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☆ When That Job Promotion Is Really a ‘Glass Cliff’
▼ + stars: | 2024-07-12 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

When Boeing tapped Stephanie Pope to run its commercial airplanes division in March, positioning her to become the company’s first female chief executive, not all gender equity advocates were celebrating. Examples of the glass cliff abound. When Bed Bath & Beyond was crashing toward bankruptcy, it appointed Sue Gove as its first female chief executive. But some researchers think companies in crisis sometimes turn to women because they are perceived as having the soft skills needed to navigate difficult situations. The glass cliff is also prevalent in other countries and outside the corporate world: in government, sports leagues and at universities.

Persons: Stephanie Pope, Stephanie Linnartz, Armour, Sue Gove Organizations: Boeing, Companies

☆ Bed Bath & Beyond board members were concerned Ryan Cohen got insider info before his $60 million windfall, new deposition details show
▼ + stars: | 2024-06-27 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Bed Bath & Beyond board members were concerned Ryan Cohen was getting insider information. Sue Gove, the company's CEO, said in a deposition that she was concerned about Cohen's relationship with board members. AdvertisementBed Bath & Beyond board members were concerned Ryan Cohen received insider information before making $60 billion selling the company's stock, according to a deposition by CEO Sue Gove. Ben Rosenzweig, one of the directors on Bed Bath & Beyond's board, was known to have private contact with Cohen, the deposition said. Their conversations revolved around the personalities of other board members and whether Cohen's nominees for Bed Bath & Beyond's board were let in on calls, according to the testimony.

Persons: Ryan Cohen, Sue Gove, Gove, Cohen, —, Ben Rosenzweig, Rosenzweig, Ryan, they've Organizations: Service, Bed, GameStop, Business

☆ Blue-collar jobs are booming. White-collar jobs, not so much.
▼ + stars: | 2024-05-15 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +14 min

Now, she told me, blue-collar work is an oasis in the fake-email-job desert, with a newfound social cachet. In a survey conducted in late 2021, 67% of blue-collar workers said they believed the pandemic changed how people viewed their jobs, and 75% of white-collar workers agreed. AdvertisementNow, the economy is adding blue-collar jobs at a rapid clip. There is a tendency — particularly among white-collar workers — to look at blue-collar work through rose-colored glasses, to romanticize the hard work and skills it requires. The labor market hasn't completely reversed course; blue-collar jobs may be booming, but a bachelor's degree is still often a prerequisite for roles with high pay and numerous benefits.

Persons: Alyssa DeOliveira, didn't, DeOliveira, Chris Collins, Collins, Steven Kurutz, influencers, Eames, Bernie Sanders, Elise Gould, she's, it's, moratoriums —, Gould, Frankie Giambrone, Giambrone, Biden, Lael Brainard, Scott Gove, Michael Kaye, Gove, there's, he's, Sam Pillar, Jeff Goldalian Organizations: Walmart, UPS, Business, The New York Times, Economic, Bureau of Labor Statistics, National Economic Council, Teamsters Union, United Auto Workers, Teamsters Locations: Boston, Tennessee, New York City

☆ Boeing just pulled a classic corporate America move and promoted a woman to clean up its mess
▼ + stars: | 2024-03-26 | by ( Meghan Morris | ) www.businessinsider.com time to read: +3 min

Boeing named Stephanie Pope the new CEO of its commercial airlines division on Monday. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementStephanie Pope knows Boeing well: a third-generation employee, she joined the company in 1994. Pope did not immediately respond to a request for comment from Business Insider sent outside regular business hours.

Persons: Stephanie Pope, —, Pope, Stan Deal, Michelle Ryan, Elon Musk, Linda Yaccarino, Yaccarino, Carly Fiorina, Marissa Mayer, Sue Gove, Calhoun Organizations: Boeing, Service, BCA, Boeing Global Services, Twitter, HP, Yahoo, Bed, Business Insider

☆ New U.K. Extremism Policy Raises Concerns Over Free Speech
▼ + stars: | 2024-03-14 | by ( Stephen Castle | ) www.nytimes.com time to read: +1 min

Britain’s government published a new definition of extremism on Thursday that it intends to use to cut ties or funding to groups deemed to have crossed the line, but which critics fear could curtail campaigners’ rights and curb free speech. Michael Gove, a senior cabinet minister, said in a statement that the move was intended to “protect democratic values” by being “clear and precise in identifying the dangers posed by extremism.”Some advocacy groups and legal experts greeted the announcement with concern, warning that it could affect the rights of those deemed by the government to meet the definition. The only way to challenge such a ruling is likely to be through the courts. The initiative has also stirred a wider debate about how, before a general election that must be held by early next year, British politicians choose to deal with domestic tensions that have risen since Hamas’s Oct. 7 attacks on Israel and Israel’s subsequent bombardment of the Gaza Strip.

Persons: Michael Gove Locations: Israel, Gaza

☆ The UK government has published a new definition of ‘extremism.’ Critics fear it could curtail free speech
▼ + stars: | 2024-03-14 | by ( Luke Mcgee | ) edition.cnn.com time to read: +3 min

CNN —The British government has published a new definition of extremism in response to a surge in hate crimes following Hamas’ October 7 attacks on Israel, a move critics warn could threaten free speech. The new definition has no legal standing and does not affect current criminal law. The government said the new definition was necessary due to a rise in hate crimes since the October 7 attacks. The UK’s most recent net migration figures hit a record high and reducing these numbers has become a key priority of the incumbent Conservative government. However, it is not clear that the government’s new definition will help ease tensions and has been criticized across the political spectrum.

Persons: ’, ” Michael Gove, Canterbury, Justin Welby, Gove Organizations: CNN, Conservative, Daily Mail Locations: Israel, British

☆ Britain's finance minister to announce higher minimum wage
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

UK Parliament/Jessica Taylor/Handout via REUTERS/File Photo Acquire Licensing RightsMANCHESTER, England, Oct 1 (Reuters) - British finance minister Jeremy Hunt on Monday will announce a rise in the minimum wage in his annual Conservative party conference speech, where he is expected to ignore a growing clamour for tax cuts within his party. On Monday Hunt will announce that the living wage, the minimum wage for workers over 23 years old, will rise to at least 11 pounds ($13.42) an hour from 10.42 pounds. Prior to Hunt's speech, former Prime Minister Liz Truss will put pressure on the government to lower taxes in her only expected intervention at this year's conference. A year ago as prime minister, she had to scale back her tax-cutting plans in a U-turn at conference, and the market turmoil she sparked forced her resignation in October. However, since then she has stuck to her message that lower tax, especially for businesses, is part of what Britain needs to spark growth.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Michael Gove, Hunt, Rishi Sunak's, Liz Truss, Alistair Smout, Elizabeth Piper, Andrew MacAskill, Emelia Sithole Organizations: REUTERS, Rights, Conservative, Bank of England, Low, Thomson Locations: London, Britain, Rights MANCHESTER, England, British

"The discussion about where the tax burden should fall I think is one that we need to take, not now, but in a little bit (of) time," Gove told Sky News. "I would like to see the tax burden reduced before the next election," he said, adding that workers should be the focus of any such reductions. "Rishi Sunak is desperate for people to think he’s in charge," said Jon Ashworth, a member of leader Keir Starmer's team. Liz Truss, Sunak's predecessor, and other senior Conservative lawmakers signed a letter on Saturday saying they would not support "any new taxes that increase the overall tax burden". "We're not in a position to talk about tax cuts at all."

Persons: Michael Gove, Phil Noble, Gove, Sunak, Rishi Sunak, Opinium, Labour's, Jon Ashworth, Keir Starmer's, Liz Truss, Jeremy Hunt, We're, Elizabeth Piper, Alistair Smout, Andrew MacAskill, Kirsten Donovan, Hugh Lawson Organizations: Britain’s, REUTERS, Conservatives, Labour Party, Sky News, Conservative, Labour, for Fiscal Studies, Thomson Locations: Manchester, Britain, MANCHESTER, England

[1/2] Britain's Prime Minister Rishi Sunak speaks at a press conference on public sector pay at Downing Street in London, Britain on July 13, 2023. In a highly unusual late-night statement after reports that he was planning to row back on some of the government’s key green policies, Sunak said he would set out an "important long-term decision" about the country's plans to reach net zero. With a general election looming next year, Sunak sees scaling back some green policies as a way to win over swing voters "ahead of a general election expected next year." It would be a striking reversal for Britain which until recently was a self-proclaimed leader in climate policy. Sunak said successive governments "have not been honest about costs and trade offs" of going green policies.

Persons: Rishi Sunak, HENRY NICHOLLS, Sunak, Boris Johnson's, Michael Gove, Elizabeth Piper, William James, Farouq Suleiman, Andrew MacAskill, Paul Sandle, Timothy Gardner, Matthew Lewis Organizations: Britain's, Downing, British, BBC, Labour Party, Conservatives, Labour, Conservative, Thomson Locations: London, Britain

☆ Bankrupt Birmingham braces for cuts as UK government takes control
▼ + stars: | 2023-09-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The UK government has moved to take control of the country’s second biggest city, Birmingham, after the local council effectively declared itself bankrupt earlier this month. The government has also proposed an inquiry to understand how Birmingham landed in its current financial mess. “The need for action in Birmingham is pressing,” he added. Birmingham City Council issued a so-called section 114 notice on September 5, which means it must halt all spending except on essential services such as schooling, housing, social care, waste collection and road maintenance. The plan is due to be discussed at an extraordinary meeting of the council on September 25.

Persons: Michael Gove, “, Deborah Cadman Organizations: London CNN, British, Birmingham City Council Locations: Birmingham, London, United Kingdom

☆ UK net-zero ‘pragmatism’ is an odd way to get real
▼ + stars: | 2023-08-04 | by ( George Hay | ) www.reuters.com time to read: +7 min

Yet official UK figures do not suggest the way to get real on climate change is to go any slower. Sunak himself has defended Britain’s record on climate and says he cares about reaching its 2050 net-zero target. As such the net cost of net zero may be more like 344 billion pounds over three decades, or perhaps only 0.4% of GDP per year. Policy certainty will meanwhile encourage foreign investors to help pay for Britain’s transition, reducing its exposure to gas price shocks. UK energy secretary Grant Shapps said on Aug. 2 that the government remained “absolutely committed” to hitting its net-zero carbon targets by 2050.

Persons: Rishi Sunak, Sunak, dawdling, Andrew Forrest, ”, ” Sunak, Michael Gove, Grant Shapps, “, Neil Unmack, Streisand Neto, Oliver Taslic Organizations: Reuters, Sunak’s Conservative Party, Budget, Reuters Graphics Reuters, ’, McKinsey reckons, Britain, Conservatives, Thomson Locations: Britain, London, China, United States, North

REUTERS/David GrayLONDON, Aug 3 (Reuters) - Rio Tinto (RIO.L) is finding out just how hard it is to produce low-carbon aluminium. The company's biggest carbon headache is its aluminium business, which last year accounted for 21.1 million metric tons of carbon emissions out of a group total of 30.3 million metric tons. The pilot plant will produce around 6,000 metric tons of alumina per year while cutting carbon dioxide emissions by about 3,000 metric tons per year. Capacity at the low-carbon AP60 smelter, also in Quebec, will be expanded by 160,000 metric tons per year, with commissioning expected in 2026. Rio is investing heavily in recycled aluminium, which can be remelted using just 5% of the power needed to produce virgin metal.

Persons: David Gray, Rio, we're, Jakob Stausholm, Peter Cunningham, Jan Harvey Organizations: Rio Tinto, REUTERS, David Gray LONDON, Queensland Aluminium, Japan's Sumitomo Corp, International Aluminium Institute, Alcoa, Giampaolo, Reuters, Thomson Locations: Rio, Gove, Darwin, Australia's Northern, Pacific, Queensland, Australia, Portland, U.S, Canada, Quebec, North

☆ UK minister: petrol car ban immovable but some green policies to be relaxed
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] View of the exhaust of a queuing car on the North Circular Road in London, Britain, June 26, 2023. Britain's green agenda has been thrown into question after the governing Conservatives won a vote for a parliamentary seat last week by attacking London's flagship anti-pollution policy. Asked on Times Radio if banning the sale of new petrol and diesel cars was an immovable target in Britain, Gove said: "Yes." Gove later told LBC radio that the government would make changes to planned timetables to make them more achievable. "When it comes to landlords in the private rented sector, the timetable that we have for meeting particular energy efficiency standards will be relaxed," he said.

Persons: Toby Melville LONDON, Michael Gove, Gove, Rishi Sunak, Kylie MacLellan, Kate Holton Organizations: REUTERS, Conservatives, London's, European Union, Times, LBC, Times Radio, Thomson Locations: London, Britain, United States

[1/4] An exterior view of the proposed site for the new China Embassy, near to Tower Bridge in London, Britain, June 23, 2023. That has led officials in Britain, which is trying to forge deeper economic ties post-Brexit, to fear it could also halt their own plans to rebuild its embassy in Beijing. Chinese officials told Reuters they suspected the British government had plotted to stop the embassy plans and orchestrated the local opposition. British officials, who declined to be identified, said they feared that London's plan to rebuild its embassy in Beijing would be affected. Residents say they are also worried about more local security issues.

Persons: Hannah McKay, Rishi Sunak, David Cameron, Xi Jinping, Michael Gove, Xi, Iain Duncan Smith, Dave Lake, Martin Quin Pollard, Kate Holton, Andrew Heavens Organizations: China Embassy, REUTERS, of, Reuters, British, Royal Mint, Conservative Party, Uyghur, Royal Mint Court Residents Association, Thomson Locations: London, Britain, Beijing London, of London, Beijing, China, Europe, Washington, United States, Hong Kong, Xinjiang, Sunak

☆ UK could borrow a leaf from Canada’s mortgage book
▼ + stars: | 2023-07-07 | by ( Edward Chancellor | ) www.reuters.com time to read: +6 min

The amount of mortgage debt rose even more sharply. This would require lenders to fix total monthly payments – of both interest and principal – relative to the outstanding mortgage balance. When interest rates rise sharply, as is happening now, repayments might be less than the monthly interest bill. The amount of mortgage debt outstanding would then increase as unpaid interest is added to the principal – a situation known as “negative amortisation”. Since borrowers always hand over a proportion of their income, mortgage payments wouldn’t shrink when interest rates decline.

Persons: Irving Fisher, ”, “, Neal Hudson, Michael Gove, Patrick Macaskie, Victor Dodig, Edward Chancellor, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Bank of England, Office, National Statistics, Bank of, Fiscal Studies, Canadian Imperial Bank of Commerce, CIBC, Reuters Graphics, Thomson Locations: United Kingdom, ”, Britain, England, Bank of England, United States, Canada

Bed Bath & Beyond logo is seen on the shop in Williston, Vermont on June 19, 2023. WASHINGTON — Home goods retailer Bed Bath & Beyond is facing scrutiny from Democratic lawmakers for allegedly evading severance pay for thousands of employees laid off after its recent bankruptcy. The lawmakers claim Bed Bath & Beyond denied some workers severance pay after it filed for bankruptcy in April and began closing stores and laying off workers. Bed Bath & Beyond did not immediately return request for comment on the lawmakers' letter. Warren, a member of the Senate Banking Committee, and Booker asked Bed Bath & Beyond to commit to providing severance to its workers and for detailed information on its severance policy, stock buybacks and dividends and other related issues.

Persons: Sue Gove, Elizabeth Warren of, Cory Booker of, Warren, Booker Organizations: WASHINGTON —, Bed, Democratic, New, Banking Committee Locations: Williston , Vermont, Sens, Elizabeth Warren of Massachusetts, Cory Booker of New Jersey, New Jersey, buybacks

☆ 'Terrible': UK minister sorry for COVID lockdown party video
▼ + stars: | 2023-06-18 | by ( Michael Holden | ) www.reuters.com time to read: +3 min

LONDON, June 18 (Reuters) - Senior British minister Michael Gove on Sunday described a video showing a party at the ruling Conservative Party's headquarters during a lockdown in 2020 as "terrible", as COVID rule-breaking gatherings continue to hang over the government. The video was published by the Mirror newspaper just days after a parliamentary committee ruled that former Prime Minister Boris Johnson had wilfully misled lawmakers about rule-breaking lockdown parties at his office. "It's terrible," Gove, the housing minister, told Sky News. The issue of rule-breaking during COVID lockdowns helped bring down Johnson, who left office last year, and still hangs over the Conservatives and current Prime Minister Rishi Sunak. Polls suggest the Conservatives, in power since 2010, are trailing the opposition Labour party by about 20% percentage points.

Persons: Michael Gove, Conservative Party's, Boris Johnson, Johnson, Gove, COVID lockdowns, Rishi Sunak, JOHNSON, Sunak, Michael Holden, Mark Heinrich, Sharon Singleton Organizations: Senior, Conservative, Mirror, Sky News, Conservatives, Labour, Bank of, Thomson Locations: Senior British, London, COVID

☆ Is Twitter's new CEO, Linda Yaccarino, being set up to fall off the 'glass cliff'?
▼ + stars: | 2023-05-16 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Elon Musk appointed Linda Yaccarino, a former NBCUniversal exec, to succeed him as CEO of Twitter. Amid Twitter's turmoil, some suggest that Yaccarino could fall prey to the so-called "glass cliff." While men often glide on a "glass escalator" to the corner office, women often confront a "glass ceiling." "I wish we were seen as good leaders in good times, too." I wish we were seen as good leaders in good times, too."

☆ Bed Bath & Beyond files for bankruptcy
▼ + stars: | 2023-04-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Chris Hammons unloads a bag of items she purchased at a Bed Bath & Beyond store in Dallas, Texas September 23, 2009. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion. Discount chains such as HomeGoods and TJ Maxx have also undercut Bed Bath & Beyond’s prices. Without the differentiators of the lowest prices or widest selection, Bed Bath & Beyond’s sales stagnated from 2012 to 2019. And Bed Bath & Beyond is the latest retail chain to file for bankruptcy this year.

Organizations: & $

☆ You've only got a couple of days left to use Bed Bath & Beyond coupons after the retailer filed for bankruptcy
▼ + stars: | 2023-04-23 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

Shoppers have just days left to use any Bed Bath & Beyond coupons they may have been holding on to. The 360 remaining Bed Bath & Beyond stores, as well as 120 BuyBuy Baby stores, will start liquidating stock Wednesday. Bed Bath & Beyond CEO Sue Gove said: "Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY. Couples who used Bed Bath & Beyond for their wedding registry, a number that has dropped significantly in recent years, will have their data transferred to a new partner yet to be named. Bed Bath & Beyond did not immediately respond to a request for comment from Insider, made outside normal working hours.

☆ UK financial watchdog intervenes to cut building insurance costs
▼ + stars: | 2023-04-20 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, April 21 (Reuters) - Britain's financial watchdog has proposed changes to cut the cost of insuring residential apartment blocks, saying intervention was needed to prevent wrongful use of commission. The proposals announced on Friday follow a review after the 2017 Grenfell Tower fire in London, which killed 72 people and led to big increases to building insurance costs. The FCA published a consultation paper on its proposals alongside a review of 16 insurance brokers' sales to blocks of apartments between January 2019 and September 2022. "Brokers were often unable to articulate what insurance-related services or benefits of value were provided by the parties sharing commission," the watchdog said. Leaseholders would have transparency on insurance costs and ability to challenge poor value under the FCA proposals.

☆ Bed Bath & Beyond stiffed thousands of workers on severance pay
▼ + stars: | 2023-04-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Bed Bath & Beyond has been on bankruptcy watch and has been closing hundreds of stores since late 2022. Toys "R" Us and other chains that filed for bankruptcy have been criticized for failing to pay workers severance. There is no federal requirement for severance pay, although some collective bargaining agreements with unions cover severance agreements. At Bed Bath & Beyond, CEO Sue Gove is eligible for $7.1 million in severance pay and former Bed Bath & Beyond CEO Mark Tritton is suing the company for $6.8 million in unpaid severance. ‘This was our reward’Some Bed Bath & Beyond employees recently laid off in other states did not receive severance pay either, as first reported by Bloomberg.

☆ Bed Bath & Beyond gets $120 million lifeline to help it stock near barren shelves
▼ + stars: | 2023-04-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Cash-starved Bed, Bath & Beyond, which is scrambling to avoid bankruptcy, announced a $120 million lifeline to help it stock near-empty shelves. One reason that the chain’s sales have fallen and losses have mounted is that the company doesn’t have the funds needed to buy inventory in order to stock shelves. The money comes from ReStore Capital, which will purchase up to $120 million of merchandise from Bed, Bath & Beyond’s suppliers in order to supplement stock at Bed Bath & Beyond and buybuy BABY. “This … solution can allow us to strengthen merchandise availability and better fulfill demand.”Shelves are seen empty inside of a closed Bed Bath and Beyond store on February 08, 2023 in Larkspur, California. Last week, the company disclosed in a filing plans to sell $300 million worth of its stock to raise much-needed cash.

☆ Bed Bath & Beyond gets $120 million merchandise lifeline as it faces bankruptcy threat
▼ + stars: | 2023-04-05 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

Bed Bath & Beyond announced Wednesday it is working with Hilco Global to get merchandise back on its shelves in the company's latest effort to stay alive and avoid bankruptcy. Last week, the company reported preliminary results for its fiscal fourth quarter. The company noted negative operating losses have continued, although it noted it hasn't depleted its free cash flow. The company reported $2.05 billion in revenue for the fiscal fourth quarter of 2021. On March 30, Bed Bath announced another stock offering of $300 million and warned it would likely need to file for bankruptcy protection if it doesn't work out.

☆ Bed Bath & Beyond's ousted CEO says he's not to blame for the company's failed turnaround and demands his $6.7 million severance
▼ + stars: | 2023-04-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Former Bed Bath & Beyond CEO Mark Tritton is suing the company, alleging non-payment of his severance agreement. Bed Bath & Beyond said Thursday it needs to raise up to $300 million in new funding to avoid bankruptcy. A representative for Bed Bath & Beyond told Insider the company does not comment on legal matters. One of Bed Bath & Beyond's biggest problems in 2019, the suit says, was its failure to have a serious private-label strategy and Tritton was specifically hired to give it one. If you are a current or former employee of Bed Bath & Beyond or Harmon who would like to share your story, please get in touch with Dominick via email.

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