Current and former Oracle employees say there’s a ‘culture of fear’ at its flagship cloud unit


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

What we’re going over today:

oracle Clay Magouyrk

What’s trending this morning:

Oracle’s “culture of fear”

A dozen current and former Oracle employees and executives said there was what one person described as a “culture of fear” at OCI – an environment at least partially created by hard-driving cloud boss Clay Magouyrk:

Magouyrk, a former Amazon software-development engineer who joined Oracle as an individual contributor in 2014, quickly impressed Chairman Larry Ellison and CEO Safra Catz with his ability to deliver results quickly, leading to his rapid ascent through the ranks.

But Magouyrk’s reign has raised questions about Oracle’s culture. His leadership style was cited in a pair of lawsuits filed by former vice presidents against the company and an executive, including an allegation that he once told an executive that his actions were “f—ing stupid” in front of all of OCI’s senior leaders.

Insiders said those comments were “tame” compared with others he had made.

Read our full report here:

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He took his boss’ money and then his head, police say

Tyrese Haspil

Fahim Saleh’s body was found in his apartment, dismembered and decapitated. There was barely a trace of blood, his $2.25 million apartment so meticulously scrubbed that an official later described it as a “professional job.” But the accused killer wasn’t a professional. Police say it was his former assistant, Tyrese Haspil:

It was a sultry July week in New York City, and Haspil and his girlfriend, Marine, were in a celebratory mood. Haspil, then age 21, rented an $18,000-a-month Airbnb on the cobblestoned Crosby Street for a romantic staycation for Marine’s 22nd birthday.

For two days, from July 15 to July 17, 2020, the pair strolled through Manhattan’s NoHo neighborhood, arm in arm, shopping at Christian Louboutin and dining out.

Less than a 15-minute walk away, police discovered the body of Haspil’s former boss, Fahim Saleh. The 33-year-old tech entrepreneur had been decapitated and dismembered in the living room of his East Houston Street condo on Manhattan’s Lower East Side.

We dove deep into what went wrong:

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Bank of America’s talent exodus

Brian Moynihan

Dozens of people have quit Bank of America’s mortgage business this year, according to four current and former bankers. Two of them suggested the resignations have now climbed above 100, and that more departures are expected at the end of June:

June is when the bank pays out its next quarterly bonuses, one of the people said.

The salespeople are leaving because they’re frustrated over a series of changes the bank made to its mortgage policies that have made it harder for some salespeople to make money and increased concerns about corporate surveillance, the people said.

The changes have also knocked Bank of America down several notches in the ranks of the biggest home-loan originators, according to data compiled by Inside Mortgage Finance. Bank of America’s 2008 purchase of Countrywide Financial Corp. briefly created the nation’s largest mortgage lender and servicer, though it also saddled the bank with years of problems and billions of dollars in fines and settlements over Countrywide ‘s lending practices.

Here’s what else you need to know about the recent departures:

Also read:

Why a full economic recovery could be years away

reallocation friction

By now you’ve probably heard about the big mystery in the US economy: Restaurants can’t find enough people to hire, even though millions of Americans remain out of work. Things are supposed to go back to normal in the fall – but what if job numbers don’t return so quickly to the status quo?:

A few economists are beginning to raise that possibility – that the pandemic’s effects will continue to batter the leisure and hospitality sector, which employs one in 10 American workers, well beyond the fall.

In a normal economy, it’s not a problem when workers change careers; other job seekers can come in to take their place. But an exodus, like the one we may be seeing now in hotels and restaurants, is different. It can take time for workers to find a job in an unfamiliar industry in which they have few connections. Their new positions could require them to move to another city or state. And inexperienced workers require training to build up the necessary skills.

Until all that happens, jobs go unfilled – keeping unemployment elevated, even though the demand for those jobs is there. Economists call it reallocation friction.

Why economists think it might be years until things return to normal:

Also read:

Lastly, here are some headlines you might have missed last week.

– Matt

Read the original article on Business Insider

The Giving Pledge was supposed to boost philanthropy. But it may be doing more to benefit rich donors.


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

What we’re going over today:

warren buffett bill gates

What’s trending this morning:

Billionaires who pledged half their wealth to charity are moving slow – and still getting massive tax breaks.

Some of America’s richest families signed the Giving Pledge, a public promise initiated by Bill and Melinda Gates and Warren Buffett to give at least half of their wealth to charitable causes – but many have been slow to make good on their promise:

Death was the Giving Pledge deadline. You could give half your money away beforehand, or you could leave it to charity in your will. Mark Zuckerberg, who at age 26 was among the second group of Giving Pledge signers, made clear that he did not intend to wait nearly that long.

“People wait until late in their career to give back,” Zuckerberg said in a Giving Pledge press release. “But why wait when there is so much to be done?”

But waiting, it turns out, is precisely what Zuckerberg and his wife, Priscilla Chan have done. During its first five years, the Chan Zuckerberg Initiative handed out a total of $2.7 billion in grants – roughly 6% of their wealth at the time they made their pledge.

Zuckerberg is not the only signatory to take things slow. Elon Musk, who signed the pledge in 2012, has donated only $100 million so far – less one-tenth of 1% of his current net worth.

Read our full report here:

Also read:

Amazon plans a new at-home medical-test brand

Jeff Bezos
Led by CEO Jeff Bezos, Amazon has continued waging legal battle over the JEDI contract, which the Pentagon now sees as reason to abandon it.

Amazon is considering the launch of a new line of business, called “Diagnostics,” that would offer an array of at-home medical tests and a third-party marketplace for general home-diagnostics services:

The company is in talks to launch its own COVID-19 testing kit in June, potentially around the start of its Prime Day annual shopping event, according to people directly involved in the matter.

Additionally, Amazon could expand to offer testing kits for infections that lead to respiratory and sexually transmitted diseases. Amazon’s long-term goal is to expand into other areas, such as clinical genomics, and launch a third-party marketplace that sells medical tests from other companies.

Plans for Amazon’s new home-testing products represent the retail giant’s first foray into the health-diagnostics space. They’re part of Amazon’s expansion into the broader healthcare industry.

Here’s a look at what we know so far:

Also read:

The secret life of Ian Osborne

ian osborne

British investor Ian Osborne has dazzled the tech and finance industries through Social Capital Hedosophia, his SPAC with Chamath Palihapitiya. We spoke to more than 30 of Osborne’s associates to learn more about the man at the forefront of the “blank check” investment frenzy:

An elusive power broker, Osborne does not like to be in the spotlight, though he’s frequently at the center of the action – SCH dazzled Wall Street with its first reverse merger with Virgin Galactic in 2019, igniting the current SPAC craze.

Part connector, part fixer-for-hire, the 38-year-old is an unlikely lord of high finance and tech. Through means that aren’t entirely clear to even some close acquaintances, he has finagled his way into the circuits and pocketbooks of the world’s most rich and famous, earning favor by doing favors, and parlaying his impressive black book into a lucrative, and sometimes mysterious, career.

“How he got to the level he did, I don’t know but it’s an art,” one longtime friend and business associate told Insider.

Take a look inside Osborne’s enigmatic life:

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Who is Mala Gaonkar?

mala gaonkar hedge fund 4x3

Mala Gaonkar is one of three people running $30 billion Lone Pine Capital, alongside Kelly Granat and David Craver, taking over the firm from the billionaire founder Stephen Mandel Jr., who retired at the beginning of 2019. We looked into one of the industry’s more interesting characters:

An upside-down investing landscape requires an outside-the-box thinker.

For stock investors nowadays, thinking about what the future looks like might be more important than the company’s current performance. In essence, that means copying what Gaonkar and Lone Pine have been doing for years.

Gaonkar is the firm’s expert on the bigger picture – she’s less interested in a company’s latest earnings release and more focused on what trends will be dominating the world in a couple of years’ time.

We explored what, exactly, makes Gaonkar such a trailblazer:

Also read:

ICYMI: What you need to know about the WarnerMedia-Discovery deal

WarnerMedia Stankey
AT&T CEO John Stankey

AT&T announced this week it would spin off WarnerMedia and combine it with Discovery Communications in a blockbuster deal that would bring a bevy of media brands – including CNN, HBO, and HGTV – under one roof.

To help you make sense of the massive merger, we compiled the stories you’ll need to read to stay up to date:

Lastly, here are some headlines you might have missed last week.

– Matt

Read the original article on Business Insider

Some Amazon managers say they hire people they intend to fire later just to meet their turnover goal


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

What we’re going over today:

Jeff Bezos

What’s trending this morning:

Inside Amazon managers’ “hire to fire” practice

Amazon has a goal to get rid of a certain percentage of employees every year – and three managers told Insider they felt so much pressure to meet the goal that they hired people just to fire them:

“We might hire people that we know we’re going to fire, just to protect the rest of the team,” one manager said.

The practice is informally called “hire to fire,” in which managers hire people, internally or externally, they intend to fire within a year, just to help meet their annual turnover target, called unregretted attrition (URA). A manager’s URA target is the percentage of employees the company wouldn’t regret seeing leave, one way or the other.

The existence of the practice in at least some parts of the company shows how Amazon’s system of requiring managers to hit a target attrition goal every year can foster controversial norms and practices.

Get the full rundown:

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James Charles faces another threat to his beauty empire

James Charles Kelly Rocklein

James Charles’ former producer and creative director, Kelly Rocklein, is speaking out about her lawsuit against him, which alleges wrongful termination, disability discrimination, failure to provide reasonable accommodation, and failure to pay minimum wage for overtime hours worked:

In addition to working her more than 80 hours a week without overtime pay, according to Rocklein and her complaint, Rocklein said Charles seemed “incredibly unprofessional.”

“Imagine having to go over and essentially pick James up out of bed, tell him to brush his teeth, tell him, ‘OK, what do you want to eat? OK, someone is coming to do your laundry. OK, I’m going to get your laundry, I guess. OK, time to start filming – you don’t want to film – well, we both know you have to. So please let’s think about it,'” Rocklein said.

She also said Charles walked around the house naked in front of her, called Rocklein names like “bitch,” and once texted her, “Kelly i might need your help shaving my butt” in preparation for a revealing Coachella outfit. Rocklein said Charles made her feel “extremely uncomfortable.”

Take a look at everything that led to the lawsuit:

Also read:

Shopify CEO’s email to managers outlines company’s core beliefs

Tobias Lütke shopify

In the wake of intense internal debate about issues of race, Shopify CEO Tobi Lütke sent an email to managers outlining the company’s core beliefs. In it, he made clear what the company is not – it is not a government, he said, and it “cannot solve every societal problem”:

In the email, he said that “endless Slack trolling, victimhood thinking, us-vs-them divisiveness, and zero sum thinking” amounted to a “threat” that breaks teams. He encouraged managers to stay focused on Shopify’s mission of empowering online commerce and entrepreneurship.

A Shopify spokesperson told Insider that the company was not trying to emulate Basecamp in its handling of political issues and that it welcomed discussion of current events.

“As Shopify is growing quickly with new team members joining every day, our executive team will often send company-wide messages to remind the organization of our vision for equitable entrepreneurship and to reignite our spirit of positive collaboration,” the spokesperson said. “This reinforces our need to work together in creating a future that unites, not divides.”

Read the full email here:

Also read:

Top mortgage bankers are leaving Wells Fargo

Top mortgage lenders are leaving Wells Fargo

More than 20 top mortgage lenders at Wells Fargo have left in the past year, while four of the bank’s elite President’s Club members have left since December. Five current and former mortgage bankers described a culture of heavy oversight and clunky technology that limited their ability to do business:

Tom Goyda, a Wells Fargo spokesperson, said the exits are due to the competitiveness of the market for mortgage talent.

“We’ve been in a very competitive mortgage market, and top-producing loan offers are in high demand across the industry,” Goyda said. “Wells Fargo has hired top producers from other lenders, and some of our home mortgage consultants have moved to other firms.”

But the mortgage bankers who spoke with Insider pointed to excessive red tape, clunky legacy technology, and the Federal Reserve-imposed asset cap as factors that stymied loan growth and led them to quit.

More on the mortgage bankers’ departures:

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Jeremy Grantham says current market is “eerily like 2000”

Legendary investor and co-founder of Grantham, Mayo & van Otterloo, Jeremy Grantham

Jeremy Grantham made prescient calls about the 2000 and 2008 bubble bursts, and said the current market was eerily reminiscent of the dot-com bubble. He describes four indicators that have lined up for what could be “the biggest loss of perceived value from assets that we have ever seen”:

When Jeremy Grantham declared in January that “the long, long bull market since 2009 has finally matured into a fully fledged epic bubble,” he said he knew there would be “a substantial increase in crazy behavior” before it all came crashing down.

The cofounder of Boston’s Grantham, Mayo, van Otterloo & Co. is famous for having made prescient calls about the bursting of the 1989 Japanese asset-price bubble, the 2000 tech bubble, and the 2008 real-estate bubble.

“The thing about a bubble is if you can find more money and more crazy investors, it can keep going,” he said.

Here’s Grantham’s full market outlook:

Also read:

Live event invite: Join us Tuesday, May 18 at 12 p.m. ET for “Master Your Money,” where personal finance professionals demystify debt – and offer tips and tricks to help set you up to build wealth. Register here.

Lastly, here are some headlines you might have missed last week.

– Matt

Read the original article on Business Insider

People are flocking to sextech startups ahead of the ‘hot vax summer.’ VCs are taking note.


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

What we’re going over today:

Sextech startups

What’s trending this morning:

Sextech startups are booming

As Americans prepare for a “hot vax summer,” people are flocking to sextech startups for all things sexual wellness. We spoke with five startups that said they’re seeing consumer spending habits change already – and that VCs are also getting in on the fun:

The pandemic made getting it on more difficult for everyone.

But now that half of American adults have had at least one dose of the vaccine, that could spell the end of a year of celibacy for many. Some are turning to sexual health and wellness startups to have more titillating and safe sex in the summer of love, startup founders and investors say.

The next several months could be boom times for companies in “sextech” and other sexual wellness businesses, from direct-to-consumer lingerie to birth-control delivery.

More on the red-hot sextech market:

Also read:

Goldman Sachs’ CEO is changing the bank’s DNA

Two images of Goldman Sachs CEO David Solomon in a picture frame on a red background.

David Solomon, who took over as Goldman’s CEO in October 2018, has steered the bank to blowout profits and a record stock price. But with partners quitting and burnout soaring, some insiders say the executive’s hard-charging style has come at a cost:

“David reviews businesses with a dispassionate, clinical eye,” said Jim Esposito, the cohead of Goldman’s investment banking division. “There are no sacred cows.”

On paper, it’s working spectacularly. Goldman smashed analysts’ expectations and set a revenue record in the first quarter, its stock soared to an all-time high of more than $356, and its ambitious plan to slash $1.3 billion in costs is on track. Wall Street analysts are singing Solomon’s praises, as are investors who laud the transparency Solomon has brought to Goldman’s operations.

But Goldman’s top ranks have seen almost unprecedented turnover, with six members of the management committee exiting over the past year. Among them were two Goldman lifers – Eric Lane and Gregg Lemkau, a potential CEO successor – whose departures stunned Solomon.

More on Solomon’s hard-driving style – and why it may be pushing execs away:

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Pandemic homebuyers open up about their experiences

Ilan and Sarah Harel

Since the start of the pandemic, hopeful homebuyers have been subjected to a buying frenzy that’s led to bidding wars, all-cash sales, sight-unseen purchases, and other leaps of faith – and they did it all in the name of achieving the American dream of homeownership:

After more than a decade renting in Queens, Ilan and Sarah Harel decided to leave the city and buy for the first time. They ultimately scored a $329,000 property in Pleasant Valley, New York, a Hudson Valley town with fewer than 10,000 residents that is just 90 minutes north of their former digs in Queens.

But snagging their dream home was no easy feat. It was the long-labored-over result of checking listing websites all day long for three months, making offers on properties for thousands of dollars over asking price, and competing with hundreds of thousands of New Yorkers like them who fled the city for greener pastures around the same time.

Their story illuminates a broader reality: The pandemic upended the real-estate market and, as a result, has pushed homeownership further out of reach.

Read their stories here:

Also read:

Meet the most transformative CEOs of 2021

Most impressive CEOs collage including Shantanu Narayen of Adobe, Albert Bourla of Pfizer, Mary Barra of GM, Jensen Huang of NVIDIA
From left: Shantanu Narayen, the CEO of Adobe; Albert Bourla, the CEO of Pfizer; Mary Barra, the CEO of GM; Jensen Huang, the CEO of Nvidia.

Leadership in 2021 is marked by transformation – of business models, of workforces, and of organizations themselves. Insider’s inaugural list of the Most Transformative CEOs celebrates four executives who are best meeting the needs of their many stakeholders:

Insider arrived at this list by way of both quantitative and qualitative analysis. We considered the 100 CEOs of the largest publicly traded US companies by market capitalization on the S&P 500 who have been in their positions since at least January 2019. We ruled out executives who are stepping down.

We evaluated companies and CEOs across measures of recent financial performance, ratings on employee review sites Comparably and Glassdoor, typical employee compensation and the CEO-to-median-pay ratio, and the 2021 Just Capital ranking of companies’ commitment to social responsibility.

We believe the following CEOs exemplify the traits and achievements needed to survive and thrive in that challenging environment.

Read the full profiles of each CEO here:

Finally, here are some headlines you might have missed last week.

– Matt

Read the original article on Business Insider

300+ employees have left Travis Kalanick’s ghost-kitchen startup, in an exodus that reflects deep tensions over leadership, secrecy, and pay


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

What we’re going over today:

travis kalanick cloudkitchen nightmare 4x3

What’s trending this morning:

CloudKitchens is Uber’s carbon copy

Hundreds of employees left Travis Kalanick’s ghost-kitchen startup this year – in an exodus that reflects long-simmering tensions about leadership, secrecy, and pay. Inside the organization, people described an alpha-male society reflective of Kalanick’s first startup:

The Kalanick leading CloudKitchens was not changed, humbled, or reformed. He was the same Kalanick who in just a few roller-coaster years had turned Uber into a global juggernaut – at one point the world’s most valuable tech startup – by barreling full speed ahead and ultimately crashing out.

In one important way, though, Kalanick has changed. The man leading CloudKitchens is incredibly concerned with secrecy and preventing any challenges to his control, and he has designed the company with that in mind.

The result is a business that looks like the old Uber – but without the guardrails. Without a VC-filled board, Kalanick, who reportedly owns about half the company, enjoys free rein to pursue his vision of reinventing the restaurant business.

Read up on Kalanick’s new startup:

Also read:

Amazon’s executive exodus

Amazon Jeff Bezos

The company is going through the largest leadership shakeup in its history, with VPs citing better pay, bigger roles, and Amazon’s slowing culture as their reasons for leaving. More than 45 top executives have left since the start of 2020:

Given that Amazon has about 350 vice presidents, that’s a turnover rate of more than 10% in the vice-presidential level and above – rare for a company that once prided itself on the loyalty and long employment history of its most valued senior leaders.

It’s one of the most dramatic management upheavals in company history. As Amazon looks to a post-Bezos era, the departures present incoming CEO Andy Jassy with the dual challenge of having to work with less familiar faces while maintaining the company’s unique culture.

“The risk-reward isn’t there for big leaders to stay at Amazon right now,” one former Amazon executive who left in the past year told Insider. “It would not surprise me if 2021 has more VP attrition than 2020.”

See what former employees said about the Amazon exodus:

Also read:

Wall Street’s secretive world of quant recruiting

wall street quant hedge fund recruiting 4x3

The market for quant and data-science specialists on Wall Street has never been hotter, but the trading firms that employ them are highly secretive – as are the recruiters they work with:

“You’re OK that I’ve recorded this call, right?”

So said one veteran recruiter who works with proprietary-trading firms before apologizing for his paranoia at the end of a 30-minute conversation. Other headhunters wanted to ensure up front that Insider wasn’t secretly recording them (we weren’t), and agreed to speak only on the condition of anonymity – that what they said wouldn’t be attributed to them or their company. Some would dish about the industry or their competitors, but discussing clients was verboten.

Welcome to the secretive world of Wall Street quant recruiting.

While secrecy abounds across finance, it’s especially prevalent in the world of quantitative trading, where noncompetes in excess of a year, nondisclosure agreements, and lawsuits over defectors are common.

Here’s what more than two dozen quant recruiters about their competitive, stealthy field:

Also read:

Workers on Capitol Hill have hit a wall

commitee staffer senate staff

Congressional staffers at all levels – from fellows to chiefs of staff – have struggled with burnout, several current and former employees told Insider. They described how remote work obliterated the line between their work and personal lives:

“It was the working from home, it was the level of intensity of being a chief of staff, the recent passing of my mother,” that led Jose Borjon to look for a job outside the public sector.

Even in normal times, working on Capitol Hill is no walk in the park. But after a pandemic, a year of remote work, feverish partisan rancor surrounding the 2020 presidential election, and an unprecedented terrorist attack inside their place of employment, the thousands of congressional staffers who make Congress run are burning out. Badly.

Current staff and experts fear the exhaustion and trauma are pushing qualified people out the door, exacerbating the long-running problem of brain drain on Capitol Hill while denying lawmakers talented staff members as they try to tackle some of the most pressing issues to face the country in generations.

Get the full scoop:

Also read:

Pitch deck library

pitchdeck database 2x1

Billions of dollars in venture capital flow every year to startups that can articulate their visions in a way that makes investors see dollar signs.

Startups do this by creating pitch decks, or slideshows that meld imagery, hard data, and storytelling to help investors see their potential.

For years, Insider has been publishing individual pitch decks to give readers an inside look at startups’ business strategies and how they wooed investors to back them.

We have now been combined them into a searchable database. Check it out here:

PITCH-DECK LIBRARY: Search over 350 pitch decks that startups including Uber, Postmates, and Airbnb used to raise millions

Lastly, don’t forget to check out Morning Brew – the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

– Matt

Read the original article on Business Insider

Insider Weekly: Summer’s going to be great – New York Times’ Carolyn Ryan – Modern Health cofounder breakup

Hello everyone!

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

What we’re going over today:

summer pandemic in the US 2x1


Kicking things off today on a positive note. It’s been a rough year, but health experts are feeling unusually optimistic about this summer. We spoke with 18 doctors and scientists – many of whom told us they plan to travel, see family and even go to the movies.

Here’s what experts want you to know about this pandemic summer.

But before we go on, let’s take a look at the latest headlines:

And with that, let’s get into some of our top reads of the week.

The most powerful woman in The New York Times newsroom 

GettyImages 465186899
Carolyn Ryan on “Meet the Press” in 2014

From Steven Perlberg:

Carolyn Ryan was at Gracie Mansion in 2010 for a holiday dinner when she and Michael Barbaro, who was covering City Hall for The New York Times, greeted then-Mayor Michael Bloomberg.

“Mayor, you of course know Michael Barbaro and his byline,” introduced Bloomberg’s former press secretary, Stu Loeser, who recalled the exchange to Insider. “This is his editor, Carolyn Ryan, who you know from other people’s bylines.”

Then, as now, Ryan is one of the most influential figures inside The New York Times – a polarizing, hard-driving deputy managing editor now supervising the organization’s most fraught topic: newsroom culture.

Read the full story here.

Also read:

How IBM decides which employees can do their jobs from home

IBM CHRO Nickle LaMoreaux
Nickle LaMoreaux is IBM’s chief human resources officer.

From Shana Lebowitz:

Nickle LaMoreaux became IBM’s HR chief smack in the middle of a global pandemic.

After 20 years climbing the ranks at IBM, LaMoreaux was promoted to chief human resources officer in September. A few months in, she’s considering what the pandemic has taught her about the future of work. More specifically: Is the hybrid work model, with some people in the office and some people remote, sustainable?

… LaMoreaux has started “dissecting” work, trying to figure out exactly which tasks can be done remotely and which probably can’t. It comes down to three questions, she said: What is best done in the office? For whom? And how often?

Read the full story here.

Also read:

How the relationship between Modern Health’s founders died

modern health cofounder breakup 2x1

From Melia Russell:

In September 2019, Erica Johnson was called into a meeting at Kleiner Perkins. Inside, Mamoon Hamid booked a conference room and prepared to have an uncomfortable conversation.

Hamid is one of Kleiner’s partners and was the only outside board member in Johnson’s mental-health startup, Modern Health.  

That day, he found himself wedged between Johnson and her business partner, Alyson Watson. The young cofounders had been drifting apart for months, and their disagreements had begun to threaten the promising but fledgling 2-year-old startup.

Read the full story here.

Also read:

ICYMI: The 125 people and institutions responsible for Trump’s rise to power

President Donald Trump addresses guests at Joint Base Andrews in Maryland on January 20, 2021.

Donald Trump’s unprecedented presidency didn’t happen without help.

Which brings us to this Insider project. No president has been like Trump. He broke norms. He tested the Constitution. He got impeached – twice. It was a whirlwind unlike anything in US history, hence our attempt to build a searchable database to better understand the people and organizations that helped make Trump Trump.

Read the full story here.

Lastly, don’t forget to check out Morning Brew – the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

– Matt

Goldman Sachs says these are the top 15 SPACs hedge funds are betting on right now, as roughly 5 go public each trading day

How Roark Capital’s Neal Aronson won over franchisees to build a $54 billion fast-food juggernaut with brands like Arby’s, Jamba, and Dunkin’

Meet the Stripe mafia: These 14 former employees are raising millions for their own startups, from climate tech to a Slack competitor

Read the pitch deck 2 founders used to land $59 million to help barbershops run their sales and bookings more smoothly

We asked Europe’s biggest tech investors to pick the disruptive insurance startups they think will blow up in 2021. Here are the 26 they chose.

New York is pushing to legalize marijuana. Here are the prime acquisition targets and the types of deals you can expect.

Meet the 12 execs revolutionizing Dollar General, the Walmart of dollar stores, as it expands into fresh grocery and taps into a more affluent customer base

Read the original article on Business Insider