Archive for Matt Turner

SoulCycle’s top instructors had sex with clients, ‘fat-shamed’ coworkers, and used homophobic and racist language, insiders say

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for more on SoulCycle's top instructors mistreating staff, Moderna's research revolution, and Google CEO Sundar Pichai's leadership shift.

soulcycle celebrity instructor controversies 2x1

Hello!

We now have two promising coronavirus vaccines, with Moderna's promising results this week backing up those from Pfizer the previous week.

That has some employers already wondering whether they can make it mandatory for employees to get vaccinated, Yoonji Han and Jack Newsham reported. You can read their story in full here:


Soulcycle's top instructors mistreated staff

From Katie Warren:

In August 2014, Jennifer Brody was working as a studio manager at California's Palo Alto SoulCycle when she met Conor Kelly, a "master instructor" with SoulCycle. Kelly was in town from the East Coast to teach a class.

After riding in his class, Brody, who is a Black woman, said she changed out of her workout clothes and put a bandana on her head. When she passed Kelly in the studio, she said, he laughed and said "Whoa — Aunt Jemima!" in an apparent reference to the syrup and pancake brand.

"That he felt OK calling me 'Aunt Jemima' in the middle of a studio lobby in Palo Alto was disgusting," Brody recently told Business Insider. Brody said she told a couple of instructors of color about Kelly's remark, but she didn't officially report it because, she believed, "There wasn't anyone who would have cared."

"SoulCycle kind of turned the cheek on a lot of stuff as long as they were making money," Brody added.

SoulCycle instructors were fawned over by riders and the company's top brass, but insiders said inappropriate behavior became more commonplace as SoulCycle's cult following grew.

Read the full story here:


Moderna's research revolution

moderna covid vaccine record time 2x1

From Andy Dunn:

In January, Stéphane Bancel, the chief executive of Moderna, was skimming through the news on his iPad while vacationing with his family in the south of France. A headline stopped his finger: "Health Officials Work to Solve China's Mystery Virus Outbreak," The Wall Street Journal reported on January 6.

The Frenchman, who is 48, wrote an email to Dr. Barney Graham, a vaccine researcher at the US National Institutes of Health, asking him what he knew about these pneumonia cases cropping up in central China.

Graham said he didn't yet know the identity of the mysterious virus, but within a few days it was identified as a novel coronavirus. Bancel urged the Graham to let him know when government scientists had the virus' genetic sequence.

His company, Moderna, was ready to get to work.

Now, less than a year later, Moderna and the NIH have developed a vaccine that appears to be highly effective at preventing people from coming down with COVID-19, the disease caused by that new virus. 

Read the full story here:

Also read:


Sundar Pichai's leadership shift

Sundar Pichai Berlin Office
Sundar Pichai, Alphabet CEO

From Hugh Langley:

When Larry Page and Sergey Brin stepped away from their day-to-day duties at Alphabet last year, an informal agreement with CEO Sundar Pichai was made: the two billionaire cofounders would make themselves available whenever Pichai called, but they would not initiate contact.

It was an important acknowledgement that Pichai, the understated, 48-year-old engineer who rose through the ranks, was now the sole decision maker at the helm of an internet powerhouse that includes Google, YouTube and Android. 

The founders' arrangement also signaled that the grueling task of steering the company through  some of the biggest crises in its history was now Pichai's problem.

Read the full story here:

Also read:


ICYMI: Amazon puts the healthcare industry on notice

From Blake Dodge, Megan Hernbroth, and Shelby Livingston:

Ever since Amazon bought the online pharmacy PillPack in 2018, industry insiders have been waiting for Amazon's big move into the prescription-drug business. 

On Tuesday, it finally came, triggering a sell-off of shares for distributors, retail pharmacies, and health plans alike.

Read the full story:

Also read:

Here are some headlines from the past week that you might have missed.

— Matt


A Joe Biden presidency could transform homeownership. Here are the winners and losers of his real-estate policies.

GOLDMAN SACHS: Buy these 20 deeply underpriced stocks now before the recovery helps them rebound and crush Wall Street's low expectations in 2021

HEDGE FUND COMP: How much engineers, associates, and researchers are paid at AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma

Rising-star VC Li Jin describes her 6-month process to getting hired by Andreessen Horowitz — and how she landed the job with no prior experience

Kevin O'Leary of 'Shark Tank': Why I'm betting big on psychedelics, and how investors should be thinking about this opportunity

Inside SNKRS: How a group of Nike employees went 'unconventional' to build a chart-topping app that would forever change the sneaker landscape

David Bradley has talked to 100 people in his search for The Atlantic's next CEO. Who in the world are they? We found some names.

Snap has acquired Voisey, a hot new music app that looks an awful lot like TikTok

Read the original article on Business Insider

SoulCycle’s top instructors had sex with clients, ‘fat-shamed’ coworkers, and used homophobic and racist language, insiders say

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for more on SoulCycle's top instructors mistreating staff, Moderna's research revolution, and Google CEO Sundar Pichai's leadership shift.

soulcycle celebrity instructor controversies 2x1

Hello!

We now have two promising coronavirus vaccines, with Moderna's promising results this week backing up those from Pfizer the previous week.

That has some employers already wondering whether they can make it mandatory for employees to get vaccinated, Yoonji Han and Jack Newsham reported. You can read their story in full here:


Soulcycle's top instructors mistreated staff

From Katie Warren:

In August 2014, Jennifer Brody was working as a studio manager at California's Palo Alto SoulCycle when she met Conor Kelly, a "master instructor" with SoulCycle. Kelly was in town from the East Coast to teach a class.

After riding in his class, Brody, who is a Black woman, said she changed out of her workout clothes and put a bandana on her head. When she passed Kelly in the studio, she said, he laughed and said "Whoa — Aunt Jemima!" in an apparent reference to the syrup and pancake brand.

"That he felt OK calling me 'Aunt Jemima' in the middle of a studio lobby in Palo Alto was disgusting," Brody recently told Business Insider. Brody said she told a couple of instructors of color about Kelly's remark, but she didn't officially report it because, she believed, "There wasn't anyone who would have cared."

"SoulCycle kind of turned the cheek on a lot of stuff as long as they were making money," Brody added.

SoulCycle instructors were fawned over by riders and the company's top brass, but insiders said inappropriate behavior became more commonplace as SoulCycle's cult following grew.

Read the full story here:


Moderna's research revolution

moderna covid vaccine record time 2x1

From Andy Dunn:

In January, Stéphane Bancel, the chief executive of Moderna, was skimming through the news on his iPad while vacationing with his family in the south of France. A headline stopped his finger: "Health Officials Work to Solve China's Mystery Virus Outbreak," The Wall Street Journal reported on January 6.

The Frenchman, who is 48, wrote an email to Dr. Barney Graham, a vaccine researcher at the US National Institutes of Health, asking him what he knew about these pneumonia cases cropping up in central China.

Graham said he didn't yet know the identity of the mysterious virus, but within a few days it was identified as a novel coronavirus. Bancel urged the Graham to let him know when government scientists had the virus' genetic sequence.

His company, Moderna, was ready to get to work.

Now, less than a year later, Moderna and the NIH have developed a vaccine that appears to be highly effective at preventing people from coming down with COVID-19, the disease caused by that new virus. 

Read the full story here:

Also read:


Sundar Pichai's leadership shift

Sundar Pichai Berlin Office
Sundar Pichai, Alphabet CEO

From Hugh Langley:

When Larry Page and Sergey Brin stepped away from their day-to-day duties at Alphabet last year, an informal agreement with CEO Sundar Pichai was made: the two billionaire cofounders would make themselves available whenever Pichai called, but they would not initiate contact.

It was an important acknowledgement that Pichai, the understated, 48-year-old engineer who rose through the ranks, was now the sole decision maker at the helm of an internet powerhouse that includes Google, YouTube and Android. 

The founders' arrangement also signaled that the grueling task of steering the company through  some of the biggest crises in its history was now Pichai's problem.

Read the full story here:

Also read:


ICYMI: Amazon puts the healthcare industry on notice

From Blake Dodge, Megan Hernbroth, and Shelby Livingston:

Ever since Amazon bought the online pharmacy PillPack in 2018, industry insiders have been waiting for Amazon's big move into the prescription-drug business. 

On Tuesday, it finally came, triggering a sell-off of shares for distributors, retail pharmacies, and health plans alike.

Read the full story:

Also read:

Here are some headlines from the past week that you might have missed.

— Matt


A Joe Biden presidency could transform homeownership. Here are the winners and losers of his real-estate policies.

GOLDMAN SACHS: Buy these 20 deeply underpriced stocks now before the recovery helps them rebound and crush Wall Street's low expectations in 2021

HEDGE FUND COMP: How much engineers, associates, and researchers are paid at AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma

Rising-star VC Li Jin describes her 6-month process to getting hired by Andreessen Horowitz — and how she landed the job with no prior experience

Kevin O'Leary of 'Shark Tank': Why I'm betting big on psychedelics, and how investors should be thinking about this opportunity

Inside SNKRS: How a group of Nike employees went 'unconventional' to build a chart-topping app that would forever change the sneaker landscape

David Bradley has talked to 100 people in his search for The Atlantic's next CEO. Who in the world are they? We found some names.

Snap has acquired Voisey, a hot new music app that looks an awful lot like TikTok

Read the original article on Business Insider

Salesforce hired a chief equality officer 4 years ago. Insiders are disappointed with the slow progress.

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for more on Salesforce insiders saying diversity progress has been slow, former employers claiming a "boys' club" culture at elite law firm Jones Day, and Pfizer's vaccine feat

benioff_prophet_wide
(L to R) Tony Prophet, Salesforce chief equality and recruiting officer and Marc Benioff, Salesforce CEO and cofounder

Hello!

I led this email last week with the words: "The nation has decided."

A week on, Donald Trump for the first time seemingly admitted he lost the presidential election, tweeting that Joe Biden "won because the election was rigged," as my colleague John L. Dorman reported. Hours later, Trump added: "I concede NOTHING!"

The tweets came about a day after Georgia was called for Biden, the first Democratic presidential victory in the state since 1992, taking Biden to 306 electoral college votes

Meanwhile, the US is shattering daily records for COVID-19 cases and hospitalizations. In a sobering story, Aria Bendix broke down why this fall surge is poised to become the longest and deadliest one. You can read that story here:

Joseph Zeballos-Roig reported that the lack of a new stimulus bill may have contributed to surging virus cases amid reopening pressures, according to experts. You can read that story here


Salesforce insiders say diversity progress has been slow

From Paayal Zaveri and Joe Williams:

When employees arrive at Salesforce's imposing 61-story tower in San Francisco's South of Market district, it's not uncommon to be greeted by Tony Prophet. The 58-year old executive, impeccably-dressed, regularly works the lobby like a proud owner of a new home, eagerly introducing himself to some of the enterprise software giant's roughly 54,000 workers. 

Prophet is Salesforce's Chief Equality Officer, and his passion and trademark pizzazz are visible in everything his group does, from sophisticated Twitter campaigns to high-wattage events with celebrity guests like Janelle Monáe and Mila Kunis. 

The prominent emphasis on diversity is in character with the company's reputation as the tech industry's moral compass for social justice and progressive ideals. 

But behind the high-profile diversity push is an inconvenient truth: Four years after Prophet was hired by Benioff to launch the new group, Salesforce's employee diversity numbers have barely budged.

Read the full story here:

Also read:


Former employees at Jones Day claim there is a 'boys' club' culture

jones day law firm discrimination 2x1

From Casey Sullivan and Jack Newsham:

Jones Day, the major law firm that made headlines this week when attorneys complained to The New York Times about their employer's role in election-related litigation, is facing accusations of sexism in the workplace that, lawsuits say, led to unfair advantages for men.

Three federal lawsuits filed between 2016 and 2019 have contained claims of gender and pregnancy discrimination against the firm.

Business Insider found separate allegations that have not been previously reported or filed in a suit. The findings are a result of interviews with dozens of people who have worked at the firm. The people who shared allegations did so on the condition of anonymity for fear of repercussions, though their identities are known to us.

Read the full story here:

Also read: 


Inside Pfizer's vaccine feat

Pfizer CEO Albert Bourla
Pfizer CEO Albert Bourla

From Andrew Dunn:

After three decades in the drug industry, Mikael Dolsten, a Pfizer executive, knew better than to be overconfident about what had become one of the most closely watched experiments in history.

He was with other top executives of the pharma giant on Sunday at an office in Connecticut for one of the biggest moments in his career. Results were available for the final-stage clinical study of Pfizer's coronavirus vaccine, and Dolsten, sitting next to CEO Albert Bourla, was about to learn on a Webex call whether it worked.

"On one hand, you had cautious optimism," Dolsten told Business Insider. "On the other hand, you have respect for that you can never be certain on the outcome of a clinical trial."

Two senior research leaders popped up on the screen to relay what they had just heard from the independent board of experts overseeing the trial: The trial was a success.

You can read the full story here:

Also read:


ICYMI: Goldman Sachs dropped the names of its 2020 partner class

From Reed Alexander and Dakin Campbell:

Goldman Sachs announced a new class of partners for 2020 on Thursday afternoon, awarding partner status to 60 people worldwide. Seven out of the 19 new partners in the investment-banking division came from the TMT (technology, media, and telecommunications) group, representing a big year for executives in that sector.

You can check out the full list of 60 here. Reed and Dakin talked to four of the new Goldman Sachs partners, who told them what it's like to get a call from CEO David Solomon inviting them to one of Wall Street's most exclusive groups. You can also read up on Jane Dunlevie, one of Goldman Sachs' youngest new partners and a Silicon Valley native who leads deals with red-hot companies like Shopify and Pinterest, right here. 

Also read:

Here are some headlines from the past week that you might have missed.

— Matt


100 rising-star VCs who represent the future of venture capital

Capital One has abandoned its last data center, making the $40 billion financial titan the first US bank to go all in on the cloud

Rents in top NYC shopping districts are crashing and dark storefronts are multiplying. A firesale sublease by Ralph Lauren on Fifth Avenue highlights the carnage.

Larry Ellison's wacky TikTok plan exposes Oracle's glaring problem

Inside WarnerMedia as huge layoffs hit the company and speculation swirls around the futures of CNN and HBO Max

Knotel plans to scale back its global portfolio by 60% over the next 6 months as the pandemic and financial problems have quashed its once grand ambitions to dominate the flex workspace sector

The world's biggest cannabis companies are jockeying to dominate the $61 billion US market after marijuana legalization swept 5 states

Morgan Stanley says to load up on these 10 stocks featured on the firm's 'buy list,' which has dominated the broader market this year

Read the original article on Business Insider

What a Joe BIden-Kamala Harris administration means for markets, tech, healthcare, cannabis, and Donald Trump

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for more on how a Joe Biden-Kamala Harris administration could impact everything from healthcare to energy to tech, allegations of misleading sales tactics at fast-growing energy firm Powerhome Solar, and how family offices are recruiting

kamala joe biden victory speeches
President-elect Joe Biden and Vice President-elect Kamala Harris take the stage at the Chase Center to address the nation November 07, 2020 in Wilmington, Delaware.

Hello!

The nation has decided. 

The AP, NBC, CNN, The New York Times, and The Washington Post called the presidential election for Joe Biden shortly after 11 a.m. ET Saturday, following Insider in calling the result. Biden and Vice President-elect Kamala Harris took to the stage last night to deliver their victory speeches, emphasizing hope and unity.

It's been a fractious election race, and President Donald Trump is yet to concede, though pressure for him to do so appears to be building. In a stark reminder of the challenge Biden will face as president, the world this morning surpassed 50 million confirmed coronavirus cases.

We'll continue to cover the races that have yet to be called, and the Trump campaign's legal challenges. For now, here's a breakdown of what the election results means for Trump, Biden's potential cabinet, healthcare, tech, cannabis, energy, entrepreneurs, markets, and more. 


Powerhome Solar uses misleading tactics, insiders suggest

powerhome solar investigation 2x1

From Benji Jones:

For years Jim and Beth Rickenbaugh had resisted putting solar panels on top of their brick home in Charlotte, North Carolina. They wanted to wipe out their utility bill, but the price seemed too steep.

Then, in late 2016, the couple came across a deal they felt they couldn't refuse.

A salesman from Powerhome Solar, an energy company headquartered in nearby Mooresville, visited their home and offered them a solar-energy system for no upfront cost that he said would nearly erase their utility bill, according to the Rickenbaughs.

They'd just have to make monthly payments for the panels that would be no more than the savings on their electricity bill from Duke Energy, they said.

In 2017, the Rickenbaughs signed up, agreeing to pay more than $15,000 for their system. Documents show they signed a 20-year loan with a 6% interest rate, meaning they'll pay an additional $11,765 in interest.

Then they waited for their bill to plummet. It didn't.

Read the full story here:


Family office hiring

headhunters and recruiters sourcing talent for wall street 2x1

From Rebecca Ungarino:

Many banks and asset managers are slowing hiring or laying off employees during the pandemic. Or both. But family offices, the hush-hush, loosely regulated wealth managers for the world's richest clans, are outliers.

After pausing searches for brief periods earlier this year, many have resumed hiring for largely investment roles in recent months, six recruiters said in interviews with Business Insider. 

They're looking in many cases to draw in talent from private equity firms and elite wealth managers, recruiters said, and continuing to form operations that resemble established institutions with sophisticated capabilities. 

Read the full story here:

Also read:


Invitation: How marijuana's election triumph is reshaping the US cannabis industry

After the results of Tuesday's vote, one thing is clear: Americans overwhelmingly support cannabis reform.

Join Business Insider cannabis reporters Jeremy Berke and Yeji Jesse Lee in conversation with healthcare editor Zachary Tracer, who will be breaking down what the ballot initiatives mean for cannabis companies, consumers, and the future of cannabis policy in the US at 3:00 PM EDT on Tuesday.

Sign up here

Here are some headlines from the past week you might have missed. 

— Matt


A new hot startup investment area for venture capitalists and celebrities turns video games like 'Fortnite' into cash contests. Some worry it gives kids an invitation to gamble.

In a leaked recording, an Amazon exec tells employees the company will double Black leaders this year and ban 'noninclusive' language from documents

'Even worse than we thought': ESPN employees describe how its 300-person round of layoffs has unfolded and what they think the future holds

POWER PLAYERS: Here are the 15 change-makers at Adidas paving the way for diversity and inclusion at the company

Beverly Hills real-estate superagent Tracy Tutor has closed tens of millions worth in deals over the last year, and she swears by this daily routine from 5:30 a.m. to 10 p.m.

If you want to work in Canada, these are the 15 hottest startups hiring right now

The 18 power players at Amazon who are leading the e-commerce giant's media ambitions

Jen Sey was a champion gymnast before ascending to become global brand president of Levi's. Here's how her experience competing — and speaking out about abuse in the sport — has influenced her leadership style.

Read the original article on Business Insider

Yelp insiders describe aggressive and misleading sales tactics as employees prey on small businesses during the pandemic

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for more on Yelp insiders describing misleading sales tactics, a messy exit at Vista Equity Partners, and employees at travel media company Skift speaking out

yelp shady sales small business 2x1

Hello!

Polls this morning show Joe Biden leading President Donald Trump in the final few days of the race for the White House, with a WSJ/NBC poll showing Biden up by 10 points among voters nationally, and a New York Times/Sienna poll showing Biden ahead in four key swing states. You can get the latest news ahead of the election right here

Here's what's trending on Insider right now:


Yelp insiders describe misleading sales tactics

From Rob Price:

Current and former Yelp employees said they have felt pressured by the company to use misleading sales tactics.

Business Insider spoke to 21 current or former Yelp workers about the company's hyper-aggressive approach to sales and its high-pressure corporate culture. 

Some sources said they knowingly sold to small business owners who they didn't think understood what they were buying, saw colleagues act in misleading ways, and regularly heard complaints from business owners about unexpected bills.

Since the pandemic closed Yelp's offices, sales calls largely haven't been recorded, prompting concerns about sales reps' conduct without oversight.

In a statement, Yelp said that it requires "employees to behave in a professional manner and to follow our policies and procedures," and takes disciplinary action against workers who are unethical.

Read the full story here:


A messy exit at Vista Equity Partners

robert f smith brian sheth
Vista Equity Partner founder Robert Smith and president Brian Sheth

From Dakin Campbell and Casey Sullivan:

Vista Equity Partners founder Robert Smith and president Brian Sheth are locked in negotiations over Sheth's exit from the private-equity firm after Smith's admission to years of tax evasion, according to people familiar with their relationship.

The two have worked together at Vista for more than two decades, turning Vista into a private-equity powerhouse. But once Smith made it clear to Sheth that he intended to remain at the firm despite signing a non-prosecution agreement that would publicly detail his past behavior, the younger man began to explore an exit, according to two people familiar with the negotiations. 

Sheth believes that with Smith at the helm, Vista will struggle to attract new money, one of the people said. He has also come to believe that Smith misled him and others at Vista about the seriousness of the government's action, adding to a breakdown in their relationship, the person said.

Now, advisors for both men and Vista stakeholder Dyal Capital Partners are looking to hammer out an exit deal.

Read the full story here;


Skift employees speak out

skift toxic workplace culture 2x1

From Madeline Stone:

Business Insider spoke with three current and 13 former employees of Skift, the travel-media company founded by Rafat Ali and Jason Clampet in 2012.

Many of them said there were times when women felt uncomfortable and mistreated in the workplace.

They said Ali was an unpredictable leader who would at times take out his frustration on employees, particularly women.

In May, Skift settled a lawsuit brought by its former vice president of marketing, who alleged that she experienced gender-based harassment, bullying, and discrimination during her time at the company.

A Skift representative said: "When you look at the data, it's clear that Skift is actually an anti-racist company. We're also anti-sexist. And anti-ageist. And anti-privilege."

Read the full story here:


ICYMI: Exxon slashes jobs

From Benji Jones

Exxon on Thursday said it would cut as many as 1,900 jobs in the US, according to a presentation seen by Business Insider.

The oil giant plans to reduce its global workforce by 15% by the end of 2022. That amounts to 14,000 contractor and employee roles.

The US cuts will be both voluntary and involuntary, largely affecting workers at Exxon's campus in Houston and office in Hughes Landing, Texas.

Read the full story here:


An invitation: How to control your money

Following discussions about planning and investing, the Master Your Money Live Digital Bootcamp series continues with "How to control your money so it doesn't control you," on Tuesday, November 17 at noon ET.

The event will focus on strategies for thriving financially and is part of Business Insider's Master Your Money Live Digital Bootcamp series, presented by Fidelity.

Register here. 

Here are some headlines from the past week you might have missed. 

— Matt


15 top talent managers helping micro influencers land brand deals and grow their businesses on Instagram, YouTube, and TikTok

Domino's Pizza plans to drop its ad agency of 13 years in what would be a big hit to holding company MDC Partners

These are the 24 hottest edtech startups in Europe, according to the VCs backing them through COVID-19

The founder of a volatility-hedging program that gained 3,700% in the March crash says 'the opportunity is ripe' for another chaotic market event — and shares how investors can take advantage of it

Quibi poached top talent from Netflix, Snap, and Hulu. Meet 9 leaders and content execs who are now free agents as the startup winds down.

WeWork is demanding overdue rent from hundreds of small businesses and threatening to send them to collections agencies if they don't pay up

How JPMorgan's Kristin Lemkau is planning to turbocharge the firm's $500 billion wealth business, from a rebrand and ramping up advisor training to new tech

Nordstrom covered health insurance for furloughed workers. Now it wants them to pay it back as Americans' savings are dwindling to $0.

Read the original article on Business Insider

15 current and former yacht crew members describe rampant harassment in one of the world’s most glamorous industries

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for more on the dark secret at the heart of the yachting industry, a profile of playboy turned pragmatic media mogul Jay Penske, and an interview with Nxivm survivor India Oxenberg

yachting industry sexual harassment problems 2x1

Hello!

I want to start by highlighting three in-depth stories we published in the past 24 hours. 


Yacht crew members describe rampant harassment

From Hillary Hoffower:

At the core of the yachting industry, which portrays a glamorous lifestyle of working in paradise on multimillion-dollar vessels, may be a dark secret: a rampant sexual-harassment problem.

About 65% of yacht crew members who responded to a 2018 survey by the Professional Yachting Association said they had witnessed or been aware of an incident of physical or verbal sexual harassment on board. Nearly 40% of the 870 respondents in the survey — whose findings were presented at the Monaco Yacht Show — said they had experienced unwanted physical contact, and half said they had received unwanted sexual or sexist comments.

Only 22% of respondents who said they experienced sexual harassment also said they reported it.

Business Insider spoke with 15 current or former yacht crew members. Of those, 11 came forward with firsthand allegations of sexual harassment while on board. Many asked to remain anonymous for fear of repercussions within the industry. Another four former and current crew members told Business Insider that they experienced verbal abuse, bullying, and discrimination on board.

Read the full story here:


From playboy to pragmatic media mogul

Media mogul, Jay Penske (right), pictured with his wife, Elaine Irwin.

From Julia Black:

He has movie-star good looks, a former Victoria's Secret model wife, and a billionaire father.

Now Jay Penske can lay claim to the second-largest audience in digital publishing in the US.

On September 23, Penske Media Corporation, or PMC, which owns Rolling Stone, Variety, and Women's Wear Daily, announced it would take control of The Hollywood Reporter, Billboard, and Vibe as part of a joint venture with the entertainment company MRC. The new entity will be called PMRC. The move will create a near-monopoly on Hollywood industry news — and put PMC ahead of publishers like Meredith, Condé Nast, and BuzzFeed, with a Comscore ranking second only to Hearst's.

Business Insider interviewed more than 30 of Penske's current and former executives, editorial staffers, and media industry peers about the press-shy CEO. Many requested to remain anonymous for fear of repercussions from the company. These conversations revealed an eccentric and dynamic entrepreneur determined to defy the odds in publishing and to prove himself outside of his family name.

You can read the full story here:

Also read:


India Oxenberg speaks out

India Oxenberg courtesy of STARZ
India Oxenberg

From Melkorka Licea:

When India Oxenberg dropped out of college at 19, she had dreams of starting her own catering company in Los Angeles. 

But despite her passion for the culinary arts, she felt she was lacking a kind of business acumen. 

"I felt like I was missing a lot of skills," Oxenberg, now 29, told Business Insider. "And I felt like I was missing the confidence that I needed to even just pursue something like that ... Something entrepreneurial is hard regardless, let alone being 19." 

Oxenberg's ears perked up at a business opportunity raised by her mother, the former "Dynasty" star Catherine Oxenberg. It was a new training program called the Executive Success Program, run by a group called Nxivm. The pair soon attended an in-person introduction put on by the group.

Little did she know, it would launch her on a seven-year journey into one of the most notorious cults in American history, where she said she was psychologically and physically tortured and abused, and even branded with another human being's initials.


Hear from the CEOs of Netflix, Nasdaq, Mastercard, Lululemon, Vice, and more

The Business Insider Global Trends event took place last week, bringing together speakers from Asia, Europe, and North America for a five day digital event. Here are some of the highlights:

Here are some headlines from the past week you might have missed. 

— Matt


'We're terrified': The company that makes Calvin Klein and Guess jeans is forcing workers to head back into a full-capacity office or be fired

Twilio salaries revealed: Here's how much engineers, product managers, and more make at the $48 billion cloud communications company that's skyrocketed amid the pandemic

Meet 9 headhunters that top technology companies turn to when they need to hire a new CEO or board member

Blackstone president Jon Gray reveals how to stand out to land a job at the ultra-competitive firm, which hired just 0.5% of applicants for 2020 analyst jobs

A founder wrote a brutally honest email to one of his VCs when he severed the relationship, and Silicon Valley can't stop talking about it

'Anything less than a vote for Biden is a vote against democracy': Expensify's CEO tells us why the company emailed 10 million customers urging them to vote for Biden

Inside the alumni network of billionaire Israel Englander, the founder of $46 billion hedge-fund behemoth Millennium

How 2 former Googlers convinced Johnson & Johnson to bet on the hottest part of healthcare and raised $47 million in the process

Read the original article on Business Insider

Trump’s campaign nearly went broke for the 2020 homestretch, insiders say

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for the inside story on the Trump campaign's finances, Anand Giridharadas lambasting corporate board members, and a new threat to the management consulting industry.

trump silhouette
US President Donald Trump looks on as he departs a rally at Toledo Express Airport in Swanton, Ohio on September 21, 2020.

Hello

The US election, now just a few weeks away, continues to dominate the news cycle. Here's what's trending on Insider right now:

There was big news in New York politics this week as Citigroup's vice chairman Raymond McGuire resigned to announce his candidacy for New York City mayor. Dakin Campbell spoke to those close to McGuire, along with political strategists, to get the inside story on McGuire's decision to run, and the biggest challenges he'll face. You can read that story in full here:


Trump's campaign nearly went broke for the 2020 homestretch

From Tom LoBianco:

Before his demotion this summer as President Donald Trump's campaign manager, Brad Parscale had planned for a stunning amount of money to arrive during the 2020 homestretch that would have covered equally shocking spending but left the reelection effort dead broke by the start of October, three Republicans close to the president's campaign told Insider.

Parscale had been banking on campaign donations to miraculously double in October by about $200 million more than other recent months, one Republican close to the president said. The Republican said Trump's new campaign team, led by Bill Stepien, had to rush to cancel the spending approved by Parscale to salvage the president's bid for a second term.

But money has been tight since then, leaving no less than the president himself to attempt to beat back stories that his campaign is on the rocks and float the idea, again, that he would open up his own checkbook to keep it running. 

Read the full story here:

Also read:


Anand Giridharadas lambasts corporate board members

anand giridharadas
Virginia Heffernan (L) and Anand Giridharadas speak onstage at WIRED25 Festival: WIRED Celebrates 25th Anniversary – Day 2 on October 14, 2018 in San Francisco, California.

From Kate Taylor:

When Anand Giridharadas was invited to speak at the National Association of Corporate Directors' annual summit, the writer — known for his sharp critiques of billionaires and the global elite — did not hold back.

"A lot of your children and grandchildren do not respect your work," Giridharadas said on Monday to more than 3,000 directors watching the summit virtually, according to audio obtained by Business Insider.

Giridharadas slammed directors for their lack of action, portraying businesses as making empty promises while simultaneously dodging responsibility.

"This being a group of corporate directors, I ask again, where were you?" Giridharadas said in his remarks. "Where were you in the run-up to the climate crisis? Where were you during widening inequality over the last four decades? Where were you in the run-up to the subprime crisis? Where were you in the run up to the opioid crisis? Where were you?"

The aggressive remarks shocked many of the hundreds of people virtually attending the summit, which is billed as the "the largest and most influential director forum in the world."

Read the story in full here:


Tech is coming to eat the $200 billion management-consulting industry

future of management consulting pandemic 2x1

From Samantha Stokes:

For decades, prestigious management-consulting firms like McKinsey, Bain, and BCG — collectively known as the Big 3 — have been an important part of the business world by advising clients and offering strategies for growth. 

But the $200 billion consulting industry is facing a new threat: technology. 

When it comes to information, expertise, insight and execution, technology is threatening to disrupt consulting firms' ability to offer services to clients at a high price tag.

Read the full story here:

Also read:


An invitation

The year 2020 has delivered surprises and shattered records at every turn — and the November elections could prove to be no different. 

Join Business Insider on Wednesday, October 21 at 2 p.m. ET and hear from three investment experts who will share their advice on how to navigate the election-season peak. 

Business Insider's Joe Ciolli will speak with Thomas Lee, managing partner and head of research for Fundstrat Global Advisors; Nancy Davis, founder and managing partner of Quadratic Capital Management; and James McDonald, CEO and chief investment officer of Hercules Investments. 

Register here.

Also read:

Here are some headlines from the past week you might have missed. 

— Matt


Male employees at a $1.6 billion security-camera startup were accused of taking photos of female employees and sharing them in a private Slack channel

Read the full letter private equity titan Robert F. Smith sent to investors about his $139 million tax evasion settlement

Expedia salaries revealed: These 12 jobs at the $12.7 billion travel giant fetch as much as $267,000 in base pay

AT&T is putting WarnerMedia's huge NYC headquarters under review and could decide to cut hundreds of thousands of square feet of office space

The co-CEO of $47 billion Atlassian explains why it plans to stop selling its Server product lineup starting in February: 'The cloud is the natural future'

60 employees voluntarily resigned from Coinbase, a successful $8 billion startup. Insiders detail the unrest caused by the CEO's new 'apolitical' policy.

Per-diem attorneys could make $200,000 a year from freelance lawyer gigs. But as work has vanished, they've become Instagram cooks, motivational speakers, and reiki coaches.

Amazon and Bill Gates are backing a unique startup that puts a price tag on trees to win a slice of a market set to reach $200 billion

Read the original article on Business Insider

SoulCycle’s CEO was pushed out of the company in 2019 after expensing $5,100 worth of Christian Dior bags, former employees said

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for the inside track on an executive exodus and culture war at SoulCycle, the truth about gummy vitamins, and a wild scandal at VW, the world's largest car manufacturer.

end of soulcycle 2x1

Hello!

The Trump administration's $1.8 trillion stimulus offer is receiving significant backlash from both Democrats and Senate Republicans, Joseph Zeballos-Roig reported, dampening the odds of a government rescue package.

Here's what else is trending on Insider right now:


A culture war at SoulCycle

From Katie Warren and Jeff Elder:

In the summer of 2019, Melanie Whelan, the CEO of SoulCycle, purchased two Dior bags — a book tote for herself and a backpack for Patrick Ryan-Southern — on the company credit card for $5,100. Ryan-Southern, the managing director of international markets, was known as one of Whelan's "favorites," former staffers said.

The bag was a thank-you for his role in opening SoulCycle's London studio, Ryan-Southern told Business Insider. And the generous gift didn't go unnoticed.

The staffers said Whelan was repeatedly asked to produce a receipt for the purchase after they say the CEO attempted to pass the two bags off as one big gift for Ryan-Southern.

Whelan denied allegations of misleading the company, and said that she was never pressured to produce a receipt.

But the apparent deception unraveled the board's faith in Whelan, the former corporate employee said.

Read the full story here:


The truth about gummy vitamins

Gummy Vitamins

From Rachel Premack:

Robert Shmerling's patients eat too much candy. They think it's good for them.

That candy — colorful, chewy, shaped like orange slices and teddy bears  — is the gummy vitamin. Shmerling, who's been a rheumatologist in the Boston area for three decades and is a professor at Harvard Medical School, said some of his patients were taking a dozen supplements, gummy or otherwise, every day.

"Half of them, they're not even sure what it's for," he said.

It's not the sugar in each vitamin that concerns him, although with an average of 3 grams a serving, it adds up. Rather, Shmerling thinks his patients should simply eat better. Instead of, say, buying a $55 pack of gummies made with blue algae, wheatgrass, barley, and other veggies, they should probably just eat their veggies.

Read the full story here:


A wild scandal at VW

The current Volkswagen brand boss, Ralf Brandstätter, was in charge of the Prevent case.
The current Volkswagen brand boss, Ralf Brandstätter, was in charge of the Prevent case.

From Philip Kaleta, Jan C. Wehmeyer, Kayhan Özgenc, and Qayyah Moynihan at Business Insider Deutschland:

Business Insider Deutschland investigated the tactics of Project 1, a group set up to try to extricate Volkswagen from its relationship with Prevent, a supplier it was feuding with. 

Project 1's secret strategy meetings about the conflict with Prevent had apparently been bugged. Between 2017 and 2018, 50 hours of strategy discussions over at least 35 occasions had been recorded. These recordings were eventually leaked to a source, who then shared them with Business Insider Deutschland.

The name of the new chairman of Volkswagen's board, Ralf Brandstätter, is mentioned multiple times in the recordings, while others in the recording discussed using the political connections of former German Chancellor Gerhard Schröder to their advantage.

The leak set off a search for the mole, and in July Volkswagen identified a manager it said was responsible.

A month later that former Volkswagen employee was found dead in a burned-out car.

Read the full story here:


An invitation

Join Insider for a conversation with business leaders, policymakers, technologists and innovators exploring the future of mobility.

IGNITION: Transportation, presented by Arity, will take place on Tuesday, October 20 from 12-1:30 p.m. ET. Speakers include: 

  • Daniel Chu, chief product officer at Waymo
  • Bala Ghanesh, VP advanced technology group at UPS
  • Dane Parker, chief sustainability officer at GM
  • Caroline Samponaro, head of micromobility policy at Lft

POWER LIST: Here are the 28 most outstanding people of color transforming the sneaker industry today, from designers to influencers

Amwell's stock is soaring, and analysts are pointing to speculation that UnitedHealth might acquire the $9 billion telehealth giant

EXCLUSIVE DOC: Kanye West reveals his sprawling finances as part of his quixotic 2020 presidential campaign

The high-flying $132 billion world of management consulting has been grounded by the coronavirus. Insiders at big firms like PwC and KPMG reveal how they're adapting to the new normal.

REVEALED: How much Rivian pays its employees, from engineers to financial analysts

MORGAN STANLEY: Buy these 16 stocks to cheaply invest in next-generation technologies and reap the future profits they generate

Meet Katherine Power, the serial entrepreneur who's running 3 companies with more than $60 million in total funding, including one with Cameron Diaz

LEAKED EMAILS: Palantir is blaming Morgan Stanley for a 'blemished' direct listing after technical problems delayed some sales

Read the original article on Business Insider

Inside the fight to save Rent the Runway

Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for an inside look at Rent the Runway CEO Jennifer Hyman's fight to save her company, the LeBron James of investing, and turf wars and trust issues at Google Health

rent the runway jennifer hyman profile
Rent the Runway CEO Jenn Hyman

Hello!

President Trump's announcement on Friday that he had tested positive for the coronavirus capped a chaotic week that started with the New York Times releasing a blockbuster report detailing Trump's financial records and included a shouting match at the debate against Democratic presidential nominee Joe Biden. Here's the latest:

You can also join us on Monday to learn about the race for a coronavirus vaccine. Healthcare reporter Andrew Dunn will discuss the road ahead with three leading experts on October 5th at 2:00 p.m. ET. Sign up here. 


The fight to save Rent the Runway

From Becky Peterson:

A few months ago, the best way to see the influence of Jenn Hyman's business was to visit any office mail room in Manhattan.

The heaps of dark garment bags that piled up each morning contained designer clothing worn by female employees of every rank and level waiting to be shipped back to Hyman's startup, Rent the Runway.

For the female office workers who dropped off the bags and awaited their next delivery, Rent the Runway was as essential to the job as a laptop. If you liked someone's outfit and asked them where they got it, the answer was usually Rent the Runway.

Today, chances are those devoted customers are working from home, if they still have a job, and they are not decked out in $400 sheath dresses. The coronavirus has swept away the piles of dark bags along with Rent the Runway's revenue stream.

Becky spent hours talking to Hyman and spoke to more than two dozen of her colleagues and former coworkers. Per her story:

The picture that emerged was of a smart, visionary leader who's proved to be resolute in a crisis and who has not been afraid to speak out about her experience as a female CEO in a male-dominated industry. But that outspokenness has sometimes been received as that of a leader who can't handle criticism.

You can read the full story here:


The LeBron James of investing

daniel sundheim d1 capital profile 2x1
D1 Capital founder Dan Sundheim

From Bradley Saacks and Alex Morrell:

Dan Sundheim has quickly become an investor to follow since launching his fund D1 Capital after working as the chief investment officer at Andreas Halvorsen's Viking Global.

The Wharton grad has at least $1 billion in personal wealth between his assets in his firm, stake in the NBA's Charlotte Hornets, real-estate portfolio, and art collection, which includes a Jean-Michel Basquiat that he bought off the disgraced financier Jho Low.

Despite his flashy purchases, those who have known Sundheim for decades say he's still the same guy he was when he was a 20-year-old frat brother at the University of Pennsylvania — a low-key, smart friend who never seems to get too worked up about anything.

His investing prowess, though, has become the stuff of legends, with D1 returning more than 78% after fees in its public-equity portfolio since it launched about two years ago.

You can read the full story here:

Also read:


Turf wars and trust issues at Google Health

google heatlh david feinberg 2x1

From Blake Dodge and Hugh Langley:

Nearly two years since Google Health came together, it's still unclear how the group fits into the company's bigger vision for healthcare or how it'll make money, Business Insider has learned through conversations with former and current Alphabet employees, a review of internal documents, and conversations with healthcare-industry experts.

Google Health's work with search and clinical tools is promising, but it's early and the group leans heavily on other parts of Google for partnerships. Much of the past 20 months has been spent ironing out its goals and how it fits in with other health-focused parts of the business, such as Google Cloud and Verily.

While Google Health has struck up deals to work with large health systems such as Ascension and Stanford Medicine over the past two years, talks with some other major players including CVS Health and The Gates Foundation have fallen apart along the way, Business Insider has learned. Experts within the healthcare industry are still confused over what Google Health actually does.

You can read the full story here:

Also read:


ICYMI: Former Trump campaign manager Brad Parscale told friends he was under federal investigation

Brad Parscale out
Brad Parscale

From Tom LoBianco:

Days before the former Trump campaign manager Brad Parscale was detained by the Florida police over concerns he might hurt himself, he had told campaign staff members and friends that he was under federal investigation.

You can read the full story here:

Here are some headlines from the past week you might have missed. 

— Matt


Real-estate titan David Simon is reshaping America's malls. Insiders reveal how he's facing a make-or-break moment with a $2 billion bet on troubled JCPenney.

KPMG just axed 1,400 US jobs across tax, audit, and advisory businesses and is also cutting some workers' pay

Meet the 38 people on Biden's transition team preparing to demolish Trump's legacy next January

Here's the pitch deck that persuaded Goop backer Greycroft to fund beauty clinic startup Sisu for its US expansion

Stripe salaries revealed: From $74,984 to $300,000.00 a year, here's how much the $36 billion unicorn pays its employees

Meet 16 bankers, lawyers, and capital providers helping engineer a $40 billion blank-check craze that's fast-tracking companies to public markets

Meet the man who hooks up ultrawealthy Americans with the 2nd passports they need to leave the country. An island in the Caribbean is his most in-demand location.

People were offended when Clubhouse hosted an anti-Semitic discussion on the holiest day of the year for Jews

Read the original article on Business Insider

Drama at Whole Foods — Leaked Microsoft slides — Find your Wall Street dream job

 

Hello everyone! Welcome to this weekly roundup of Business Insider stories. This is Olivia Oran this week, subbing in for executive editor Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

And sign up here for our free live event Tuesday to get the inside track on the race for the White House with Business Insider's DC Bureau.


Whole Foods employees say Amazon workers are crowding stores, ignoring virus protocols, and hounding them for help as online orders surge

Whole Foods
A Whole Foods Market worker moves grocery carts in Durham, N.C., Wednesday, April 15, 2020.

Americans are buying more food online than ever before amid virus concerns, with nearly every major grocer reporting a rapid rise in online grocery purchases in recent months.

So it may not be surprising that tensions are mounting between Whole Foods employees and the workers who pick and pack Amazon's Prime Now online orders. 

Reports Hayley Peterson: 

Seven Whole Foods employees said they were suffering from understaffing and struggling to keep shelves stocked as a growing number of Amazon Prime workers canvass stores to fill online orders.

A manager at a Whole Foods store in the Northeast called Prime workers "vultures" who "come in and pick every department clean."

"I could put out the blueberries, and 10 minutes later they are gone because the Prime shoppers have bought them all," she said.

And in fact, one Whole Foods store is so busy with Prime orders that it has workers packing and storing groceries in a nearby parking garage, another employee told Business Insider. 

Read the story in full here:

'It's like being in a sci-fi nightmare film': Whole Foods employees say Amazon workers are crowding stores, ignoring virus protocols, and hounding them for help as online orders surge


Leaked slides show an overlooked Microsoft business 

Microsoft store

From Ashley Stewart:

Microsoft announced in June plans to shut down nearly all of its retail locations and transition employees to customer service roles "providing sales, training, and support."

Leaked presentations viewed by Business Insider show Microsoft has deployed some former retail workers to sell to small and medium businesses and education organizations, contributing to $61.7 million in revenue for the current quarter as of Sept. 20.

Meanwhile, the company has identified sales to small and medium businesses as a weak spot amid the pandemic.

The figures shared in the presentation give a rare look at a segment of Microsoft's business that is often overlooked, as Wall Street largely focuses its attention on the ever-increasing growth of cloud businesses like Microsoft Azure, Microsoft Teams and the larger Office 365 suite. Still, it's hard to gauge the relative success of Microsoft in the SMB segment based on these revenue figures alone, especially against the larger economic picture.

You can read the full story here:

Leaked Microsoft slides show that the company has generated at least $61.7 million in revenue this quarter by selling to the smallest businesses and educational institutions, as it transitions former store employees to salespeople


Find your dream job on Wall Street 

wall street trader

Business Insider has compiled a searchable list of more than 350 headhunters across 80 firms that source talent for Wall Street.

The database includes recruiters who focus on front-office investment professionals — traders, dealmakers, portfolio managers, bankers, and the executives they report into. 

Check it out here from Alex Morrell and Reed Alexander:

We built the first-ever searchable database of the top Wall Street recruiters for banking, hedge funds, and private equity

Here are some headlines from the past week you might have missed. 

— Olivia 


A former Esquire exec is suing Hearst, alleging age and gender discrimination

MOLDING GREATNESS: Meet 23 career coaches who helped shape leaders into stars at the likes of Goldman Sachs and Google

How Wells Fargo CEO Charlie Scharf, who's under fire for his 'limited' Black talent remark, filled the bank's top ranks with white men from his JPMorgan days

Here's how Columbia, NYU, and 4 other law schools are reworking high-stakes job interviews for students this year

US Investing Championship hopeful Tomas Claro hauled in a 409.1% return through August. Here's the unique trading strategy he's leveraging — and 3 stocks he's holding.

A Barclays trading desk lost more than $60 million this year amid a bloodbath in distressed assets

Read the original article on Business Insider