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Nov.11 -- WeWork has held discussions with T-Mobile US Inc.’s John Legere as a potential chief executive officer of the troubled co-working company, said two people familiar with the matter. Legere is one of several people under consideration, said the people, who asked not to be identified because the plans are private. Bloomberg Intelligence's John Butler has more on "Bloomberg Markets."
While Honda (HMC) beats fiscal second-quarter 2020 earnings and sales estimates, it narrows view for the full year amid sluggish global vehicle demand.
(Bloomberg Opinion) -- John Legere may be exactly the kind of CEO WeWork needs. He brings much of the eccentricity and charisma that was initially appreciated about ousted founder Adam Neumann, but without all the headaches and liabilities. Is Legere ready to retire his closet of magenta T-shirts? We Co., the parent of the beleaguered office-sharing startup, is in discussions to recruit Legere, the current head of wireless carrier T-Mobile US Inc., as its next CEO, the Wall Street Journal reported on Monday. The talks come after WeWork’s plans for an initial public offering imploded in grand fashion in recent weeks, as a litany of questionable decisions and conflicts of interests involving then-CEO Neumann came to light in a saga that has captivated Wall Street. WeWork, for a short time one of the world’s most valuable startups, had said in its summer IPO prospectus that its “future success depends in large part on the continued service of Adam Neumann.” Weeks later, Neumann was considered such a risk that the company decided it was better to effectively give him $1.2 billion to step away.Hiring Legere would immediately help improve WeWork’s tarnished reputation, though repairing the business is another story. Office vacancies increased in the third quarter, and the company was at risk of running out of cash next year. Legere’s garish style and hectoring on Twitter may also cause some to wonder whether he’s just another Neumann; it’s certainly hard not to notice the physical resemblance between the long hair, loud personality and signature T-shirt-and-sports-coat pairing.But few CEOs can say they’ve taken on a challenge as difficult as reviving T-Mobile — and succeeded. That’s Legere’s claim to fame. As I wrote in July 2018, even the groaners who are tired of his shtick and Twitter snark can’t argue against his track record.When Legere became CEO of T-Mobile in 2012, it was a distant fourth-place competitor in the U.S. wireless market and losing customers. Now it’s the fastest-growing member of the industry, and its displaced Sprint as the No. 3 carrier. T-Mobile’s lower-priced plans and marketing mojo have even given AT&T Inc. and Verizon Communications Inc. a run for their money. In the last five years, shares of all its closest rivals advanced anywhere from 12% to 21%. T-Mobile’s nearly tripled. Legere may seem like an odd choice given that he’s spent his career working in the telecommunications and technology industries. The connection becomes clearer when considering SoftBank Group Corp.’s role. The Japanese conglomerate built by billionaire Masayoshi Son not only controls WeWork — the result of a $9.5 billion rescue package — but also Sprint Corp., T-Mobile’s closest competitor and hopeful merger partner. Sprint Executive Chairman Marcelo Claure, who is also chief operating officer of SoftBank, was tapped to help fix WeWork’s problems. He’s spent a lot of time with Legere these last two years as they worked to sway federal and state officials to support the merger of the two wireless carriers. Legere has done with T-Mobile what Claure and his predecessors couldn’t with Sprint, even as SoftBank injected billions along the way. One might think that WeWork would seek out a lower-profile leader, given the roller-coaster it has been on the past few months; Legere is anything but that. And at 61 years old, it’s a little surprising that he would consider following up such a successful run at T-Mobile with a stint at a company as troubled as WeWork. T-Mobile has become part of his identity — he’s spotted in magenta T-Mobile gear whether he’s going for runs in New York City or filming his Facebook Live cooking show from his kitchen. T-Mobile shareholders wouldn't be happy to see Legere go. Worse, there's the appearance of a conflict of interest if SoftBank is pursuing Legere while the companies are separately renegotiating the terms of the Sprint merger.That aside, it’s clear that Legere likes a challenge, and WeWork is the ultimate one.To contact the author of this story: Tara Lachapelle at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Amazon.com Inc. plans to launch a new supermarket brand distinct from the Whole Foods Market chain the company acquired two years ago, a sign of the retail giant’s hunger for a slice of the grocery market beyond high-end organic food.The company has posted four job listings for “Amazon’s first grocery store” in the Woodland Hills neighborhood of Los Angeles. An Amazon spokeswoman confirmed the listings, and said the store would open in 2020. The brand will be distinct from Whole Foods and will have a conventional checkout line, unlike the cashierless Amazon Go convenience stores, she said. Amazon’s plans for the store were reported earlier by CNET.The e-commerce company purchased Whole Foods in a splashy $13.7 billion deal two years ago, but has yet to make much headway in the $900 billion U.S. grocery industry. The Whole Foods brand, finicky about what is allowed on store shelves based on its healthy image, clashes with Amazon’s desire to give customers whatever they want. Amazon rival Walmart Inc., which captures about 25% of all U.S. grocery spending, sells items such as Pepsi and Cheetos that shoppers can’t find at Whole Foods. Grocery industry analysts have speculated that Amazon might branch out with a new store where such products won’t be seen as betrayal to the brand.Online grocery shoppers prefer in-store pickup options to home delivery by nearly a 2-to-1 margin, and Amazon needs more stores to meet that growing demand, said David Bishop, a partner with research firm Brick Meets Click. In-store pickup requires more stores closer to shoppers -- about 3 to 5 miles from their homes -- than grocery delivery services, he said.“The reason Amazon needs to expand its physical footprint is an accelerated demand for grocery pickup service as opposed to delivery,” he said. “Shoppers have a greater sense of control when they pick up their groceries at the store in a secure location rather than worrying about it being left at their house.”Amazon’s sales from physical stores, the vast majority of which are purchases at Whole Foods stores, declined 1.3% from a year earlier to $4.19 billion in the third quarter. Amazon said the total doesn’t include online sales from Whole Foods, but the Seattle-based company doesn’t break out that figure.Woodland Hills is an upscale suburban neighborhood in the San Fernando Valley. The Wall Street Journal reported earlier this year that Amazon planned to open dozens of grocery stores under a new brand, starting with an outpost in Los Angeles.(Updates with analyst’s comment in fifth paragraph)To contact the reporters on this story: Matt Day in Seattle at firstname.lastname@example.org;Spencer Soper in Seattle at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WeWork's current co-CEOs, Artie Minson and Sebastian Gunningham, have only been in place since September, but talks indicated SoftBank Group , WeWork's majority owner, is eager for a fresh change after a botched effort to go public this year. WeWork has been in talks with a number of potential CEO candidates, including U.S. wireless carrier T-Mobile US Inc CEO John Legere, the sources said.
(Bloomberg) -- WeWork is searching for a new chief executive officer to turn around the troubled co-working company, said people familiar with the matter. The candidates include T-Mobile US Inc. head John Legere, who has spoken with WeWork about the role, said the people, who asked not to be identified because the discussions are private.Legere has deep ties to WeWork majority shareholder SoftBank Group Corp., which took ownership of the company after WeWork’s initial public offering broke down. Legere is currently pushing for a contentious merger of his wireless carrier with Sprint Corp., whose majority owner is SoftBank. Sprint’s executive chairman, Marcelo Claure, was recently appointed to the same position at WeWork.But people familiar with the CEO search stressed that WeWork intends to consider many candidates. Although Legere breathed new life into T-Mobile, he has an unpredictable and antagonistic public persona, reflected on his Twitter profile and in conference appearances. He’s also another man, in a company so saturated with male management that Claure has promised to increase diversity.Representatives for SoftBank, T-Mobile and WeWork parent company We Co. declined to comment. The discussions with Legere were reported earlier Monday by the Wall Street Journal. Shares of T-Mobile fell about 2% in intraday trading, while Sprint is down 3%.Adam Neumann, the former WeWork CEO, stepped down in September under pressure from investors over apparent conflicts of interest and mismanagement of the IPO process. Two WeWork executives, Artie Minson and Sebastian Gunningham, took over as co-CEOs. The pair secured multimillion-dollar severance packages with the board last month.Despite getting rescue financing from SoftBank a couple weeks ago, WeWork needs to quickly rehabilitate the business and fill empty space in its offices. The company is expected to soon dismiss thousands of employees.Legere and Claure, a SoftBank executive tasked with cleaning up WeWork, have occasionally sparred in the past. Claure, the former CEO of Sprint, was a T-Mobile antagonist before becoming a potential merger partner. In 2016, he called Legere “a con artist” on Twitter. At one point, Legere told Claure to “go back to the kiddie pool.” But more recently, the two executives have appeared friendlier as they argue in favor of the Sprint-T-Mobile tie-up. In May, they were spotted jogging together in Washington.Meanwhile, Neumann is exploring a potential next act with help from the money he got in his exit from WeWork. He considered investing in Barneys New York Inc. during the luxury department store’s recent bankruptcy, people with knowledge of the matter said Monday.(Updates with shares in the fourth paragraph.)\--With assistance from Gillian Tan and Scott Moritz.To contact the reporters on this story: Sarah McBride in San Francisco at email@example.com;Ellen Huet in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The British pound is showing some strength on Monday, which has pushed GBP/USD higher while sending EUR/GBP lower. The Canadian dollar is almost unchanged.
Chegg, C.H. Robinson Worldwide, Tilray, Anheuser-Busch InBev and Novartis highlighted as Zacks Bull and Bear of the Day
Magna International (TSX:MG)(NYSE:MGA) reduced its annual sales and net income projections on Friday and opened lower by around $3.32 -- down 4.44% as a result.
Arkansas has decided to back the U.S Justice Department's decision to approve a merger of T-Mobile US and Sprint , the third and fourth largest U.S. wireless carriers. With Arkansas, the Justice Department has nine states backing its settlement to approve the $26 billion (£20.36 billion) deal on condition that it divest assets to Dish Network Corp , the department said in a statement. T-Mobile Chief Executive John Legere on Thursday declined to rule out requesting the $26 billion price be reduced.
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GBP/USD and EUR/GBP are trading sideways on Friday. USD/CAD has gained ground, after a disappointing employment report out of Canada.