Management & Leadership

Capital Calls: Zee, Embracer

13 Jun 2023

Concise views on global finance: India’s securities regulator banned the media group’s CEO from holding any key managerial positions, putting its merger with Sony’s local unit under a cloud; the $3 bln video-game group’s new strategy hits the right buttons.

To relinquish Grail, Illumina should fight for it

12 Jun 2023

A departing CEO and an ousted chairman signal an end to the gene-sequencing company’s effort to retain the $7 bln cancer detection business it bought without regulatory approval. The best way to secure a good price may be to keep battling US and EU trustbusters in court.

Odey brokers’ belated rethink is a cautionary tale

12 Jun 2023

JPMorgan, Morgan Stanley and others are reviewing links to the fund manager. Odey’s 2021 firing of his executive team should have been a red flag to do so even before further sexual assault allegations emerged. Brokers’ tardy responses just raise questions about their processes.

Casino’s fate rests on billionaires whack-a-mole

9 Jun 2023

Tycoon Xavier Niel and Czech investor Daniel Kretinsky are vying for control of the hard-pressed French retailer, which needs to restructure some 3 bln euros of debt. Founder Jean-Charles Naouri may be pushed out. Creditors’ backing will determine who will come out on top.

Man United takeover drama may end up in court

9 Jun 2023

The $3 bln soccer giant is up for sale. Hedge funds are preparing to fight any attempt by the controlling Glazer family to exclude minority investors from a deal. The club’s relatively low valuation, compared with recent takeovers, suggests a high chance of that happening.

GoTo’s new CEO has one key job: bring stability

9 Jun 2023

Patrick Walujo is replacing Andre Soelistyo atop the $10 bln Indonesian superapp. The private equity boss may want to more closely knit together GoTo’s disparate businesses. But after several high-level changes, cost cuts and stake sales, providing a steady hand comes first.

Diageo’s Ivan Menezes was all-round exception

7 Jun 2023

The CEO of the $94 bln drinks giant, who has died at 63, defied corporate stereotype. He helped engineer a successful merger of equals, delivered index-beating returns while promoting diversity, and seamlessly stepped aside after a decade. It’s a record others should aspire to.

Capital Calls: Turkey, Indivior

5 Jun 2023

Concise views on global finance: President Tayyip Erdogan’s new treasury minister will struggle to steer the $900 bln economy towards orthodox monetary policies; shares in the London-listed drugmaker jumped after it settled a lawsuit, making it more appealing to potential buyers.

Capital Calls: Prudential exit

31 May 2023

Concise views on global finance: The insurance giant’s CFO has abruptly resigned, just as new CEO Anil Wadhwani warms up.

Telco tycoons’ UK bets look stuck underwater

25 May 2023

Patrick Drahi, Xavier Niel, John Malone and Abu Dhabi’s e& have lost $2.4 bln on about $13 bln worth of investments in BT and Vodafone, Breakingviews estimates. It’s hard to see either firm recovering soon, leaving their big-money backers potentially stuck in the quicksand.

Tesco’s diversity reboot has further to go

25 May 2023

The chair of the $24 bln UK grocer quit amid allegations of inappropriate comments. But Tesco also lags on diversity in its senior ranks. With its lowest paid staff mostly women and investors likely to be watching closely, it needs to be leading, not following.

Capital Calls: Embracer fail dents credibility

24 May 2023

Concise views on global finance: Shares in the $3 bln maker of shoot-’em-up video games fell nearly 45% after a mystery partnership agreement fell through at the eleventh hour.

Mediobanca chief’s 20-year race has one more lap

24 May 2023

For two decades, Alberto Nagel has fought market and boardroom crises while diversifying the Italian bank and booking fat returns. His new business plan lacks fireworks. But fear of destabilisation will prompt restless core investors to back the veteran banker for one more term.

Capital Calls: JPMorgan’s rich pickings

22 May 2023

Concise views on global finance: The giant lender’s investment day laid out benefits from buying parts of defunct bank First Republic. Boss Jamie Dimon gets more than just the fuzzy glow from stabilizing the industry. Snagging more wealthy clients should please his investors too.

Lazard’s next CEO should channel James Gorman

19 May 2023

Ken Jacobs will leave the storied advisory shop much the way he found it, ceding ground to new rivals in the process. Over the same 13-year span, Morgan Stanley’s retiring boss shrewdly and successfully reshaped his bank. A similarly bold approach would help recharge Lazard.

Tesla’s governance autopilot heads for disaster

17 May 2023

Despite a 60% drop from peak market value and Twitter distractions, shareholders backed the EV-maker’s board yet again. Boss Elon Musk’s indulgence of conspiracy theories and avowal to keep speaking his mind raise more red flags. The supine stance invites dangerous consequences.

UBS kitchen sink has protection from further leaks

17 May 2023

The bank reckons it might write down the assets on Credit Suisse’s balance sheet by $10 bln, inflate its liabilities by $3 bln, and take a $4 bln litigation hit. Those numbers could get bigger over time. But a low purchase price gives CEO Sergio Ermotti a chunky margin of error.

PayPal’s struggles make case for bold CEO choice

11 May 2023

Boss Dan Schulman is leaving a longer and tougher to-do list for whoever replaces him at the $71 bln digital wallet provider. Disappointing results sent the shares tumbling another 16%. It’s increasingly evident that a shakeup led by a creative-thinking outsider would be best.

Capital Calls: Man Group

11 May 2023

Concise views on global finance: The 2.5 bln pound hedge fund manager has appointed insider Robyn Grew as its first female chief executive, replacing retiring boss Luke Ellis.

Capital Calls: Walt Disney

10 May 2023

Concise views on global finance: Bob Iger’s first full quarter since returning as CEO opened a window onto multiplying challenges across the Magic Kingdom.