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

Hello!

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

UnitedHealth’s big bet on the business of going to the doctor

Hello,

Welcome to Insider Healthcare. I’m Lydia Ramsey Pflanzer, and this week in healthcare news:

If you’re new to this newsletter, sign up here. Tips, comments? Email me at lramsey@insider.com or tweet @lydiaramsey125. Let’s get to it…


Coming up today, a group of CDC advisors will discuss their recommendations for what comes next for Johnson & Johnson’s COVID-19 vaccine.

Insider’s Hilary Brueck spoke to five of the experts voting on the fate of the vaccine.

They said they’re eager to end the pause and may ask that a warning be added for women.


Wyatt Decker, CEO of OptumHeath
OptumHealth CEO Wyatt Decker

Building a $100 billion business

UnitedHealth is on its way to building a $100 billion business around going to the doctor.

Shelby Livingston spoke with Dr. Wyatt Decker, the CEO of OptumHealth, who’s in charge of building that unit, about how virtual care will play a role, and what comes next.

Growing the business would cement UnitedHealth even further as a massive player in delivering medical care.

Here’s how>>

The CEO of UnitedHealth’s sprawling health-clinic business shared how transforming the way doctors get paid will help it notch $100 billion in revenue


Walmart Health
A Walmart Health clinic with counseling, labs, optometry, primary care, dental, and hearing services.

Key healthcare departures at Walmart

Blake Dodge and Shelby have been keeping tabs on Walmart’s healthcare strategy after reporting in February that the retail giant’s clinic strategy was in flux.

This week, they took a look at all the leaders leaders involved in the original plans for the clinics who have departed, including the upcoming departure of Walmart’s chief medical officer.

We mapped out who left>>

Walmart’s healthcare leaders are exiting the company as it taps the brakes on an ambitious clinic rollout


Moderna vaccine
Biotechnology company Moderna protocol files for COVID-19 vaccinations are kept at the Research Centers of America in Hollywood, Florida, on August 13, 2020.

New science could help solve biotech’s thorniest challenges

This week, our reporters also spent some time looking at the potential future of biotech.

Andrew Dunn pinpointed 5 takeaways from Walter Isaacson’s best-selling book on Jennifer Doudna, the pioneering scientist who won a Nobel Prize for discovering CRISPR – including what ethical questions now face the cutting-edge gene-editing tool.

Meanwhile, Patricia Kelly Yeo took a closer look at the plans Moderna’s laid out to develop an HIV vaccine.

After the success of Moderna’s COVID-19 vaccine, it’s possible the biotech could chart a new path toward a vaccine that’s eluded researches for decades.

There’s a long road ahead>>

Moderna’s mRNA technology could help in the decades-long search for an HIV vaccine


Finally, here’s what’s happening with healthcare startups this week:


– Lydia

Read the original article on Business Insider

TikTok’s top talent managers

Hi and welcome to Insider Advertising for April 23. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

If this email was forwarded to you, sign up here for your daily insider’s guide to advertising and media.

Tips, comments, suggestions? Drop me a line at LJohnson@insider.com or on Twitter at @LaurenJohnson.


MARIENOR MADRILEJO
Marienor Madrilejo

The top 19 TikTok talent managers and agents helping creators turn social-media fame into diversified businesses

Read the story.


gov exec CEO Tim Hartman and President Constance Sayers
GovExec CEO Tim Hartman and President Constance Sayers

Government Executive built a profitable media company after spinning off from Atlantic Media last year. Now it’s on the hunt for acquisitions.

Read the story.


Samsung Wildlife Watch
Samsung provided phones to the Black Mambas, an all-female anti-poaching group in South Africa.

5 PR firms including Edelman and Weber Shandwick share their best public relations successes and why they worked

Read the story.


More stories we’re reading:

Thanks for reading and see you on Monday! You can reach me in the meantime at LJohnson@insider.com and subscribe to this daily email here.

Read the original article on Business Insider

Advertisers are gearing up for live events again

Hi and welcome to the Insider Advertising newsletter. I’m Lucia Moses, deputy editor, and this week in advertising and media news:

If you got this newsletter forwarded, sign up for your own here.

First up: Don’t miss our webinar this Thursday on the future of ad targeting featuring execs from Mars Petcare, The Trade Desk, R/GA, and The Washington Post. Details here.


lovecraft country aunjanue ellis

Advertisers are banking on live events

HBO had to delay all-important screenings to promote “Lovecraft Country” last summer due to spikes in coronavirus cases.

This year, the entertainment giant found a pandemic-safe way to promote its content, creating an interactive display, HBO Max Orbit, for the virtual SXSW Festival and select AT&T stores.

Events are a significant part of many marketers’ budgets, and many of them are ready to jump back into live events as communities reopen, Patrick Coffee reports.

But spending is unlikely to approach pre-pandemic levels, and health risks remain a big concern.

Some marketers are, variously, seeking exit clauses to avoid a repeat of last year’s losses, and plan to make virtual events a part of their approach.

“We ended up losing a ton of money with things that had to be cancelled and other unseen costs,” Colleen Bisconti, VP of events and conferences at IBM, told Patrick.

Read the rest here: Big brands like IBM and HBO lay out how they’re betting on live events as pandemic restrictions ease up


Tim Conley, CEO of Extreme Reach
Tim Conley, CEO of Extreme Reach

TV advertising goes digital

Extreme Reach, a company that helps brands buy and plan TV and video ads, is acquiring rival Adstream, in hopes of giving clients a competitive advantage.

Behind the news:

  • Advertisers are increasingly looking to buy TV ads with digital-like precision.
  • The Adstream acquisition follows other TV adtech deals, like Comcast’s acquisition of Beeswax last year and Magnite’s agreement to acquire SpotX in February.
  • Companies that help marketers buy and measure their TV advertising are seen as acquisition targets and growth in adtech stocks, SPACs, and private equity have fueled interest in adtech.

Read more: A digital ad firm just snapped up a competitor to make TV advertising more digital


Jonathan Nelson.JPG
Jonathan Nelson is CEO of Omnicom Digital

Omnicom’s data play

Ad giant Omnicom Group created a new data-driven marketing unit, Omni Health, aimed at healthcare clients like Pfizer and Johnson & Johnson, Tanya Dua reports.

Key things to know:

  • Agencies have souped up their data tools in recent years to help advertisers precisely target people and fend off consultancies like Accenture Interactive and Deloitte.
  • Omnicom for its part says it’s spent tens of millions of dollars to build Omni Health.
  • Advertising agencies are making a big play for healthcare ad dollars, one of the few areas of ad spending that’s held up in the pandemic.
  • But Omnicom has plenty of competition from other ad and PR firms like IPG and W2O that are making similar bets.

Read more: Omnicom is trying to cash in on healthcare advertising with a new data tool for clients like Pfizer and Merck


Other stories we’re reading:

Thanks for reading, and see you next week!

– Lucia

Read the original article on Business Insider

How Walmart is pitching advertisers

Hello and welcome to Insider Advertising for April 20. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

First, we’re looking for nominations for the rising stars of PR. Submit your nominations here by April 23.

If this email was forwarded to you, sign up here for your daily insider’s guide to advertising and media.

Tips, comments, suggestions? Drop me a line at LJohnson@insider.com or on Twitter at @LaurenJohnson.


Wal-Mart CEO Doug McMillon addresses a business leader panel discussion as part of the U.S.-Africa Business Forum in Washington
Walmart’s CEO Doug McMillon.

A Walmart sales presentation reveals how it’s trying to nab e-commerce ad dollars from Amazon

Read the story.


Charli D'Amelio / Dunkin

Some brands including Dunkin’ and Eos lay out why they’re making TikTok a mainstay in their ad budgets

Read the story.


Robinhood on cellphone

How much money influencers make driving sign-ups for trading apps like Robinhood and Acorns

Read the story.


More stories we’re reading:

Thanks for reading and see you tomorrow! You can reach me in the meantime at LJohnson@insider.com and subscribe to this daily email here.

Read the original article on Business Insider

Burnout hits ad agencies

Hello and welcome to Insider Advertising for April 19. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

If this email was forwarded to you, sign up here for your daily insider’s guide to advertising and media.

Tips, comments, suggestions? Drop me a line at LJohnson@insider.com or on Twitter at @LaurenJohnson.


Burnout
Advertising professionals say the pandemic has led to increased workloads that are causing burnout and some people to leave the industry.

Burnout is taking a toll on advertising employees’ mental health, and it’s causing some to quit

Read the story.

Also read: Advertising confessions: 9 current and former staffers at companies like WPP and Publicis share stories of pandemic burnout


bridgerton
“Bridgerton” is currently streaming on Netflix.

Netflix cancellations fell during the first quarter to their lowest level in 2 years, exclusive web-tracking data suggests

Read the story.


shein pop-up
Guests attend SHEIN Summer Pop Up Preview Evening on May 23, 2019 in London, England.

New data reveals the top 10 brands on Instagram, TikTok, and YouTube – from Shein to Epic Games

Read the story.


More stories we’re reading:

Thanks for reading and see you tomorrow! You can reach me in the meantime at LJohnson@insider.com and subscribe to this daily email here.

Read the original article on Business Insider

The NBA’s return-to-work plan

Hello and welcome to Insider Advertising for April 16. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

If this email was forwarded to you, sign up here for your daily insider’s guide to advertising and media.

Tips, comments, suggestions? Drop me a line at LJohnson@insider.com or on Twitter at @LaurenJohnson.


russsell westbrook  nba
Russell Westbrook #4 of the Washington Wizards reacts prior to playing against the Denver Nuggets at Capital One Arena on February 17, 2021

Leaked memo reveals NBA’s return-to-work plan that calls for remote staff to be back by September

Read the story.


159319_Photo Apr 14, 8 08 51 AMRT.JPG

ABC News insiders are split about the hiring of new president Kim Godwin, the first Black executive to head a broadcast news network

Read the story.


fitness influencer
A big following doesn’t mean an influencer is qualified to be sharing advice.

Instagram micro and nano influencers have higher engagement rates than celebs. But on TikTok it’s the opposite.

Read the story.


More stories we’re reading:

Thanks for reading and see you on Monday! You can reach me in the meantime at LJohnson@insider.com and subscribe to this daily email here.

Read the original article on Business Insider

How media companies are returning to the office

Hi and welcome to Insider Advertising for April 15. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

First, a reminder to sign up for our event about the future of digital advertising on April 22 at 2 PM EST/11 PM PST with The Trade Desk, R/GA, The Washington Post, and Mars.

If this email was forwarded to you, sign up here for your daily insider’s guide to advertising and media.

Tips, comments, suggestions? Drop me a line at LJohnson@insider.com or on Twitter at @LaurenJohnson.


Fred Ryan washington post
Washington Post publisher Fred Ryan speaks during a 2019 Pulitzer Prize announcement ceremony in the Post office.

Media companies including Bloomberg, The Washington Post, and ViacomCBS detail their return-to-office plans as workers push for flexibility after the pandemic

Read the story.


homeland

Showtime insiders worry it will struggle against big-spending rivals like Netflix if it doesn’t broaden its appeal or shake up its strategy

Read the story.


IPG Phillipe Krakowsky

How a quiet, behind-the-scenes fixer became CEO of the fourth-biggest advertising company – and how he plans to keep its momentum going

Read the story.


More stories we’re reading:

Thanks for reading and see you tomorrow! You can reach me in the meantime at LJohnson@insider.com and subscribe to this daily email here.

Read the original article on Business Insider

Advertising agencies imagine the office of the future

Hi and welcome to the Insider Advertising newsletter. I’m Lucia Moses, deputy editor, and this week in advertising and media news:

Companies wrestle with burnout, reopening;

Crispin Porter Bogusky has a new CEO;

And new stats on TikTok users.

First, if you got this newsletter forwarded, make sure to sign up for your own here.


WPP London.JPG

Agencies consider the office of the future

Going back to the office is on everyone’s minds as vaccination rates rise.

But while agencies and media companies reimagine workspaces with shared desks, expanded meeting space, and touchless services, a sizable portion of people are likely to keep working partially if not entirely at home.

That poses a messy issue for companies that will have to accommodate hybrid workforces to make sure remote people don’t get left out and teams keep working smoothly, to say nothing of addressing burnout, Lindsay Rittenhouse reported.

From her story:

[WPP CEO Mark] Read said 5% to 10% of employees have gone back to most of WPP’s offices and expects more to return this summer, though there is no set date or mandate for reopening. He said WPP is figuring out how to safely reopen its global offices as well as how to “embrace the flexible ways of working we learned in the pandemic.”

Read said the holding company of agencies like Ogilvy, VMLY&R, and Wunderman Thompson would adopt a hybrid model, with offices being reserved for collaborative work and employees handling other solo tasks remotely.

He’s also mindful WPP will have to train managers to ensure all employees have the same opportunities to avoid excluding people who are remote.

Read more:


Marianne Malina


New CEO for CPB

Ad agency Crispin Porter Bogusky became famous for its work for marketers like Burger King, but since then, it’s lost its way, losing giant clients like Domino’s and Infiniti.

Now, it’s hoping for a new shot with a new CEO in Marianne Malina, who it poached from Omnicom’s GSD&M.

Malina has a promising track record: Under her stewardship, GSD&M won several big accounts like Capital One, Avocados from Mexico, and Pizza Hut.

Read more: Storied ad agency Crispin Porter Bogusky just hired a new CEO away from rival Omnicom as it tries to turn its fortunes around


TikTok
The TikTok logo is displayed on a phone in China on March 3, 2020.

TikTok users revealed

Tanya Dua got her hands on recent TikTok decks that reveal new stats on the red-hot video app’s usership and shopping proclivities.

They’re part of a pitch to get advertisers to spend more on the app, using new commerce-style ad formats, as its usage and online shopping have boomed during lockdown.

“TikTok is at a tipping point,” Jon Severson, the vice president and director of paid social at Mediahub, told Tanya. “It’s no longer just a novelty for brands to maybe try but is trying to become something that can drive incremental returns and business outcomes.”

Read more: Never-before-seen TikTok stats from leaked sales presentations show how it’s trying to lure advertisers to the platform


Other stories we’re reading:

Thanks for reading, and see you here next week.

– Lucia

Read the original article on Business Insider

Insiders are buzzing about Subway sale rumors

Hi and welcome to Insider Advertising for April 13. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

If this email was forwarded to you, sign up here for your daily insider’s guide to advertising and media.

Tips, comments, suggestions? Drop me a line at LJohnson@insider.com or on Twitter at @LaurenJohnson.


subway sandwich

Insiders are buzzing about Subway’s attempts to sell itself to Arby’s or Burger King’s parent companies

Read the story.


David Paykin
David Paykin has gained more than a million followers on TikTok posting career advice tips and tricks.

Inside the CareerAdvice TikTok trend, where creators have driven more than 1 billion views and are helping Gen Z users land jobs

Read the story.


Impossible Foods ground beef

Impossible Foods is reportedly looking to get in on the SPACs craze. Here are 7 other health-centric food brands that experts say could go public next.

Read the story.


More stories we’re reading:

Thanks for reading and see you tomorrow! You can reach me in the meantime at LJohnson@insider.com and subscribe to this daily email here.

Read the original article on Business Insider