Sequoia Heritage-Backed RenWave Kore Raises Nearly $1.3 Billion for Debut Fund
RenWave Kore, a private-equity firm founded by an alumnus of activist investor Elliott Investment Management, has wrapped up fundraising on one of the largest first-time private-equity funds in recent years.
The Greenwich, Conn.-based investment firm collected $1.26 billion of commitments for Ren Fund I with backing from investors including Liberty Mutual Insurance and the University of Chicago endowment, according to an extract of a letter to the fund's investors seen by The Wall Street Journal.
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4 days ago
- Business Insider
Southwest CEO says changes like charging for seat bookings and checked bags will make it over $4 billion next year
Southwest Airlines expects to make over $4 billion from the array of changes it's introducing. That includes scrapping its signature policies of unassigned seating and the trademarked "Two bags fly free." At the Bernstein Strategic Decisions Conference on Thursday, CEO Bob Jordan said the airline expects an incremental EBIT contribution of $4.3 billion in 2026. "It's hugely impactful to the business and to our margins," he added. On Wednesday, Southwest started charging $35 for a first checked bag and $45 for a second one, although all loyalty members and credit card holders can get one for free. "Bag fees, credit exploration, [and] changes to the loyalty program" are expected to contribute $800 million, Jordan said. While changing the seating system is still "months away," it is expected to generate another $1.5 billion in 2026. Introducing assigned seating is designed to encourage passengers to pay to choose their seat and for premium options like extra legroom. "85% of the customers who won't choose us want assigned seating," Jordan said, adding it is also the biggest reason they don't fly with Southwest. The other $2 billion is split between cost-cutting measures and "base business changes," such as improving the airline's revenue management system. Budget airlines like Southwest have seen their profits tumble since the pandemic. Increased fuel and labor costs, plus domestic overcapacity, have made it harder to fill planes, while fliers are more interested in paying for premium options. As Jordan said on Thursday: "Let's answer the question of what do customers want? And they want segmentation of the cabin. They want a variety of product offerings. They want access to premium." Southwest has also faced pressure from the activist firm Elliott Investment Management. The new changes seem to be encouraging Wall Street. Southwest's share price has risen over 20% in the past month. Plus, Deutsche Bank analysts upgraded the stock from a Hold rating to a Buy on Thursday. "Southwest is in the middle of the largest transformation in company history and we are confident that its new board and management team will execute its transformation plan with considerable success," they wrote in a report.
Yahoo
4 days ago
- Yahoo
CIOs tackle talent strategies, org structures as AI takes hold
This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. Cambridge, Mass. — The rapid pace of AI development is putting CIOs in a tricky spot: Not only are they responsible for deploying tools that can boost productivity, they're also working to ensure the tools can be utilized once deployed. The dynamic has made workforce upskilling efforts a priority. It's up to tech leaders to help shape a culture that enables AI experimentation, according to Monica Caldas, global CIO at Liberty Mutual Insurance. "I do not believe that AI thrives in heavily authoritarian, top-down environments," said Caldas, speaking last week at the MIT Sloan CIO Symposium. "I think the way people pick it up is through play." Along with encouraging experimentation, the risk profile of AI necessitates guardrails as businesses tackle change management. "It's not anarchy, but it's also not authoritarian," Caldas said. "You have to hit that sweet spot, and that's where adoption really starts." Other businesses are preparing their employees through targeted training programs. More than half of leaders said they plan to upskill their workforce ahead of AI implementation plans, according to a January survey from Revature. More than 4 in 5 decision-makers flagged access to talent as a top concern. Potential productivity wins can help existing staff embrace upskilling efforts, said Dimitris Bountolos, chief information and innovation officer at infrastructure company Ferrovial. "What we have seen is an excitement of staff to be self-sufficient in activities that were really bureaucratic," Bountolos said. The deployment of generative AI tools caused a rush of interest in prompt engineering roles. Interest has since fizzled, as businesses began to understand that learning to prompt generative AI systems is a core skill that should be developed more broadly. AI savviness should be embraced by the entire organization, according to Reshmi Ramachandran, head of partnerships and go to market strategy at consulting firm Cprime. "When we consult with companies we often tell them: never do prompt engineering in isolation. It's not an isolated job, it is actually a cross-functional skill," Ramachandran said. "You get some of your best prompts from marketing leaders, from HR, because that's where the context is." In addition to changes in job functions, departmental structures are also evolving. The wave of AI adoption is helping to accelerate a shift away from the established pyramid-shaped organizational structures in software development, according to Aamer Baig, senior partner, Chicago, at McKinsey & Company. "In the last decade or so, we've proven that is not the most effective and economical way of delivering software," said Baig. A diamond-shaped model with a team of somewhere between eight to 12 was identified as the most effective. But with the influx of agentic AI, that organizational structure is also changing. "Now, we have a new model, which is enabled and powered by AI, that has a product person, product builders and many, many agents to support, which can deliver as much output as a diamond-shaped team does," Baig said. In addition to serving as CIO, tech executives will need to take on additional roles including "chief influencing officer, chief change management officer" as organizations adjust to shifts in their core talent and operational structures. "The ability to move that sort of organization and that complexity forward will differentiate the winners and the losers in large companies," Baig said.
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5 days ago
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Honeywell, Joby, Fannie Mae & Freddie Mac: Trending Tickers
Honeywell (HON) adds Elliott Investment Management's Marc Steinberg to its board, according to the Wall Street Journal, ahead of the company's plans to split into three separate entities. Electric vertical take-off and landing — or eVTOL — developer Joby Aviation (JOBY) receives the first $250 million of Toyota's (TM, 7203.T) $500 million investment. Also watch Yahoo Finance's interview with Joby Aviation CEO JoeBen Bevirt from October 2024. President Trump says he plans to take US mortgage lenders Freddie Mac (FMCC) and Fannie Mae (FNMA) public, affirming that he will keep government guarantees. Catch Whalen Global Advisors Chairman Chris Whalen weigh in on the restructuring these two firms may need to see from the Trump administration for successful public spin-offs. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
