Week in review: WeWork, Citi, Nike, and more!
Every week we bring you an overview of the most important executive changes from around the world. This week, Softbank bailed out WeWork and installed Marcelo Claure as Executive Chairman to manage the turnaround of the fledgling co-working company. Read more about this and other notable executive changes:
Softbank installs Marcelo Claure as Executive Chairman of WeWork
SoftBank has reached an agreement to effectively take over 80% of WeWork’s parent company through a $5 billion investment and $3 billion in share purchases. In connection with the agreement, WeWork will appoint Marcelo Claure, Chief Operating Officer of SoftBank Group, to the position of Executive Chairman of the Board. Claure is the former CEO of Sprint and Founder of Brightstar which was sold to Softbank $2.2 billion in 2013. Adam Neumann, the founder of the WeWork who stepped down as CEO earlier this month, will become a Board observer.
Citi names Jane Fraser as President and Head of Global Consumer Banking
Citi names Jane Fraser president, positioning her as possible successor to CEO Michael Corbat. Fraser has been at Citi for 15 years, since she joined from McKinsey to run Client Strategy in the Corporate and Investment Bank. During the financial crisis, she led the company’s Corporate Strategy and M&A group and subsequently ran the Global Private Bank followed by U.S. Consumer and Commercial Banking & Mortgages. Fraser will replace Stephen Bird as the head of global consumer banking who is leaving the company after 20 years.
John Donahoe Will Succeed Mark Parker as President & CEO of Nike in 2020
Nike announced that its longtime CEO Mark Parker is stepping down as CEO, effective January 13, 2020. In a sign of the company’s focus on digital, he will be replaced by John Donahoe, a Nike board member and the CEO of ServiceNow. Donahoe was formerly the CEO of eBay and is chairman of the board at PayPal. Mark Parker, CEO since 2006 and Chairman, President & CEO since 2016, will become Executive Chairman and continue to lead the Board of Directors and work closely with Donahoe and the senior management team.
ServiceNow Announces Bill McDermott as new CEO
The former CEO of SAP, Bill McDermott, is taking over as CEO at ServiceNow by year-end 2019. McDermott served as CEO of SAP from 2014 until this month and was co-CEO from 2010 to 2014. McDermott recently announced his decision to not renew his contract and to step down as CEO, following a 17-year career with the company. He succeeds John Donahoe, who is stepping down from ServiceNow to become President and Chief Executive Officer of Nike in January 2020.
Patrik Frisk to Become Chief Executive Officer of Under Armour
In a surprise announcement, Kevin Plank announced that he is stepping down as CEO of Under Armour. Plank founded the company in 1996, working out of his grandmother’s basement while he was still in college. He will be replaced by Chief Operating Officer Patrik Frisk, effective January 1, 2020. Frisk will also join the board, while Plank transitions to executive chairman and brand chief. Frisk joined Under Armour in 2017 following nearly 30 years of experience in the apparel, footwear and retail industry at The ALDO Group and VF Corporation.
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