “building our own internal muscle.”

With much of this groundwork completed, Sprinklr sees Read’s appointment as a move to elevate its CCaaS capabilities to new heights. Read expressed optimism about Sprinklr’s trajectory, stating his commitment to crafting a strategic vision that brings concrete value to customers through its AI-powered platform.

Industry experts, including Simon Harrison, Founder and CEO of Actionary, see Read’s background as a strong match for Sprinklr’s goal of becoming a leading player in customer experience management (CXM). According to Harrison, Sprinklr is focused on refining knowledge and case management processes as it positions itself as an “operating system for all customer conversations.” He commended Read as a seasoned leader with three decades of success in operational transformation and business strategy.

The decision to appoint Read marks an end to Sprinklr’s brief experiment with co-CEOs, which lasted less than five months after Trac Pham was elevated to the position in June. Initially, this shared structure was designed to let Pham focus on operational management while Thomas concentrated on product and vision. Despite Thomas’s praise for Pham’s contributions, the company has not disclosed specific reasons for the change.

The recent history of co-CEO models in tech has been mixed, with competitors like RingCentral experiencing swift CEO turnover, while others—like Oracle, SAP, and Workday—have demonstrated success with co-leadership approaches from diverse backgrounds.

Meanwhile, Sprinklr has unveiled 70 new features in its latest update to the Sprinklr Service CCaaS platform, which include enhancements to knowledge management, workforce efficiency, and case management. Updates also extend to the AI-powered Digital Twin module, which now more effectively automates customer interactions, supporting teams across departments.

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3C IT Solutions & Telecoms India Ltd, a leader in comprehensive IT infrastructure solutions, has appointed Hashyadeep Dave as its new Chief Executive Officer (CEO). His role aligns with the company’s current expansion initiatives, focusing on strategies for growth, operational efficiency, technological advancements, and a customer-centered approach. Dave’s responsibilities will also include strengthening client relationships, fostering partnerships with technology vendors, software providers, and integrators to create revenue opportunities and extend market reach.

With over 20 years of experience in the ICT sector, Dave brings expertise from senior roles in sales, business development, revenue management, and marketing communications. He is recognized as a specialist in digital transformation, particularly in SaaS, PaaS, IaaS, data centers, hyper-cloud, edge technology, IoT, and security solutions. In his new position, he will lead the company’s business expansion across India, with a focus on scaling profitability and increasing market presence.

Before joining 3C IT Solutions & Telecoms, Dave played a key role in driving revenue growth as GM Enterprise Business at Vodafone Idea Limited in Mumbai. His leadership experience also includes positions at Tata Teleservices in Bangalore, Tata Communications in Pune, and The Associated Cement Companies Ltd. He has been an active contributor in digital technology forums as a speaker and thought leader, particularly interested in space technology and satellite communications, sharing insights and thought-provoking articles across professional platforms.

Ranjit Maayengbam, Founder and current Managing Director and Chairman of 3C IT Solutions & Telecoms, expressed confidence in Dave’s appointment. He remarked that the decision was motivated by Dave’s visionary approach to digital transformation and deep technical knowledge, emphasizing that Dave’s leadership would be instrumental in guiding the organization’s journey toward growth and innovation.

In a statement about his new role, Dave expressed excitement to lead and collaborate with the talented team at 3C IT Solutions & Telecoms. He highlighted his focus on utilizing advanced technologies and innovative service models to meet the evolving demands of clients, aiming to establish new benchmarks in operational efficiency, automation, and customer-centricity.

The appointment of Dave represents a significant milestone in 3C IT Solutions & Telecoms’ trajectory. As the company enhances its leadership team, it is well-positioned to unlock substantial growth opportunities in the IT infrastructure sector.

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Last week, CVS Health appointed David Joyner, a seasoned company veteran, as its new CEO, joining a growing number of firms this year that have turned to experienced executives to address investor concerns in a turbulent economic landscape. Joyner replaces Karen Lynch, who led the company for three and a half years during which CVS’s stock declined by nearly 11%. Pressure from an activist investor influenced the leadership change, as CVS has revised its 2024 profit forecast downward three times, citing rising Medicare-related costs.

Earlier, Nike took similar steps by hiring Elliott Hill, a former senior executive, to replace John Donahoe as president and CEO, aiming to boost sales and compete more effectively in the marketplace. Additionally, Boeing tapped aerospace industry veteran Kelly Ortberg as its CEO to help the company navigate ongoing legal and regulatory challenges.

Brian Jacobsen, chief economist at Annex Wealth Management, explained that investors often feel reassured when an experienced leader takes charge during difficult times. He noted that while a new face may be appropriate when there are fresh opportunities or divisions, in times of economic uncertainty, investors tend to prefer someone who has previously weathered similar cycles.

This year has seen a record number of CEO departures in the United States. Between January and August, CEO exits increased by 15%, reaching 1,450, compared to the same period last year, according to a report by outplacement firm Challenger, Gray & Christmas. Economic uncertainty was cited as a key factor driving these leadership changes.

On Monday, Walt Disney followed this trend, naming James Gorman, a veteran from Morgan Stanley, as its new chair. Gorman had already been tasked with finding a successor for CEO Bob Iger, who retired in 2021 but returned the following year to help the company navigate a pandemic-related downturn.

Michael Ashley Schulman, chief investment officer at Running Point Capital, observed that the pandemic and resulting economic difficulties have led many companies to prioritize stability and experience over innovation. He noted that these companies often bring in seasoned leaders to execute immediate turnaround strategies rather than focusing on long-term transformation.

This approach has yielded mixed results. Apple famously benefited from the return of its founder, Steve Jobs, in 1997, who went on to revolutionize the company with the iPhone. Howard Schultz also returned to Starbucks three times, each time steering the coffee giant back on course when sales lagged. However, the strategy has not worked as well for other companies, such as Dell, Twitter, and consumer goods leader Procter & Gamble (P&G).

P&G brought back former CEO Alan Lafley in 2013 to revitalize its sales, but his second tenure proved less successful, and he was replaced by another company veteran after about two years. Research published in the MIT Sloan Management Review in 2020 highlighted that companies led by “boomerang CEOs”—executives returning for a second term—tend to underperform compared to their first tenure. The study found that the annual stock performance of companies led by these CEOs was, on average, 10% lower than those of their first-stint peers.

Xu Jiang, an associate professor at Duke University’s Fuqua School of Business, added that returning CEOs often display overconfidence. Their reliance on outdated strategies and difficulty in adapting to evolving business conditions can sometimes exacerbate problems rather than solve them.

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Tesla’s stock saw its largest single-day increase since 2013 after the electric vehicle giant reported better-than-expected quarterly profits and forecasted “slight growth” in deliveries for 2024, with a significant boost projected for 2025.

The performance reflects a positive turnaround for Tesla, which has faced a challenging few quarters amid concerns over weakening global demand for electric vehicles. The company has also navigated controversy surrounding CEO Elon Musk’s political stances and a legal battle to restore his $56 billion stock option package. Musk projected on Wednesday that vehicle sales could rise by 20% to 30% in 2024 as cost reductions lower car prices, likely stimulating demand. He also pointed to advancements in Tesla’s self-driving technology and new offerings, including the autonomous “Cybercab” introduced earlier this month. Additionally, he noted that decreasing interest rates have lowered monthly financing costs, boosting demand further.

Tesla’s shares rose by 21.9% on Thursday, adding over $150 billion to its market cap—a reassuring development for investors, as shares remain at half their November 2021 peak. Tesla, however, retains its position as the world’s most valuable carmaker.

The company reported an 8% rise in adjusted net income for Q3, reaching $2.5 billion, surpassing analyst expectations of $2.1 billion. Revenue grew by 8% to $25.2 billion, slightly below the $25.4 billion forecast. Profits were bolstered by a 2% increase in vehicle sales revenue—accounting for 80% of Tesla’s income—alongside a 52% rise in revenue from its energy generation and storage division, and a 29% increase in its services business, which includes its supercharger network.

Operating expenses decreased by 6% to $2.3 billion after a workforce reduction of 10%, approximately 14,000 jobs, earlier in the year. Tesla maintained its outlook for “slight growth” in 2024 vehicle deliveries despite global economic challenges and reaffirmed that new vehicles, including more affordable models, are on track for production in the first half of 2025.

Musk clarified that Tesla had no plans to develop an anticipated $25,000 “Model 2.” Instead, he emphasized that the company was focusing on cost reduction for existing models. The Cybercab, expected to cost around $25,000 with government EV incentives, represents part of Musk’s strategic shift toward autonomous driving and robotics, which he envisions as Tesla’s future main revenue sources. This month, Musk revealed a prototype of self-driving “Cybercabs” slated for production by 2027, although analysts and investors were underwhelmed by the lack of technical and financial details shared during the “We, Robot” event in Los Angeles.

Third-quarter results offered a brighter outlook. Tesla announced that its Cybertruck production had reached a positive gross margin for the first time, and the model ranked as the third best-selling EV in the U.S., behind the Model Y and Model 3. Tesla also disclosed that production for its “Semi” electric truck would begin by the end of 2024, with Musk citing “ridiculous demand” for the vehicle.

Earlier in the month, Tesla reported a 6.4% increase in Q3 deliveries, reaching 462,890 vehicles globally, buoyed by strong Chinese sales offsetting weaker demand in Europe, and maintained its lead over China’s BYD. Analysts observed an improvement in Tesla’s gross margin, which increased to 19.8% from 17.9% in the same quarter last year, aided by $739 million in revenue from regulatory credits, Tesla’s second-highest amount after the record $890 million in Q2.

Tesla also updated its progress on artificial intelligence infrastructure at its Texas plant, disclosing that 29,000 Nvidia H100 graphics processing units (GPUs) were installed to support its self-driving AI, known as FSD, with plans to increase this to 50,000 units by the end of October.

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The UK’s leading meat-free business is looking to rebound from a difficult period with fresh leadership, appointing former Heineken UK executive David Flochel as its new CEO. Flochel will succeed Marco Bertacca, who has led the company since January 2020 and will begin his role next month. The two will work together during a transition phase before Bertacca departs.

This change comes after the company, which includes the Quorn and Cauldron Foods brands, reported a significant fourfold increase in losses last year, reaching over $81.7 million. Despite the financial challenges, the company made strategic moves, including rebranding its food service range as Quorn Pro, launching the Marlow Ingredients division to serve B2B clients, and securing a deal to supply mycoprotein to the NHS. Quorn also continues to hold a dominant position, capturing a third of the UK’s meat-free market.

Bertacca took charge just before the pandemic, succeeding Kevin Brennan. During his tenure, he steered Quorn through the difficulties posed by COVID-19 lockdowns, inflation, and cost-of-living pressures, as well as broader industry struggles in the vegan sector. Under his leadership, Quorn began supplying its mycoprotein to other businesses for the first time, boosted food service sales, and introduced its ingredients for blended meat products through a partnership with the NHS.

Monde Nissin CEO Henry Soesanto acknowledged Bertacca’s contributions, noting that his leadership during critical moments in Quorn’s history and his dedication to the company’s mission and values had been extraordinary.

Flochel, who has extensive experience in the food and beverage industry, including roles at Mars, Unilever, and Selecta Group, most recently worked at consumer health company Haleon, where he led the nicotine replacement therapy team outside the U.S. He described 2025 as a pivotal “reset year” for Quorn as it looks to recover from its recent struggles.

In 2023, Quorn’s revenue fell by 7% to $266 million, marking its lowest since 2017. The business hasn’t reported a pre-tax profit since 2021, and despite halving its selling and distribution costs, soaring production expenses severely impacted its gross profit, which dropped from $84 million in 2022 to just $1.8 million last year. Inflation was cited as a major factor, with retail being the hardest-hit channel, where Quorn’s sales declined by 8.6%.

These financial setbacks led the company to restructure its UK operations, resulting in layoffs across retail, supply chain, research and development, and other support areas, as well as cutbacks at its factory in Billingham. In the U.S., the company devalued a $22.2 million investment to zero in 2022 and responded by exiting from several retailers and foodservice locations, reducing marketing expenditure, and downsizing its workforce. Quorn also withdrew from retail markets in Belgium, the Netherlands, and Luxembourg.

Despite these challenges, Quorn remains the top-selling meat-free brand in the UK, although its sibling brand Cauldron was recently overtaken by tofu producer The Tofoo Co. as the second-best seller.

Quorn’s difficulties reflect broader issues within the plant-based food sector. In both the UK and the U.S., consumer interest in meat-free products has waned. NIQ data shows that in the UK, chilled meat substitutes saw a 5% decline in sales over the year ending in May 2024, with frozen meat alternatives falling by 6%. In the U.S., Circana reported a 9% drop in retail sales of meat alternatives for the year ending in July 2024.

Investment in the plant-based sector has also taken a hit globally, decreasing by 25% in 2023. By the third quarter of 2024, the industry had only attracted 21% of the funding it received in 2023. These pressures have led to the collapse of several plant-based brands. In the UK, LoveSeitan ceased operations last year after six years of trading, while Meatless Farm and VBites narrowly avoided closure.

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Metso’s Board of Directors has announced the appointment of Sami Takaluoma as the company’s next President and CEO, with his tenure set to begin on November 1, 2024. The current President and CEO, Pekka Vauramo, will remain with Metso until the end of 2024, as per his contractual agreement, to ensure a seamless transition of leadership.

Sami Takaluoma, who has been with Metso since 1997 and has overseen the Services business area since 2021, has also been a member of the company’s Leadership Team since 2017. His extensive experience within the organization and his deep knowledge of the industries Metso serves were key factors in the Board’s decision.

Kari Stadigh, Chair of Metso’s Board of Directors, speaking on behalf of the Board, underscored Takaluoma’s qualifications, highlighting his strong track record in business leadership. Stadigh noted that Takaluoma had played a pivotal role in the growth of Metso’s services and consumables businesses, especially following the merger with Outotec. The Board expressed confidence that Takaluoma is the right leader to guide Metso into its next chapter.

Stadigh also extended gratitude to Pekka Vauramo for his service, acknowledging his contributions during his time as CEO. Under Vauramo’s leadership, Metso had transformed into a stronger organization with enhanced profitability, improved customer satisfaction, and a strengthened company culture. The Board wished Vauramo success in his future endeavors as he steps down from his role.

In his response to the appointment, Sami Takaluoma expressed his appreciation to the Board for entrusting him with the leadership role. Reflecting on his 27-year tenure at Metso, Takaluoma emphasized his deep understanding of the company and its potential. He noted that Metso, with its long history and solid foundation in the aggregates and mining sectors, is well-positioned to achieve industry leadership. He looked forward to working with the company’s talented team to drive further growth and value for customers and stakeholders.

Pekka Vauramo, in turn, expressed his thanks to his colleagues and Metso’s Board for the accomplishments over the past six years. He conveyed his optimism for the company’s future under Takaluoma’s leadership and wished his successor and the entire Metso team continued success.

Metso has scheduled a press conference for the media on October 24, 2024, from 11:30 to 12:15 at Hotel Vaakuna in Helsinki. Both the incoming CEO, Sami Takaluoma, and the current CEO, Pekka Vauramo, will be present for the event.

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Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ: TEAM), recently sold a portion of his holdings in the company, as reported in a Securities and Exchange Commission (SEC) Form 4 filing. The sale involved Class A Common Stock valued at approximately $1.74 million, executed on November 5 across multiple trades at prices ranging from $215.74 to $221.91 per share. Following these transactions, Cannon-Brookes retains indirect ownership of 302,024 shares through a trust.

The sale was conducted under a Rule 10b5-1 trading plan, a mechanism that enables company insiders to schedule prearranged stock trades. Cannon-Brookes continues to be a pivotal leader at Atlassian, recognized for its popular productivity and collaboration software.

In related news, Atlassian Corporation Plc began Fiscal Year 2025 on a strong note, reporting a 31% increase in cloud revenue, exceeding the forecasted 27%. This growth has been largely driven by successful AI integration across its cloud offerings and effective sales execution. The company also launched “Rovo,” an AI-powered product, alongside other new features targeting enterprise enhancements.

Recently, Atlassian appointed Brian Duffy as Chief Revenue Officer, a strategic decision that aligns with the company’s focus on expanding its enterprise business. Despite facing macroeconomic uncertainties, Atlassian remains confident in its future, noting a substantial enterprise client base, with over 524 customers generating more than $1 million annually.

However, the company issued cautious Q2 and FY25 guidance, pointing to potential risks related to the macroeconomic environment and the complexities involved in cloud migrations for enterprise clients. During its earnings call, CEO Cannon-Brookes and CFO Joe Binz reiterated Atlassian’s commitment to innovation, customer satisfaction, and strategic enterprise expansion.

Atlassian’s revenue has shown steady growth, with a 23.31% increase over the past twelve months as of Q1 2023, reaching $4.57 billion. The company also reported a robust gross profit margin of 81.55%, highlighting its strong operational efficiency and competitive edge in the software industry.

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Italian luxury brand Bulgari is gearing up to expand its network of stores across mainland China, confident in the growth potential of its online channels to drive future sales. CEO Jean-Christophe Babin remarked at the China International Import Expo (CIIE) in Shanghai that, while Bulgari already holds a strong presence in China, there remains a significant opportunity to elevate the brand’s influence further.

Despite an economic slowdown impacting Bulgari’s sales this year, Babin suggested the luxury market could rebound within the next two years as China’s economy stabilizes. He noted that the online segment has shown resilience, benefiting from a broad client base and consistent growth. Bulgari, a subsidiary of LVMH, has established online stores across multiple Chinese e-commerce platforms, including a dedicated luxury section on Alibaba’s Tmall.

As Bulgari marks its 140th anniversary, its footprint in China has expanded significantly since the brand’s modest 12-square-meter debut store in 2004. Today, Bulgari operates over 100 stores across 40,000 square meters in China, employing 1,500 staff members, with plans to further bolster its presence in this crucial market.

Following the COVID-19 pandemic, Chinese consumers engaged in “revenge buying,” pushing luxury sales to record levels in 2023. Yet, amid economic uncertainties, many within China’s middle class have adopted more practical spending habits, focusing on savings due to a struggling property market, stock market losses, and an overall uncertain financial landscape.

The luxury sector has felt the effects of this shift. LVMH reported a 16% decline in sales across Asia (excluding Japan) in the third quarter, following a 14% drop in the previous quarter. Additionally, China’s falling marriage rate could indicate potential challenges for the jewelry segment. However, Babin expressed optimism about jewelry’s long-term appeal, considering it “timeless” and symbolic. He noted that although fewer people may be getting married, there are still growing demographics exchanging jewelry as gifts.

Babin observed that while some luxury categories have seen a slowdown, Chinese consumers continue to perceive gold items as valuable. Additionally, he noted that while years ago, many Chinese buyers hesitated to purchase luxury goods online, the market has since adapted. Consumers now appreciate the security and convenience of online shopping for luxury products.

Although some Chinese consumers are making purchases abroad, with McKinsey reporting a trend toward Japan to take advantage of currency exchange rates, China remains a core market for Bulgari. Babin underscored his belief in the long-term resilience of China’s economy. Reflecting on past Western economic crises, he highlighted Bulgari’s approach to focusing on fundamentals and turning challenges into opportunities. He expressed similar confidence in China’s ability to recover, reaffirming Bulgari’s commitment to growth in the region despite the current slowdown.

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Quor Group, a global provider specializing in commodity trade risk management (CTRM) software, announced on Thursday that Bruce Boytim has been appointed as its new CEO. Boytim will guide the company’s mission to deliver advanced CTRM and supply chain solutions to clients across the globe, according to Quor.

With over two decades of experience in financial services and technology, Boytim brings a strong background in scaling technology firms. His expertise includes SaaS, enterprise software, data solutions, and brokerage services, equipping him to advance Quor’s strategic goals while prioritizing customer-centric initiatives.

Before joining Quor, Boytim served as Chief Operating Officer at Broadway Technology, where he contributed to the company’s growth and market presence, ultimately leading to its acquisition by Bloomberg. His career also includes tenures as COO and Chief Strategy Officer at Pico, where his focus on innovation helped establish the firm as a significant entity within the financial services industry.

In a statement, Ishan Manaktala, operating partner at STG, described Boytim as a highly effective leader known for achieving growth and operational excellence. Manaktala expressed enthusiasm over Boytim’s appointment, expressing confidence that his leadership would drive Quor and its clients toward new achievements.

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Dentons has appointed Wendela Raas, a partner in Amsterdam, as the new Chief Executive Officer for its European operations, with her term commencing on November 1, 2024. In her role, Raas will manage the strategic direction for Dentons across Europe and Central Asia, overseeing 23 offices spanning 18 countries. Her appointment follows the recent naming of Kate Barton as Dentons’ Global CEO.

Raas, who joined Dentons in 2017 following the merger with the Amsterdam-based firm Boekel De Nerée, previously served as Managing Partner of the Dutch office. She currently holds positions on both Dentons’ European and Global Boards and serves as Global Vice Chair. Additionally, she leads the firm’s Global Consumer Products and Retail sector group. With more than 25 years of real estate law experience, she is highly esteemed for her work in commercial leasing, litigation, and transactional law, having been recognized by Chambers Europe as a leading real estate lawyer in the Netherlands and acknowledged by The Legal 500 for her influence in the retail sector. Raas has also been a champion for talent development and inclusion, actively contributing to Dentons’ mentoring and advisory initiatives.

Raas will succeed Tomasz Dąbrowski, who has served as European CEO since 2014. Dąbrowski’s tenure saw marked growth for Dentons, with the firm doubling its revenue and expanding its partner base across Europe and Central Asia. Under his guidance, the firm opened offices in key cities like Amsterdam, Düsseldorf, Luxembourg, Milan, Munich, Rome, and Tbilisi while also strengthening its capabilities in major Western European markets.

Expressing her gratitude for the trust placed in her, Raas shared her enthusiasm for the new role and conveyed appreciation for Dąbrowski’s contributions, aiming to further enhance Dentons’ presence across Europe and Central Asia. She noted her intent to carry forward his legacy by evolving Dentons’ brand to meet the diverse needs of clients across the firm’s extensive global network of over 80 locations.

Dąbrowski conveyed his support for Raas’s appointment, expressing pride in his tenure as European CEO and confidence that Raas, known for her professionalism, expertise, and leadership, is the ideal choice to lead Dentons’ European teams into the future.

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