It’s official: America is back in business, and companies are picking up the pieces from a beleaguered Q2.
To understand how executives are moving into the next normal, we’ve been listening closely to what they're are saying on earnings calls and in interviews and how priorities are — or are not — shifting. Stay up to date in our new column, the Inside Track.
At the same time, we’re keeping tabs on the latest executive moves because, although much in our world has shifted in recent weeks, leaders are still taking on new roles and accepting new challenges.
AT&T CEO bows out, cashes in
Long before coronavirus swept the nation, AT&T was entering a critical new phase. Its streaming service, HBO Max, just launched, and the telecom giant is looking to shore up its 5G and broadband offerings. Now, it will do all of that with a new CEO at the helm.
The company announced last April that longtime CEO Randall Stephenson would retire. Company COO John Stankey will assume the job, effective July 1.
Cost savings is expected to be a priority for Stankey, an AT&T lifer who recently served as CEO of WarnerMedia, the umbrella organization for CNN, TBS and other brands.
Stephenson will continue to be paid handsomely in retirement. He is expected to receive $274,000 a month for the rest of his life.
L Brands founder retires amid turmoil
After more than a half-century, a retail kingpin has said goodbye.
Les Wexner, the founder of L Brands, officially stepped down as chairman and CEO at the company’s virtual shareholder meeting on May 14. Wexner, 83, began the company in 1963 with a single Ohio store and was reportedly the longest-tenured CEO of a Fortune 500 company. He has a reported net worth of $4.6 billion.
L Brands operates Victoria’s Secret and Pink and has spun off other brands such as Abercrombie & Fitch and The Limited over the years.
Andrew Meslow, most recently the COO of subsidiary Bath & Body Works, took over the chief executive position. He will oversee a company in transition as Victoria’s Secret looks to shed about 250 stores across North America. Bath & Body Works is expected to close 50 stores as well.
Rough patch sparks Aston Martin shakeup
Not all IPOs are bound for glory. That has been the case with Aston Martin. Since the luxury car manufacturer went public in 2018, its share price has skidded more than 95%.
Now, change has come at the top. Old CEO Andy Palmer is out and new CEO Tobias Moers is in. Palmer had served as CEO since 2014.
Moers, most recently the CEO of Mercedes-AMG, will have a lot of work to do under the hood at Aston Martin, which has seven bankruptcies under its belt. The brand is known for its prominence in James Bond films.
More executives on the move...
- Gregory Ambulos is now SVP, North America Channel Sales, Dell Technologies Inc.
- Emmanuel Babeau is now CFO, Philip Morris International Inc.
- James Bender is now President and COO, AutoNation, Inc.
- Gabriel Bruno is now CFO, Lincoln Electric Holdings Inc.
- Kevin Chidwick is now Group CFO, Aspen Insurance Holdings Limited.
- Peter Clune is now CEO, Lockton Companies.
- Gregory Davis is now President, Global Client Solutions Sales, Dell Technologies Inc.
- Suzy Deering is now VP, Global CMO, eBay Inc.
- Paul DeSantis is now SVP, CFO and Treasurer, Neenah, Inc.
- Christopher Gorman is now Chairman and CEO, KeyCorp.
- Eric Hart is now CFO and Chief Strategy Officer, Expedia Group, Inc.
- Jamie Iannone is now CEO, eBay Inc.
- Masato Kawai is now Head, Japan Customer Service, Dell Technologies Inc.
- Kris Lappala is now Enterprise Architect, Sirius Computer Solutions, Inc.
- Mark Linebaugh is now SVP, Customer Operations, Dell Technologies Inc.
- Steven Litras is now Lead Technical Evangelist, Cribl.
- Geoffrey Martha is now CEO, Medtronic plc.
- Bill McCarthy is now VP, Americas Global Alliances, Dell Technologies Inc.
- Paul Perez is now CTO, Infrastructure Solutions Group, Dell Technologies Inc.
- Scott Peyser is now VP, Consulting, Americas, Dell Technologies Inc.
- JP Sarkis is now SVP, Global Operations and Business Intelligence Group, Dell Technologies Inc.
- Reuven Spiegel is now EVP and CFO, Delek US Holdings, Inc., Delek Logistics Partners, LP, Delek Group.
- Tomas Wängberg is now Interim COO, Conjet AB.
- Mike Weinbach is now CEO, Consumer Lending, Wells Fargo & Company.
- Benno Zollner is now Head, Digital Systems Platform Unit, Fujitsu Ltd.