Morning Brew: Disney Appoints PepsiCo CFO, Vanguard Exits China, and Organigram Secures Investment
The Walt Disney Company (NYSE:DIS) has announced the appointment of PepsiCo's CFO, Hugh Johnston, as its new finance chief, effective from December 4. Johnston, who has been with PepsiCo since 1987, will take over from interim CFO Kevin Lansberry following the departure of Christine McCarthy earlier this year. His diverse portfolio of leadership roles and reputation as one of America's top CFOs make him a valuable addition to Disney's executive team.
Vanguard, the investment management company, is reportedly exiting China, closing its Shanghai office and severing ties with its staff. Despite China representing a $4T mutual fund market, Vanguard has decided to withdraw from its joint venture with Chinese tech giant Ant Group. However, the company has not ruled out other business opportunities in China in the future.
Canadian cannabis company Organigram Holdings (NASDAQ:OGI) has announced a private placement with British American Tobacco (NYSE:BTI) to raise C$124.6M in gross proceeds. The investment will be used to create a strategic investment pool for emerging growth opportunities and for general corporate purposes. This move strengthens BAT's support for Organigram and accelerates innovation in cannabis science and R&D beyond combustibles.
Citigroup (NYSE:C) is reportedly planning to cut at least 10% of jobs in several major businesses as part of CEO Jane Fraser's plan to revamp the bank's corporate structure. The restructuring, code-named "Project Bora Bora", is in its early stages and the numbers may be revised. Over the past five years, Citigroup's stock has dropped by 37% as it struggles to catch up with its peers in terms of major metrics and stock price.
Lumen Technologies (NYSE:LUMN) CFO Christopher Stansbury has disclosed the purchase of 500,000 shares of the company, following last week's disclosure of a 1M share purchase by CEO Kathleen Johnson. Over the last three months, there has been one open market buy, with the number of shares traded being 1M.
Bumble (NASDAQ:BMBL) CEO Whitney Wolfe Herd has announced her departure from the dating company she founded nearly a decade ago. She will be replaced by former Salesforce (NYSE:CRM) executive Lidiane Jones, who will take over as CEO of Bumble on January 2. Wolfe Herd will remain at the company as executive chair.
Brookfield Asset Management (NYSE:BAM) reported mixed Q3 results, with earnings exceeding the average analyst estimate for the fourth straight quarter and revenue missing for the fifth consecutive quarter. The company raised $26B of capital during the quarter, compared with $17B in Q2. It has raised $5B more since the end of the quarter.
This article first appeared on GuruFocus.
