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Business Wire
4 hours ago
- Business Wire
Expeditors Appoints David A. Hackett as CFO
'Dave has fully integrated himself into our finance and accounting operations and fits seamlessly with our culture, having worked closely with Brad to learn our services, business model and strategies since joining Expeditors as Vice President of Finance in May 2024,' said Daniel R. Wall, President and Chief Executive Officer. 'Dave also worked directly with our other executives and the Board and traveled to many Districts throughout our global network to learn our operations at the field level and meet with a great many employees. With his wealth of financial capabilities and demonstrated leadership, we are fully confident in Dave's ability to step in as CFO.' Wall added, 'I can't thank Brad enough for his strong hand in overseeing our financial health and growth. Brad built a strong team around him and managed through some of the most difficult events in our company's history, including the 2008 financial crisis and the COVID-19 pandemic. Through it all, Brad has brought unflappable leadership and strategic thinking to the role of Chief Financial Officer. At least as significantly, Brad brought us his unrelenting focus on investing in our people, profitability, and cash flow. Over the past 17 years under Brad, Expeditors has increased its dividend from $0.32 to $1.54 and has returned a total of $12 billion to shareholders through share repurchases and dividends. We all wish Brad the best in a well-deserved retirement.' Upon his appointment, Hackett commented, 'The Expeditors culture is unique, and I appreciate getting to know so many people throughout the organization. I'm humbled and honored to build on Brad's legacy in leading the finance and accounting function as part of the executive team of this great company. I'm also excited to help shape strategy that drives sustainable, profitable, and capital-efficient growth for our employees and shareholders.' Dave Hackett, 52, joined Expeditors in May 2024 as Vice President, Finance. Prior to Expeditors, Hackett served in many roles across finance at NIKE, Inc. for nearly 16 years, with 7 of these years as a vice president in the finance and strategy function as part of the NIKE Corporate Leadership Team. During his time at NIKE, he led external reporting, was Controller of North America and Vice President of Global Treasury and Financial Risk Management. Prior to NIKE, Hackett spent nearly 9 years in the audit function of KPMG where he was a senior manager and led the audit teams for some of the firm's largest public clients in the Pacific Northwest. He also obtained his CPA certification in the state of Oregon in 1998. Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 172 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.


Chicago Tribune
5 hours ago
- Chicago Tribune
Trump says he plans to put a 100% tariff on computer chips, likely pushing up cost of electronics
WASHINGTON — President Donald Trump said Wednesday that he will impose a 100% tariff on computer chips, likely raising the cost of electronics, autos, household appliances and other goods deemed essential for the digital age. 'We'll be putting a tariff on of approximately 100% on chips and semiconductors,' Trump said in the Oval Office while meeting with Apple CEO Tim Cook. 'But if you're building in the United States of America, there's no charge.' The Republican president said companies that make computer chips in the U.S. would be spared from the import tax. During the COVID-19 pandemic, a shortage of computer chips increased the price of autos and contributed to an overall uptick in inflation. Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organization. Trump's tariff threats mark a significant break from existing plans to revive computer chip production in the United States. He is choosing an approach that favors the proverbial stick over carrots in order to incentivize more production. Essentially, the president is betting that higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators. By contrast, the bipartisan CHIPS and Science Act signed into law in 2022 by then-President Joe Biden provided more than $50 billion to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Trump has vocally opposed.


CNBC
7 hours ago
- CNBC
How Flamingo Estate, celebrity-endorsed farming-to-consumer startup, raises money the right way
Richard Christiansen, founder of Flamingo Estate, on how he turned a mission to save one vegetable farmer's business during Covid into a $50 million business spanning food, beauty and household goods, and major celebrity partnerships.