Bombas founder David Heath is stepping down from his role as CEO as the socks and apparel company looks to expand beyond its direct-to-consumer roots. Bombas President Jason LaRose, a former Under Armour and Equinox executive, will take over as the company’s next CEO effective Thursday. Heath said he realized it was necessary for a retail veteran to lead the company through ...
Reddit co-founder Alexis Ohanian has purchased a minority stake in Chelsea FC Women, giving him an ownership stake in two of the most-valuable teams in women’s sports. The founder of venture capital firm Seven Seven Six and husband of tennis legend Serena Williams paid 20 million pounds for a 10% stake in the English soccer team, according to a person familiar ...
American Eagle on Tuesday said it is writing off $75 million in spring and summer merchandise and withdrawing its full-year guidance as it contends with slow sales, steep discounting and an uncertain economy. The apparel retailer said it expects revenue in the first quarter, which ended in early May, to be around $1.1 billion, a decline of about 5% compared to ...
Uber is giving commuters new ways to travel and cut costs on frequent rides. The ride-hailing company on Wednesday announced a route share feature on its platform, prepaid ride passes and special deals week for Uber One members at its annual Go-Get showcase. Uber’s new features come as the company accelerates its leadership position in the ride-sharing market and seeks to ...
YouTube will stream the National Football League’s Week 1 game on Sept. 5 for free, the first time the dominant streaming platform has ever broadcast a live NFL game in its entirety. The game, which Front Office Sports first reported will be between the Kansas City Chiefs and the Los Angeles Chargers, will take place in Sao Paulo, Brazil. “Last year, people spent ...
McDonald’s announced a plan to hire 375,000 employees across the U.S. this summer. The plan, announced on Monday, is one of the fast-food chain’s largest hiring pushes in years, according to a news release. It goes hand in hand with McDonald’s goal to open 900 new restaurants in the U.S. by 2027 and its plan to serve more customers during ...
CAMDEN, N.J. — The father and son duo behind a stock fraud scheme involving the infamous $100 million New Jersey deli were sentenced to several months in prison Tuesday. Peter Coker Jr. was sentenced to 40 months. With credit for time served, he owes about 12 months locked up. But he could be released sooner than that given how federal ...
UnitedHealth Group announced a new chief executive Tuesday, a sudden and surprising change following the fatal shooting in December of its UnitedHealthcare subsidiary’s leader. Andrew Witty stepped down from leading UnitedHealth for unspecified “personal reasons,” the company said. Stephen J. Hemsley, who served as chief executive from 2006 to 2017, will return to the role and remain board chairman. Witty will serve as ...
Microsoft on Tuesday said that it’s laying off 3% of employees across all levels, teams and geographies. “We continue to implement organizational changes necessary to best position the company for success in a dynamic marketplace,” a Microsoft spokesperson said in a statement to CNBC. The company reported better-than-expected results, with $25.8 billion in quarterly net income, and an upbeat forecast in late April. Microsoft ...
Financial technology company Chime on Tuesday filed paperwork to go public on the Nasdaq. The company intends to file under the ticker symbol “CHYM.” “Chime is a technology company, not a bank,” the company said in its prospectus, noting it’s not a member of the U.S. Federal Deposit Insurance Corp. Still, the company cited Bank of America, Capital One, Citibank, JPMorgan ...