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Category: CEOTrends

Articles for CEOs

  • JPMorgan CEO Jamie Dimon Working on First Republic Rescue Plan

    JPMorgan CEO Jamie Dimon Working on First Republic Rescue Plan

    JPMorgan CEO Jamie Dimon is reportedly leading the charge to save First Republic Bank and restore confidence in the bank.

    First Republic is facing its worst crisis in 15 years on the heels of three other banks collapsing. Silicon Valley Bank collapsed in early March, and Signature Bank followed shortly after. Meanwhile, Credit Suisse’s freewheeling ways finally caught up with it, leading to its sale to rival UBS.

    According to The Wall Street Journal, Dimon is leading a coalition of banks that are trying to keep First Republic from following SVB and Signature. Dimon helped orchestrate eleven banks in depositing $30 billion into First Republic in an effort to restore confidence.

    The assisting banks have yet to rule out converting the deposit into a straight cash infusion if necessary.

    Either way, the lengths Dimon and his fellow bankers are going to demonstrate the fragility of the current economic situation.

  • Google CEO: ‘Things Will Go Wrong’ With Bard AI

    Google CEO: ‘Things Will Go Wrong’ With Bard AI

    Google has finally released its Bard AI to the world, albeit via a waitlist, but Google CEO Sundar Pichai is warning “things will go wrong.”

    Google’s Bard has already had a rough launch. When the company first announced it, the AI flubbed an answer to one of the questions, spooking investors and taking $100 billion off of Alphabet’s stock value. In response, Pichai asked Googlers to test Bard in an effort to improve it, leading to its public release Tuesday.

    While the release is good news for Google, Pichai is warning company employees not to expect perfection.

    “As more people start to use Bard and test its capabilities, they’ll surprise us. Things will go wrong,” Pichai wrote in an internal email to employees Tuesday viewed by CNBC. “But the user feedback is critical to improving the product and the underlying technology.”

    Pichai said Googlers “should be proud of this work and the years of tech breakthroughs that led us here, including our 2017 Transformer research and foundational models such as PalM and BERT.”

    Nonetheless, he cautioned: “Even after all this progress, we’re still in the early stages of a long Al journey.”

    “For now, I’m excited to see how Bard sparks more creativity and curiosity in the people who use it.”

  • Amazon Laying Off 9,000 More, With AWS Hard-Hit

    Amazon Laying Off 9,000 More, With AWS Hard-Hit

    Amazon CEO Andy Jassy has announced the company plans to lay off an additional 9,000 employees, particularly in AWS, PXT, Advertising, and Twitch.

    Amazon has already laid off 18,000 employees, between reported decisions made in November and an expansion of those plans in January. CEO Andy Jassy has announced that the company plans to expand the scope of its layoffs once more, this time letting an additional 9,000 employees go:

    As we’ve just concluded the second phase of our operating plan (“OP2”) this past week, I’m writing to share that we intend to eliminate about 9,000 more positions in the next few weeks—mostly in AWS, PXT, Advertising, and Twitch. This was a difficult decision, but one that we think is best for the company long term.

    Jassy says a big part of the decision-making process involved looking at what mattered to the company’s customers and how best to meet those needs:

    As our internal businesses evaluated what customers most care about, they made re-prioritization decisions that sometimes led to role reductions, sometimes led to moving people from one initiative to another, and sometimes led to new openings where we don’t have the right skills match from our existing team members.

    It’s interesting that AWS is one of the teams being targeted with this round of layoffs, but Jassy emphasized his faith in the cloud division’s future:

    I remain very optimistic about the future and the myriad of opportunities we have, both in our largest businesses, Stores and AWS, and our newer customer experiences and businesses in which we’re investing.

  • Google CEO Sundar Pichai Accused of Intentionally Deleting Communications

    Google CEO Sundar Pichai Accused of Intentionally Deleting Communications

    Google CEO Sundar Pichai is accused of intentionally deleting company communication in violation of US retention laws.

    Companies in the US are legally required to retain communications if they have reason to believe they may be involved in legal action. The Department of Justice has already accused Google of ‘systematically destroying’ communications related to its antitrust case. The DOJ maintains that Google intentionally had its various chat platforms set to auto-delete messages every 24 hours, despite telling US authorities that it had suspended such operation.

    The DOJ, as well as Epic Games and others, are now accusing Pichai of being involved in the deletion, effectively creating a top-down culture of hiding relevant information, according to FOSS Patents. In the latest claim, the plaintiffs make the following claim:

    “The newly produced Chats reveal a company-wide culture of concealment coming from the very top, including CEO Sundar Pichai, who is a custodian in this case. In one Chat, Mr. Pichai began discussing a substantive topic, and then immediately wrote: ‘[REDACTED]’ Then, nine seconds later, Mr. Pichai [REDACTED]. […] When asked under oath [REDACTED]’ (Id. Ex. 2, Pichai Dep. Tr. 195:7-12.)

    “Like Mr. Pichai, other key Google employees, including those in leadership roles, routinely opted to move from history-on rooms to history-off Chats to hold sensitive conversations, even though they knew they were subject to legal holds. Indeed, they did so even when discussing topics they knew were covered by the litigation holds in order to avoid leaving a record that could be produced in litigation.” (emphasis in original)

    The plaintiffs, including the Utah Attorney General, asked the court to issue an adverse ruling that Google was trying to hide something by deleting the messages. The court had previously indicated that it would not issue a ruling telling jurors they must conclude the deleted messages are indicative of Google intentionally hiding something, but the plaintiffs say this latest revelation provides enough evidence that that is exactly what Google and its executives were trying to do.

    In light of the recently produced documents, anything less than a clear adverse inference instruction — instructing the jury as to what Google did and what the jury should make of it — would reward Google for its years-long, calculated policy of systematically destroying evidence, and would encourage Google to maintain, rather than eradicate, the corporate culture of litigation misconduct it has nurtured for many years.

    If the plaintiffs are able to prevail upon the court and convince it to render such a judgment, it would be catastrophic for Google’s case.

    Eileen Scallen, a professor at the UCLA School of Law, previously told CNBC that an adverse jury instruction would be “very damning.”

    “The one person the jury respects in a courtroom is the trial judge,” Scallen said. “And if the trial judge is telling them you can presume that this was bad news for Google, they’re going to take that to heart.”

  • Laid-Off Googlers Ask CEO to Honor Approved Medical Leave

    Laid-Off Googlers Ask CEO to Honor Approved Medical Leave

    Laid-off Google employees have repeatedly asked Google and CEO Sundar Pichai to honor previously approved medical leave.

    Google did what was once considered unthinkable for the company, laying off thousands of workers for the first time in its history. At the time, Google promised 16 weeks of severance pay plus an additional two weeks for every year an employee worked at the company.

    Unfortunately, for some workers, that still comes out to less time than they were previously promised for medical leave, parental leave, or caregiver’s leave. In early 2022, Google increased the length of various leaves, with parental leave lasting up to 24 months. At the time, Chief People Officer Fiona Cicconi said the company wanted employees to “spend more time with their new baby, look after a sick loved one or take care of their own wellbeing,” according to CNBC.

    Now, faced with losing some of that time they were previously promised, more than 100 employees have formed the “Laid off on Leave” group. The group has already sent three letters to Google executives, including Pichai, asking them to honor their previous promise.

    In the meantime, the layoffs are causing a significant amount of hardship and inconvenience, including individuals losing access to their health care via Google’s on-site One Medical facility the moment the layoffs were announced.

    Still others found out about the reduced leave they’re now facing right when they needed it most.

    “Exactly a week after receiving the text and sharing the exciting news that my maternity leave was approved, I got the already widely talked-about email letting me know that I was among the 12k terminated,” a Google program manager wrote on LinkedIn. “Easy target? Maybe.”

    “On 1/20/23 at 7:05 am while in the hospital bed holding my hours-old newborn I learned that I was part of the #thegolden12K of Googlers who had been laid off,” Kate Howells wrote on LinkedIn. “I was a Googler for 9.5 years.”

    When contacted by CNBC, a Google spokesperson simply pointed to the original layoff announcement.

    “As we shared with impacted employees, we benchmarked this package to ensure the care we’re providing compares favorably with other companies, including for Googlers on leave,” the spokesperson said.

    Needless to say, the company’s actions are not going over well with Googlers and fly in the face of the image the company has maintained for years, in terms of how it treats its employees.

    “When Google CEO Sundar Pichai announced layoffs, he mentioned the company’s commitment to AI three times, but never once mentioned Google’s commitment to accessibility,” the group wrote in an email to CNBC. “This matters deeply because accessibility is part of the company’s actual mission. This clearly calls for a re-centering of priorities. It’s unsurprising that through a bungled demo just days after laying us off, Google showed they’re indeed not leading the way in AI. However, the good news is that an incredible opportunity remains to be an accessibility leader in the treatment of laid off workers.”

  • Emmett Shear Is Resigning As Twitch CEO

    Emmett Shear Is Resigning As Twitch CEO

    Emmett Shear has announced he is resigning as CEO of Twitch “to be fully there for” his first child.

    Shear has served as the company’s CEO for 16 years, helping guide the company through its transition from Justin.tv to Twitch, and then through a deal that saw Twitch purchased by Amazon. Through it all, a love for what he does and the people he works with has kept him going:

    I love the people I work with, I love that we create the opportunity for streamers to earn a living doing what they love, and I love the way we create a context for community for our streamers and viewers to come together where they can feel belonging and connection.

    Shear’s first child was recently born, causing him to reflect on where he wants to go next:

    With my first child just born, I’ve been reflecting on my future with Twitch. Twitch often feels to me like a child I’ve been raising as well. And while I will always want to be there if Twitch needs me, at 16 years old it feels to me Twitch is ready to move out of the house and venture alone. So it is with great poignancy that I share my decision to resign from Twitch as CEO. I want to be fully there for my son as he enters this world and I feel ready for this change to tackle new challenges. I will continue to work at Twitch in an advisory role.

    Dan Clancy, the company’s current President, will take over as CEO. Given his close relationship with Shear, Clancy should be a steady hand that will help make for a smooth transition.

  • Microsoft Appoints a New Lead Independent Director

    Microsoft Appoints a New Lead Independent Director

    Microsoft has announced the appointment of a Lead Independent Director, Sandra E. (Sandi) Peterson, Operating Partner at Clayton, Dubilier & Rice.

    Peterson replaces John W. Thompson, who served in the roles of Lead Independent Director or Board Chair since 2012.

    “I’ve always valued John’s counsel and leadership and am grateful for his contributions as lead independent director and the strategic perspective he’ll continue to provide to Microsoft going forward,” said Satya Nadella, Chairman and CEO, Microsoft. “Since joining our Board, the guidance and insights Sandi has provided have been invaluable. I’m delighted that she will continue to bring a wealth of expertise and leadership to Microsoft as lead independent director.”

    Microsoft’s Board also reelected Nadella to continue serving as chairman.

  • T-Mobile Acquiring Mint Mobile, Bringing Ryan Reynolds Onboard

    T-Mobile Acquiring Mint Mobile, Bringing Ryan Reynolds Onboard

    T-Mobile has announced a deal to acquire Ka’ena Corporation, the parent company of Mint Mobile and Ultra Mobile.

    Mint Mobile is the successful budget carrier owned by Ryan Reynolds. Reynolds serves as the company’s pitchman, bringing his unique blend of humor to the role. That humor was on full display in the announcement revealing the deal:

    “Mint Mobile is the best deal in wireless and today’s news only enhances our ability to deliver for our customers. We are so happy T-Mobile beat out an aggressive last-minute bid from my mom Tammy Reynolds as we believe the excellence of their 5G network will provide a better strategic fit than my mom’s slightly-above-average mahjong skills. I am so proud of the entire Mint team and so excited for what’s to come,” said Ryan Reynolds.

    “Mint has built an incredibly successful digital direct-to-consumer business that continues to deliver for customers on the Un-carrier’s leading 5G network and now we are excited to use our scale and owners’ economics to help supercharge it – and Ultra Mobile – into the future,” said Mike Sievert, CEO of T-Mobile. “Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile. We think customers are really going to win with a more competitive and expansive Mint and Ultra.”

    “Our brands have thrived on the T-Mobile network, and we are thrilled that this agreement will take them even further, bringing the many benefits of 5G to even more Americans,” said David Glickman, founder and CEO of Mint, Ultra and Plum. “This transaction validates our meteoric success and will unite two proven industry innovators committed to doing things differently in the wireless industry.”

    Following the deal’s close, David Glickman and Rizwan Kassim will continue to manage the brand, which will largely remain independent. Reynolds will continue in his creative role, likely serving as the brand’s pitchman for years to come.

    The deal is worth up to $1.35 billion, a combination of 39% cash and 61% stock, and is expected to close later in 2023.

  • Meta Is Laying Off Another 10,000, Touts ‘Year of Efficiency’

    Meta Is Laying Off Another 10,000, Touts ‘Year of Efficiency’

    Meta CEO Mark Zuckerberg has announced the company is laying off an additional 10,000 employees and closing additional open roles.

    Meta laid off 11,000 in November, the biggest layoff of 2022. Rumors have been circulating for weeks that Meta planned another round of layoffs, which Zuckerberg has just announced:

    With less hiring, I’ve made the difficult decision to further reduce the size of our recruiting team. We will let recruiting team members know tomorrow whether they’re impacted. We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May. In a small number of cases, it may take through the end of the year to complete these changes. Our timelines for international teams will also look different, and local leaders will follow up with more details. Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired.

    Zuckerberg says the hiring freezes will be lifted once the company’s reorganization is complete:

    After restructuring, we plan to lift hiring and transfer freezes in each group. Other relevant efficiency timelines include targeting this summer to complete our analysis from our hybrid work year of learning so we can further refine our distributed work model. We also aim to have a steady stream of developer productivity enhancements and process improvements throughout the year.

    A major focus of the company’s efforts is reducing the various layers of management, streamlining and flattening the company’s communication:

    In our Year of Efficiency, we will make our organization flatter by removing multiple layers of management. As part of this, we will ask many managers to become individual contributors. We’ll also have individual contributors report into almost every level — not just the bottom — so information flow between people doing the work and management will be faster.

    Meta’s image has already been tarnished, in the eyes of its employees, after its first round of layoffs. Many blame Zuckerberg and his obsession with the metaverse. Laying off another 10,000 employees is not likely to improve that perception.

  • Employees Blame ‘Stupid’ Silicon Valley Bank CEO

    Employees Blame ‘Stupid’ Silicon Valley Bank CEO

    After Silicon Valley Bank’s spectacular collapse last week, employees and industry insiders are blaming the CEO’s “stupid” decisions.

    Greg Becker, SVB’s CEO, announced last Wednesday that the bank needed to raise just north of $2 billion. What no one can explain, however, is why a 40-year veteran of the banking industry didn’t privately try to raise the capital before making an announcement.

    “That was absolutely idiotic,” the employee, who works on the asset management side of Silicon Valley Bank, told CNN in an interview. “They were being very transparent. It’s the exact opposite of what you’d normally see in a scandal. But their transparency and forthright-ness did them in.

    “People are just shocked at how stupid the CEO is,” the Silicon Valley Bank insider added. “You’re in business for 40 years and you are telling me you can’t raise $2 billion privately? Get on a jet and fly to Kuwait like everyone else and give them control of one-third of the bank.”

    Industry insiders shared the employee’s evaluation:

    “Someone lit a match and the bank yelled, ‘Fire!’ – pulling the alarms in earnest out of genuine concern for transparency and honesty,” Jeff Sonnenfeld and Steven Tian, the CEO and research director, respectively, at Yale School of Management’s Chief Executive Leadership Institute (CELI), told CNN.

    Sonnenfeld agreed that SVB’s leadership deserved criticism for a “tone-deaf, botched execution.”

  • Marc Benioff Thinks More Tech CEOs Will Copy Elon Musk

    Marc Benioff Thinks More Tech CEOs Will Copy Elon Musk

    Salesforce CEO Marc Benioff has some good — or bad — news, depending on whether or not you’re a fan of Elon Musk.

    Elon Musk may be the world’s richest man, but he certainly didn’t get there by winning any popularity contests. What popularity he did have has taken a major hit since his Twitter acquisition. The mercurial CEO has slashed the workforce, axed his most loyal executives, made demands of staff that many consider unreasonable, introduced drastic changes seemingly on a whim, and raised prices or begun charging for various services.

    While Musk’s management style has put many off, Benioff believes it may become far more common, with many tech CEOs already asking if they need to follow his example.

    “Every CEO in Silicon Valley has looked at what Elon Musk has done and has asked themselves, ‘Do they need to unleash their own Elon within them?’” Benioff told Business Insider in an interview.

    “That is an existential question that if you are any kind of executive in the company,” Benioff added. “You have to look at him and say, ‘Wow, it’s a very unorthodox management style,’ but, as I’ve said, you can’t underestimate what he’s done.”

    While Benioff has not taken such drastic measures as Musk, he did say that he had to step back into more of a hands-on role following the departure of co-CEO Bret Taylor. The company’s recent layoffs and cost-cutting measures reflect that involvement.

    “I had no choice but to step in and to guide the company’s performance,” Benioff told Insider. “And that’s the results that you’re seeing here today with these numbers.”

    While there’s no denying Musk’s approach may meet with a measure of success, it’s hard to imagine it as a sustainable business model. After all, at some point, every CEO still need employees that are willing to work for them.

  • Shopify Evolving Into World’s First Retail Operating System

    Shopify Evolving Into World’s First Retail Operating System

    “Shopify is evolving into the world’s first retail operating system,” says Shopify COO Harley Finkelstein. “We think the future of retail is retail everywhere. A brand that’s going to be successful in 5, 10 or 15 years from now needs to sell across any platform and across any channel where they have customers. The idea is that it all feeds back in one centralized back-office, the retail operating system, which is Shopify.”

    Harley Finkelstein, COO of Shopify, discusses how COVID has dramatically sped up the timeline for commerce moving online and has also moved Shopify closer to its goal of becoming the world’s first retail operating system:

    Shopify Evolving Into World’s First Retail Operating System

    Most people assume that Shopify is an ecommerce provider. We have more than a million stores on Shopify. If you were to aggregate our stores in the US we’d be the second-largest online retailer in America. Of course, we’re not a retailer but we’re a platform. But we now have these great economies of scale that we’re using to level the playing field for entrepreneurs and small businesses. That being said, what really Shopify is evolving into is the world’s first retail operating system. 

    What we’re trying to figure out is what do brands and entrepreneurs and retailers need, not just now but in the future? We think the future of retail is retail everywhere. A brand that’s going to be successful in 5, 10 or 15 years from now needs to sell across any platform and across any channel where they have customers. This idea of enabling Shopify merchants to very easily push their products to the Amazon Marketplace or the eBay marketplace or now the Walmart marketplace, that gives them access to a new set of consumers. The idea is that it all feeds back in one centralized back-office, the retail operating system, which is Shopify. 

    Then we’ve gone ahead and asked what else can we do for these merchants? Can we do capital? We’ve now given out about a billion dollars worth of cash advances and loans to small businesses. We’re doing fulfillment and we’re doing shipping. We’re increasing the scope and the relationship that we have with the million stores on Shopify. This is allowing them to become category leaders.

    COVID Speeds Up The Ecommerce Revolution

    From our view, it seems like the commerce world that would have existed in the year 2030 has really been pulled into the year 2020 (as a result of the COVID crisis). We’ve seen ecommerce as a percent of total retail go from 15 percent to 25 percent in the last three months. That’s the same growth rate that we’ve seen over the last 10 years. What really has emerged here is sort of this tale of two retail worlds. On one side you have these resilient retailers that are doing great, they’re pivoting, and they’re expanding their businesses. On the other side, you have these resistant retailers who have not made it. In many ways, it’s probably the most exciting time for retail in a very long time. 

    We talk a lot about these direct to consumer brands that are becoming category leaders. The Allbirds and the Gymsharks who started on Shopify when they were very small and have grown to become the incumbents in their industry. Every 25 seconds a brand new entrepreneur makes his or her (products) for sale on Shopify. We talk a lot about those new startups, those new DTC brands. But actually, what we’re also seeing on Shopify are companies like Lindt Chocolate or Heinz ketchup or Chipotle. They are signing up for Shopify and basically from like five days from contract to launch they are completely changing their businesses. 

    This resiliency isn’t simply in the hands of just the smallest of brands. Big companies are also beginning to think a lot more about how to stay resilient in this time. They’re moving well beyond ecommerce or thinking about offline commerce now. They’re thinking about how do they sell across social media? How do they sell across different marketplaces? So no, I don’t think it’s too late (to enter ecommerce) but I do think they have to rethink their strategies.

    Shopify Evolving Into World’s First Retail Operating System Says Shopify COO Harley Finkelstein
  • Sen. Bernie Sanders Wants to Subpoena Starbucks CEO Howard Schultz

    Sen. Bernie Sanders Wants to Subpoena Starbucks CEO Howard Schultz

    Senator Bernie Sanders has some tough questions for Starbucks CEO Howard Schultz and wants to subpoena him to get the answers.

    Starbucks has been under growing scrutiny for its anti-union efforts against Workers United. In the US, companies are strictly regulated regarding how they interact with unions and are prohibited from interfering with organizing efforts.

    Senator Sanders believes Starbucks has crossed that line and wants to question Schultz about, according to a tweet he sent Wednesday:

    Unfortunately, Howard Schultz has given us no choice, but to subpoena him. A multi-billion dollar corporation like Starbucks cannot continue to break federal labor law with impunity. The time has come to hold Starbucks and Mr. Schultz accountable.

    Bernie Sanders (@SenSanders), March 1, 2023

    Sanders cites the 75 complaints the National Labor Relations Board has brought against Starbucks:

    “While Howard Schultz is a multi-billionaire who runs a very profitable multi-national corporation, he must understand that he and his company are not above the law,” Sanders said. “The National Labor Relations Board (NLRB) has filed over 75 complaints against Starbuck for violating federal labor law and there have been over 500 unfair labor practice charges lodged against his company. These violations include the illegal firing of more than a dozen Starbucks workers. For nearly a year, I and many of my colleagues in the Senate have repeatedly asked Mr. Schultz to respect the constitutional right of workers at Starbucks to form a union and to stop violating federal labor laws. Mr. Schultz has failed to respond to those requests. He has denied meeting and document requests, skirted congressional oversight attempts, and refused to answer any of the serious questions we have asked. Unfortunately, Mr. Schultz has given us no choice, but to subpoena him. A multi-billion dollar corporation like Starbucks cannot continue to break federal labor law with impunity. The time has come to hold Starbucks and Mr. Schultz accountable.”

    Sanders plans on calling a vote next week of the Senate Committee on Health, Education, Labor and Pensions (HELP) on whether to subpoena Schultz.

  • Former Microsoft/Meta Exec Replaces Jamie Siminoff as Ring CEO

    Former Microsoft/Meta Exec Replaces Jamie Siminoff as Ring CEO

    Ring CEO Jamie Siminoff has announced he is stepping down, paving the way for Elizabeth (Liz) Hamren to replace him.

    Siminoff founded Ring and has served as CEO, taking the company from a scrappy startup to one of Amazon’s leading divisions. The executive penned a blog post announcing his decision to step down from the top job and re-focus on his passion:

    Invention is my true passion. I am constantly looking at how we can adapt to deliver for our neighbors, which is what we’ve always called our customers. This is why I decided to shift my role to Chief Inventor and bring on a new CEO.

    Hamren has been tapped to replace Siminoff as CEO, bringing years of experience at Microsoft, Meta, and Discord:

    Today, I’m excited to introduce our new CEO, Elizabeth (Liz) Hamren, who is joining us most recently from Discord where she is COO. Liz has a long history in consumer devices and subscription services, building and launching some of the most innovative and beloved consumer products from Oculus to Xbox and more. When she and I met eight years ago, Ring was so small and I hadn’t shared our mission with anyone except our team, mostly because no one would listen. Even then, Liz understood what I was feeling about the space: Our work wasn’t about trying to make a faster chip or shinier plastic, it was about changing the way neighbors think about security for the better. I’ve felt a kinship with her ever since, and I am honored and excited to have her join the team on this mission.

    See also: Amazon’s Ring and Google Nest Give Footage to Police Without Warrants

    Siminoff says this decision has been a long time in the making, first revealing the transition plan to employees in June 2022. At the time, Siminoff emphasized that the company would take the necessary time to find the right replacement, and he voiced his confidence that Hamren is that person.

    Hamren Ring following a number of privacy and security scandals that have tarnished the company’s image. The tech industry in general, and Amazon specifically, are also facing greater legislative challenges and regulatory scrutiny, ranging from antitrust to privacy concerns.

  • B2B Influencer Marketing Adds Up To Nurture and Ultimately Conversion

    B2B Influencer Marketing Adds Up To Nurture and Ultimately Conversion

    “We co-create content with (B2B Influencers) in concert with brand messaging,” says TopRank Marketing CEO Lee Odden. “So now instead of people just ignoring the press release we actually have storytelling happening with these different voices. You have this intersection of one or two or three or four influencers talking about this topic and those audiences intersect and cross. Your customer is hearing this credible message not only from the brand but also from people that they trust in different channels. That all adds up to yes. That all adds up to nurture and ultimately conversion.”

    Lee Odden, CEO of TopRank Marketing, discusses how B2B influencer marketing can be a highly effective force in driving leads and conversions for companies. Lee was interviewed by Tim Washer at the 2019 Content Marketing World Conference & Expo:

    Influencer Marketing Is Powerful Because Of Influence Itself

    Influencer marketing is powerful because of influence itself, not about the people. Influence has always been a factor in being persuasive and being effective as a communicator, as a marketer, and really being able to tap into the dynamics of that. The psychology and sociology of that is something that is everlasting, it’s evergreen. While there are trends in terms of tactics that come and go, there’s this consumerization of B2B. B2C influencers are misbehaving and have fake followers, etc. and some of that’s leaking over into B2B. But I think that’ll reconcile a little bit and kind of clean itself out. In the future brands are going to be looking at influence as a really key component of their holistic marketing strategy internally and externally.

    A lot of people when they think of influencer marketing they think of a Kardashian or some people think of something like Baddiewinkle, a 90-year-old woman who wears hip-hop clothes and now has her own makeup line on Sephora versus someone like Tamara McCleary interviewing an executive at Dell about the right IT infrastructure for doing edge computing. That’s really what it’s about in B2B.

    B2B Influencers Actually Have To Have The Main Expertise

    One of the big differences between B2B and B2C influencers is that in B2B you actually have to have the main expertise. You actually have to be knowledgeable and have a depth of that expertise in what it is that you’re influential about. It’s also important to have a network for distribution and a place to publish your content. It’s great to have a personality and that’s less common in B2B, where you have charisma. Well, lack of personality is a form of personality I suppose. 

    The good thing is that we’ve figured out ways to coach folks that have that domain expertise and an active following but they’re not necessarily used to being social. We are coaching them in how to activate themselves and to pull out the best of what they have to share in a way that’s very promotable. Many of them start to open up a little bit after we show them how to do it.

    B2B Influencer Marketing Adds Up To Nurture and Conversion

    In the planning stages (with a client looking to promote something) we’ll look at the topics that are important around the announcement and how it affects customers and how customers will think of that news and how it’ll affect or change their lives. Those topics are then what we want to be influential about. We’ll use those keywords or topics to search our network using influencer marketing software to find who is influential around those topics, who’s publishing content, who self-identifies around that topic, and whose audience is actually activated around that topic. We find those people who have trusted voices with an active community and we invite them to collaborate on content and give their opinion about the announcement. 

    We co-create content with them in concert with brand messaging. So now instead of people just ignoring the press release we actually have storytelling happening with these different voices. You have this intersection of one or two or three or four influencers talking about this topic and those audiences intersect and cross. They intersect across channels too. Your customer is hearing this credible message not only from the brand but also from people that they trust in different channels. That all adds up to yes. That all adds up to nurture and ultimately conversion.

    B2B Influencer Marketing Adds Up To Nurture and Conversion – TopRank Marketing CEO Lee Odden
  • Where Is Bao Fan? Billionaire Chinese Banker Is Missing

    Where Is Bao Fan? Billionaire Chinese Banker Is Missing

    Bao Fan, a prominent tech banker and head of China Renaissance, has gone missing, sparking fresh fears of another Chinese tech crackdown.

    Bao Fan is one of China’s leading financial CEOs, having founded China Renaissance in 2005 after stints at Morgan Stanley and Credit Suisse. According to The Guardian, quoting local news outlet Caixin, Bao Fan has been unreachable for two days, sparking a 50% drop in the company’s stock price. The price eventually regained 30%, but the questions about the CEO’s whereabouts remain.

    “[We] believe that everyone has had a restless night. At this time, [we] hope that you do not believe in or spread rumours,” the company said in a message to employees, seen by The Wall Street Journal.

    The incident is reminiscent of Alibaba founder Jack Ma’s disappearance in early 2021 amid Beijing’s crackdown on the tech and finance sector. Ma went missing for months before finally reappearing in a state media video. The fact that it was a state media video did little to reassure investors and fans that he was ok. Interestingly, Ma has since agreed to give up control of the Ant Group, the financial company at the heart of China’s regulatory efforts surrounding Ma.

    Many fear Bao Fan’s disappearance could be indicative of a similar crackdown on China Renaissance.

    Wang Wenbin, a spokesperson for China’s foreign ministry, told The Guardian he was “not aware of the relevant information” about Bao’s disappearance.

    “But I can tell you that China is a country under the rule of law,” he added. “The Chinese government protects the legitimate rights of its citizens in accordance with the law.”

  • YouTube’s Susan Wojcicki, Big Tech’s Last Female CEO, Resigns

    YouTube’s Susan Wojcicki, Big Tech’s Last Female CEO, Resigns

    YouTube CEO Susan Wojcicki has sent an email to employees informing them that she is resigning as head of the company.

    Wojcicki joined Google twenty-five years ago, holding a number of roles within the company. The last nine years she has served as CEO of YouTube. In her email to employees, Wojcicki said she looks forward to the next chapter of her life:

    Today, after nearly 25 years here, I’ve decided to step back from my role as the head of YouTube and start a new chapter focused on my family, health, and personal projects I’m passionate about.

    Neal Mohan, YouTube’s Chief Product Officer, will be taking over as head of the company. Wojcicki says she will support Mohan during the transition, and then take an advisory role across the company:

    As for me, in the short term, I plan to support Neal and help with the transition, which will include continuing to work with some YouTube teams, coaching team members, and meeting with creators. In the longer term, I’ve agreed with Sundar to take on an advisory role across Google and Alphabet. This will allow me to call on my different experiences over the years to offer counsel and guidance across Google and the portfolio of Alphabet companies. It’s an incredibly important time for Google—it reminds me of the early days—incredible product and technology innovation, huge opportunities, and a healthy disregard for the impossible.

    Susan Wojcicki was the only woman at the top of a Big Tech company. Her presence, as well as the perspective she brought, is sure to be missed

  • Google CEO Wants Employees to Spend 2-4 Hours Improving Bard AI

    Google CEO Wants Employees to Spend 2-4 Hours Improving Bard AI

    Google CEO Sundar Pichai is pulling out all the stops to improve the company’s Bard AI, asking employees to spend 2-4 hours helping.

    Bard is Google’s answer to OpenAI’s ChatGPT. The company is playing catch-up to OpenAI and Microsoft, with the latter planning to add ChatGPT’s successor to its Bing search engine. Despite Google’s long history with AI development, Bard’s launch did not go well, with the AI getting an answer wrong in the company’s ad, knocking $100 billion off of Alphabet’s value.

    Pichai is eager to see Bard improve and is recruiting Googlers throughout the company to achieve the goal, according to a memo seen by Business Insider.

    “I know this moment is uncomfortably exciting, and that’s to be expected: the underlying technology is evolving rapidly with so much potential,” Pichai wrote. “The most important thing we can do right now is to focus on building a great product and developing it responsibly.”

    In this memo, Pichai is clearly trying to generate and channel excitement, asking employees to “contribute” their time toward the effort.

    Full memo, courtesy of Insider:

    Hi Googlers,

    Excited to see us opening up Bard for an internal dogfood to help us get it ready for launch. This is an important step as we work to develop the technology responsibly – a big thank you to the Bard team and to everyone who is spending time testing it. If you haven’t checked it out yet, you can find instructions on how to participate at go/bard-dogfood.

    I know this moment is uncomfortably exciting, and that’s to be expected: the underlying technology is evolving rapidly with so much potential. This will be a long journey – for everyone, across the field. The most important thing we can do right now is to focus on building a great product and developing it responsibly. That’s why we have thousands of external and internal testers testing Bard’s responses for quality, safety, and groundedness in real-world information. Let’s embrace the challenge and keep iterating, including with users and developers.

    And remember, some of our most successful products were not first to market. They gained momentum because they solved important user needs and were built on deep technical insights. Over time, we earned user trust and more people began to rely on them.

    Here is where we can use your help: Channel the energy and excitement of the moment into our products. Pressure test Bard and make the product better. I would appreciate it if each of you contributed in a deeper way with 2-4 hours of your time. See below for more detail.

    AI has gone through many winters and springs. And now it is blooming again. As an AI-first company, we’ve been working towards this for many years and are ready for it. Let’s stay focused on delivering amazing experiences for our users and launch things we can all be proud of.

    -Sundar

  • Google CEO Under Fire for ‘Rushed, Botched’ AI Reveal

    Google CEO Under Fire for ‘Rushed, Botched’ AI Reveal

    Google CEO Sundar Pichai is under fire from employees over how the company has handled its response to Microsoft’s AI.

    Microsoft unveiled a version of Bing that is powered by an updated version of the tech behind ChatGPT, bringing the power of artificial intelligence to web search. When ChatGPT first burst onto the scene, Google was caught off guard and has been scrambling to play catchup, unveiling its Bard AI in an effort to remain competitive.

    Unfortunately for the company, the launch did not go well. Bard got one of the questions wrong in the company’s ad, and one of the presenters at the big reveal forgot to bring a phone that was crucial to the demo, according to CNBC.

    The missteps are not going over well with Google employees, many of whom have been taking to Memegen, the company’s internal forum, to complain. While employees often post memes on the forum to goodnaturedly poke fun at the company, many of the responses to Google’s AI efforts took a more serious tone.

    “Dear Sundar, the Bard launch and the layoffs were rushed, botched, and myopic,” read one meme, accompanied by a serious picture of Pichai. “Please return to taking a long-term outlook.” The post received many upvotes.

    “Sundar, and leadership, deserve a Perf NI,” read another popular meme, referencing the lowest employment performance review category. “They are being comically short sighted and un-Googlely in their pursuit of ‘sharpening focus.’”

    One Googler even pointed out that the company’s handling of the unveil was confirming the industry’s fears that Google has lost its way and was caught flatfooted.

    “Rushing Bard to market in a panic validated the market’s fear about us,” read a highly-rated meme.

    Google is clearly in a position it is not used to being in, forced to play from behind and overcome a competitor’s technical advantage. Unfortunately, how Pichai and company have responded is not putting anyone’s fears to rest about the company’s ability to overcome this existential threat to its core business.

    Microsoft CEO Satya Nadella recently commented that Microsoft ‘made Google dance,’ but he may not have realized just how uncomfortable a dance it is.

  • Disney Is Cutting 7,000 Jobs

    Disney Is Cutting 7,000 Jobs

    Disney CEO Bob Iger announced 7,000 jobs cuts at the company amid ongoing issues with profitability.

    Disney has been struggling to cut costs and increase profitability, instituting hiring freezes and even bringing back Bob Iger as CEO. Disney+ has been a big drain on the company, wracking up $1.5 billion in losses for the company recently.

    Those losses appear to be adding up, with Iger announcing the company will be laying off 7,000 employees, according to The Los Angeles Times.

    “While this is necessary to address the challenges we’re facing today, I do not make this decision lightly,” Iger said in a conference call with analysts. “I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I’m mindful of the personal impact of these changes.”

    Iger acknowledged the company may have been a bit too aggressive with its Disney+ pricing, setting itself up for losses.

    “In our zeal to go after subscribers, I think we might have gotten a bit too aggressive in terms of our promotion,” Iger said.

  • Amazon CEO Andy Jassy Pivots Away From Bezos’ Number One Priority

    Amazon CEO Andy Jassy Pivots Away From Bezos’ Number One Priority

    Amazon CEO Andy Jassy is already making his mark on the company, including by focusing less on Jeff Bezos’ top priority.

    Jeff Bezos founded and led Amazon from a tiny startup to one of the biggest, most valuable companies in the world. Throughout that journey, his top priority was always the customer. In fact, according to Forbes’ Bill Murphy, Jr., in the 23 shareholder letters Bezos wrote, the word “customer” appears 443 times, more than any other keyword he normally talked about. In contrast, “Amazon” only appears 340 times.

    There’s no doubt that Bezos’ almost obsessive focus on the customer is much of the reason Amazon has been the success it has. Whatever other missteps the company has taken along its journey, whatever other issues it may have, Amazon became the behemoth it is by delivering what the customer wants at a price they want it.

    Interestingly, at the company’s most recent quarterly call, Jassy appeared to be shifting focus away from the customer somewhat. As Murphy writes, Jassy outlined his priorities as follows:

    1. “[P]robably the No. 1 priority that I spen[d] time with the team on is reducing our cost to serve in our operations network …”
    2. “The second thing, priority-wise, I would talk about is just speed. We believe they’re continuing to get products to customers faster, makes customers happier, and they also converted a higher rate when they can see promises of deliveries that are faster …”
    3. “I think pricing being sharp is always important. But particularly in this type of uncertain economy, where customers are very conscious about how much they’re spending … we’ll continue to work really hard on being sharp on pricing … “
    4. “And then just the customer experience improvements that we’re working all the time … we will continue to work very hard on those customer experiences, and we have a lot more planned …”

    Putting aside that Jassy has four priorities — which Murphy argues is broad enough to count as not having any real priorities — Jassy lists the “customer experience” as the fourth and last priority.

    It is true that Jassy mentions ‘making customers happier’ in his second priority, but that’s not the focus of Number Two. The focus is having faster logistics…which will result in the customers being happier.

    While Jassy is clearly concerned with happy customers, it appears he does not have the same focus on that metric as Bezos did. Whether this works for Amazon, or undermines what has made the company great, remains to be seen.