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Yahoo
4 hours ago
- Yahoo
EXCLUSIVE: Valentino CEO Steps Down
MILAN — Valentino's chief executive officer Jacopo Venturini has exited the couture house. His last day was Wednesday. On Thursday, Valentino said it had reached a mutual agreement with Venturini to terminate his employment and board roles as the executive 'has decided to take a break for personal reasons.' More from WWD What the Supply Chain Scandals Mean for Luxury Brands and Made in Italy EXCLUSIVE: Kering- and Inditex-backed Regenerative Fund for Nature Opens New Partnership Tiers to Fashion Brands Michael Kors Returns to 'Project Runway' as a Guest Judge, Plus Talking About the Steep Decline in Luxury Sales and Marc Jacobs Up for Sale for $1 Billion Sources close to the company say Alessandro Michele is staying on in his role as creative director. A source said the company is 'confirming full trust and commitment' in the designer. Michele's next collection for the brand will be unveiled in Paris for spring 2026 with a show on Oct. 5. In March 2024, former Gucci creative director Michele was appointed to the same role at Valentino, succeeding Pierpaolo Piccioli, who in May joined Balenciaga. A successor for Venturini was not named but 'will be announced in due course,' Valentino stated. Venturini was named Valentino's CEO in June 2020. He succeeded Stefano Sassi, who had been leading the company since 2006. Venturini was previously executive vice president, merchandising and global markets at Gucci, a role he left in October 2019, but his taking on the role of CEO marked a return to Valentino for the executive. After starting his career in fashion at Rinascente as a buyer from 1995 to 1999, he joined Valentino in 2000 as womenswear and menswear brand manager until 2004. He moved to Prada in 2005 as merchandising coordinator of the womenswear collection until 2008. That year he returned to Valentino as ready-to-wear collection director and retail image director, staying on until 2015, when he joined Gucci. Upon his arrival at Valentino, Venturini restructured the company's organization and focused on repositioning the brand as an Italian maison de couture, which meant, for example, closing sister brand Red Valentino. He set in motion a retail expansion, seeing growth potential in mainland China. He presented the first leg of the brand's Re-Signify project, to highlight Valentino's codes, in Shanghai in December 2020. The second part of the brand experience opened the following year at SKP in Beijing. As reported, in 2024, Valentino's sales dipped 3 percent to 1.31 billion euros amid 'a challenging and complex landscape,' the company said at the time. The Rome-based company reported a 22 percent fall in its earnings before interest, taxes, depreciation and amortization to 246 million euros, affected by 'non-recurring items.' At constant exchange rates, the decrease stood at 2 percent, while the Roman fashion house trumpeted that its direct retail, including e-commerce, improved 5 percent last year and represented 70 percent of revenues. In July 2023, Kering revealed it had bought a 30 percent stake in Valentino for 1.7 billion euros in cash as part of a broader strategic partnership with Qatari investment fund Mayhoola, which controls the brand. The French group, parent of Gucci, Saint Laurent, Balenciaga and other luxury brands, has an option to buy 100 percent of Valentino's capital by 2028, while Mayhoola could become a shareholder in Kering. In a research note last month, Bernstein analyst Luca Solca said Renault executive Luca de Meo, who will arrive as Kering's new CEO in mid-September, must curb Kering's elevated debt levels, and perhaps 'negotiate a larger 'equity for Valentino' deal with Mayhoola.' According to Bernstein's tallies, Kering will need up to 3.4 billion euros in cash to pay for the remaining 70 percent of Valentino. Solca also suggested de Meo should fix the management operation, and foresees 'less of a need' for Kering's deputy CEOs Francesca Bellettini, in charge of brand development, and Jean-Marc Duplaix, in charge of operations and finance. Market sources speculate Bellettini could be eyeing other career options and her name has been associated with several brands currently without a CEO, from Prada, after the exit of Gianfranco D'Attis on June 30, to Ferragamo, following Marco Gobbetti's departure last March. Could Valentino be an option? Best of WWD Bottega Veneta Through the Years Chanel's Ambassadors Over The Years Ranking Fashion's Longest-serving Creative Directors Sign in to access your portfolio
USA Today
5 hours ago
- USA Today
AI-Proof Your Resume: Data-Backed Strategies for Job Seekers
Though artificial intelligence (AI) and applicant tracking systems (ATSs) are smarter than they ever have been, strategy remains a key to success. However effective a resume may be, all that matters is getting that information in front of the human recruiter who can actually move a candidate forward. Designing an AI-proof resume is essential, and identifying the right tools is needed to do so. The Spread of AI Hiring Tools According to the World Economic Forum, approximately 88% of companies are already using some form of AI for candidate hiring. While these tools are typically applied for the initial candidate screening, these systems can filter out even highly-qualified candidates if their profiles don't meet the AI system's particular criteria. Companies are still adapting to these shortcomings, but the efficiency promised by AI is sure to continue posing issues for candidates in 2025. Adapting to AI Hiring Practices Pinning down exactly what an AI tool is looking for in a resume can certainly be difficult, especially because the criteria can vary by company. That said, there are a few effective approaches that may be applied, as well as a number of myths to avoid entirely. 'Early challenges included the vast variation between ATS parsers, myths and misinformation about resume formatting, and user anxiety about AI rejection,' Volen Vulkov said of designing his resume-building platform and career tools provider, Enhancv. '[We] saw how many qualified candidates were being rejected… Enhancv aimed to demystify the process and give job seekers tools to adapt.' Myths About Resume Formatting for AI While these myths may have held some truth as AI and ATS systems have proliferated and improved, they are largely untrue today. Formatting concerns, such as different colors, fonts, and icons, are outdated; a modern ATS system can easily handle these variations. Modern AI tools can even format resumes for the user, dispelling this myth. That said, a user should avoid relying on an AI-generated resume. Three Methods for Getting a Resume Past AI It is almost impossible to avoid AI resume screening today, but there are proven methods for getting a resume in front of a human recruiter. Perhaps most importantly are target keywords, the words and phrases an AI or ATS looks for when analyzing an application. By identifying resume keywords related to the job description and applying them in context, an applicant can find an advantage. While formatting is not a concern, structure and readability are. By using standard resume headings, maintaining consistent structure and formatting throughout, and using spelling or grammar checkers to ensure that content is written correctly, applicants tend to stand out to AI. Lastly, an applicant must use an AI-safe, ATS-friendly resume file format. When it comes to ATS, there are two options, .pdf and .docx; other formats could sabotage an application. Using a Resume Builder Fortunately, applicants have a range of resume builder options that can help them get past ATS. Tools like Enhancv's resume checker even enable users to pre-test ATS compatibility, helping to ensure that a resume has a better chance of getting in front of a human recruiter. So long as an applicant avoids misconceptions and abides by proven methods, it is possible to overcome AI and ATS tools.
Yahoo
5 hours ago
- Yahoo
OpenAI may soon be the world's most valuable private company—but CEO Sam Altman won't profit much, with no equity and just a $76,001 salary
OpenAI is on the brink of becoming the world's most valuable private company, anticipated to reach a $500 billion valuation after a $6 billion planned shares sale. But its cofounder and CEO, Sam Altman, won't be shooting up the billionaire list for the major accomplishment—he currently holds zero equity in the AI company, earning an annual salary of $76,001. Instead, the bulk of his $1.9 billion fortune comes from his early investments in industry titans, including Reddit, Uber, Asana, and Airbnb. The AI race is one of the hottest business wars this decade, with the market expected to be worth $4.8 trillion by 2033. And OpenAI has been a front-runner in the fierce battle, with ChatGPT amassing a staggering 800 million active users, according to CEO Sam Altman. It's now on the cusp of becoming the world's most valuable company, with talks to sell $6 billion in shares that would push its valuation to $500 billion—up from its $300 billion appraisal in March after a $40 billion infusion from backers like Microsoft and SoftBank. That leap would see OpenAI overtake Elon Musk's SpaceX, which currently tops all other private companies at $350 billion. However, even if OpenAI pulls off the envy-worthy valuation, you probably won't catch Altman shooting up the billionaires list off the back of it. The CEO currently earns a salary of $76,001, up slightly from $73,546 in 2022, for leading the pioneering tech company. The billionaire tech boss said he makes 'whatever the minimum for health insurance is,' according to the New York Times—but more surprisingly, owns zero equity in OpenAI. At one point he owned a 'quite insignificant' indirect stake in the company through a Sequoia-backed VC fund associated with Y Combinator. But an OpenAI spokesperson told TechCrunch that the share was reportedly less than a fraction of a percent, and has already been sold for an undisclosed amount. Altman's lack of equity is quite unusual; most CEOs have some skin in the game, standing to make big wins or crushing losses depending on how they lead their companies. But he has other tricks up his sleeve to bring home the bacon. Fortune reached out to OpenAI for comment. Altman is a billionaire with a $76,001 salary. Here's how he makes his fortune Just because Altman doesn't own a part of OpenAI, doesn't mean he's living paycheck-to-paycheck on his modest CEO salary. The 40-year-old tech entrepreneur currently boasts a net worth of $1.9 billion—starkly lower than the CEO of the company he's trying to outpace, as Musk sits on a $410 billion fortune. But he's still amassed a sizable nest egg thanks to his diverse investments across several industries. Altman is a major backer of Helion Energy, a nuclear fusion startup where he poured in a $375 million personal investment and currently serves as chairman. He's supported biotech company Retro Biosciences with a $180 million investment, and also participated in funding rounds for Musk's brain-computer interface maker Neuralink. Aside from these science- and tech-focused firms, Altman was also an early backer of productivity management platform Asana and Reddit, serving as a board member of the latter until 2022. His stake in Reddit was estimated to be worth $600 million after the platform's IPO. The OpenAI CEO also made a lucky early infusion of $100,000 in Airbnb back in 2008 when the company was in its short-term-rental infancy. Plus, there was his early $100,000 investment in Uber—which today is worth $194 billion. Altman also financially supported creator monetization platform Patreon, even putting his money toward other AI-focused companies including $35 billion titan Humane. After nearly a decade of steering Y Combinator from 2011 to 2019, Altman got firsthand insight into what gets funded, what crashes out, and what can actually scale. The millennial billionaire's diverse portfolio of investments spans transformational technology, nuclear energy, fintech, and social platforms. All the holdings he controlled up to early 2024 were estimated to be worth at least $2.8 billion, according to reporting from the Wall Street Journal. The OpenAI CEO said his venture funds had invested in more than 400 companies, as of last year. This story was originally featured on Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
