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The U.S. Justice Department on Wednesday said it had opened an investigation into employment practices at California’s Environmental Protection Agency. The investigation is aimed at determining whether the agency “may be engaged in employment practices that discriminate based on race, sex, color, or national origin,” the department said in a statement. Ryan Patrick Jones, Reuters
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E-Commerce
Matthew Caldwell is stepping down as the business operations president of the two-time defending Stanley Cup champion Florida Panthers and accepting a 10-year deal as CEO of the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx. The teams announced the deal on Wednesday. Caldwell will begin overseeing day-to-day business operations and high-level strategic initiatives for the Timberwolves, Lynx, and (the G League’s) Iowa Wolves on Sept. 2. It’s a major move by new Timberwolves and Lynx owners Marc Lore and Alex Rodriguez, who assumed full control of those franchises earlier this summer. I love the NHL. I’ve enjoyed hockey and I’m a big fan of it, Caldwell said. But the NBA is just a much bigger, global platform. I really believe in Marc and Alex and their vision and what they’re trying to do. They’re trying to make Minnesota best in class. Caldwell joined the Panthers in 2014 as chief operating officer before being promoted to CEO in 2016. Our vision is for the Timberwolves and Lynx to set a new standard of excellence in pro sports and were confident that Matthew is the leader needed to make that a reality, Lore and Rodriguez said in a joint statement. Leading our organization into an innovative new era requires an exceptional individual at the helm and Matthews proven track record leading the business of the Florida Panthers is undeniable. We cant wait to see the remarkable impact his bold leadership will have on this organization. Caldwell who served in the Army, is a West Point grad, received MBA and law degrees from Northwestern and worked on Wall Street for Goldman Sachs played a major role in many parts of the Panthers’ turnaround in recent years, especially off the ice. Earlier this year the Panthers extended their operating agreement with Broward County for five more years, ensuring that the team remains in the South Florida market through 2033 and likely well beyond. The team is playing host to an outdoor game in the Miami Marlins’ stadium for the first time this season, has a long waiting list for season tickets and opened a new practice facility at Fort Lauderdale’s War Memorial two years ago. Caldwell said the change was somewhat bittersweet, which was a sentiment echoed by Panthers owner Vincent Viola. “There are very few opportunities I would advise him to pursue, but working with Alex Rodriguez and Marc Lore on a global platform like the NBA is at the top of that list, Viola said. Its tremendously bittersweet for our family, but we recognize this is an exceptional opportunity and great next step in his career. Matts impact on our organization has been immeasurable and he leaves with our respect and gratitude. Tim Reynolds, AP basketball writer
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E-Commerce
Kohl’s shares are soaring againand this time its not just a meme stock. The department store chain’s shared surged on Wednesday as the company raised its full year financial outlook and topped expectations despite sales decline. The company’s shares saw uptick in mid-July, as it caught the attention of the r/wallstreetbets Reddit thread, doubling the stock price and joining the meme stock rally that month. Following Wednesday’s earnings announcement, Kohls shares jumped by 27% in pre-market trading and share are up 17% at the time of publishing. Kohl’s beat its quarterly earning estimate, coming out at $0.56 in contrast to the $0.33 Zacks Consensus Estimate. Additionally, the company saw a slight uptick in revenue, coming out at $3.35 billion compared to the $3.32 billion estimate by LSEG analysts. Despite the favorable outlook, Kohl’s still saw a decrease in sales, with a 5.1% year-over-year decline. “Our team remains focused on delivering progressive improvement throughout the remainder of the year against a challenging economic backdrop,” Kohl’s interim CEO Michael Bender said in the earnings report. Getting back on their feet The company’s solid quarter can be largely attributed to its turnaround efforts and major cost cutting measures, including store closures and workforce reductions. Earlier this year, the department store closed 27 stores across the country, and saw a 10% reduction of its corporate workforce. The company’s turnaround efforts include a reassessment of its assortment of products, as well as introducing more coupons for branded items. “We were able to expand our gross margins, reduce our inventory, and lower our expenses, leading to solid second quarter earnings,” Bender said. Bender’s leadership followed the termination of former Kohl’s CEO Ashley Buchanan earlier this year, becoming the third CEO in three years. Buchanan, who held the job for nearly four months, stepped down due to involvement in an investigation surrounding vendor transactions with undisclosed conflicts of interest. “Kohls second quarter performance is a testament to the progress we are making against our 2025 initiatives,” Bender said. “This resulted in sales performance that came in ahead of our expectations.”
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E-Commerce
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