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However, Elliott Investment Management said Monday that the airline's decades-old strategies weren't working in modern times, and it's calling for a management and board-of-directors overhaul as part of a plan it's calling "Stronger Southwest." This story is available exclusively to Business Insider subscribers. Elliott said Southwest leadership had a "rigid commitment" to the model it dreamed up decades ago, blaming that for today's shortcomings. Elliott Management, which oversees $66 billion in assets, is one of the world's most feared activist hedge funds. "The significant investment we have made reflects our conviction that, with the right leadership, Southwest can regain its status as an industry-leading airline."
Persons: , Elliott, Elliot, Raymond James, Savanthi Syth Organizations: Service, Airlines, Elliott Investment Management, Business, Southwest, Elliott Management, Texas Instruments
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Related storiesLevine said the employee deserves to be successful, but in this hypothetical case, it's not going to happen there. Levine said this test can be applied to "everything in your life," including relationships and directions you're going in life. If the answer is yes, then do something different today," Levine said. He said he tells them to ask themselves why they don't like their jobs and if they can change something.
Persons: , Uri Levine, Levine, it's, Waze, it'll Organizations: Service, Business, Entrepreneurs
Evergy Chief Financial Officer Kirk Andrews will leave to replace Consolidated Edison 's current CFO Robert Hoglund, who plans to retire on July 8, the companies announced Monday. Andrews has been CFO of the Midwest utility company since 2021. Evergy said Geoffrey Ley, vice president, corporate planning and treasurer, will be acting CFO as the company conducts an internal and external search to fill the role. Hoglund, who became CFO in 2005, will leave Con Edison after 20 years with the company. He plans to continue to serve as senior vice president in the transition until his official retirement later in the year.
Persons: Kirk Andrews, Robert Hoglund, Andrews, Evergy, Geoffrey Ley, Con Edison Organizations: Consolidated Edison, Midwest, Con, New York, RPM International Inc Locations: New, New York City, Westchester County
CNN —Vice President Kamala Harris, in an interview published Monday, criticized a suggestion made last week by Republican Rep. Byron Donalds that Black families were “together” during the Jim Crow era of racial segregation. Ron DeSantis into Black history curriculums. “During Jim Crow, more Black people were not just conservative — because Black people have always been conservative-minded — but more Black people voted conservatively,” he said. “Everyone on that list has supported a Trump abortion ban in their state or has called for a national ban. Are we supposed to debate that?”The vice president has often served as the administration’s messenger on an array of hot-button issues.
Persons: Kamala Harris, Byron Donalds, Jim Crow, Donald Trump’s, Politico, Donalds, “ It’s, ” Harris, Ron DeSantis, , Wesley Hunt, ” Donalds, , Harris, Trump Organizations: CNN, Republican Rep, Politico, Republican, Trump, Republican Gov, Texas Rep, Philadelphia Inquirer, Biden, Florida Republicans, of, state’s Department of Education Locations: Florida, Philadelphia, Jacksonville , Florida, Tucson
Last year, a purported transcript of communications between the Titan submersible and its mother ship circulated widely on the internet. But the head of the U.S. federal government team investigating the disaster said that the entire transcript is a fiction. Two miles down, where seawater exerts vast pressures, an implosion would have made the violent collapse of the vehicle’s hull instantaneous. Despite the log’s air of authenticity, the federal team saw through the pretense for a variety of reasons. Significantly, Mr. Neubauer’s team gained access to the records of the actual communications between the submersible and its mother ship, which remain an undisclosed part of the federal investigation.
Persons: , Jason D, Neubauer, Neubauer’s Organizations: Titan, U.S, U.S . Coast Guard, Marine Board of Investigation
CNN published a 2016 surveillance video showing Combs physically assaulting his former girlfriend, singer Cassie Ventura, at the now-closed InterContinental Hotel in Century City, Los Angeles. The Washington, DC-based historically Black college or university said it will disband its scholarship program in Combs’ name. The US Department of Homeland Security’s investigative arm launched a federal probe into Combs and allegations of sex trafficking. Meanwhile, investigators are preparing to bring Combs’ accusers before a federal grand jury in New York, sources familiar with the probe told CNN. Combs recently sold a majority stake in media company and television network Revolt, which he founded in 2013, the company said.
Persons: CNN —, Sean “ Diddy ” Combs, Combs, Sean Combs, “ Mr, Howard, Cassie Ventura, Howard University’s, Ventura, CNN’s Taylor Romine Organizations: CNN, CNN — Howard University’s, Sean Combs Foundation, InterContinental, Bad Boy Records, US Department of Homeland Locations: Century City, Los Angeles, The Washington, DC, Angeles, Miami, New York
CNN —Rachel Smolkin, a veteran media executive who leads CNN’s global digital news, is departing the network to become the next president and CEO of Oregon Public Broadcasting. OPB called Smolkin a forward-thinking journalist and a strong business strategist who can help lead the 100-year-old public media organization through a difficult environment for the journalism industry – and public media, in particular. “Rachel will advance our work with deep experience in journalism, wide professional networks and adaptive leadership skills.”Smolkin joined CNN in 2014 to lead politics coverage for CNN Digital. Over the past several years, Smolkin’s purview grew to include national, international, business and live news for CNN Digital. Before joining CNN, Smolkin worked at Politico, USA Today and the American Journalism Review.
Persons: Rachel Smolkin, OPB, , Rukaiyah Adams, “ Rachel, ” Smolkin, Rachel, Virginia Moseley, CNN’s, “ She’s, Smolkin, Mark Thompson, , Steve Bass, Sam Feist Organizations: CNN, Oregon Public Broadcasting, CNN Digital, University of Virginia’s Darden School of Business, Politico, USA, American, SPAN Locations: Oregon, Pacific Northwest, , Washington
A group aligned with President Biden is challenging Robert F. Kennedy Jr.’s New York ballot petition, saying his campaign lied about his New York residency. The group, Clear Choice, says he long ago moved to the West Coast and has virtually no connection to the address listed on his petitions — an address of a longtime friend, where Mr. Kennedy’s independent presidential campaign acknowledges he has never actually lived. The complaint, filed with the state Board of Elections on Thursday afternoon, is one of more than a dozen filed with New York’s board of elections, some of which object to his campaign’s signature-gathering efforts. The group provided a time-stamped copy of the complaint to The New York Times. A Board of Elections spokeswoman, Kathleen McGrath, said a determination of residency would be “outside the ministerial scope” of the board’s review of petitions.
Persons: Biden, Robert F, Kennedy Jr, Kathleen McGrath Organizations: New, New York Times Locations: York, New York, West
Read previewUK telecoms giant Virgin Media is suing a fishing trawler for more than $870,000, according to Irish media, accusing those on board of damaging one of its undersea fiber optic cables. Virgin Media, the primary cable supplier in the UK, is suing the owners and all those claiming an interest in The Lida Suzanna, an 82-foot-long, Irish-registered fishing vessel, according to documents filed in Ireland's High Court. According to the Irish Independent, Virgin Media claims that the trawler damaged a subsea fiber optic cable while fishing for scallops on January 26, 2015. Related storiesThe 2015 incident required Virgin Media to charter a repair ship and deploy a remotely operated vehicle to fix the break, WIRED reported at the time. This lawsuit follows a similar case in which Virgin Media went after another Irish fishing vessel.
Persons: , Lida Suzanna, Virgin Media's, Willie Joe Organizations: Service, Virgin Media, Business, Irish Independent, WIRED, International Cable Protection, Irish Times Locations: Lida, Ireland's
New York CNN —The website for the Columbia Law Review is no longer accessible following the publication of an article critical of Israel that the publication’s board said did not go through the proper review process. At issue is the publication of an article that said Palestinians are living under a “brutally sophisticated structure of oppression” by Israel. The Columbia Law Review Association is an independent nonprofit organization with its own board of directors, and it is not governed by Columbia University or its law school. The piece was published Monday, despite the board saying it had asked for a delay in publishing until June 7 pending more review. “The attempt to silence my legal scholarship on the Nakba by shutting down the entire Columbia Law Review website is not only reflective of a pervasive and anti-intellectual Palestine exception to academic freedom but is also a testament to a culture of Nakba denialism,” Eghbariah said in a statement to CNN.
Persons: , , Rabea Eghbariah, ” Eghbariah Organizations: New, New York CNN, Columbia, CNN, Association, Columbia University, Harvard University Locations: New York, Israel, , Gaza
Billionaire investor Ron Baron, longtime Tesla bull and shareholder, wrote an open letter in support of CEO Elon Musk's controversial $56 billion pay package. The pay package, proposed by Tesla's board of directors, has repeatedly come under fire for its close ties with Musk. If passed, it would be the largest pay package for a CEO in corporate America. "I'm voting for the pay package," Baron said on CNBC's "Squawk Box" Wednesday. In January, Judge Kathaleen McCormick of Delaware's Court of Chancery voided the original pay package.
Persons: Elon, Baron, Ron Baron, Tesla, Judge Kathaleen McCormick, Musk Organizations: Baron Capital, Delaware's, Baron Partners Fund, Elon Locations: Tesla's Fremont, America, Texas, Delaware, Tesla, Baron's, Elon
The Central Florida tourism board will vote on a development plan with Disney next week. The proposed development deal could allow Disney to expand its existing Florida properties. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementLocal businesses are throwing their support behind Disney's $17 billion development deal, saying it could invigorate the local economy and boost sales. The Central Florida Tourism Oversight District's board of supervisors discussed the pending development deal in a 25-minute meeting on Wednesday at its Lake Buena Vista headquarters.
Persons: , Ron DeSantis Organizations: Disney, Service, Disney's, Central, Central Florida Tourism, Business Locations: Central Florida, Florida, Buena Vista
The Texas flag is seen before the game between the Houston Cougars and the Texas Longhorns at TDECU Stadium on Oct. 21, 2023 in Houston. BlackRock and Citadel Securities are among investors backing a group seeking to start a new national stock exchange in Texas. "Texas's booming economy and the strong economic and population growth among states in the southeast quadrant of the U.S. present incredible opportunities for businesses — and ultimately the Texas Stock Exchange," TXSE CEO James Lee said on LinkedIn. TXSE's website said it will be a "fully electronic, national securities exchange that will seek registration with the U.S. Securities and Exchange Commission." The Dallas Morning News reported TXSE will target companies in the "southeastern quadrant of the U.S." In an interview with the newspaper, Lee thanked Texas Gov.
Persons: James Lee, Lee, Greg Abbott Organizations: Houston Cougars, Texas Longhorns, BlackRock, Citadel Securities, Dallas, Texas Stock Exchange, LinkedIn, Street, New York Stock Exchange, Nasdaq, SEC, U.S . Securities, Exchange Commission, Dallas Morning News, Texas Gov Locations: Texas, Houston, U.S
Read previewA former OpenAI researcher opened up about how he "ruffled some feathers" by writing and sharing some documents related to safety at the company, and was eventually fired. Leopold Aschenbrenner, who graduated from Columbia University at 19, according to his LinkedIn, worked on OpenAI's superalignment team before he was reportedly "fired for leaking" in April. The AI researcher previously shared the memo with others at OpenAI, "who mostly said it was helpful," he added. Related storiesHR later gave him a warning about the memo, Aschenbrenner said, telling him that it was "racist" and "unconstructive" to worry about China Communist Party espionage. He said he wrote the document a couple of months after the superalignment team was announced, which referenced a four-year planning horizon.
Persons: , Leopold Aschenbrenner, OpenAI's, podcaster Dwarkesh Patel, Aschenbrenner, OpenAI, Sam, Sam Altman Organizations: Service, Columbia University, Business, China Communist Party Locations: OpenAI
Hanesbrands agreed to sell its global Champion business to Authentic Brands Group in a transaction valued at $1.2 billion, including a contingent cash consideration, the company announced on Wednesday. The company expects to receive net proceeds of $900 million from the deal, the release says. As of the end of the first quarter of 2024, Champion generated around $75 million of adjusted EBITDA over the past 12 months. The agreement, which the Hanesbrands' board of directors approved unanimously, comes months after the company said it was considering a sale of Champion. CNBC reported in November 2023 that Authentic Brands Group and fellow brand management firm WHP Global were both interested in buying Champion.
Persons: Hanesbrands, Bill Simon Organizations: Authentic Brands, CNBC, Brands Group, WHP Global, Barington Capital Group
The United Nations’ nuclear watchdog agency on Wednesday censured Iran over its refusal to grant inspectors access to its uranium enrichment program, passing a carefully worded resolution after the United States toned it down in a bid to avoid provoking a crisis at a time in which the Middle East is already roiling. The resolution was sponsored by France, Britain and Germany in response to advances in Iran’s nuclear program over the past year and the Iranian’s government's refusal to cooperate with the agency. Russia has close security ties to Iran and purchases Iranian drones for the war in Ukraine. China is a close economic ally helping Iran evade sanctions by purchasing its oil at a discounted rate. Nine years ago, when Iran agreed to sharp limits on its nuclear program in a deal reached with the Obama administration and European nations, both Russia and China joined the effort to contain Tehran’s nuclear capabilities.
Persons: Obama Organizations: United Nations, International Atomic Energy Agency, United, Wednesday Locations: Iran, United States, France, Britain, Germany, Tehran, United Nations, Russia, China, Ukraine, Vienna
Amazon workers arrive with paperwork to unionize at the National Labor Relations Board office in Brooklyn, New York, Oct. 25, 2021. The Amazon Labor Union, the first group of company workers to organize at a U.S. warehouse, said Tuesday that it's taken steps to affiliate with the International Brotherhood of Teamsters. The ALU originally eschewed major labor unions, establishing itself instead as an independent organization. Aligning with the Teamsters, one of the largest labor unions in the U.S., could give the ALU additional heft to jumpstart negotiations with Amazon. In March, ALU members voted to hold an election for new union officers.
Persons: it's, Chris Smalls, Smalls, Arthur Schwartz, ALU, Schwartz Organizations: National Labor Relations Board, Amazon Labor Union, International Brotherhood of Teamsters, Amazon, Teamsters, Democratic Reform Caucus Locations: Brooklyn , New York, U.S, Staten Island , New York, Brooklyn, JFK8
Navan has hired a former New York Stock Exchange executive as its new chief financial officer, ahead of the anticipated IPO of the $9.2 billion travel and expense management platform. Amy Butte, who was NYSE's CFO between 2004 and 2006, will join Navan as its new CFO in June. Founded by entrepreneur Ariel Cohen, Navan is a platform that helps employees at companies big and small to manage their expenses and travel bookings. Last month, Cohen, Navan's CEO, told CNBC the firm is "not far" from an IPO, adding that the company expects to hit profitability this year. Navan was named as a CNBC Disruptor 50 company in May.
Persons: Amy Butte, Butte's, Ariel Cohen, Cohen Organizations: Navan, New York Stock Exchange, SAP, American Express, CNBC Locations: Navan
CNN —The “fasten seat belt” sign is off, and the time for a nap on your flight is on. On the nights with alcohol, researchers saw a lowered amount of oxygen and an increased heart rate, the study showed. Alcohol gets you sleep — but not good sleepThe study authors didn’t just collect data on heart strain. Alcohol may help you get to sleep, but the quality isn’t as good as sleep while sober, he said. “Many people have witnessed when people drink heavily, their snoring and the sleep apnea is much more severe,” Freeman said.
Persons: , Eva, Maria Elmenhorst, Andrew Freeman, didn’t, , Freeman, ” Freeman, Shalini Paruthi, Paruthi, “ I’ve, , Shalini Organizations: CNN, DLR Institute of Aerospace Medicine, Jewish Health, Alcohol, Saint Louis University School of Medicine, American Academy of Sleep, Foods Locations: Cologne, Germany, Denver
The $950 million project encompasses the 18-story former train station called Michigan Central Station – once the state's marquee transit building – an adjacent 270,000-square-foot building and other, supporting facilities. The 30-acre "Michigan Central" campus and station was initially announced in 2018 and slated to open by 2022. Train station campusThe Michigan Central campus is located southwest of Detroit's main business district in a trendy neighborhood known as Corktown. The Michigan Central campus in total spans 1.2 million square feet of commercial space, including retail, restaurants and hospitality. The restored grand waiting room inside Ford's Michigan Central Station in Detroit.
Persons: Michael Wayland, Bill Ford Jr, Ford, Bill Ford, He's, Henry Ford, Ford Ford, Josh Sirefman, it's, It's Organizations: CNBC DETROIT, Michigan Central, Ford, CNBC, General Motors, Renaissance, eBay, Michigan Central Station, Detroit, Michigan, Central Station, CNBC Ford, Architects, Detroit Public, Depository, Google, Detroit Lions Locations: Motor, Michigan, Detroit, Silicon Valley, California, East, Detroit's, Dearborn , Michigan, Ford's, Mankato, Indiana, CNBC, Motor City, Pontiac, Rouge
The in-house AI model called MAI-1 is said to be trained using a public dataset and text from ChatGPT, a source told The Information. AdvertisementThe company has a text-to-image generator called Microsoft Designer, which launched last year after being tested in December 2022. MetaMeta has an AI assistant called Meta AI. NurPhoto/Getty ImagesMeta has an AI assistant called Meta AI, which is run on its open-source LLM, Llama. It also has an AI image generator called Imagine, which launched in December and was trained on public Facebook and Instagram photos.
Persons: , Microsft, OpenAI, it's, Mustafa Suleyman, Shane Jones, VASA, Satya Nadella, OpenAI OpenAI, Sundar Pichai, OpenAI might've, Scarlett Johansson, OpenAI's chatbot, Sam Altman, Meta Meta Organizations: Service, Microsoft, Google, Apple, Business, Microsoft Microsoft, Microsft Microsoft, Federal Trade Commission, MAI, Lumiere Meta, Google Google, Meta, Facebook, Titan, Anadolu Amazon's, Olympus, Web Services, Amazon Locations: ChatGPT, Anthropic
Read previewThe company behind San Francisco's $700-a-month tiny sleeping "pods" has accused city officials of worsening the city's homelessness problem as it battles a lengthy investigation. James Stallworth, CEO of Brownstone Shared Housing, told Business Insider that San Francisco Planning Department staff had an "adversarial attitude toward housing." Brownstone says it is waiting for city officials to approve a change-of-use request so it can continue operating its 4-foot-high sleeping pods in Mint Plaza. City officials told BI that Brownstone still needed to complete important safety upgrades to comply with the law. AdvertisementThe pods made headlines late last year after proving a hit with some tech workers seeking affordable accommodation in central San Francisco.
Persons: , James Stallworth, Daniel Sider, Stallworth, Sider, Christian Lewis Organizations: Service, Francisco's, San Francisco Planning Department, Business, Tech Locations: San Francisco, Francisco
Billionaire Nelson Peltz is no longer an investor in Disney. Peltz fought a pricey proxy battle with Disney CEO Bob Iger over its board but lost. He's now sold all his Disney shares, which marks the likely end of the power struggle. AdvertisementBillionaire hedge fund founder Nelson Peltz has sold his stake in The Walt Disney Company after losing a pricey proxy battle with CEO Bob Iger. Peltz, the activist investor who founded Trian Partners, once controlled about $3.5 billion in Disney stock.
Persons: Nelson Peltz, Peltz, Bob Iger, He's, , Jay Rasulo Organizations: Disney, Service, Billionaire, Walt Disney Company, Trian Partners, The New York Times, Business
Polls consistently show that his support from Black voters has declined to alarming levels for a Democrat. Four years ago, nearly nine in 10 Black voters nationwide cast their ballots for Mr. Biden, according to exit polls. Image Recently, Mr. Biden and Ms. Harris have been speaking directly to Black audiences at multiple events per week. “The Biden campaign is panicking because they see that Black voters aren’t buying what Biden is selling,” Ms. Thomas added. Recently, Mr. Biden and Ms. Harris have been speaking directly to Black audiences at multiple events per week.
Persons: Biden, Donald J, Kamala Harris, Trump, George Floyd’s, ” Mr, Harris, Trump’s, Black, Wes Moore, Austin Davis of, Yuri Gripas, Mr, , Sherry Gay, surrogates, Sheff, Hallow, “ Trump’s MAGA, Janiyah Thomas, , Ms, Thomas, Brown, ” Ms, Michael Nutter, , Michael Gold Organizations: Republican, Black, Democratic, Mr, Gov, Girard College, The New York Times, New York Times, Siena College, Philadelphia Inquirer, Black Democrat, Biden, Bronx, Voters, Supreme, of Education, Morehouse College, Detroit, Democrats, Black voters Locations: Philadelphia, African, Maryland, Detroit, Milwaukee, Atlanta, New York
The use of weed to replace alcohol is a growing trend in the United States. “We know that moderate alcohol consumption has health risks, and risk increases as alcohol consumption increases,” Boyd said in an email. “Cannabis smoke contains toxins, carcinogens, and particulate matter that have been linked to cancer, lung damage, and cardiovascular disease,” Cohen said in an email. Research on edibles, such as baked goods, candies and beverages, and other methods of using cannabis is in its infancy. “In and of itself, it’s not good that more people are using cannabis,” Grinspoon said.
Persons: CNN —, , , , “ I’ve, Carol Boyd, ” Boyd, Weed, Peter Grinspoon, ” “, ” Grinspoon, Beth Cohen, ” Cohen, I’m, Boyd, ” Robert Page II, Grinspoon, ideation, it’s Organizations: CNN, National Survey, Center, Drugs, University of Michigan, US Centers for Disease Control, Massachusetts General Hospital, Marijuana, University of California, University of Colorado Skaggs School of Pharmacy, Pharmaceutical Sciences, Drug, Food and Drug Administration, National Poison Center, FDA, Lifeline Locations: United States, Washington, Ann Arbor, Boston, San Francisco, Aurora, Georgia
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