Latest news with #corporateleadership
Yahoo
2 days ago
- Business
- Yahoo
Trivago watched its revenue forecast plummet from $1 billion to nearly zero—so the company tapped a set of former interns to turn it around
Interns are often brushed off for being at the bottom of the totem pole, but at some companies, it's become a part of the secret recipe for landing a gig in the C-suite. Trivago is part of a list of companies, including Nike, HP, and EY, that have promoted former coffee-fetchers to the top of the corporate ladder. In the matter of a month during the pandemic, travel planning company Trivago's revenue forecast plummeted from $1 billion to virtually zero. It was a 'near-death experience' that resulted in a 'deep winter' for the company, according to CEO Johannes Thomas. Actual revenue sank 70% to 249 million euros in 2020 from 839 million euros in 2019, the latter equivalent to about $940 million at the time. But even as restrictions were lifted and travel surged back, Trivago still had not recovered—and thus it was time for a shake-up in the C-suite. 'After you have a near-death experience and three years of depression, you have a team that doesn't believe anymore,' Thomas, who was brought in as CEO to turn the company around in 2023, tells Fortune. But for Thomas and other executives, what's notable about their experiences is not their most recent roles—it's how they started their careers. Thomas first joined Trivago in 2011 as an intern working in online marketing, and he's quietly assembled other former interns, including Chief Financial Officer Wolf Schmuhl and Chief Marketing Officer Jasmine Ezz. Thomas says having leaders who understand the business and its culture from the ground up are key to returning the company to its former glory. And while Trivago's revenue for 2024 was still half what it was five years ago in 2019, first quarter 2025 revenues increased by 22% to $124 million. While retirees are often known for traveling frequently, one of Trivago's focuses is on young people—and it makes sense considering Gen Z's spending habits. The generation was the only group that reported an increase in year-to-year travel spending between 2023 and 2024, according to Berkshire Hathaway's State of Travel Insurance Report. The average trip was over $11,000. '(We're) trying to build an ecosystem—a culture and environment where young people can grow and where people can thrive,' Thomas says. That's another reason why Trivago's C-suite is not stacked with Gen Xers, but instead millennials who understand how young people think, spend, and travel. According to Thomas, the average Trivago customer is 34 years old, and 20% have families. By focusing on young people as a company, Trivago not only is able to tap into a customer market, but also an employee talent market. 'You get rock stars on the senior level football team,' Thomas says. 'And then you have a second team of young talents that have a chance to grow in this combination we try to execute on.' Trivago is not the only company that realized that those with the strongest roots to their company are the best leaders. Last year, Nike became the latest Fortune 500 company to name a former intern as a CEO. Elliot Hill began at the sports-gear giant at age 19 as an apparel sales intern and has only ever had one company at the top of his paychecks. In a statement last year, Hill said Nike has 'always been a core part of who I am.' HP CEO Enrique Lores, Principal Financial Group CEO Deanna Strable, and EY CEO Janet Truncale all similarly went from fetching coffees as an intern to being promoted to the corner office. And while focusing on hard work as an intern may set your path in motion to one day become chief executive, Lores admits that there's also an element of luck. 'You can be very smart or very good,' he previously told Fortune. 'But you also need to be lucky, and that's a very important thing for all of us to accept.' This story was originally featured on
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Annuar Zaini replaces Farhash as 7-Eleven chairman
Annuar Zaini is a board member of Socso and a senior adviser to the Malaysian Communications and Multimedia Commission. (Bernama pic) KUALA LUMPUR : 7-Eleven Malaysia Holdings Bhd has appointed Annuar Zaini, 73, as its new independent and non-executive chairman. He replaces Farhash Wafa Salvador Rizal Mubarak, who resigned on May 30, a day after the company's annual general meeting. In a filing with Bursa Malaysia today, 7-Eleven said Annuar is a seasoned civil servant and corporate figure with over 40 years of experience. He is currently a board member of Socso, chairman of Country Annex Sdn Bhd, MRCB Land Sdn Bhd and UDA Holdings Bhd, and senior advisor of international affairs to the Malaysian Communications and Multimedia Commission.
National Post
5 days ago
- Business
- National Post
Flow Beverage Corp. Announces Leadership Change
Article content TORONTO — Flow Beverage Corp. (TSX:FLOW; OTCPK:FLWBF) (' Flow ' or the ' Company ') announced today that Trent MacDonald has stepped down from his position as Chief Financial Officer and Executive Vice-President of Operations. Article content The Board of Directors of the Company has initiated a process to select a new Chief Financial Officer and is in advanced discussions with a preferred candidate for this position. In the interim, the Company's Director of Finance will perform similar functions to those of the Chief Financial Officer. Mr. MacDonald will assist with this transition before he moves on to focus on other interests. Article content Article content 'On behalf of Flow and its Board of Directors, I recognize and thank Trent for his contributions to the Company. His significant accomplishments demonstrate his leadership, expertise, team building skills and dedication. We are grateful for his work and achievements, and we wish Trent all the best in his future endeavors,' said Nicholas Reichenbach, Chairman and Chief Executive Officer of Flow. Article content 'On behalf of all members of the Audit Committee, I want to extend our thanks to Trent for all of his contribution, hard work and dedication since he joined Flow,' said Stephen A. Smith, Chair of the Audit Committee of the Company's Board of Directors. Article content 'I would like to thank Nicholas Reichenbach and each member of the Company's Board of Directors that has supported me in the fulfilment of my duties as Chief Financial Officer and Executive Vice-President/Operations. I could not be prouder of all that has been accomplished,' said Mr. MacDonald. Article content About Flow Article content Flow is one of the fastest-growing premium water companies in North America. Founded in 2014, Flow's mission since day one has been to reduce environmental impacts by providing sustainably sourced natural mineral spring water in the most sustainable product formats. Today, the brand is B-Corp Certified with a best-in-class score of 114.5, offering a diversified line of health and wellness-oriented beverage products: original mineral spring water, award-winning organic flavours and sparkling mineral spring water in sizes ranging from 300-ml to 1-litre. All products contain naturally occurring electrolytes and essential minerals and support Flow's overarching purpose to 'bring wellness to the world through the positive power of water.' Flow beverage products are available at retailers in Canada and the United States, and online at Article content This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (' Forward-Looking Statements '). The Forward-Looking Statements contained in this press release relate to future events or Flow's future plans, operations, strategy, performance or financial position and are based on Flow's current expectations, estimates, projections, beliefs and assumptions, including, among other things, in respect of the Company's expectations and ability to hire and appoint a person in the office of Chief Financial Officer. In particular, there is no assurance that the Company will be able to fill the position of Chief Financial Officer in the short term. Such Forward-Looking Statements have been made by Flow in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such Forward‐Looking Statements are often, but not always, identified by the use of words such as 'may', 'would', 'should', 'could', 'expect', 'intend', 'estimate', 'anticipate', 'plan', 'foresee', 'believe', 'continue', 'expect', 'believe', 'anticipate', 'estimate', 'will', 'potential', 'proposed' and other similar words and expressions. Article content Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors, many of which are beyond Flow's control, that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking Statements are provided for the purpose of assisting the reader in understanding Flow and its business, operations, prospects, and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these Forward-Looking Statements, which speak only as of the date of this press release. Unless otherwise noted or the context otherwise indicates, the Forward-Looking Statements contained herein are provided as of the date hereof, and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason. Article content The following press release should be read in conjunction with the management's discussion and analysis and unaudited condensed consolidated interim financial statements and notes thereto as at and for the three months ended January 31, 2025. Additional information about Flow is available on the Company's profile on SEDAR+ at including the Company's Annual Information Form for the year ended October 31, 2024 dated January 29, 2025. Article content Article content Article content Article content Article content Contacts
Forbes
31-05-2025
- Business
- Forbes
Leadership Lessons From Trump's Latest TACO Moment
View of a taco with lettuce and tomatos on a black background, January 1989. (Photo by Tom ...) Trump's new TACO nickname is an acronym for 'Trump Always Chickens Out." It is back in the news today following Donald Trump decision to change course on his opposition to Nippon Steel's acquisition to US Steel. Trump's previous policy changes on tariffs, the Russian War on Ukraine, and deficit reduction, have led commentators to call him the TACO President. Today, I met with a corporate chief executive wrestling with how to mobilize his company into a new era of growth. His story connects with Trump's because they are both seeking to manage change. They both have a bold vision and face a choice: should I make definitive declarations or move in small increments, gauging progress based on what you learn and what works? The big bold actions and the small, learning steps, are different leadership strategies. Trump's TACO moniker. Trump's second presidency has been defined by a series of bold policy steps. Support or oppose his politics, it is impossible to deny that Trump represents a radical shift in the ideology governing the United States. He has launched some of them with great theatre, such as the 'Independence Day' announcement of his massive tariffs on almost every country in the world. These tactics are calculated to draw maximum attention for his actions in the hope of garnering support from the country. The challenge for Trump is that these actions are very specific – tariffs of a certain percentage, commitments to end a war within a specific timeframe, opposition to a named takeover deal by a foreign company. These are all positions or policies where we can measure whether or not he acted as he claimed that he would. He either holds the line on these specific choices or he reverses course. The apparent reversal in his positions is what has led to the 'TACO President' label. The 'Trump Always Chickens Out' syndrome is precisely what I want my CEO to avoid as he launches his effort to transform his company. He too has a major change challenge to manage, taking a successful profitable firm to a new level in the face of serious threats from technological disruption. My CEO is operating on a dramatically smaller scale. Nevertheless, he is still seeking to set a scale of ambition that is equal to the challenge and shake people out of their comfort zone. He wants to help the firm shift gear and find a path to growth that realizes its full potential. Today the team he leads is focused on operational and regulatory pressures which, though important, will not secure the firm's long-term path to growth. This is a radical break for a firm that has been run for operational performance for twenty years. It has neglected its back-office infrastructure and not invested in its people in a way that would enable it to achieve higher levels of performance. It has big opportunities and, with the new CEO a positive thesis for growth. My CEO could make a bold leap by announcing that he is breaking with the past and developing a new business model. There are plenty of players in adjacencies with direct-to-consumer digital or AI enabled businesses. The CEO's company is bricks and mortar with mostly analog systems. The CEO could go big with a vision to turn the company upside down and make it digital only. This 'burn the boats to the past' could play well with growth investors eager for evidence of radical action to bend the growth curve. This would signal a new paradigm for the business with the hope of scaring the legacy managers into action. However, success would depend on the actions the CEO announces being right. What if consumers don't want to buy direct? What if existing customers flock to competitors fearful that they are about to be left behind? What if the talent his current business depends on run for greener pastures in fear for their jobs? It's a simple answer: he would need to reverse course quickly to preserve revenue and sustain the business. He would be a TACO leader too. The challenge of the bold, decisive approach to leadership is that you better get it right. Otherwise, you may find yourself backtracking to correct errors. I am all in favor of ambition. When faced with an opportunity to lead disruption, the best option is to set a new scale of ambition. This resets a team's expectations for what they need to deliver and frees them to think on a new scale. However, if your ambition includes lots of specific actions that you are going to take, you run the risk of getting it wrong. The challenges that Trump faces are super complex. The USA has a massive (this is an understatement) budget deficit that is funded by global investors, including many from Japan and China. Any action on tariffs affects their willingness to buy this debt and so fund the future of the American government. This is a complex interplay between multiple factors. Trump's actions may have a positive impact on the problem. However, the scale of these choices is unprecedented and the outcomes unknown. He has already learned that the bond-market creates a constraint on his actions, which is what caused him to 'chicken out' from imposing his massive tariffs. The alternative to bold action with specifics, which you later need to reverse, is to commit to a strategy of learning. You still need a bold ambition, a sense of the long-term outcome that you are seeking to create. But, instead of a preset playbook, you have a set of mini actions, each of which are designed to teach you what works, so that you can adapt and respond. This learning approach is far more successful for operating in complex environments. The OODA Loop is a good example of a decision-model for complex scenarios. OODA describes a four-stage process of observing, orienting, deciding, and acting. Developed by US Air Force Colonel John Boyd, it is still taught in the military as a way of managing situations with a high-level of uncertainty. My advice to the CEO was to define a long-term ambition together with a broad roadmap for how to get there. This will provide his team with some guard rails but leave them in charge of designing actions to get them to the future, taking small steps to learn, then scaling the ones that work. The paradox of TACO leadership is that in the long-run it exposes the leader to charges of weak leadership. The constant change of direction implies a lack of understanding and judgement, but more critically it also suggests that he lacks the courage of his own convictions. A more confident leadership stance is to paint the bold vision, but to move carefully, learning in increments, and moving in concert with those around you toward a change that is sustainable and effective. Otherwise, you end up making bold, but ultimately foolish moves that you need to reverse and being called TACO is your reward.
Bloomberg
29-05-2025
- Business
- Bloomberg
Consultants are Taking Over the World's Corner Offices
Longtime 'CEO Factories' like General Electric and IBM have been supplanted by Accenture and other professional-services firms. By General Electric. Procter & Gamble. IBM. For years, those companies and a handful of others were held aloft as 'CEO Factories,' admired for their ability to recruit and mold corporate chiefs. Over a 20-year span, just three dozen companies produced one-fifth of the chief executives in the entire S&P 1500 index.
