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Yahoo
18 minutes ago
- Yahoo
Analysis-The most precarious job in America's boardrooms: CEO
By Svea Herbst-Bayliss and Isla Binnie NEW YORK (Reuters) -U.S. companies are removing their CEOs at the fastest clip in two decades, data shows, as increased scrutiny from shareholders and boards result in reduced tolerance for sub-par returns or wayward conduct. At least 41 CEOs have exited S&P 500 companies so far this year, compared with 49 for all of 2024 – making the fastest pace on an annualized basis since 2005, according to data from nonprofit executive research group The Conference Board and data analytics company ESGAUGE. In the latest example, consumer goods company Procter & Gamble, the maker of Tide laundry detergent and Bounty paper towels, said on Monday CEO Jon Moeller will be replaced next year by longtime executive Shailesh Jejurikar. Moeller, who has been CEO since 2021, will become executive chairman, a powerful role on the board that allows the former chief to retain a strong voice in company affairs. Before that in the last three weeks alone Tylenol-maker Kenvue replaced its CEO and health care products distributor Henry Schein said its CEO will leave at year's end. In interviews, more than a dozen executive recruiters, investors, bankers, lawyers and industry advisers attributed the high turnover this year to a range of reasons, some building up from economic and social changes since the Covid-19 pandemic. While high inflation, geopolitical instability and the Trump administration's trade war has complicated the job of CEOs, diversity gains made boards more independent and demanding of the person in the top job, these people said. At the same time, in a stock market setting new records but driven mostly by large tech names, underperformance had given activist investors, who push for corporate changes from selling a division to buying back more stock, greater sway, leading to management changes. "Trying to fire the CEO has become a referendum on what's perceived to be a failed company strategy," said Peter da Silva Vint, managing partner at consulting firm Jasper Street, which works with companies facing pressure from activist investors. "And investors have become more comfortable with it as a mechanism to send a message." CEOs at companies that are lagging their peers are most at risk for demands from activists, with almost half – 42% – of S&P 500 companies that changed leaders last year foundering in the bottom 25th percentile for total shareholder returns, according to a November study led by The Conference Board. Take the case of Kenvue, where the board said it was replacing CEO Thibaut Mongon "to unlock shareholder value and reach its full potential" after the stock had lost 16.5% since its spin out from Johnson & Johnson two years ago. In contrast the S&P 500 has climbed 41% since August 2023, when Kenvue became a fully independent company. Kenvue took action after three U.S. hedge funds -- Starboard Value, Tom's Capital and Third Point – agitated for change at the company, and Starboard CEO Jeffrey Smith got a board seat in March to settle that hedge fund's proxy fight. The battle at Kenvue continues, however. The other two funds continue to agitate for more changes, including divesting assets and possibly selling the entire company, according to people familiar with the matter. With a new CEO on board investors, are confident a sale is sure to follow, the sources said. Kenvue declined to comment, Mongon could not be reached for comment and the hedge funds did not respond to requests for comment. "Activist investors are feeling more empowered, and if they have bought into a company's five-year plan then they want someone to exercise it," said Georgetown University professor Jason Schloetzer, an expert in corporate governance. "And if the guy at the top can't do it, they'll find the next one." Beyond shareholder activism and performance, changes in the makeup of boards over the past decade when there had been a new focus on adding diversity was also playing a role in the shakeup at the top, corporate governance experts said. Such boards were acting with greater independence, putting CEOs on tighter leash, these people said. "Newer members have more objectivity relative to prior generations," said Jason Baumgarten, head of global board and CEO practice at executive recruitment firm Spencer Stuart. Another factor in the high CEO turnover: less tolerance of unethical behavior, especially after the #MeToo movement. Questions over personal conduct led to the departure of at least two of the 40 CEOs at S&P 500 -- at Kroger and Kohl's. Representatives for the companies did not respond to requests for comment and the former executives could not be reached for comment. But the trend goes beyond publicly traded companies as well. Earlier this month, Andy Byron, the married CEO at privately held technology company Astronomer, left his position after a video of him embracing the firm's human resources chief Kristin Cabot, who is not his wife, at a Coldplay concert went viral. Astronomer did not respond to a request for comment and Byron could not be reached. Reputational risk and corporate culture have become central to a company's long-term value, Jasper Street's da Silva Vint said. "Today's boards are far more willing to act decisively, removing executives, not only to enforce policy, but to protect shareholder, employee and public trust," he said.
Yahoo
18 minutes ago
- Yahoo
Palo Alto Networks in talks to buy CyberArk in deal worth over $20 billion, WSJ reports
(Reuters) -Palo Alto Networks is in talks to acquire CyberArk Software in a deal that could value the Israeli cybersecurity firm at more than $20 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Shares in CyberArk rose about 13%, while Palo Alto Networks' stock fell roughly 2%. The companies did not immediately respond to requests for comment from Reuters. Cybersecurity deal activity has been robust in recent years as large corporations have increased spending on security tools. Rising competition among all-in-one cybersecurity platforms has reshaped the industry, making several companies attractive takeover targets for larger rivals and private equity firms. As of Monday's close, CyberArk had a market capitalization of $19.3 billion, according to LSEG data. 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
New York Post
19 minutes ago
- New York Post
Trump confirms possible China trip, but insists ‘not seeking' Xi summit
President Trump has revealed that he may jet over to China in the near future, but rebuffed suggestions that he is seeking a summit with Beijing counterpart Xi Jinping amid intense trade negotiations between the two economic superpowers. 'The Fake News is reporting that I am SEEKING a 'Summit' with President Xi of China. This is not correct, I am not SEEKING anything!' Trump wrote on Truth Social late Monday from Scotland, where he wrapped up a five-day visit Tuesday. 'I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest! Thank you for your attention to this matter.' Staffers for Trump and Xi have held discussions about setting up a meeting between the two leaders, potentially on the sidelines of the annual Asia-Pacific Economic Cooperation (APEC) meeting in South Korea, which takes place Oct. 30-Nov. 1, Reuters reported last week. It is unclear whether any discussions of Trump traveling to China directly have been broached. 3 President Trump confirmed ongoing talks with China about him meeting with leader Xi Jinping. Xinhua News Agency via Getty Images 3 President Trump and Chinese leader Xi Jinping's last in-person meeting took place in 2019. XinhuaTrump and Xi last met face-to-face in June 2019 on the sidelines of the G-20 summit in Osaka, Japan. The US and China have until Aug. 12 to reach a full-fledged trade agreement following a months-long truce that has seen duties temporarily come down from up to 145% on Chinese exports to the US and 125% on American goods. Negotiators from Washington and Beijing are holding a third round of talks this week in Stockholm. 'We have a good relationship with China,' Trump told reporters Monday at his Turnberry club on the west coast of Scotland. 'China's tough.' In 2024, China was the third-largest US trading partner among individual nations — behind only Mexico and Canada — with trade between the two nations amounting to $582.4 billion. Further complicating negotiations is Trump's looming threat to impose secondary tariffs of 100% against countries that trade with Moscow until the Kremlin ends its invasion of Ukraine and agrees a peace deal. China and India, in particular, have continued to purchase energy from Russia throughout the 41-month-old war on Ukraine. China has also been accused of providing Moscow's arms industry with critical supplies. 3 The Trump administration is currently involved in trade negotiations with China. Getty Images Beyond trade tensions, US officials have repeatedly warned about Chinese cyber attacks, such as the Salt Typhoon operation that breached American telecommunications systems. On Monday, the Financial Times reported that the Trump administration blocked Taiwanese President Lai Ching-te from stopping in New York City during a planned diplomatic visit to Central America later this year. China has long claimed sovereignty over the island state of Taiwan, which has its own currency, military and government. The US adheres to the One China Policy on paper, which acknowledges Beijing's claim, but takes no position on it.
