Holding a bad position out of pride is far more expensive than taking the loss. Abel is signaling he won't be sentimental with capital. Freeing up roughly $7.7 billion from a stagnant holding and redeploying it into something with actual momentum is exactly what a new CEO should do.
Carl Eschenbach has stepped down as Workday CEO and been replaced by co-founder and executive Aneel Bhusri following a round of job cuts and share price volatility. In a statement [PDF] to investors, the company said Eschenbach is set to get an aggregate lump sum cash payment of $3.6 million, including cash severance benefits. Workday provides enterprise HR and finance software as a service. Like many SaaS vendors, its value has been hard hit over the last week as investors consider the impact of AI on the market.
Toll Brothers announced on Wednesday that Karl Mistry will be the company's next CEO, replacing Doug Yearley, who will transition to the role of Executive Chairman of the Board on March 30. Mistry will take the helm at a time when Toll Brothers is leaning on its resilient, high-income buyers to navigate homebuilding's headwinds. He currently serves as Executive Vice President and oversees the company's Eastern operations across 15 states.
After leaving StubHub to join Fandom in 2019, Miller oversaw the company's $50 million acquisition of a number of entertainment content platforms from Red Ventures including TV Guide, Metacritic, GameSpot, and Giant Bomb. At the time, Miller said that the deal was meant to "expand our business capabilities and provide immersive content for our partners, advertisers and fans." The deal also led to multiple rounds of layoffs for the editorial staff at some of Fandom's newly-acquired properties.
Some experiences in life simply can't be prepared for. You can imagine how you might feel and what you might do, but you can never actually know how you will respond in a situation until it happens. Falling in love, becoming a parent, and facing one's mortality all fit into this category. In the workplace, your first interview, first day on the job, and the first time you're given the responsibility of managing others fall into this category.
"Greg Abel is an operator at heart - he'll engage more directly with underperforming subsidiaries, unlike Buffett, who was famously hands-off. Berkshire will become known for 'intelligent autonomy.'"
When Mackey sold the business to Amazon in 2017, he committed to staying on for five years. Over time, however, struggles with the retail behemoth around culture took a toll, Mackey said.
I'm incredibly proud of what we've built together - and even more excited for what's ahead. I'll be transitioning to a new role as board member and advisor, and continuing to support Discord through this next chapter.
