Latest news with #leadershipChange
Mail & Guardian
3 days ago
- Politics
- Mail & Guardian
Calls for Shivambu's head a result of ‘tribalism', say his supporters
MK party secretary general Floyd Shivambu. (Photo: Luba Lesolle/Gallo Images) A faction in the uMkhonto weSizwe party aligned to traditional leaders is calling for a leadership change that could affect not only Floyd Shivambu This content is restricted to subscribers only . Join the M&G Community Our commitment at the Mail & Guardian is to ensure every reader enjoys the finest experience. Join the M&G community and support us in delivering in-depth news to you consistently. Subscription enables: - M&G community membership - independent journalism - access to all premium articles & features - a digital version of the weekly newspaper - invites to subscriber-only events - the opportunity to test new online features first Already a subscriber?
The Herald
4 days ago
- General
- The Herald
Mzwanele Manyi ousted as MK chief whip, replaced by Colleen Makhubele
In the latest round of musical chairs in the MK Party, Mzwanele Manyi has been ousted as its chief whip in parliament. He has been replaced by former Johannesburg council speaker Colleen Makhubele, who has had a steady rise in the party. The leadership change was communicated to party MPs by deputy leader John Hlophe, who said Manyi was to be 'relieved of his duties with immediate effect'. 'We thank him for his service and dedication to the MK Party and wish him the best in his future endeavours.' Announcing Makhubela as his replacement, Hlophe called on party MPs to support this 'leadership transition'. 'We are confident she will lead with strength and vision as we continue to advance our collective mission. Let us rally together in support of this leadership transition and remain steadfast in our commitment to the party's goals.' TimesLIVE
TechCrunch
22-05-2025
- Business
- TechCrunch
Luminar secures up to $200M following CEO departure and layoffs
Lidar company Luminar reached a deal with Yorkville Advisors Global and another unnamed investor that could bring another $200 million into its coffers through the sale of convertible preferred stock over an 18-month period. The agreement, which was announced in a regulatory filing Wednesday, follows an abrupt change in leadership and layoffs. Earlier this month, Luminar's board replaced founder Austin Russell as CEO and board chair. Luminar's board appointed Paul Ricci to the role. Ricci is the former chairman and CEO of Nuance. The company also launched another round of layoffs — its third since spring 2024. Under the terms, Luminar will issue $35 million in convertible preferred stock to the investors. Luminar may issue additional tranches in amounts of up $35 million no more than every 60 days at a purchase price equal to 96% of the stated value of the convertible preferred stock. However, Luminar isn't under any obligation to issue additional stock. 'Today's transaction provides us with additional financial flexibility and further strengthens our balance sheet,' Luminar CFO Tom Fennimore said in a statement 'We've made substantial progress in extending our liquidity runway with our restructuring efforts, and the additional capital available to us under this facility provides us with another tool to realize our long-term value.' The company said proceeds from the initial $35 million issuance are expected to be used for general corporate purposes and debt retirement. Yorkville has offered these lifelines to other struggling publicly traded companies, a list that includes failed Lordstown Motors, Faraday Future, and the now bankrupt Canoo. Luminar was founded by Russell in 2012 when he was just a teenager. Luminar, and Russell, became Silicon Valley darlings when the lidar startup broke cover in April 2017 after operating for years in secrecy and at the height of the autonomous vehicle technology hype cycle. Techcrunch event Join us at TechCrunch Sessions: AI Secure your spot for our leading AI industry event with speakers from OpenAI, Anthropic, and Cohere. For a limited time, tickets are just $292 for an entire day of expert talks, workshops, and potent networking. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW In 2021, Luminar merged with special purpose acquisition company Gores Metropoulos Inc., with a post-deal market valuation of $3.4 billion. Today, Luminar has a market cap of $179 million. Luminar raised $250 million prior to the SPAC announcement. Luminar has had some wins, but also restructured several times. Luminar cut about 30% of its workforce in 2024 via two rounds of layoffs. Some of those layoffs spilled into the first quarter of 2025. A total of 212 employees were laid off. In a regulatory filing earlier this month, the company said it began additional layoffs May 15. These new layoffs are expected to cost $4 million to $5 million in cash charges. These costs are expected to be incurred in the second and third quarters of this year.
TechCrunch
21-05-2025
- Business
- TechCrunch
Luminar kicks off another round of layoffs amid CEO's sudden resignation
Luminar, the lidar company founded by recently replaced CEO Austin Russell, is going through another restructuring, according to a recent regulatory filing. This new round of layoffs, which the company did not provide figures for, follows extensive cuts to the workforce in 2024. Luminar cut about 30% of its workforce in 2024, a reduction that was expected to cost $4 million to $6 million in additional cash charges. Some of those layoffs spilled into the first quarter of 2025. A total of 212 employees were laid off. In its latest regulatory filing, the company said it began additional layoffs May 15. These new layoffs are expected to cost $4 million to $5 million in cash charges. These costs are expected to be incurred in the second and third quarters of this year. The layoffs are the latest complication for Luminar. Earlier this month, the company's board replaced Russell as CEO and board chair. The board issued a press release saying he resigned as the result of an ethics inquiry without providing any additional information. Luminar's board replaced Russell and appointed Paul Ricci to the role. Ricci is the former chairman and CEO of Nuance. A day after the leadership change was announced, board member Jun Hong Heng also resigned, according to a regulatory filing, which stated his decision was not due to any disagreements with the company on any matter relating to the company's operations, policies, or practices. The company has not responded to requests for comment. Russell became a billionaire after his lidar startup Luminar went public in 2021 after the company merged with special purpose acquisition company Gores Metropoulos Inc., with a post-deal market valuation of $3.4 billion. Luminar raised $250 million prior to the SPAC announcement. Techcrunch event Join us at TechCrunch Sessions: AI Secure your spot for our leading AI industry event with speakers from OpenAI, Anthropic, and Cohere. For a limited time, tickets are just $292 for an entire day of expert talks, workshops, and potent networking. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW
Reuters
19-05-2025
- Business
- Reuters
Bath & Body Works appoints former Nike executive Daniel Heaf as CEO
May 19 (Reuters) - Bath & Body Works (BBWI.N), opens new tab said on Monday it has appointed former Nike (NKE.N), opens new tab chief strategy and transformation officer, Daniel Heaf, as chief executive, effective immediately. He replaces Gina Boswell, who has been at the helm of the beauty and skincare firm since November 2022. In March, the company said Boswell would be temporarily absent, for several weeks, for surgery. The change in leadership comes as the company grapples with uncertain discretionary spending, which caused it to forecast annual sales and profit largely below expectations in February. The company on Monday also announced preliminary first-quarter results and said it maintains its full-year net sales and profit forecast. Net sales rose 3% to $1.42 billion for the quarter ended May 3, in line with analysts' expectations, while profit per share of 49 cents exceeded estimates of 42 cents, according to data compiled by LSEG.
