Week in Review: October 8, 2018
Goldman Sachs, General Electric, and PepsiCo get new CEOs, Google’s advertising chief leaves for Greylock, and Lemonade brings on Spotify executive to lead global business development. Check out this week in review!
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Google's longtime advertising chief is leaving after 15 years to join VC firm Greylock
Sridhar Ramaswamy, who helped build Google's ad business into a money-machine, is leaving to join Greylock as Venture Partner. He started at Google's Ad group in 2003 when it was generating $1.5 billion. In 2013, the company recorded ad revenue of $95 billion. Ramaswamy will be replaced by Prabhakar Raghavan, vice president of Engineering at Google.
Source: Business Insider
Updated org chart: Google
Lemonade Brings On Spotify Exec To Lead Global Business Development
Lemonade, the insurance company powered by artificial intelligence and behavioral economics, announced the appointment of Jorge Espinel as its Chief Business Development Officer, reporting directly to Lemonade CEO and co-founder Daniel Schreiber. Espinel comes to Lemonade from Spotify, where he ran business development worldwide. His main focus at Lemonade will be to grow Lemonade’s product offering and reach through strategic partnerships and corporate development initiatives.
Updated org chart: Lemonade
Goldman Sachs' new CEO has a lot of work to do
David Solomon, the part-time electronic dance DJ who previously served as president of the company and co-head of its investment banking division, took the reins from Lloyd Blankfein on Monday last week. Solomon's first order of business is to turn around Goldman's trading desk, which collects client fees to buy and sell stocks, bonds, commodities and currencies. As trading becomes a less reliable source of income, and many competitors scale up, Solomon's Goldman is expected to explore new ways to grow its business.
Source: CNN Money
Updated org chart: Goldman Sachs
General Electric replaces CEO with outsider; shares soar
General Electric ousted Chief Executive Officer John Flannery in a surprise move, replacing him with outsider and board member Larry Culp. GE shares jumped 7 percent to close at $12.09 as investors bet that Culp could re-energize the GE brand and more quickly transform its portfolio. GE’s board unanimously picked Culp as its new CEO. Culp, 55, who was named to GE’s board in February, was CEO of industrial equipment supplier Danaher Corp from 2000 to 2014.
Updated org chart: General Electric
PepsiCo CEO Indra Nooyi Steps Down, With a Parting Gift for Investors: Better-Than-Expected Earnings
Indra Nooyi’s 12-year tenure as PepsiCo’s CEO came to an end Tuesday as the 24-year PepsiCo veteran hands the corporate reins over to her successor. Ramón Laguarta will oversee the Pepsi, Frito-Lay, Tropicana, Gatorade, and Quaker brands. Nooyi’s final day on the job included a quarterly earnings report that beat analyst estimates—the 75th such earnings call she has participated in as the company’s CEO or CFO. Revenue rose 1.5% to $16.5 billion while earnings totaled $1.59 a share.
Updated org chart: PepsiCo