Latest news with #Jorgensen
Yahoo
2 days ago
- Climate
- Yahoo
Elk Point and Burbank S.D. impacted by storms
ELK POINT, S.D. (KCAU) — Following the storms, the Blue Tin Ranch suffered severe damage. Owners of the ranch believe a tornado came by to rip off the doors of the barn completely. There were no injuries. Besides a few trees falling, the main home and the rentable guest homes did not see damage. Co-owner Kelley Jorgensen of the property told us she was left with no vision on the road at one point. Kelley Jorgensen said, 'I made my peace with this earth and said, that's it, we're done. Thank you, universe, for my time here. I could not see anything past the railroad tracks [as I] came towards the Blue Tin Ranch here again. Still could not see. I couldn't see the white lines on the road. It was so bad.' Story continues below Top Story: OSHA has set fines for workplace death in January Lights & Sirens: Nebraska officials find 25 lbs of drugs during I-80 stop Sports: Bishop Heelan girls soccer blanks Center Point-Urbana 3-0 in IGHSAU 1A Quarterfinals Weather: Get the latest weather forecast here Jorgensen's family hopes that they can get the ranch fixed up as soon as possible come this summer season. Just down the road from Blue Tin, there was a farmer's shed destroyed by the storm. Doug Donelly, the farmer, said he wasn't home at the time of the storm, but was notified by neighbors of the damages. Donelly said the size of his shed was about 60 by 160, but his house had no damage. There were some other damages done in Elk Point's Heritage Park. A tree completely snapped off, destroying the park's swing set. The park is also seeing some high water levels due to the storm. Elk Point residents have been busy cleaning up all the debris from their yards from the storm. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Journals
5 days ago
- Business
- Business Journals
The rise of employee ownership: Why construction companies are choosing ESOPs
More than half of U.S. businesses with employees are owned by people at or near retirement age, making succession planning an increasingly important priority. When it's time to exit a business, owners typically choose from a few paths: keeping it in the family by passing it down to the next generation, selling to a strategic buyer looking to expand or pursuing private equity. But each year, a few hundred companies take a different route: the use of an employee stock ownership plan, or ESOP. The team at insurance brokerage Holmes Murphy has seen rising interest in ESOPs, particularly in the construction industry. Today, construction companies represent approximately 16% of all ESOPs, according to the National Center for Employee Ownership (NCEO). In 2022 alone, more than 292 new ESOPs involving over 31,000 participants were created. These plans now cover nearly 15 million employees nationwide. "When an owner wants to prioritize taking care of employees and continuing the company culture they've built, an ESOP becomes a really good fit,' said Ross Ingersoll, a client executive with Holmes Murphy who specializes in working with ESOPs. 'You have heavy civil construction firms that have large equipment fleets,' said Ted Jorgensen, a client executive in the surety area for Holmes Murphy. 'To have a small group of people try and buy a company with a large equity position is nearly impossible. Because an ESOP goes to a larger group, it can be a viable fit for having enough equity to transition the firm efficiently.' To establish an ESOP, a trust is created that serves as a retirement benefit plan for the company's employees. The trust buys the business from its existing owners and gives employees ownership shares over time. By taking this route, company founders can create a financial exit for themselves while ensuring their business continues to live on — stewarded by the employees who helped build it. ESOPs also come with a significant tax exemption for the company. Keys to ESOP success for construction companies Shifting all or part of a company's ownership to an ESOP is a complex transaction that requires careful planning to create a successful outcome. While he has worked on ESOP transactions that were completed in eight months from start to finish, Jorgensen said most such moves require years of careful planning and a team of professional advisors, including attorneys, CPAs and trust specialists. One client's CPA even recommended members of the selling family work with a therapist to ensure everyone was on the same page regarding how the shift would impact them and their futures. 'It's going in eyes wide open and making sure you're having all of the tough conversations,' Jorgensen said. There are many nuances when it comes to establishing an ESOP, including navigating ERISA law, unlocking tax-advantaged mechanisms, optimizing the debt structure the company will take on, and education for the new employee owners on what becoming an ESOP means. 'To have long-term sustainability with an ESOP, it's critical that qualified professionals are being engaged in various aspects of the initial transaction and moving forward,' Ingersoll said. 'You want to make sure that the next generation of leadership is set up for success when taking over from the selling shareholders, that the company will continue to perform at a high level, and that everyone is rowing in the same direction.' With the cyclical nature of construction, it can be helpful to work on diversifying the company's revenue stream ahead of a transaction, Jorgensen said. 'If current market conditions change for a specific sector, that can be detrimental to the company's ability to pay off the debt incurred through the ESOP,' he said. Finally, employees need to start thinking like owners. The selling business leaders can help cultivate this perspective ahead of the transaction by working with employees to develop the leadership and financial skills they will need under the new model. 'They're good employees, but are they good entrepreneurs and leaders?' Jorgensen said. 'Do they have the right leadership and mindset to make sure they can deal with the challenges of a construction firm in 2025 and beyond?' Beyond the buyout: Securing a legacy and building long-term value When done correctly, an ESOP creates a solid financial exit for the business owner and sets the company's new employee owners up for future financial success. According to the NCEO, ESOPs paid out more than $175 billion to participants in 2021. Some have even created significant windfalls for employees. When the private equity firm Warburg Pincus bought the software company Vermont Information Processing for approximately $1 billion in February, for example, workers who were part of the company's ESOP received distributions based on their tenure in the plan. An estimated 300 people received more than $1 million, while 50 people received approximately $10 million. Like traditional stock options, the opportunity of an ESOP can help a business attract and retain top talent in a competitive labor market. The programs give employees a long-term stake in the company's success, often boosting productivity and organizational culture. A 2023 study by the NCEO, for example, found that employees in an ESOP are about three times less likely to quit than the average U.S. worker. 'It bolsters employee recruitment and retention and rewards those employees and communities,' Ingersoll said. 'It's a powerful tool of perpetuation that is lesser known, but for the right company, it makes a lot of sense.' ESOPs provide many financial and personal opportunities for businesses and its stakeholders, but the structure itself creates risks that must be proactively managed. An insurance partner who understands ESOPs is essential to align risk management philosophies and insurance programs to tailor safeguards for your protection so that your ESOP does not turn into a liability. Learn more about how Holmes Murphy can help. Lauren Lawley Head is a freelance writer with The Business Journals Content Studio.
The Irish Sun
28-05-2025
- Sport
- The Irish Sun
Chelsea vs Real Betis LIVE SCORE: Conference League final updates as Nicolas Jackson STARTS in Poland
THE final of the Conference League is here TONIGHT - and it promises to be a thriller. Advertisement The West Londoners will be mixing it with Europe's elite next term after securing On the team news front, Kick-off time: 8pm BST TV channel: TNT Sports 1 FREE live stream: Chelsea XI: Jorgensen; Cucurella, Badiashile, Chalobah, Gusto; Palmer, Caicedo, Enzo Fernández, Madueke, Pedro Neto; Jackson Real Betis XI: Adrian, Gabaly, Natan, Bartra, Rodriguez, Cardoso, Fornals, Antony, Isco, Ezzalzouli, Bakambu CASINO SPECIAL - BEST CASINO BONUSES FROM £10 DEPOSITS Follow our live blog below... Advertisement By Chelsea team announced As expected, Nicolas Jackson leads the line for Chelsea. While Levi Colwill is on the bench. Cole Palmer starts the final while Enzo Fernandez captains the side for the final. Copy link Copied By Chelsea aiming for history Chelsea have won eight European titles - making them the second most successful English team. The only trophy that has eluded the Blues to complete the full set of major European honours is the recently-formed Conference League. But should Chelsea beat Betis they will become the first team to have won ALL of Europe's majors in their history. Chelsea have won Europe's elite competition, the Champions League, twice - They have also won the Europa League twice - in 2013 and 2019. The now defunct Cup Winners' Cup was won in 1971 and 1998. And the UEFA Super Cup in 1998 and 2021. Only Liverpool have won more European titles for an English team with 13. Credit: Getty Copy link Copied By 28 arrests made A statement from Lower Silesian Police in Wrocław said 28 people have been arrested today. They said: "After 5pm on the Wrocław Market Square, in connection with the previous negative behaviour of fans and the clash of several hundred people from both teams, arrests of fans involved in this incident are ongoing. "The police quickly took action and restored the violated legal order, and now they continue to act so that others can safely participate in this great celebration of sports. "At this moment, we can confirm the arrest of 28 participants in the incident. "No one will escape legal responsibility and the police will react decisively and appropriately to the situation." Credit: Shutterstock Editorial Copy link Copied By Fan violence earlier today Shocking scenes of violence erupted earlier today in Poland ahead of the Conference League final between Chelsea and Real Betis tonight. British and Spanish football fans were seen brawling in the streets, launching bottles and smoke grenades and even being pushed back by police water cannons across the past 24 hours. The ugly scenes kicked off mainly near the fanzone in Wroclaw with riot police forced to defuse the violence. Just hours before Soon, chairs were hurtling through the air as the fans squared up to each other before police, some armed with guns, came to separate them. Moment Chelsea & Real Betis fans CLASH in Poland launching bottles & smoke grenades hours before Europa Conference final Copy link Copied By Maresca on Jackson debt Chelsea boss Enzo Maresca said: "I think Nico is in debt with his team-mates. "And the reason why is because in that moment, Newcastle away was for us the most important game. "And he left his teammates with ten players for one hour. "So for sure he's in debt. For sure he's a good guy. For sure he recognised the mistake. "He apologised to his teammates. That is very important. "And I'm sure that [in the final] he's going to do a very good game for us." Copy link Copied By More on Jackson Nicolas Jackson has been told he will start for Chelsea in tonight's Conference League Final. The striker is desperate to make amends for Jackson is currently serving a three-match domestic ban and will miss the first game of the next Premier League season as a result. But Blues boss And Jackson will be included in the starting XI in Wroclaw. Jackson was sent off in the first half of the huge showdown at St James' Park. Copy link Copied By Team news imminent We're expecting the team news within the next half an hour for tonight's big one. But one thing we do know is Nicolas Jackson WILL start for Chelsea. He is currently serving a three-match domestic ban and will miss the first game of the next Premier League season as a result. Credit: Getty Copy link Copied
Yahoo
22-05-2025
- Business
- Yahoo
Novo Nordisk's former chief makes comeback to steer choice of new CEO
By Jacob Gronholt-Pedersen and Maggie Fick COPENHAGEN/LONDON (Reuters) -Years before Novo Nordisk's obesity drug Wegovy became a U.S. blockbuster, then-CEO Lars Rebien Sorensen told a press conference in Copenhagen: "You ain't seen nothing yet." More than a decade later, the 70-year-old is returning to Denmark's biggest company and is expected to strongly influence its future direction - most immediately through the selection of a new chief executive. His appointment as an observer on the board follows the removal on Friday of current CEO Lars Fruergaard Jorgensen by Novo and the Novo Nordisk Foundation - the company's controlling shareholder, which Sorensen chairs. Jorgensen succeeded Sorensen as CEO in 2017. Six people interviewed by Reuters said they think Sorensen will use his influence to push for an external hire, the first in Novo's 103-year history. The company has had only five chief executives, all Danes. A source close to Novo who spoke on condition of anonymity said Sorensen would look for someone who could recharge the company's U.S. performance, and that such a candidate was likely to come from outside. Under Jorgensen's leadership, Novo became a world leader in the lucrative weight-loss drug market, launching Wegovy in 2021. But in the United States, its largest and most profitable market, the drug has been struggling against U.S. rival Eli Lilly's Zepbound. The decision to remove Jorgensen showed the Foundation's frustration with management over the execution of a strategy to shift Novo's focus to obesity from diabetes care, devised when Sorensen was CEO, the same person said. Novo Nordisk chair Helge Lund on Friday said the company's strategy is unchanged despite the shake-up. Lund said last week the search would include internal and external candidates and Jorgensen will stay on until a successor is appointed. The Foundation declined to comment on Thursday. A Novo Nordisk spokesperson said Sorensen will participate in board meetings but holds no voting rights as an observer. He will become a full board member at the next AGM. NEW STYLE Novo's shares have more than halved from their peak when the company was valued at $615 billion in June last year, one reason cited by the Foundation for intervening to remove Jorgensen. At one point Europe's most valuable company, its expansion bolstered Denmark's economy and the country's global standing. Nevertheless, Friday's move stunned investors, analysts and many Danes, who viewed it as a public humiliation of Jorgensen and the company's board. The change of CEO also comes at a critical moment for the pharmaceutical industry as U.S. President Donald Trump threatens tariffs on pharmaceutical products and wants drugmakers to cut U.S. prices of brand-name medicines. Financial analysts Reuters spoke to last week said an American chief executive might be better placed to deal with the Trump administration. Investors and analysts do not see Sorensen himself - who during his 16 years in charge was twice named global CEO of the year by Harvard Business Review - as a candidate for the job. When he stepped down as CEO in 2016, Novo cited as reasons increased competition in the U.S. market and pricing pressures for insulin, then its most profitable line. But some people said Sorensen might want someone with a similar style to his own. "He was very self-confident and a great communicator," said Frank Horning Andersen, a former analyst at Jyske Bank who covered Novo during Sorensen's tenure. In contrast, Jorgensen, an economist by training, is a self-described introvert. UNDER SCRUTINY Pointing to "market challenges", Sorensen said on Friday the "timing is right for a new profile as CEO of the company". Gareth Powell, head of healthcare at London-based investment fund Polar Capital, told Reuters the Foundation's move to oust Jorgensen implied "a greater degree of scrutiny". "I think they need to be very careful going externally (for a CEO) because they've got to keep the pace up whilst they're going through this process," he said. "But if they think they need to do something dramatic here, then maybe an external (hire) shakes things up." As CEO, Sorensen had his own clash with the Foundation, over plans in 2004 for a merger with Swiss-based drug company Serono that could have seen company headquarters moved to Switzerland. The Foundation blocked the deal to preserve Novo's Danish roots, according to Kurt Jacobsen, professor emeritus at Copenhagen Business School, who wrote a book about the company. "Sorensen was furious," Jacobsen said.
Yahoo
21-05-2025
- Business
- Yahoo
BMO Capital Maintains Cautious Outlook on Novo Nordisk Amid CEO Transition
On May 19, BMO Capital Markets reaffirmed its "Market Perform" rating and $64.00 price target for Novo Nordisk A/S (NYSE:NVO) following the announcement of a CEO transition. Analysts view the leadership change as a response to competitive pressures and shareholder demands, but warn that without a strategic shift, challenges may persist. Pressmaster/ On May 16, Novo Nordisk (NYSE: NVO) removed CEO Lars Fruergaard Jorgensen, citing concerns over losing its first-mover advantage in the competitive obesity drug market. While Jorgensen led booming sales of Wegovy and Ozempic, the company's shares have fallen since reaching a record high in June 2024, facing growing competition from Eli Lilly (NYSE: LLY) and an unimpressive drug pipeline. Novo Nordisk stated the leadership change was driven by market challenges and its declining stock performance. While the CEO transition may reassure investors, BMO Capital remains skeptical about its near-term impact, noting that it does not signal a fundamental change in the company's strategy. The firm's April downgrade of the stock serves as a backdrop to its assessment, highlighting concerns about Novo Nordisk's competitive position and clinical progress. Experts warn that if Novo Nordisk doesn't make important changes to its strategy, it may keep facing tough challenges in the industry. The reaffirmation of its "Market Perform" rating and $64.00 price target underscores a cautious outlook on the company's future prospects. While we acknowledge the potential of Novo Nordisk A/S (NYSE:NVO) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NVO and that has 100x upside potential, check out our report about the . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. 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
