Management & Leadership

US threat oils wheels of Pirelli’s China derisking

31 Mar 2025

The $6 bln Italian tyremaker is pressing its Beijing-backed shareholder to cut its 37% stake. Pirelli’s US growth plans may admittedly suffer if it doesn’t. But a shift might also enable tycoon Marco Tronchetti Provera to once again use geopolitics to improve his influence.

Rivals could put a stopper in BT’s cash fountain

19 Mar 2025

The $21 bln telecom group’s shares are up over 50% over the last year. That reflects hopes that the end of a costly fibre rollout could mean a windfall for shareholders, including tycoon Sunil Bharti Mittal. Yet upstart challengers could steal market share and drive down prices.

Intel’s latest CEO puts ‘great man theory’ to test

17 Mar 2025

The $110 bln chipmaker has cut jobs, tried to expand production for others, and improved manufacturing performance. New boss Lip-Bu Tan promises the same direction, but more movement. As his predecessor found out, changing leaders cannot make up for past semiconductor missteps.

New Nissan CEO has little room to manoeuvre

11 Mar 2025

Japan’s struggling $10 bln automaker has picked an insider to succeed boss Makoto Uchida. A change is welcome. But any attempt to rekindle a deal with Honda or pursue a more radical turnaround will still come up against old obstacles, not least powerful alliance partner Renault.

VW’s Porsche woes make case for leadership shakeup

11 Mar 2025

The $62 bln German carmaker expects faster growth and a robust operating margin in 2025. CEO Oliver Blume is getting a boost from new models and cost cuts. Yet the sports car marque, which VW controls and Blume also runs, is stalling. It’s a good time to get a second driver.

‘Merz spurt’ will see Europe CEOs rethink US pivot

7 Mar 2025

Donald Trump’s win made bosses from London to Rome even keener on a piece of the pro-growth action. Yet the US president’s tariffs and a fiscal boost from Germany’s Friedrich Merz are turning the tide. Surging stocks in Europe imply its CEOs may find more opportunities at home.

Seven & i’s latest revamp leaves stale aftertaste

7 Mar 2025

Incoming boss Stephen Dacus is keeping plans to sell the $37 bln firm’s superstores and list its US business. What’s new is using the proceeds to buy back $13 bln of stock over five years. That’s no strategy for growth or unlocking value. A sale to Couche-Tard still looks best.

Abrdn finds its missing vowels but not value

4 Mar 2025

New CEO Jason Windsor is renaming the $4.2 bln fund group Aberdeen and pledging to boost profit. Both steps are welcome but come amidst tricky markets and growing competition from index funds. Small wonder he is getting little credit for yet another turnaround from shareholders.

Unpredictable White House vexes CEOs everywhere

27 Feb 2025

President Donald Trump’s upheaval of governance norms is a destabilizing force. His policies and pronouncements make it harder for bosses to allocate capital. In this week’s Viewsroom podcast, Breakingviews columnists discuss the impact on corporate America, and beyond.

BP reincarnates as more vulnerable Shell

26 Feb 2025

The $89 bln oil major is following its rival’s playbook in abandoning renewable targets and shrinking green investments. It could have gone further in selling assets and returning capital. A lowly share price could give activist investor Elliott support to push for bolder action.

Corporate anti-woke brigade gets $20 bln champion

26 Feb 2025

After stepping down amid reports of inappropriate behaviour, WiseTech's 70-year-old founder Richard White has returned as chair after a board exodus. That might bring short-term stability for the software firm. But it leaves thornier succession and governance issues unresolved.

New Unilever CEO has a chance to revisit mega-M&A

25 Feb 2025

Hein Schumacher is leaving the $139 bln Dove soap maker after less than two years. His replacement, finance boss Fernando Fernandez, inherits a stable of mostly humdrum brands vulnerable to competition. Buying something, like previous target Haleon or a beauty group, may help.

GSK drug pipeline requires bigger cash injection

25 Feb 2025

The $77 bln pharma group trades at a chunky valuation discount to rivals like Novartis and AstraZeneca. Little wonder since boss Emma Walmsley faces a patent cliff and a misfiring vaccine unit. Spending more on M&A and research, rather than share buybacks, could help.

Imperialist ways flow from Oval Office to C-suites

20 Feb 2025

Money managers like BlackRock, which oversees some $12 trln, are grappling with SEC guidance that makes it trickier to pressure companies. It befits Donald Trump’s war on climate and diversity initiatives. The chilling effect will be broader, though, further boosting CEOs’ power.

New HSBC CEO leaves growth question on backburner

19 Feb 2025

Georges Elhedery announced $1.5 bln of cost cuts that should help keep the $200 bln bank fairly lean. The bigger problem is HSBC’s revenue, which risks stagnating as rivals expand. The implication is that growth is out of the new CEO’s hands, making a valuation boost unlikely.

Capping board tenure would be activist kryptonite

18 Feb 2025

Ski slope operator Vail Resorts and casket maker Matthews are among those under siege for having long-serving directors. It’s now a factor in two-thirds of dissident campaigns. Among the many reasons for boardroom expiry dates: force pushy investors to develop new weapons.

EQT’s new boss has a private-credit hole to fill

17 Feb 2025

Per Franzén will replace CEO of six years Christian Sinding at the $40 bln Swedish buyout firm. EQT’s valuation premium to rivals has shrivelled, partly because fixed-income shops like Ares have soared. Franzén, who lacks a private-credit unit, may want to think about buying one.

BP’s overhaul can start with a new Chair

14 Feb 2025

Activist Elliott Investment Management now has 5% of the $93 bln UK group and wants to sell off its green assets. That might make sense. But investors are more likely to back structural reform if it's overseen by a chair other than current incumbent Helge Lund.

Andrea Orcel’s M&A hunt homes in on Italy

11 Feb 2025

The UniCredit boss pledged bold returns, even as lower rates squeeze banks’ lending margins. Solid performance, and a whirl of rival deals, make his bid for $14 bln Banco BPM increasingly realistic. That’s just as well, since his pursuit of Commerzbank looks ever more distant.

EU’s Trump plan requires carrots, sticks and vibes

10 Feb 2025

Given the president’s tariff antics, Brussels needs a plan of action. Beyond identifying tit-for-tat levies, the EU may also face US pressure to ease up on Big Tech regulation. The best counter is growth-friendly signals, and to exploit its scope to deploy its own rules flexibly.