Latest news with #MarvinEllison
New York Times
21-07-2025
- Business
- New York Times
Memphis' Big 12 pitch, including $200 million in sponsorships, isn't gaining traction: Sources
By Chris Vannini, Ralph D. Russo and Justin Williams The University of Memphis pitched itself to the Big 12 with an offer to bring sponsorship revenue to the conference while taking no media rights payments, an unprecedented offer to join a conference, but the deal has not garnered enough support within the league. Advertisement According to people briefed on the situation, that proposal would include Memphis joining the Big 12 without taking revenue from the league for at least five years — what administrators dub the 'SMU model' in the ACC — while also committing hundreds of millions in corporate sponsorships from Memphis supporters. Big 12 athletic directors recently met on the idea, and conference presidents talked about it on Monday. But the determination was that the league is not interested. One source said there was 'very little momentum for this,' and multiple league sources expressed concern that adding Memphis could 'dilute' the league's value in the next television deal. Any expansion would need 12 of 16 members to approve a move, a number that was not reached for UConn or Gonzaga in recent years. Memphis did not immediately respond to a request for comment. Memphis' proposal includes $200 million in sponsorships with FedEx, Lowe's and AutoZone over five years, according to one person. FedEx, based in Memphis, has long been a supporter of Tigers athletics, currently committing $25 million over five years in name, image and likeness support. Marvin Ellison, the CEO of Lowe's, is a Memphis graduate and is on the school's board of trustees, which also includes FedEx executive vice president Rob Carter. Multiple people with knowledge of the situation said Memphis' leadership first reached out to Big 12 presidents about the idea, rather than the conference office. The proposal would also include a clause allowing the Big 12 to kick the Tigers out before the next TV deal is done if it's determined they're not bringing enough value. The tepid performance of recent American additions to the Big 12, outside of Houston men's basketball, has also caused some pause among administrators. Memphis' pitch is an attempt to make this a no-risk situation for the Big 12. The school and its big-money supporters have tried to find a pathway to a Power 4 conference ahead of what could be another round of conference realignment in the next five years. After SMU got an ACC invitation in part thanks to its billionaire backers, Memphis is trying the same thing. Advertisement Memphis has also talked with the Pac-12 about a football-only membership, if the rest of the Tigers sports can get into the Big East, but that may not be a long-term solution. Men's basketball has historically been Memphis' signature sport. The Tigers have reached three Final Fours, including a championship game appearance under John Calipari in 2008. That and Memphis' 1985 Final Four appearance were later vacated due to NCAA violations. Memphis has 29 NCAA men's tournament appearances overall, including three of the past four seasons under coach and former Tigers star Penny Hardaway. But under Hardaway, the program has also incurred multiple NCAA investigations, including being placed on probation last week after an academic counselor paid two softball players to do coursework for a men's basketball player. The football program at Memphis, after decades of mediocrity and struggles, has had its greatest sustained success since joining the American in 2013. Under three different coaches, the Tigers have had five double-digit victory seasons, including each of the past two years under Ryan Silverfield, as well as a Cotton Bowl appearance under Mike Norvell to cap the 2019 season. They have not had a losing record since 2013. Memphis received $11 million from the American Conference in 2023-24, tops in the league it has been a member of since 2013 and also likely the most for a Group of 5 school. But as college sports continue to be reshaped and driven by who can find and spend the most money, perhaps toward an eventual consolidation, Memphis has tried to tap into its resources to find a new home. To this point, it hasn't happened.
Yahoo
30-06-2025
- Business
- Yahoo
Lowe's CEO warns young workers to stay away from the corner office: ‘AI isn't going to fix a hole in your roof'
Despite fears of an AI-induced entry-level job bloodbath, Lowe's CEO Marvin Ellison reassures Gen Z there are opportunities to find jobs—as long as they are willing to give up dreams of corporate life: 'Stay close to the customers because you will always have employment opportunities to grow,' he said. Anxiety about an AI job bloodbath is everywhere. As generative-AI tools like ChatGPT advance at lightning speed, even high-skilled roles like software engineering appear to be at risk. But according to Lowe's CEO Marvin Ellison, the reality of AI's impact on the workforce is far more grounded. 'AI isn't going to fix a hole in your roof,' Ellison, chief executive of the home-improvement retail giant, said at Business Roundtable's CEO Workforce Forum earlier this month. 'It's not going to respond to an electrical issue in your home,' he said. 'It's not going to stop your water heater from leaking.' Particularly for Gen Z, who are facing an uphill battle thanks to slowed hiring among recent graduates, Ellison reassures them there are job opportunities—as long as you are willing to give up dreams of the corner office. 'When young people come to me and they desire to work in the corporate office, my advice to them is, Stay as close to the cash register as you can,' he said. 'Stay close to the customers because you will always have employment opportunities to grow.' And while his words may sound ironic considering how technology is the reason for self-checkout, Ellison is a believer that mastering the skills AI doesn't have is a wise move. Ellison didn't immediately respond to Fortune's request for comment. Ellison's comments come at a time when there's a fierce debate among business leaders about the impacts of AI, especially on young talent. Anthropic CEO Dario Amodei has warned the technology could wipe out half of all entry-level white-collar jobs, and Amazon recently announced it will soon cut its corporate workforce thanks to the technology. However, OpenAI chief operating officer Brad Lightcap is more optimistic. 'We look at the problem and opportunity of deploying AI into every company on earth, and we have yet to see any evidence that people are kind of wholesale replacing entry-level jobs,' Lightcap said on the Hard Fork podcast. Some business leaders agree one growing pathway to success is the skilled trade industry. After all, construction, utilities, as well as oil, gas, and mining are the fastest-growing industries for new grads, according to LinkedIn's 2025 Grad Guide. BlackRock CEO Larry Fink said earlier this year electricians in particular are so desperately needed the U.S. could run out of them, thanks in part to growing demand and the deportation of skilled workers. 'I've even told members of the Trump team that we're going to run out of electricians, that we need to build out AI data centers,' Fink told an audience at CERAWeek, an S&P Global energy conference hosted in Houston. 'We just don't have enough.' According to the U.S. Bureau of Labor Statistics, demand for plumbers (6%), roofers (6%), and electricians (11%) is expected to grow over the next decade—and each rate is faster than the national average of all occupations. However, a McKinsey report suggests the need for young people to pursue critical trade skills is even more dire due to the aging of existing skilled trade workers; in fact, hiring for critical skilled roles could be more than 20 times the projected annual increase in new jobs between 2022 and 2032. This story was originally featured on
Yahoo
18-06-2025
- Business
- Yahoo
Lowe's CEO says young workers should stay away from the corporate office and close to the cash register
Lowe's CEO Marvin Ellison says corporate jobs are more at risk from AI than front-line work. The home improvement exec said there is unmet demand for skilled trades and customer-facing jobs. "AI isn't going to fix a hole in your roof," he said at a Business Roundtable forum in DC. Artificial intelligence can do a growing number of tasks, but there's a lot it can't do. "AI isn't going to fix a hole in your roof," said Lowe's CEO Marvin Ellison. "It's not going to respond to an electrical issue in your home. It's not going to stop your water heater from leaking." Speaking Tuesday at Business Roundtable's CEO Workforce Forum in Washington, DC, Ellison highlighted the large unmet demand for skilled trades workers in the US. The US Bureau of Labor Statistics estimated in April that there were nearly a quarter million job openings in construction and 381,000 in manufacturing. Whether on a construction site or in one of his 1,748 home improvement stores, Ellison said jobs working on the front lines will likely be some of the last to be disrupted by AI. "When young people come to me and they desire to work in the corporate office, my advice to them is: stay as close to the cash register as you can," he said. "Stay close to the customers, because you will always have employment opportunities to grow." Ellison's comments came within hours of Amazon CEO Andy Jassy posting a memo that said the tech giant would likely "reduce" its white-collar workforce in the coming years due to AI. He's the latest in a chorus of executives predicting significant workplace disruption from AI in areas like customer service, tech functions, and entry-level office work. The changes have led to more than a few younger workers shifting toward blue-collar work instead of the traditional debt-financed four-year undergraduate degree approach. Ellison highlighted one such opportunity for young workers at Lowe's: a program for Lowe's employees offers tuition-free education for completing a two- or four-year curriculum. He said that employees who complete the program sometimes go on to work for Lowe's customers. "It could be a general contractor, could be a builder, and we're perfectly OK with that," Ellison said. "It fills the need that is much greater." Read the original article on Business Insider
Business Insider
18-06-2025
- Business
- Business Insider
Lowe's CEO says young workers should stay away from the corporate office and close to the cash register
Artificial intelligence can do a growing number of tasks, but there's a lot it can't do. "AI isn't going to fix a hole in your roof," said Lowe's CEO Marvin Ellison. "It's not going to respond to an electrical issue in your home. It's not going to stop your water heater from leaking." Speaking Tuesday at Business Roundtable's CEO Workforce Forum in Washington, DC, Ellison highlighted the large unmet demand for skilled trades workers in the US. The US Bureau of Labor Statistics estimated in April that there were nearly a quarter million job openings in construction and 381,000 in manufacturing. Whether on a construction site or in one of his 1,748 home improvement stores, Ellison said jobs working on the front lines will likely be some of the last to be disrupted by AI. "When young people come to me and they desire to work in the corporate office, my advice to them is: stay as close to the cash register as you can," he said. "Stay close to the customers, because you will always have employment opportunities to grow." Ellison's comments came within hours of Amazon CEO Andy Jassy posting a memo that said the tech giant would likely "reduce" its white-collar workforce in the coming years due to AI. He's the latest in a chorus of executives predicting significant workplace disruption from AI in areas like customer service, tech functions, and entry-level office work. The changes have led to more than a few younger workers shifting toward blue-collar work instead of the traditional debt-financed four-year undergraduate degree approach. Ellison highlighted one such opportunity for young workers at Lowe's: a program for Lowe's employees offers tuition-free education for completing a two- or four-year curriculum. He said that employees who complete the program sometimes go on to work for Lowe's customers. "It could be a general contractor, could be a builder, and we're perfectly OK with that," Ellison said. "It fills the need that is much greater."
Yahoo
17-06-2025
- Business
- Yahoo
Business Roundtable Launches New Workforce Initiative to Strengthen Talent Pipelines for Skilled Trades
Large Employers to Focus on Closing Talent Gaps and Expanding Access to Career Opportunities Across Sectors that Power America's Industrial Base WASHINGTON, June 17, 2025--(BUSINESS WIRE)--Business Roundtable today launched a new initiative to address worker shortages in skilled trades by strengthening talent pipelines. The new workforce initiative, which was announced during the Roundtable's CEO Workforce Forum, will be co-championed by the CEOs of Lowe's and Carrier Global Corporation. Skilled trades workers power American industry, yet there is an estimated imbalance of 20 job openings for every one net new employee. The Business Roundtable Skilled Trades Initiative will collaborate with companies, outside experts and non-profit groups on developing resources, training and other tools to help close the talent gap in these trades. "Business Roundtable launched the Skilled Trades Initiative to raise public awareness, highlight the importance of these roles to the economy and support employers' commitment to grow the pipeline of workers," said Marvin Ellison, Chairman and Chief Executive Officer of Lowe's. "While technology continues to evolve, it cannot replace plumbers, electricians, construction workers, maintenance and repair pros, or other tradespeople. Investing in skilled trades is vital to address America's workforce shortage." "Business Roundtable CEOs do not just want to compete for the same limited talent pool. We want to work together across industries to make real progress in closing talent gaps and expanding opportunity for more workers — whether they are service technicians, welders, electricians or line-workers — across these in-demand fields," said David Gitlin, Chairman & Chief Executive Officer of Carrier Global Corporation. "I want to reiterate the importance of this initiative for businesses in every sector and of all sizes that will benefit from a strong pipeline of skilled trades professionals." The new initiative will focus on trades most closely associated with the growth of America's production economy that emphasize the use of tools and materials to build, move or repair products and structures. This includes but is not limited to the following roles: Industrial and Manufacturing Trades: Welder, machinist, millwright, metal fabricator, tool and die maker, mechatronics technician, boilermaker. Construction and Building Trades: Carpenter, electrician, plumber, steamfitter, pipefitter, mason, painter, residential construction laborer/remodeler. Maintenance and Repair Trades: Heavy equipment technician, HVAC technician, engine repair, facilities maintenance. Energy Trades: Lineworker, solar photovoltaic installer, transmission and distribution technician, power plant technician. Through the initiative, Business Roundtable member companies will have access to: Forums to highlight innovative best practices and other shared learning opportunities, including peers and external partners such as community colleges. Tools to support specific company needs, including outlining ways to engage effectively with K-12 schools on skilled trades. Workgroups to develop a shared skills taxonomy that will outline career pathways across skilled trades roles, supporting company talent pipeline development and worker mobility. Connections with professional associations for skilled trades workers with strong training programs and a track record of partnership with companies. The Skilled Trades Initiative is the latest of Business Roundtable's Corporate Initiatives — work that involves over 150 companies representing millions of employees nationwide. These companies are working together at scale to ensure that employees have the skills they need to succeed in a rapidly changing economy, expand economic opportunity to more Americans and maintain America's competitive edge. Learn more at View source version on Contacts Media Contact: Jennifer Cummings, jcummings@ 202-496-3249
