35 Burst results for "Executive Chairman"
What Will Amazon Do Next in 2021?
"The other day announced a new ceo. And so we're is amazon. Going in two thousand twenty one and how can small business owners actually participate hit. Help is jason boys. A season entrepreneur and nationally rise x. nationally recognized expert on amazon. He's considered the world's leading expert in dot com third party sellers. He's the founder and ceo of avenue seven media llc a seller group that harnesses the power of amazon for direct to consumer product brands. He's also the co author of the amazon jungle. The truth about amazon and the sellers guide to thriving on the world's most perilous e commerce marketplace jason. Welcome to the show. Thank you bury. Congratulations to you. Six hundred and twenty six show twelve years you know. He started with just one person. So tell me how you've been doing during this pandemic. Our business has been booming Amazon scott galloway came out and wrote a book about The pandemic amazon a company that was built for something like a worldwide pandemic and they've benefited greatly and frankly so's my business. Because so many small businesses that had regional brick and mortar retail store outlets that. Just shut down on him and folks were were kind of on the fence prior to the pandemic called and said jason get amazon tomorrow. Can you help me so our business has been. I mean we keep up very hits been it's been You know a bittersweet story. It's good news that our businesses doing great as results pandemic. But it's been a really difficult time for everyone. Any recession is always winners. And there's losers. But i tell you one thing jason happen. This year that i never thought could happen in relation to amazon. I couldn't believe they couldn't deliver in two days. Came buried i. I made some predictions in early october. That fda and amazon delivery network was going to break. It ended up not breaking but they broke the post office. They bury them with so met much volume that they literally couldn't couldn't handle it and you're absolutely right. There were very few packages that were delivered to people's doors within two day window within that one day window even still though what they did. This holiday in terms of ramping up delivery final mile warehousing added fifty percent of square footage and like four months. I mean it's historic area. It's pretty incredible what they did so just recently announced. Jeff bezos is going to step down. Ceo and there was a joke on facebook. That says well i guess he's fully invested 401k. Now that's why he's stepping down. But one predictions you have for twenty twenty one with amazon given a new ceo and the hopefully the winding down of the pandemic. Yeah well you know. I hope jeff vases is going to be okay with the pay reduction. Moving from fulltime. Ceo to just executive chairman. You think you'll be okay hope but yeah you look i. I don't think that amazon is going to miss a beat. You know the minute. The announcement came out which by the way was interesting enough announced around the same time as their blow out. Q four earnings call Historic in its own right Potentially to deflect which amazon's pr department is really good at About how great they have benefited in his really tough time for our country But look amazon's not going to miss a beat andy jazzy. Jeff clone bleeds amazon. Blew has been basically attached to jeff bezos hip for more than twenty years. He's an incredibly talented competency. Oh who took. Aws from zero to fifty percent market share in the cloud. Space according to gartner so He's incredibly talented. He will help Execute on jeff bezos division. Basil's we'll take a back seat behind. The curtain is gonna shove jesse in front of congress and answer. All those difficult antitrust questions and basis is going to work on what he loves doing which is invention and future technology. Whatever amazon looks like five ten years from now will have been developed from. Basil's mind so he's not going anywhere. He's just removing himself from some of the shall we say more uncomfortable task. It's going to land on jesse's lap in the next You know one to ten years. As i trust drums or are beating louder and louder. So let's talk about some of the trends that you've been discussing Tell us about how you think. Amazon is getting into healthcare. They are already in healthcare. I mean they're providing primary care for you know scores of their own employees tens of thousands of their employees they They famously removed themselves from joint venture with jamie diamond and berkshire hathaway recently In the rumors from within inside amazon at the reason they did that is because they were holding back and the amazon pharmacy group which spun up recently. we're saying we can't move fast you know. We can't move fast because we're being held up by chasing in berkshire hathaway. So i saw that. A lot of a lot of people in the press came out berry and said oh. This means amazon can't figure out healthcare. It's too difficult. It's too challenging. I didn't see that at all. I just saw that you know amazon. Saw this as cutting weight so that they can really focus on what they do. And that's innovate
Jeff Bezoss second act
"Now. That jeff bezos is leaving his role as amazon ceo. Everyone's wondering what the future holds for one of the wealthiest people in the world. In fact this doesn't mean bazo stepping out of the spotlight at all. It's actually more likely that his spotlight will just be getting larger joining me to discuss. This is recode teddy cypher. Hey so does this. News about basil's mean less pressure on him overall. Or any less scrutiny. I think you can make a good argument. That scrutiny on basis himself is actually going to increase even though he's no longer. Ceo of amazon. You know this is somebody who has become a symbol in some ways of of one extreme in american capitalism He's now the second wealthiest person. I don't think that's going to mean that much less scrutiny. But obviously you know he's gonna fade right. When amazon is called a testify on capitol hill. it probably won't be jeff bezos. Who's gonna be there it'll be successor. Andy jazzy but bezos is going to be under a lot of pressure to do good for the world with this money. Which is something. That basis is going to have to navigate so i don't think he's fading from from public eye. He's going to be executive chairman of the company. And now he's going to have to answer questions about him as a person in a way that he has only really begun to over the last couple of years. Basil's actually has reputation for not sharing his money. He hasn't signed the giving pledge he hasn't promised to give away all of his money in his lifetime. Do you think that he'll finally start stepping up and becoming a big time. Philanthropist like some of beers bill gates and otherwise so basis over the last few years has started to part with more and more of his fortune as scrutiny has been increasing on him. You know the biggest commitment in charity last year from anybody was ten billion dollars that basis set aside for climate change research which is a huge amount of money. He also a couple of years ago. Set aside two billion dollars for a homelessness initiatives and for a series of montessori preschools. He's developing so. I think you could definitely say five years ago. That he was not on the scene but now he he's emerging on it and look. I mean there's still a lot more money to go. I mean two hundred billion dollars is hard get rid of it really is but he is As becoming more and more famous. I think you see him starting to understand that you can't really get away with being so parsimonious just as a lot of pressure rummy whether whether that's Motivating him or you know. His belief in the causes motivating him. There is indisputable public pressure. When you're the richest person not just one of many which people now. What about his space boundary. Gms bezos has said in the past that he wants to spend the majority or could spend the majority of his money on blue origin. He founded the company a long time ago. Can you remind us what the company is. What has been doing sure so. Basis has been selling a billion dollars a year of amazon shares to finance blue origin and blue origin is actually two decades old. I think we forget that this has been around for way longer than his philanthropic projects Blue origin is Spacecraft company that's trying to commercialize private speech travel It's frequently said in the same breath as spacex. Which is the private space travel company financed by a different tack. Billionaire the only person who's in the same stratosphere wealth as him Hummus elon musk. So musk in. Bezos are two billionaires who are at the forefront of private investment in space now. I'm not an expert on everything Space related but generally blue origin is seen as lagging spacex. Now is that because betas an financing and enough orient spend enough time on it if that is the case then you gotta feel good about Future given that basis has a lot of money leftovers. We just talked about and that he is going to be spending more time on his hands to to maybe dig into this. So you've got the philanthropist bezos the star man and potentially base the media mogul any insight into what he wants to do at the washington post. Yeah those are the three Three doors jeff as is gonna walk through over the next couple of decades. He's only h fifty seven so he's got a long time to go. Basil's bought the post. I guess now seven eight years ago in what is now seen as as a bargain deal. Probably you know he gets high marks for overseeing the post. It's you know he's given it a lot of runway. It is now profitable You know it's obviously facing uncertain. Future like all big media. Companies are after the trump era can the heap subscriptions coming At a same clip can the key public interest in their work. As high as it's been over the last few years oppose searching for new editor which is going to be a process that i imagine basis will be involved with in some capacity and look he. He has said that this is part of his work to defend kind of american democracy so I don't know if he's an invest more money in the post now profitable. It's privately held but he will probably be more available for phone calls if anyone has a neon complaints about washington post stories
Jeff Bezos steps down as Amazon CEO
"Amazon's founder and ceo. Jeff bezos announced this week that he is going to become executive chairman of the company and the new ceo will be andy jesse. Currently the head of amazon web services amazon is twenty six years old. and obviously it's massive and has ideas to do everything from package delivery to television production too smart. Microwaves to artificial intelligence. And obviously it's huge an incredibly profitable cloud business amazon's ambition and reach is legendary but with betas taking on a new role. Could that change. It's a topic for quality assurance where we take a look at big tech story. Stone is a senior executive editor for bloomberg. He's written one book on amazon and has another one coming out this spring. I asked him if amazon might start to focus more on the gold. Mine of its cloud amazon actually has kind of two of those gold mines. You mentioned one. aws the other one is advertising. And it's been this kind of quiet force gobbling up market share in online advertising. And you know for the last ten years. It's investors have been wholly on board with amazon not returning that money to shareholders not showing you know a big profit although they've been getting better in that regard but investing and inventing new things to the extent that its shareholders continue to allow that to happen amazon. Continue to do it now. jeff bezos. He's going to continue to be active in the big decisions and working on new projects and executive chairman. There's a role that carry some meaning. He's still going to be andy jesse's boss in many ways andy jesse seems formed in the same mould as jeff visas and yet. There are real critiques about the company's treatment of its workers it's wages its approach to climate not even with and i trust. Do we have a sense of whether jazzy might be more responsive to some of those critiques. Right are we going to see a softer gentler amazon. Like a tim. Cook to steve jobs. That's right and in some respects. Maybe chelsea's is while he's sort of cleaved from jeff bezos rib and a lot of ways. He's also different. I mean he's more politically active at the same time amazon. Aws under andy. Jesse sold its face. Recognition software to law enforcement agencies and only paused for a year. When the blm movement became very loud and vocal. So i don't suspect it. I much change particularly with a very loud voice on the board with a lot of sentiment changing. Is that not a good thing. Should jesse be more open to change. Will shareholders have less tolerance for business. As usual i think they're gonna have to start listening more to the voices not only of their frontline employees in the warehouses who do have some real grievances particularly amid the pandemic but to the contractor workforce almost kind of invisible constituency who tries to amazon vans and drop software packages like a lot of companies amazon kind of indulgence itself of this contractor workforce where the healthcare protections fifteen dollar an hour wage protections don't exist and so i think yes i mean they're going to increasingly if they want to get to that next level of growth. Have to listen to some of these concerns brad. Stone is a senior executive editor for bloomberg
Merck CEO Ken Frazier is stepping down
"Merck CEO Ken Frazier will retire effective June 30th and will be replaced with company CFO Robert Davis. Fraser will continue to serve on Mark's board of directors, its executive chairman for a transition period to be determined by the
Jeff Bezos stepping down as Amazon CEO, will become executive chairman
"Ceo. Jeff bezos will stop being the ceo in q. Three that starts in july. So i assume right at the beginning of the quarter but they didn't really put a date on it. He becomes executive chair. Amazon's board and aws ceo. Andy jesse will become amazon.
Jeff Bezos to step down as Amazon CEO, Andy Jassy to take over in Q3
"He have probably heard by now that jeff bezos is stepping down from his role. As ceo of amazon will be transitioning to the role of executive chairman. This will happen in q. Three of this year at which point. Aws ceo andy. Jesse will become the new ceo of amazon bezos. Wants everyone to know. This is not a retirement in a letter to employees basis. Wrote quote as much as i still tap dance into the office. I am excited about this transition. Millions of customers depend on us for our services and more than a million employees depend on us for their livelihoods. Being the ceo of amazon is a deep responsibility and it's consuming when you have a responsibility like that it's hard to put attention on anything else as exact chair. I will stay engaged in important amazon initiatives but also have the time and energy. I need to focus on the day. One fund the basis earth fund blue origin. The washington post and my other passions. I've never had more energy and this isn't about retiring. I'm super passionate about the impact. I think these organizations can have amazon. Couldn't be better positioned for the future. We are firing on all cylinders. Just as the world needs us to we have things in the pipeline that will continue to astonish. we serve individuals and enterprises and we've pioneered to complete industries and a whole new class of devices. We are leaders in areas as varied as machine learning and logistics and if an amazonian idea requires yet another new institutional skill. We're flexible enough and patient enough to learn it and quote quoting cnbc. Amazon's chief financial officer. Brian ozaki said on a media. Call that the executive change was decided in consultation. With amazon's board of directors he said basis will remain very involved and have his fingerprints on lots of different parts of the company. Said jesse is a visionary leader who will bring his own skill set but that amazon expects a lot of continuity with the transition and quote. Yes the pr message from across the board is that basil's is still going to be involved with cool things at amazon things like new projects. New products strategic initiatives. that's very common for founders of these big companies. Say twenty years into them. Eventually you only want to do the fun stuff. Not the dirty stuff of running a huge operation day to day. Same thing happened. To larry and sergei at google they transitioned to their moon shots and other baths before drifting out the door entirely. I'll point out. That bill gates stepped down as ceo of microsoft. Thirty three years after the founding of that company amazon is only twenty six years old by comparison and yet gates was only fifty three when he retired bays fifty seven. I'm not saying fifty seven old by any means. But i didn't know that that was his age. All's i'm saying is if you're the richest man on earth depending on the day the sort of thing makes sense around this stage of life right. I also think it's worth pointing out as several people have been pointing out and as you'll hear again in a second that if we define the tech oligarchy as apple google amazon microsoft and facebook facebook is the only one of the big five to still be run by its founder. The rest are either in their second regime or even a generation or two beyond that
Jeff Bezos to leave Amazon CEO post after 27 years, become executive chair
"He have probably heard by now that jeff bezos is stepping down from his role. As ceo of amazon will be transitioning to the role of executive chairman. This will happen in q. Three of this year at which point. Aws ceo andy. Jesse will become the new ceo of amazon bezos. Wants everyone to know. This is not a retirement in a letter to employees basis. Wrote quote as much as i still tap dance into the office. I am excited about this transition. Millions of customers depend on us for our services and more than a million employees depend on us for their livelihoods. Being the ceo of amazon is a deep responsibility and it's consuming when you have a responsibility like that it's hard to put attention on anything else as exact chair. I will stay engaged in important amazon initiatives but also have the time and energy. I need to focus on the day. One fund the basis earth fund blue origin. The washington post and my other passions. I've never had more energy and this isn't about retiring. I'm super passionate about the impact. I think these organizations can have amazon. Couldn't be better positioned for the future. We are firing on all cylinders. Just as the world needs us to we have things in the pipeline that will continue to astonish. we serve individuals and enterprises and we've pioneered to complete industries and a whole new class of devices. We are leaders in areas as varied as machine learning and logistics and if an amazonian idea requires yet another new institutional skill. We're flexible enough and patient enough to learn it and quote quoting cnbc. Amazon's chief financial officer. Brian ozaki said on a media. Call that the executive change was decided in consultation. With amazon's board of directors he said basis will remain very involved and have his fingerprints on lots of different parts of the company. Said jesse is a visionary leader who will bring his own skill set but that amazon expects a lot of continuity with the transition and quote. Yes the pr message from across the board is that basil's is still going to be involved with cool things at amazon things like new projects. New products strategic initiatives. that's very common for founders of these big companies. Say twenty years into them. Eventually you only want to do the fun stuff. Not the dirty stuff of running a huge operation day to day. Same thing happened. To larry and sergei at google they transitioned to their moon shots and other baths before drifting out the door entirely. I'll point out. That bill gates stepped down as ceo of microsoft. Thirty three years after the founding of that company amazon is only twenty six years old by comparison and yet gates was only fifty three when he retired bays fifty seven. I'm not saying fifty seven old by any means. But i didn't know that that was his age. All's i'm saying is if you're the richest man on earth depending on the day the sort of thing makes sense around this stage of life right. I also think it's worth pointing out as several people have been pointing out and as you'll hear again in a second that if we define the tech oligarchy as apple google amazon microsoft and facebook facebook is the only one of the big five to still be run by its founder.
Jeff Bezos Exits as CEO, but His Role at Amazon Will Likely Be Little Changed
"Let's get onto jeff. Bazo stepping aside amazon. Ceo sixty-seven he's going to have a good life. He's been kind of executive chairman for a while. People say you read that that. No one's really ever seen him at the seattle campus and they're not sure if they've ever really seen him there. He's going to become executive chairman of the board. He's a steady intends to focus energy on new products and early initiatives. The company's top cloud executive andy jazzy. No relation to hugh. I'm told he's going to take over the ceo role in the third quarter. Thank you for being here. Becky i at least get you get you once in a while. You remember bart simpson. It took me a second. Yes a second calls the bar. He calls with the bar and says it. Could i speak to this jet huge jazz. You jazz ivana tinkle. There's other ones anyway. But we digress meantime amazon. This amanda this this is this is andy jazzy. Not not hugh jazz meantime. Amazon's earnings a fourteen zero nine beat estimates of seven. Twenty-three a share. That's easy to say that fourteen zero nine beat estimates of seven. Twenty-three the atmos community the they need to go back to their spreadsheets. Revenue of one hundred twenty five billion dollars also beat estimates and it marked the first time amazon's revenue exceeded one hundred billion dollars in a quarter. That's also easy to say but hard to fathom revenue exceeded one hundred billion dollars walmart. And i it didn't just exceed one hundred billion dollars and a quarter it exceeded one hundred and twenty five billion so it was the first time they'd gone over one hundred billion and they they didn't just like step over the line they like smacked it out of the park right. Even in a non holiday quarter. They're expecting a hundred to one hundred six billion dollars in the first quarter. That is a slowdown obviously sequentially from the fourth quarter of at thirty three percent higher than the same quarter a year ago. I saw that yesterday. And i have to say my chen kind of literally fell open when i was reading the headlines about it then i read bazo says note and his letter about why he's doing it and i get it and it makes sense and you mentioned that you know he's been out there doing other things for a while. Maybe not a huge surprise except for that. He's not going to be completely disconnected. He still gets to be involved with the whole thing but he gets to do what he wants to make. Sure there are other people. They're recognizing that they're running a lot of the day to day operations and stuff. But i mean it's a great job you said he's going to have a great life. He already has a great life. This is he gets to do what he wants to do. Laying out in that letter. Why he was doing it and all the things they've accomplished. I forgot about things like one click shopping. That was such a big deal when they actually did that. I think that was before. Two thousand because i think about i wrote about it for the wall street journal and that was such a revolutionary idea and now we think of it as being nothing and he said. That's the best thing that you can possibly hope for. Is that people yawn at your innovation because they become so commonplace. They've done so many things along the way the focus on customers what they've done with the cloud. I mean they've done so many things along the way and i was amazed blown away reading just his quick list of some of the things. He's proud about some of their accomplishments. Because i'd forgotten about some of them
Amazon stock rose 2% in Wednesday's premarket
"Stepping down as CEO of Amazon, ushering in a new New time for the e commerce and tech giant equity futures. They point to a mixed opening. With the tech heavy NASDAQ leading the way in positive territory. Volatility pulls back the vics is just above. 24 right here. Treasury yields they push higher with a 10 year at 1.12% on the commodities front. Deputy I inches higher north of $55 a barrel Bitcoin. Higher once again now $36,600 per coin. Let's call it. Let's get some more color on the premarket equity trading with Bloomberg stocks editor Dave Wilson David he looking at well, since you mentioned Amazon, Paul, we must will start their shares her up 2% Aziz. The management transition begins at the online retailer basis is going to be succeeded by Andy Jassy, who runs the Cloud computer unit. Amazon Web services. Bezos will be executive chairman should point out to Amazon's fourth quarter results, beat analyst average estimates and Bloomberg survey.
Jeff Bezos Is Stepping Down as CEO Of Amazon but Staying On as Executive Chairman
"Jeff bezos is stepping down as ceo. The ecommerce giant. Andy jesse ahead of amazon's web services will become. Ceo vessels will stay on as executive chairman of the board
Jeff Bezos steps down as Amazon CEO
"Shares of Amazon after the company delivered another big quarter and a big surprise, saying that CEO and founder Jeff Bezos would step aside from day to day operations later this year. He's not going anywhere, he'll move over to the role of executive chairman in terms of its results. Amazons fourth quarter sales surged of 44% earnings per share were Almost double what analysts were expecting. Gina Serve. 80. Bloomberg Radio.
Who is Amazon CEO Jeff Bezos' Successor?
"We begin with the big leadership. Change at amazon as we reported last night amazon founder. Jeff bezos is heading off the ceo role. To andy jesse while staying on as executive chairman. Jesse is the longtime head of the company's booming cloud computing. Business are tech columnist. Dan gallagher has more andy jesse he is. He's actually a very long time. I don't know if they call them amazon. He's he's been coming for a very long time. He's always been considered a key. Tentative of jeff bezos. What had jesse's been doing it's been rained. The ws cloud business. Amazon's been doing a lot of other businesses beyond just retail but aws has been by far their most successful in the way that it's become you know not the largest portion of the revenue but the growing one and also their largest source of profits by long shot more profitable than retail. So he's had charge of that business and it's you know the i think his him giving the ceo world kind of says were. They think that's going to be going
Amazon's Bezos To Hand Over The CEO Reins To Andy Jassy
"Jeff bezos is stepping back. Twenty seven years ago. He founded a company called amazon which proposed then to become a bookstore on the internet than wild idea. Was that you would shop for books without actually going somewhere to look for them. It was so new. That news articles had to explain how this giant bomb for would even work of course amazon sales just about everything now and this summer as will transition to executive chairman to focus on. The long-term amazon is an npr sponsor which we cover like any other company and npr. Business correspondent. alina saliou because here to do just that good morning good morning. Were you surprised by this decision i was. We're in the middle of a pandemic. it's not a thing you expect to hear in this moment basis. Less to say how. It's always day. One at amazon says line meaning always act like a startup and we were joking yesterday with a colleague like ten. We say. now it's date to amazon in many ways. Basil's has already been axing kind of like an executive chairman kinda less running shop day today. More thinking big visionary thoughts years into the future. He says he wants to do more with all his other. Major investments like the space company blue origin. Which is his huge obsession unless the washington post which he some philanthropy all that said it is definitely an end of an era. He is the avatar for one of the most powerful corporations of our generation. It's worth nearly two. Trillion dollars founders. Tend to eventually move on microsoft. Google happened to them. I guess now that leaves mark zuckerberg is the elder statesman of big tech at age. Thirty six and then. There's andy jesse who takes over as ceo. Where does he fit. He is one of businesses longest serving and trusted lieutenants. He was the person who shaped and shepherded amazon's sprawling cloud computing business. It's a group that i saw one analyst call amazon's cash printing division because it is amazon's biggest profit center and other thing about jesse's that he's actually known to be really he's waited on black lives matter for example he's pretty free-wheeling public speaker. Business over the years has become more elusive as a public speaker. So we will be interesting to see if jesse style changes as he become. Ceo especially as he faces scrutiny over amazon's treatment of workers new labor organizing efforts federal antitrust investigations any clues as to where jesse wants to take the company not yet. Lots of reading of tea leaves happening as we speak. He's been there for a long time up. He's the internet infrastructure guy cloud computing guy. What will this mean for the retail side of the business business. How will he approach it but remember that business is still the biggest shareholder amazon. He's that's big power yesterday. Chief financial officer. Brian huskey told reporters basis. We'll stay pretty involved. Jeff is is really not going anywhere. it's more restructuring of. Who's doing what i'm imagining. This abid like you know a principal stepping in the back of the classroom. Saying i see it as you were looking for teachers not really here but their presence limbs pretty larch you'll still be a big force in the company. Any idea what else he might do. Well my biggest question is actually. Whether we'll hear more from him in the coming days will he become more outspoken. Outside of the ceo corporate role. I'm thinking like former. Google ceo eric schmidt of or microsoft founder bill gates basis mentions his charity funds. So far he's not been seen as a major philanthropist. So we'll see if that changes what he is known for his interest in hollywood circles as he going to show up in a movie. You know a joke. But he is one of the world's wealthiest people and it is hard to imagine. Jeff bezos fading into the ether when you have billions of dollars people do get interested in what you have to say. Elise thank so much thank
Jeff Bezos to step down as Amazon chief executive
"Amazon says that. Jeff bezos stepping down as ceo next basis will be replaced by andy jesse who runs amazon's cloud business basis within become the company's executive chairman. He's held the ceo position since he found that the online retail giant nearly thirty years ago amazon is an npr financial contributor.
Jeff Bezos stepping down as Amazon CEO, transitioning to executive chair role
"Jeff Bezos is going out a winner. He's stepping down as CEO. We'll take the title of executive chairman later this year. The current head of Amazon Web services Andy Jassy, will move into the CEO spot. Amazon reports more than $100 billion in sales during the fourth quarter, beating estimates and it expects another $100 billion quarter this quarter. As the pandemic continues to drive more shopping online. Google
Jeff Bezos will have a second act after leaving as Amazon CEO
"Jeff Bezos is taking on a new role at Amazon, Amazon announced. The Jeff Bezos, who founded the company is an online bookstore nearly 30 years ago, is stepping down as CEO later this year basis will take on the role of executive chairman and be replaced by Andy Jassy, who runs Amazons Cloud business. Bezos has been named the richest man in America by Forbes magazine for three years running in a block post two employees. Basil says he plans to focus on new products and early initiatives and he said, you'll have more time for side projects, including his space exploration company. Blue origin, his charities and the newspaper he owns The Washington Post the firm he runs his higher tens of thousands of workers to help meet increased demand during the pandemic. I'm Jennifer
Jeff Bezos stepping down as Amazon CEO
"From a business standpoint, I think things are going to remain much the same. That's Rob Smith, executive editor of Seattle Business magazine. Bezos has said he wants to focus on other projects such as Blue origin, his spaceflight company. Andy Jassy, head of Amazon Web services will take over later this year, Bezos will remain on as executive chairman. I'm Ryan
Jeff Bezos to step down as Amazon CEO, Andy Jassy to take over in Q3
"But we start off with a bombshell out of amazon founder. Jeff bezos is stepping down as ceo. He will become the company's executive chairman the stock higher in the after our session. Let's get straight to. Dj bosa with the details depot. Melissa bombshell indeed basis handing over the reins after amazon strongest year in terms of revenue and profitability but this is also a challenging time for the company. It's facing labor shoes as its workforce surpassed million employees last year. And of. Course there's antitrust scrutiny. Which isn't expected to go anywhere in fact just after. The news broke republican representative. Ken buck tweeting out quote. I have some questions for mister josse. He has of course been a key voice and tech antitrust debates now. I just asked to amazon cfo. Brian might expect from a jazz lead amazon and he said that andy brings his own skill. Set his a visionary leader in his own right and he understands what makes amazon such a special innovative place or south. Ski also said that. Investors can expect a lot of continuity because jeff bezos will still be very involved and he will have input on new businesses and product. Lines remember too. That bazo is still amazon's largest shareholder. So he's not exactly retiring here now. The timing the announcement may come as a surprise. Melissa but certainly not the man who has tapped to take over and jesse has been at the company almost as long as and he pioneered the cloud computing business years before rivals. Like google and microsoft. Even got started now in a memo to employees. Bezos writes that jesse will quote be an outstanding leader and he has my full confidence now as for earnings which was certainly overshadowed by that announcement they were very strong indeed. Interestingly though jesse the cloud chief he will be taking over as aws growth is decelerating and as online sales growth both north america and international. They're actually growing at a quicker pace than
"executive chairman" Discussed on Humans of Hospitality
"Really important going forward. Yeah sounds awesome all more that. I'm not actually there in person making the most of your facilities so hour we're sort of. We're in another lockdown. It looks like it's going to be a pretty Lengthy one where with pinning all of our hopes on the vaccination What do you think the biggest risk Trying supposed to get ourselves to appoint of being out of bounce back and being at a bounceback fast way a feels like we sort of moved from having the if government sort of pretty strongly back in those early days you know pre out to help out but most people. I'm speaking to fill that sort of federal for cliff at the end of that scale and we've been somewhat neglected Over the winter months what do you think. The biggest risks are probably in in twenty twenty one so hospitality making the sort of but it needs students should show. Yeah i think you know really. I follow that. The central line is. I do think that government sport has been has been pretty good actually I go back to get back to that first. Lock down when that first came to my mind and the terror and panic. We realize we're going to have to claes hotels and that was announced the full. We'd be given any any notification of furlough freezing of business rights Hold vat right big reduced etcetera. The shit terror about how we would five you figure. We wouldn't support. And i think if you go back to that that position and then look at. How long had to be closed. And how the damage that has been mitigated to certain extent by the government suppose I think they haven't done a terrible terrible job. I i this. This is a devastating disease. It it's it's something that's completely united. States unpredictable is unprecedented. It's really clever It's getting next and we've given the government almost impossible. Toss the most possible. We awesome tonight list. Important decisions on our behalf and haven't gotten more right at this net at about it at our industry has suffered through bad decisions absolutely with that. I mean some of the naievty in ten o'clock lockdowns devastating and got us nowhere. This not about the we had made our hotels very safe. There was much safer than on than with the state but this this disease is all about human contact. Nineteen at webby on now. That contact had to be reduced I guess without. I'm not really a lockdown deniers. Other people say you know. I think we had to do this week. To take on the chin till say extent. I feel photo of in sectors disobey more vulnerable to this guy. I recognize that. We're in a very fortunate position. I'm central we've taken on massive loans to get through this Those lonestar put us at risk. And i recognize when a very folks position. They they completely Score off any kind of future transfers and they completely change any kind of such getting Found on neck but they haven't threatened our existence night to some some something have those sectors in particular again each huge huge support and we need to make sure that government than than they started. And i think kate nicholson stating fantastic job in doing that. Suits identified weekday without nichols on old. She's done. I also think this campaign to get a to get a minister roundtable face at the table. That robin and his gang has promoted as certain potent than so needed. We need better onto studying a government so that they understand the new inches of detroit. I think if there is a problem in government it's not understand the different sectors into one And that isn't right and and has led to the bad decisions. They need to understand and yet they need to understand the thunder ability. They need to understand the huge impact. They have on people's lives and undetermined mental health side of that. We need government to understand that umbrella to react to that minister around the table with would make a big difference to that. Both gonna continue. I think if we can extend if we can be really helpful on the sometimes to come to allow us businesses to cover and to employ the people that they need to employ It could make a huge difference to the The recovery of the economy as a whole nothing. Some of this some good points and i share your sort of fairly rational objective perspective of is shitty situation and the god. I wouldn't want to be in the job of central government at all. Try to help. Do think the seventy percent of the sector not qualifying for those initial twenty five k. Grounds because of the rateable value scenario. And i think some of the headlines around the support furlough is spoken about but the recognition and maybe is in the restaurant sector. Where possibly they don't have the same assets to leverage loans. it's kind of like furlough is fundamentally costing those companies Quite a lot of money at the moment and if they can't access the loans decent rate because they don't have the assets to back up than than at least releasing the ground support units even the ones above fifty one 'cause most restaurants on any high would had rates value which means they go zero pounds. They've actually qualified full so far from the ground. Perspective is possibly the three k. In november and then the furlough where the money goes to the team and they are contributing towards it. Whatever the case. I think the key thing is is recognizing probably to be given time to repay but i think it must be a lot of hospital businesses at the moment thinking my goodness. We've got to get through the next ninety days property to get through to spring before we can rebound if i have the confidence to know that things like vat cup would be extended business rates. Relief would be extended at least then they have hopefully the confidence to keep that teams employed. Because the worry at the moment must be you know how many people. I don't need those those people for the next ninety days painful though it may be that cost to me you know significant amount months say money pension and an i and and holiday contributions even with the low and they ended up letting them go but i think if we can dangle that carrot and say look the support won't because all In mouth as supposed to will be extended for the full financial thing that would make a big difference. Would you agree with that. I i would absolutely day if you put about that. That's absolutely but i think inheriting what you say is this need to understand different sectors. And i think that's been entirely and you're absolutely right when you point out. The the restaurant chains have been affecting the complete different way from the asset-backed hotels and there is this misunderstanding. The hospitality is one industry snort. It's very very different. Sectors with different needs and different abilities. And that isn't ready recognized. That and thinking got new policy. So we're running out of time turning soda. Some of the things that you've already done. I know you did you ever imagine you would be setting up a takeaway food business. Richard no no no. It's great actually. it's great. I use an which which is not surprising how this weekend your first weekend is that people can come in and they can preorder food and pick it up and it is. This sort of ready made they. They took a home. How does it work. yeah. I saw the first week actually. We've been running. We started november. We started it and we had a huge new year. We did mattis new year's eve threat and she just lost in un site to support it. Which is why all looks at you and we. We.
"executive chairman" Discussed on Humans of Hospitality
"Some very successful and hotels operating out with a lot of central administration control. That's really interesting absolutely so this is one of my sort of things. I was looking forward to challenge to buy. Because certainly check chatting to to robin hudson at the pig to nicholas column. And i suppose you're seeing the changing trends. May back in hotel vans early days. Some of the hotels were lots more of a wage costs gone up and centralized costs and the minimum wage. Pensions will that kind of stuff. We've seen this need you know. At what point does a hotel become viable not viable when it seems so company coming up with a minimum of thirty thirty five rooms To make it work. So i was interested that yeah if you if you found the right model because by having a number of places close enough that you can run them as a satellite with the central team that puts you in quite an interesting issue because most people were sixteen hotels a probably coming out in the market because they can't make them work anymore to you. Feel like maybe you've you know you're you're in a nation that is uniquely well-placed to To deliver to certain extent it is it is a is a viable model and at the that size wouldn't be viable if they want All entice books seventeen approaching in this kind of satellite way unless they around. I think by an manages who you're putting into the business. I'm having said that it's it's a lot easier to to run a hotel. A successfully and profitably. If between twenty. Five and five bedrooms. I i wouldn't disagree with these Claims it Thirty five it's a sweet spot and and very much easier. Are the hotels attorney not profitable but i think they the biggest thing is that the vulnerable say if we have something difficult which hits us via to shut down because we found a bit of a specialist in the kitchen we've got to have disruption because you've got your payroll roofs or a big event in the locality is cancelled We might even go there with covid Any of these type of interruptions can can really eat up very limited profit margin and no amount of of satellite central administration will help protect the profitability. In the sense. They didn't have as much fat but if if everything is running fine of interruptions and we have a good year without any difficult things happening then yes they. Smaller hotels can be profitable. Bosley particularly actually will tend to go to eighteen bedrooms. It very high room right there. The ready ready absolutely beautiful and a very very good size and we can achieve a high roommate. Which makes it tough to level. What's the motivation to add those kinds of businesses which on as easy or as viable you just being counter and you had you spreadsheet in front of you might avoid them a you motivated by something. That's not just a prophet. What i think I think i'll say we shouldn't let the fact that we've built up a brand tier built a bit of a brand which which does help By having a collection of hotels Darryl end the very slightly different markets alert. This does a loss of crossover between them. We think it's that are aimed at insane people at a different stage in their lives under such a lot of Kind of rights rights which go through which give it commonality. They are all slightly different Different they'll have their proposition. Said we think we've created a a a little bit of a brand Tops with a small b. Which adds certain sales tanya. I'd buy that. i mean resale value. I mean it makes it easy sovereigns into them because that arrow during this this kind of central brand presence upset. I think that's helped to lead. Wouldn't necessarily have had if we hadn't expanded in in in the way we've done that's one part of it. I guess if i was or as we as a company where all about being kansas and maybe if we had we had property and asset managers behind us. Then yeah we'd probably saw hands up and say stop. This isn't the most Profitable model but we're passionate about hotels and that drives us with passionate about hotels Wait we love making them better way. We are so drawn into the idea of taking hotel it struggling and and trying something around it which makes it successful in re-positioning and we we get excited about. It's what makes us tick. We have to make proper return on. Investment duncan they will We have to make a very viable profit. We don't we don't have a backing behind this week. Doesn't need that return on capital idris. But we're able to only pay to only do the things that turn us on our way. I'm we love to do and to restrict tests to that and not just maximize out being county. I love that because we have without. You know people like you and lots of others who love this sector than those kind of yes smaller borderline viability in the. If a big player perspective. I was chatting to to hotel reselling the other day and he was laughing when i set the five rooms was a sweet spot because a Two hundred rooms. And i'm less interested in the big multinational Players i suppose who have such huge amounts of investment behind them and do becoming counseling. I love these. This is why the school the humans of hospitality. I love these quirky. Sort of independent stories. And it's a difficult sector. It's all consuming. You know it's it's very much got to be a lifestyle some of the profitability. Sometimes in the smaller ones can be marginal. Why is it that you love it so much this sector. Well i think it's just it's it's i think it's the creativity. Actually it's the creativity and the connection the connection with unity creativity. I was never drawn into the kind of big international carolina or even in the city corporations I needed to have the ability to have a vision. See something that could be done. Have the ability to create it in a reasonable timeframe and get my pleasure from from seeing how it's been created. I think that's the first part. And i think it's it's a sect where you can do that. The big you get the more corporate. You get the hardest to do that. That that's probably the first thing and the second thing i think is is the human connection Where so much about people and it sounds like it sounds like a cliche but the bigger organizations perhaps console to be so much about people that need to be about about beans i and and and the interest in the people will come because that brings no bains a way. We are ready connected with seven. Aren't on our teams. And therefore we we get huge award huge pleasure from keeping our teams happy motivators in learning and improving loyal I would also connected to our clients. We clients every day. We get to know them. We get pleasure when they come back and see us. And it's the sweet spot in the sector sweet spot where you have. The ability to cry tells dr hotels and dicara hotel business but you also remain connected with people i think. That's what makes the sector attractive now. I share a share. all of their. I'm talking about the the creativity side. Which i think we are uniquely placed. I suppose you know. Even think of our houses maybe start to reflect our businesses because we we see design in a different way you'll venues beautiful mix of classic and modern styles so the quite rich furnishings. But but they they stay to the right level of informality in stay relaxed. Does that come from you if you go an eye for detail and that creative satellite or if you with with.
"executive chairman" Discussed on Humans of Hospitality
"Where we'd we'd never never even thought michael very much aware of that when you have those sort of initial negotiations it was party sort of rescuing the existing business and hotel enough but it was very much little eyes wide open about. This is what this could become. But it's going to require a significant level investment over a period of time or or was it case. That point was kind of thinking is going to stay as is it clearly on a trajectory for to be more. I think michael. And i knew that things have to change Although the hotel have been very successful weight we'd probably we probably got a bit misled. We stumbled across the single omission star at some stage enough a few years and it was probably the best thing that happened to us. It took us away from our a real A real cool of virus in the old became the chasing these accolades and seventy other hotels. Going down to nothing. Just did it you. Just you just don't need to but we did and it probably took us into realms of pretension of an honest And i think it was. We knew we had to change. And this wasn't opportunity to do so. And i think michael is well for. Change was definitely on the cards. I think he got involved if he knew. I didn't want that change. I don't think he ever felt he would end up. Investing what he he did along the lines. I tell us a huge on on capitol. You know the depth of calculated is just massive and we had some great ideas along the way and we had some possibilities for expansion which which felts which felt ignored uninsurable on. Michael probably did invest more than he. He thought he would have do at the very beginning. But i think he loved it i think he loved journey and he he got more passionate about this world of hotels which was a new want him and they'd family who was involved have have same passionate she. They absolutely adore hotels. Everything about them then left left the association amazing so just to go back to the mitchell in star. We sort of interested in that because you thought that it would. It was a good sort of a bedrock. I suppose for the business if you had started met you busy or was it a sort of a pride thing where you just really wanted one. We didn't We didn't vote on but we way stumbled on a a great chef. Lovely guy got go right solving Who who actually. We loved and enjoyed working with the time he was. He was associate for the cost dalton and he came into be jeff and he was much better than we realized and we never said to install. I think he was surprised as we were. When we opened guide one day we had it at that point. It was terrific. It was what happened in the in the as that and and absolutely focus of a rise in he he was just doing a great job. But it does grab you and your so terrified of losing it. you're terrified of the reputational damage of losing it that it starts to drive and you you lose contact with actually what your customers want. You just think what did he do to retain it and for small hotel with limited resources. That can be quite dangerous and you find yourself Investing in size of kitchen in sizes of teams and and then limiting you limiting your product limiting your menus. Imaging your choice which is all your customers onto. It's just what the kitchen nate in order to. Keep this this This level of cuisine. Which we didn't need and i i it's it's it's a right to the fact that you have to have this. This wonderful guest Breaking restaurant in order to be successful in inauthentic I really think you do. And we didn't in those days but we just didn't realize it interesting that you say it's a it's a common trajan. I've had this conversation the la times with with my chefs over the years. Not even necessarily from mitchell. But it's understanding. How do you quantify success really. isn't infamy. I kept saying that success for me is is a busy restaurant. it's happy. Customers is good reviews and the external accreditation Isn't what motivated by. But i've had a number of you've come in very much wanting that excel accreditation and has been so challenging time sometimes to get them to understand that. The customer demand cosmo pay for has to be the most important thing from a business perspective. I think yes. I think ten years ago. It was really hard to employ shift. If you didn't say to the chef. Look i want i want these things out of my kitchen. If you didn't want these things they probably interested forced that's changed and we we now announced wonderful enrich davis who his huddled. His he's been there a got. These have the stars and that really He's come away from that now. Like so many says medical want to cook. I wanna cook great food. I'd i need to be boxed in by that. And i think there are more ships out that who feel that way. And that's result. I think restaurants about veteran students better. And that's already thank agreed so you then went on this fairly long journey. I think between nineteen ninety-two acquired the sort of additional the second building in two thousand nine what was going on in that time period. What were the sort of key decisions that you may join that time that really transformed the business built a reputation that you now have show what we built. Calcott slowly organically bit by bit. It was it was three rooms of time A couple of big jumps linley One of the first things we did she to change the direction hotels to build a second restaurant called a gun stolen That that was quite a big stat But thought that was was every positioning. Step romy we opened a casual restaurant alongside the country. And i said so which in those days was on huddle. I think we will. We will probably want refer people into the into the casual dining market in that respect. That was his accessible huge From day one and drove the reinvention on the repositioning of of the hotel accent. Will we'll also another big step built a big spa with them with Which was houston successful and up. The rooms built up very slowly up to thirty five bedrooms. And at that point we thought we'd we'd probably hit a Certainly the first ceiling expansion of calcutta and we started to to think about on a second site I think i was very keen to try and replicate the model. Which was which was based on this this great infidelity which wilkins jr welcome families and was very contentious and and and very welcoming very fresh. I we tried to look for site will be could replicate lots on on just couldn't find one can find one where the number stacked out A the size of investment needed to create that model from scratch as opposed to bit by bit trailers at a time. was just out of our region. We couldn't find the right side at one stage probably later on actually a week. We did couple with investment partner. Actually we looked at some luxury hotels as came out and we. We did putting good bids so for three of hotels. But nicer natural chapman. Who ended up requiring lexi. Tom here tells with whisper pets by a larger part stable. We didn't want to go that. That was the closest we came to to replicating the calcutt muddle but then along the way things happened. Which really made us change our strategy and we came across to opportunities in the region being bouncy house in paint sake and they're both very close to calcutta and we saw an opportunity to pick up smaller hotels Unready on them from central basis as kind of almost like satellite hotels around the ship. They were both hotels where we could say big opportunity. We thought that could be repositioned. And we thought we had some skit in that area and could make a difference and that lettuce really to the the model we have. Now which is which is very much a a migrant.
"executive chairman" Discussed on Humans of Hospitality
"Of marketing at you really lovely. So the the original building incredibly rich heritage dating back to the thirteen hundred's it will belong to the church. And i think it was henry the eighth quieter and in essence gave it away and is that sort of rich history is still apparent. Do you feel a sense of responsibility as the current custodians of that building is it sort of Obviously historic place for the. I think history is clearly very important A it didn't it. Didn't the building shouts out to you. History and huge heritage win. When you say it's a really charming collection of buildings that really. I not the kind of eighteenth century than than anything else. We have kind of setup kind of historical story if you like around a very old on which sits on the site which we noted defecated belong to the kings that i be in we still got inscription stein which tells us it was built in thirty and eleven so that a little bit of ancient history but most of it really is a beautiful and charming farm in a typical console style. I think if we if we did it now we would. We would probably have called it. A calcutta farmer honest but back in the eighties when we started it everything i needed to be. Manna got elevated. In that way. And i read two hundred and twenty acres was still. The case was always that way i initially. We didn't buy all that land initially society. We just not one which was which was the buildings over the years we we've managed to to pick it up when acquire agent and go possible was a much much bigger from now. it. It's been a real asset to us the much more than you when we when we voted sickly the moment i might even still tikwa long walk. Even though your your your code looked up and we'll get you can and actually we. We've got a lot of pleasure from welding that. And we both did it with very a farmed It was kind of agricultural wasteland. And we've got a couple of people and retain really really coming gardeners who i really passionate about restoring it in rewinding it I we've we've let go a long way of putting it but it's attracting all of some of amazing wildlife and red butterflies and rare plants and it's been a real pleasure to us and the team and our guests love it and it's a very big part of what we do at coco. Is this whole idea of getting back to nature. It's been a real banisters interesting. Yeah so hadn't picked up. So what was the motivation for that. Men for rewarding. Well i think it really came from. We didn't set out to buy that land or what. We what we needed was the Was the farmyard. That was attached to it when needed that to a convert one of our historic bonds and something useful for the hotel and divide cop so we had to buy the farmyard that any cells the farmyard. If we bought the land which is two hundred and forty acres. And as i said. When won't we acquired if it was a an agricultural desert. We didn't wanna farm. We didn't want to become farmers so it was a kind of natural move to say wilderness. If we if we let this go a little bit and let it go wild and maybe gray's little bit what's going to happen to it. And i say we have a guy on the team who was really inspired by that and taking great pleasure from being its guardian an israeli ready rate from moods. But it's it's happened very slowly over time and it hasn't been an instant plan. Let's do this next year. It's just been a very very slow back to nature but our guest love it now. It's a wonderful place to bowl can fail nature. I'm say we're very proud of addition amazing. Now i be partly through. I think i think we have a responsibility being involved in the world of food and drink something through the restaurant cyber understand where food comes from to understand the sort of the impact of agriculture. I suppose and yeah where we can be part of the solution to that and everything. We're now learning. I think what we wilding and Yeah paying back oh. Some of that. Responsibility is such an important thing that we we should be doing but also offer these so while done. Yeah and i think it's also part of the experience i think Taught of the that one of the cornerstones of calcutta few like it's it's this this feeling of rejuvenation when you when you come and stay with us whether that be using the spiral All having some time with the kids without your kids after the crash May time is a big part of it and being able to go on balkin in beautiful countryside is very much part of why people want to escape the city and have a few days of of rejuvenation. So it's it's it's very important. The experience of visiting calcutta amazing. Tom listened. I did a podcast with ecological land trust offers. Ever any interest in in allowing a little pocket of that. 'cause you know a lot of access to farming is prohibitive to so many of these news a small scale producers. I suppose who who wants a fawn the land in an ecological and sustainable way but in essence accountable to buy a couple of hundred acres. They work with Tenants who just won't five acres a time. But it's a really. It's a nice idea of allowing some farming to happen but very much at the about ecological suppression rewarding. So you go and have a listen if you get a chance as a club i will okay so incident little bit just started lots to talk about that in the early days. My right in saying this sort of started off. His family concerned did you. Did you take dad. is that right. Yes it dates yet. My father was was trying to tell you but he he. He moved quite quickly from a Industrial picture in fact. He was catching events if a bp. But i grew up amongst the passion for hotels wherever we went to do we we we visit providence hotel. If none of the we'd always get and see the new life and just about with huge passion into hotels. I think as a kid. I used to play hotels. That's how it started. Say it was kind of an edible that i would want to do it and i don ahead training. I think to oxford brookes polytechnic as it was in those days and let hotels. I spent some time working For david lebanon be at the capitol heights in london management training program and spent on the front step supporter in the kitchens in the ball and so on from baton mastercard a loss of london hotel keeping but london wasn't for me. I had this passion which already started college for The idea of of picking up a building and repurposing it and changing and making something wonderful from it i i did various projects. I was are our member. Ding ding project to convert. My my old school into hotel went into its enormous dictating kitchen. Plans and tech's plans for marketing plans executive accession. I understand it fell into the hands of the parent at one stage. He wrote the head. Boston discussed that they would consider converting the school but that that was always always more passion and When my father had the opportunity for an early retirement package He said what i want to do. Now is fulfilled my dream and and and make a hotel it let me and i thought wow this is a wonderful wonderful show..
"executive chairman" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)
"What was the what was behind the decision to go public at that time? Why I thought that a couple of things would happen ultimately if you build a firm in the in the investment world the way it works is eventually, you know, you have new generations come on and they would say well who founded this firm and why is it old guy still walking around here? And and what is he doing taking up his office space? So, you know eventually younger people to come in and they would want to take the economics associate with the firm. And so if you don't own stock in The Firm, you probably eventually will not realize the the rewards of building something. So just as Bill Gates took his company public or Jeff Bezos or Steve Jobs when you take your company public you off certain amount of stock and assuming it's not overly diluted. It's going to be stock that you have for some time. So I saw it as did other people as a way who did these kind of things a way of ensuring you're going to have a certain value touch to your yourself for having created the firm and having built it and you know, and that was a way also to eventually get rid of the founders and eventually you have new stock coming in for younger people, but the founders still get off. Keyboard, so I thought it was a way of doing that. I thought it was also a way of getting us some Capital that we could expand the firm and grow and that was another Factor. That's why people often go public. I also thought that it was, you know, an approval to recognize what we had built and and probably was you know an appropriate thing to do and gave us more credibility. I think is a public company very often as a public company. You have more transparency people take you more seriously in some ways. Yeah, very interesting. You are now the co-executive chairman of the organization. Hope you don't mind mentioning you but you're in your seventies now, how how long do you suppose? You'll you'll stay at them. Is this something you're hoping to do for are you going to be like a Warren Buffett still in your your that role? When you're ninety, what are your aspirations from that perspective?.
"executive chairman" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)
"The John F Kennedy Center for the Performing Arts and Washington DC as well as on the Council on Foreign Relations in this interview. We discussed David's youth growing up in a blue-collar family in Baltimore his experience working in the Jimmy Carter Administration in his interpretation as to why the administration was viewed as unsuccessful. We also discussed David's decision to leave government and the legal profession to start Carlisle. We discuss how the firm got major prominent political issues to join the firm including presidents and prime ministers David decision to have the business diversifying Go Global his rationale for taking the firm public and we discussed David's philanthropic Endeavors and why he is decided to give all of his money away. We also discuss why he now stays out of politics and a variety of other topics before we get to our interview. I wanted to introduce you to our sponsor Zoho and the company's president. Timothy has been prior to take off. Current role he was a Chief Information officer of a number of companies including Reliance Industries Sears and trucks on and the warehouse group. He's now at Zoho a most unusual enterprise software company and what additional perspectives from it didn't take it away Peter. You keep calling us an unusual enterprise software company. I think we should talk about that a bit. Yes. We have not bought a single dollar from a PC or a bank and ended up bootstrapping our way to multi-billion-dollar SAS business with over 60 million Enterprise users. That itself is unusual for a tech company, but the principle that have kept us from accepting Visa term sheets are simple, we believe all our employees should have good night's sleep each night be at month and quarter-end or your end to unable this principle. We have stayed private page have not dipped into public money..
"executive chairman" Discussed on Mornings with Keyshawn, Jorge & LZ
"Espn radio you picking. Hey guys how're you doing john buddy. I'm going salesman. We look into homes with the mobility. Has i. I think the quarterback futures more like that it also. I liked people. Quit talking about this heisman. From tagab mala. Bama how does the alabama goes up over these two guys. I just don't get this. We'll talk about it. He's referring to mac johnson's now. The betting favourite. Well i think you probably got. Look at the statistics. First of all right the numbers. they're winning. He's putting up breaking numbers. Although i would think that those numbers will tell off a little bit after waddell got hurt. He's missing his top receiver. Although he has some other receivers that they could just kind of plug in place. Steve sarkisian doing an amazing job. Calling plays out there. So that's one of the reasons and trevor lawrence is missing time in just it feels has yet to really play a number games and it's later in the season w voting anyway jay. There you go. I mean we found a lot about justin feels in this game against penn state. I mean really lived up to expectations. I mean next up. They play rutgers sars it. They don't really play a big time opponent. Until maybe they get to indiana which indiana's one hell of a year. Darrell out to my father. Morales could be the biggest upstate. History of college football. Today's point to indiana is ranked and they're playing michigan this week. And there's a ton of people that think are going to be able to take care of michigan this week. Believe it or not. It's been a long time. Michigan is a whole nother story ryan in dallas. What's your story fields or lawrence right guys. How're you doing. What's man handyman doing pretty good. I just wanna let you guys know that. I don't think the decision comes down to mobility. They're both super mobile. Lawrence had that six yard touchdown run last year. Yeah i think feels better decision making and that's the most important thing when you think about it. I mean. I think they both make great decisions. There's no question about it. I think when you look at trip okay. First of all trevor. Lawrence has been in your living room and in your face since his freshman year three years. Yeah so it's kinda like trevor lawrence fatigue. You're just like okay. He's the number one pick because they've been saying since day one that is the number one overall pick. He's number one overall. Pick much like you mentioned. Penn state georgia. Although he didn't play at penn state committed depends he goes to george. He gets beat out so to speak by jake from one of your men crush and then you move him from nair. He leaves in some weird situations and circumstances from georgia checks in ohio state. therefore he runs. Take martell and a bunch of other quarterbacks out of ohio state he then takes them to the final four last year. The throw at the end of the game slightly thrown behind the receiver. They lose trevor. Lawrence goes on plays lsu in a championship. Classic beatdown lsu in so people looking at his freshman year his sophomore year fatigue of trevor lawrence so automatically assuming he's a number one overall pick. I can go through many drafts in. There's always a guy at the beginning of the season that is the favourite and by the time they get the draft time somebody else emerges and somebody else takes over no matter what the position is. It happens every single year. Do you know when the acc championship game would be. Yeah it'd be eighteenth. Nineteenth are planning to play all those games the day before. The playoff comes out with his fourteen. Okay so we probably. We probably won't see trevor lawrence in major caliber game until the acc championship. You even consider that that game if notre dame actually gets to the child so we may not see trevor lawrence perform against a big time team until we get to the college football playoffs. This is the biggest. Acc game five years. Clemson has not been challenged in the regular season yes syracuse nipped pittsburgh nipped him but in large part. It's always a thirty thirty. Five point spread against conference opponents. Mean that tells you know. But even so i'm not looking at that. I'm looking at how he's delivering the football. What type of player years. I mean you know what the sort of i mean i. It's the same way paul. I heard paul. i'm buying status. He's like you're playing against a bunch of meeting you true. But i'm talking about his him individually his ability. I'm just looking at all of those sorts of things i know. That's what i'm paying attention to whether it's playing against alabama every single game or playing against georgia tech every single game but it's not what does he look like like. How's the ball coming off. His red hot though house he processing information and delivering it to the receivers z. Dropping dimes to amani rogers over the left shoulder on the outside. There's eat throwing it behind him like daniel dimes did last night in that game against tampa bay. That's the sort of stuff that i'm looking at trying to evaluate the quarterback. I don't care that he's got a family guy. J stop it here to defend himself. I know rig mcelroy should have said it on my damn show i know. He's a family guy. As opposed to other quarterbacks not being family guys. i'm just saying that's all i'm saying is when i was in college and we played against monmouth. I was able to do a lot of things against moments. Why walked away looking. Incredible mom exactly now when i played against maryland or when i played against arizona or michigan state when the guy guarding me isn't six one. The guide army is six four. Six five run just as fast as me who has a longer wings man. I know i didn't struggle. Because i was the second pick in the draft. But i'm saying you do things a little bit differently. And that's when your game really shows how like how you are when you consistently compete against that caliber of competition which we have to wait. You let me just squeeze this keyshawn gables brought to you by navy. Federal credit union proud to serve members of the armed forces..
"executive chairman" Discussed on Mornings with Keyshawn, Jorge & LZ
"All of that is fair. All of that is fair fields or lawrence to twenty one. Nfl draft april. in cleveland. the clemson superstar out this week and the ohio state superstar done planted firmly in cheek. He's trying to filibuster on election day. Man you got a big lead filibuster on election. Kuyper said the same thing is it is so early right now like you gotta really watch the film and break it down and look at it and see if he makes all the they make all the throws just snap crackle. Pop snap boom. He's the number one guy. He's really smart. He's a family guy on. Oh that doesn't mean anything. Can you help me win on sundays. I need to talk to you. Need to be able to look you in your eyes. I need to be able to feel your post. Check your heart. I need to be able to do all of those things because the way you respond and react at clemson is different than the way you might respond and react in the national football league. Let's just we've seen quarterbacks man be drafted high in can't miss prospects and all we've seen it every position all i'm saying is you gotta take a wait and see approach is still early. Hyper was on with this little while ago. And he mentioned. It's not far apart. Trevor lawrence in fields or next to each other but for whatever reason people wanna push trevor lawrence so forehead when. That's not factually. The truth we was in the same breath. Mel kiper did say terror. Lawrence will be number one. Justin feels to be number two right kind of a one. A witness in this city could be one a one b. It's really yet. He also said wanted to or willing to whatever. I'm just change so it's an. I go back to counter argument. Zubin is that most of the year for the same reason. That key talked about tom. Brady and the bucks getting pushed up on his pedestal because of the narrative that fits and the media wants to see that happen. Tampa bay knowing that the super bowl in tampa bay is almost the same kind of narrative could be applicable for trevor lawrence. Considering we've seen him in multiple national championship games even though he hasn't played the big sexy games. Kiewit say so he wins. He wins and it's still a small sample size of what we've seen from just feels considering. He's only fifteen starts in ohio state jersey right. That's right over the course of about one and a half years. Actually a little less than one and a half. We are presented by progressive insurance. Oh wait in. Jay's weighed in mel kiper junior has weighed in and so did greg mcelroy former national championship winning quarterback he weighed in on his opinion on indeed. If indeed it comes down to it for a number one pick for lawrence or or feels he says this one is easy but not really though to me like i found the jets or the giants or the miami dolphins. I'm taking trevor lawrence about the first overall. Pick miami dolphins obviously owning houston's picks so is it likely they have. I don't know. But i do know that. Trevor lawrence anticipates throws justin field still a little decisive need to see from justin fields and the next six games. Grady only has six more games. That i have already seen trevor lawrence check that box. Fields hasn't checked that box. It doesn't mean he won't just means he hasn't so. I need to see a lot more from justin fields to close. Get that that. I do from trevor lawrence to keep him at number. One and two jays point could be sample size. Lawrence played over thirty games and feels is right there at fifteen on the dr pepper twitter feed it's overwhelmingly in agreement with mcelroy. Seventy eight percent of you're saying lawrence over feels without a doubt including gauge tucker. Seventy-one trevor lawrence is a franchise. Qb has good arm strength and accuracy. He's a winner and a great leader. I'm not taking fields based on the track record of ohio state. Quarterbacks not panning out in the nfl key. That's something we've heard more than once. But i don't think that's a valid argument. What clemson quarterbacks. Hand on the nfl. Sean john what clemson quarterbacks have panned out in the. Nfl doesn't even make any sense that you're talking about a history of quarterbacks at a university when clinton was only had one is panned out in dijon. Toda's totally with you next stop. How 'bout tribe fan seventy four jail. Get your thoughts on this. Well i think lawrence's the more pure passer. I like fields as he is mobile and can also throw a decent ball. I also think it's one eight one. b essentially. What mill set just saying look quarterbacks these days right like you know you have to be able to get out of the pocket you know really create yardage with your too so i mean that is an advantage that considering athletic ability oh trump trevor lawrence move around a little bit. He can he can escape. And i would be comfortable with trevor lawrence moving around and being a quarterback that didn't have an offense align can protect him and feel comfortable that he can still get out of the way. Yeah but you agree. Justin fields higher net category. Would you not not necessarily no because trevor lawrence can move around still need to see more tape off. Need to see more type of both of i need to see more capable of. That's just me. Diego is in queens on. Espn radio this morning. One of the reasons that we're asking this question is because teams like the jets. The giants the falcons. The vikings might have a lot of opinions to make here fella say that one more time all diego's no longer with this. We'll go to totta noise. We'll go to darren in dallas on. Espn radio interesting scenario here. You're mixing third quarterback in here. God darren good morning gentlemen. Happy election day seemed the election day. Scenario to you is Going with lawrence at number one. But what if the cowboys do not win another game. Which conceivably could happen and at two. They picked justin fields and let derrick walk and save the thirty seven point. Eight million dollars franchise tag for next year. What about that. I mean you could do that but would you do that. Would you want to start with a a team. That i mean. It just depends on what you're doing. Which team i guess because the offense align is decimated. They're not very good the secondary. I mean a lot of holes that you have if you to cowboys top. Pick depending on where The rehab is aphrodite prescott. What the doctors are telling you depends on what you do your pick. As far as i'm concerned i would certainly look to try and build martine around the high traffic. Whether it's training in accumulating pigs or finding the best available at that time they can help me. I will one hundred percent through that. I would do that. I if if i find myself in a situation and a couple of months where i'm not i'm unsure about where dak prescott is rehab progress and that is not panning out and not knowing the probability of them come back being the way he was before you have to look at that as a feasible option. Injury is part of the game but mel kiper did say he knows for a fact that both trevor lawrence and justin fields will go one and two and some kind of order if you get a top to pick. You're going to be placed in that conundrum. Well not if you got that. I got who could potentially be healthy. That's why you lean on your medical staff to make decisions. That's well that's what i said if he's not coming back to help you determine when april rolls around if he's going to be available to throw the football in the summer two big things. We should mention. Trevor lawrence was always a clemson commit. He's been there for justin feels. It's been a bit of a different rudy. Initially committed to penn state then went to georgia then transferred to ohio state. At the end of the day they'll both be in the same place as franchise quarterback in the nfl so therefore he should be seven round pick because he decided to start off at penn state. Go to georgia and be beaten by jake from mike. Bob's it you have to question..
"executive chairman" Discussed on Mornings with Keyshawn, Jorge & LZ
"And we'll begin a disease this morning with a little bit of what we talked about with michael rubin that is the newest addition to his organization. That would be daryl morey now. The president of basketball operations for the sixers. You heard michael room just a second ago. Say we are so much better right now than we were the second we ended our season. And he essentially put that all on the acquisition of daryl morey the great gm that is brought analytics to the forefront and was with the rockets for thirteen years. Here is maury upon the announcement of his new job on what lies ahead. My goal is championship. So whatever gets us there as well. We'll do. But i would say to have to star plus players in twenty four and twenty six years old. That is why. I couldn't get doc rivers to come interview in houston because he saw his roster and he he said it's amazing simmons and embiid right j. Yes and thinking about this. This is a perfect marriage doc rivers. Who's very good at the test. Feeling the game leading the game breathing. The daryl morey the marriage to analytics that can surround dwelling be with the right shooting perspective. The right pieces assets in order to help the team win a world championship fair enough. They both eat it. Fresh starts to dock and daryl morey. They had had a good level of success of their previous organizations but not able to get over the top. Nfl week number nine starts in just a couple of days it'll be a rematch of the nfc championship game. The packers and the forty niners. The forty niners not jimmy garoppolo. He's out six weeks they want. George kittle the great tight end. He's out eight weeks. Kevin coleman is banged up. it's been walking mash. The entire year that the san francisco forty niners are dan garage. Yano joined us. Espn nfl insider earlier. This morning on the show keep in mind. They have no money. Moving forward after next year with jimmy g. could that potentially impact his future by the bay. I think they'll look elsewhere and decide. See the way the the forty niners set up their contracts and jimmy is no exception. The it's rolling year to year guarantees. And they don't even really have a trigger. That kicks in the next guarantee until april first. And that's intentional. Because that's a couple of weeks after the start of free agency so a team like the forty niners can look at its other options in assessed. Can we get a guy in free agency or via trade. Or how is the draft looking for us before they decide so he has a monster deal but there's really nothing to deal with after the season they can get off scot from this key. You it suggested matt ryan who has a relationship with kyle shanahan from their days in atlanta's a possibility. I think today's at number for jimmy g. in san francisco. I don't know that. No one told me that i could just smell it though. I could see it in the more. You miss games. You really haven't done anything to make them. Wanna bring you back. It's it's you know there's no there's a super bowl appearance but as i think about it. You know pittsburgh steelers moved off from a super bowl. Opinion quarterback once my quarterback in nilo don. Yeah they moved on from him. Trend deal for won the super bowl and baltimore. They moved on from joe. One four san francisco. They moved on from here. So what would make you think when a guy potentially could be available maybe it takes some conversations some trade bait and some pics or whatnot to get a guy like matt ryan to go along with that dominant defense. You have some familiarity matt ryan and then bring a matt ryan. Because he's his. Some of his best work was under kyle. Shanahan has the offense coordinator for the atlanta falcons when they were together. And you certainly in this league. Familiarity means a lot. Just look at philip rivers. Who's now in indy with frank reich. Who was his coach. The san diego chargers this always happens. There's coaches that you've been with that go on other places and when you become available they certainly want you because they remember the great time together. So he's do twenty six point nine million dollars in two thousand twenty one who is he. Jimmy g. o. But it's not guaranteed. So i'm asking do you just do cut him after the season. If there's going to be small i think they'll be some small cap. Hit very small though right. It accelerates whatever the signing bonus was so they could absorb that hit. The would you do if i if i'm john lynch and i'm kyle shanahan. I want to figure out what i can get out of matt ryan kit kit matt ryan. Who makes sunol thirty five million dollars. Can you take small. Pay cut to some degree. Could i work a deal out with rich. Mckay in the atlanta falcons. Here's a third round pick. And here's a fifth round. Pick and i'm gonna take that off your hands because you re bhuttan bringing us in atlanta. I mean it can. We worked out. Here's the numbers. They wouldn't have to owe him anything in his bank account but a dead money which is the definition for the money. They'd have to accrue on their salary cap. Even if he wasn't there would be two point. Eight million dollars after this season and in two thousand twenty two and actually works itself down to one point. Four million dollars. That's a pittance million dollars. That's nothing they'll sweep that under the rug and keep moving so happy. I play basketball guaranteed money. I mean you see twenty six million yes. That's all mine. It's all coming my well. His money was guaranteed. He got it for the first three years. It was essentially a three year deal team money. It wasn't a six year deal even though too funny money is on the back and see. I think that's where a lot of people kind of get the mistake of the nba guarantee versus the nfl game. Just at the years or not as long as the nba. But see when. I see one number you in football you have to parse it down breaking out to over four years sixty million guaranteed hundred million so to back in is a lot of fluff ambassador when i see hundred million. It's one hundred million that's it. Yeah but mine but you can do the kirk cousins deal if you choose to do so which is one hundred percent guarantee three years fully guaranteed or you can go three years at another to make it sound good so i can put it on social media. It's you know it's all semantics. How you wanna make it sound at the end to keys point patrick mahomes signed a five hundred four million dollar contract that is not guaranteed money..
"executive chairman" Discussed on Mornings with Keyshawn, Jorge & LZ
"Line. Mike out there are more. You have ellen brand new coach doc rivers. How do you envision the dynamic between all these guys working. yeah. I think one of the things. I think. These guys are incredible. Partnership when you look at and you look at darrell. I mean these guys. A lot of ways are opposite. So i think they're going gonna work incredibly well together. I think it's really exciting edition. Elton's such a great guy selfless as soon as he saw. Dow became available. He said we got this guy. This how would you in championships. So these three guys who just wanna win championships and bring philadelphia chips and so everyone is currently focused working so well together. Ready so passionate about what we can do for the city of philadelphia michael the league and adam silver somewhat concerned about the pre-christmas start for the two thousand twenty two thousand and twenty one season. Where do you stay on how the nba should start the season. This year. The way. I look at it as we have incredible. Commissioner adam silver and i think ad together with the players who are going to sort that out certainly There's a lot of pressures coming from all different areas. But they're going to get that sort out and they always work well together to get to the right outcome. I know we're going to do something. Isn't it best interest of the players and something that works for everyone. When you look at the situation. We mentioned it at the start. You're the executive chairman of fanatics. Why of fans been so eager to purchase championship games Gear from the dodgers in the lakers. Yeah these been to incredible hot markets. The lakers were actually be a previous. Nba record by more than two exits two times bigger than any hot market in the history of fanatics on shows. Just how great emmy vandalism and certainly laker fans as well and the dodgers become our second biggest hot market in the history company in the history of the company. I think it starts with e commerce is doing incredibly well and that's about e- percent of our business certainly with the pandemic you've seen a big step folk shop and ecommerce sales and i'm certainly connected benefit again with that being eight percent of our business but these are your sports are doing great. I think fans are so excited about supporting their teams. I think during the pandemic there's been people just want to be excited about certain things we've seen that both lake lakers. And the dodgers are you. And i talk about this all the time. So it's like i'm curious. Get your perspective on this. A lot of fans are saying well. Nba ratings are down. Whatever your metric show you guys have a little bit more of inside in that category. Yeah i think that's kind of like when you look at a brick and mortar retailer and if you'd say only in a measure the sales of the store's not looking ecommerce that's the same way we just look at television rate is when i think about ratings i look at what's overall fandom and certainly social media so much more important today that it was just a few years ago so i think when you look at the. Nba fan is incredibly up. I just looked this morning year to date. Nba sales up sixty three percent. And that's roy very indicative of where. Mba fans stan. And i think it'd be look media consumption. The issue is television. Media is a smaller percent of total media. Consumption has ever been social. Media's more important ever been so i think. Nba fans are more passionate than ever been about the sport. I think you'll see more consumption other media and less than traditional television microwave fans not able to spend money going into stadiums. How much have sales increased for you guys doing this. Pandemic yeah love e e commerce sales which you know again. This is about eight visit really strong up nearly thirty percent year to date. Now we also have a wholesale business that supplies the brick and mortar retailers and that business been terrible astounded by fifty percent but ecommerce has really strong. I'll tell you the most interesting thing. When sports were paused in march. I thought the would say hey until sports come back. They're not for the teams was exactly the opposite. There is incredible support fans want to go online. They want to buy the merchandise. The teams they care deeply about and good visitors terrific during the higher pandemic. even when there's no sports for five months michael before we let you go. I want to ask you you know you. Work with meek mill and jay z two former reform alliance recently and had a huge huge social Reform to tell us about the impact of reform alliance had in getting the bill signed in my state of california. Yeah well it was a really big win for For for people in california and for the reform alliance you know. We've got a goal getting least a million people out of the criminal. Justice system will keep the community safe. And what a lot of people don't understand is america has five times the rate of parse ration- of the rest of the world and in california gavin newsom. The governor just signed into law just a few weeks ago. Bill put a limit on how long it'd be on probation up to on no more than a year for misdemeanor. No more than two years opera felony and that was an incredible step. Four ruin transformed one. That's gonna help. Hundreds of thousands of people directly millions of people and their families indirectly self royd proud of what what's happened in california and a big step forward and we need to do the same thing in every state in the country. we started reform alliance. You know inspired by what happened to my good friend bill. When he went to prison for different times for not million a crime and we use that to again negative into a positive. Exactly what just happened with the sixers off season and we have a goal again getting at least a million people out of the system of the six point seven million people that are in the system. Say we'll keep the community safe. I think it was a big step toward one that we look to replicate lower to michael you even partner with clarify joe with the brooklyn s jay z. All those guys and what. You're doing The last question the half or when you're gonna invite key and i up to the showroom we need some gear. Can we get some gear places guys. Hang with me all the time. I miss you. You don't call me right as much anymore. So i love to have you guys in in It'd be fun to do it. So you gotta get over and do a little bit of social distancing hanging out mike. Thanks brother man for joining sociology and social reform. That is michael. Rubin thank you. We should mention. Bob kraft the owner of the past has been involved in a lot of the social justice. Reform with meek mill and we must have a really good friends. It's great to see a younger guy. Like mike in an elder statesman. Like bob come together on something like that. No doubt about it. Great to have him on the program this morning and good to see even without sports. The interest sports fans was really super high..
"executive chairman" Discussed on Mornings with Keyshawn, Jorge & LZ
"Of your tv your franchise rebuilding and that's okay. It's okay like you said you're you got a big return on what you originally invested in. It look man five trips to an afc championship game then. Four trips to a super bowl in three super bowl wins. Who's complaining and he's only talking about the last five years. They've been in the afc championship game alarm. I mean. I don't even remember the last time i missed the playoffs. Eleven and five season. That you know matt cassel season where they missed it but they still when the eleven and five. I just think that this is an opportunity though because you whenever okay. Bill belichick and a new england patriots or disliked by a lot of people in a lot of different parts of the country even overseas. I'm sure in because when you win so much factly in how you win in the attitude that you take people don't like that some people don't like my attitude because they lie to brass. He says he's that well hand to the face. And when you think about it. I'm just me bills just bill. The patriots are just the patriots. Whether they cheated they did cheat. Whatever you wanna call it. They won the super bowl and they got the trophies in their office. That's all that matters. This all that matters is the bottom line for them. You know what the most interesting part is. And this is happening. I'm sure everywhere in the country but buffalo on every talk radio news news in general. Everybody's talking about the pats everybody's talking about cam newton. Everybody's talking about bill belichick not have enough money to pay and nobody's talking about. The buffalo bills are on their way to win. Afc east probably for the first time. And who knows how long. Hey buffalo hey buffalo. Nobody's giving josh rosen love. Nobody's talking about the bills at all. Because we're so josh allen. Excuse me wrong wrong. A lot of justice. Because we're so enamored by what the pats have created as relate sitter dynasty. I i'm okay with it. I get it i understand it. They don't have players. They don't have the money eight of their players that they thought they were coming into the season with when they left. The season last year had opt out because of the covy situation shake names. Like how are you today high all players so when you look at it it's like okay. I can it understand it. But this is a perfect opportunity to pounce on the new england patriots as tom brady. Continues to soar with magical victories and riding off and yelling at his teammates and people like see. That's the time that new england needs. They don't really understand. Tom was smart enough to realize. Yeah i don't wanna play with those guys next year. Because i would be too in five to is only so much he could fix and what they have right. Now is greatest. Tom brady is. I could take tom brady. Peyton manning joe montana breath forever and aaron rodgers enroll them all in one with a little cam. Newton sprinkled on top and stick them in new england with what they got right now and they'll still be too because they don't have anything fair enough. It's the old example of getting out one year too early verses one year too late the nfl trade deadline again. Four headline deadline together forty pm eastern time today. The pats could be sellers for the first time in a while. We'll continue to monitor. The situation aren't going to take a break. So i don't mangle anymore words of the english language and let's go to the nba and those are the words of the nba's best insider wochit essentially broke the news. That daryl morey after a brilliant thirteen year run in houston would be taking over basketball operations in philadelphia. The new start to creep out last week became official earlier this week. They also signed gm. Elton brand the former great nba player duke star to an extension as well on that note. Let's talk a little. Nba we welcome in michael rubin. Michael is the executive chairman of fanatics. You may have ordered some stuff from there for your sports to hand over the years. He's also a partner with the seventy sixers. Michael good morning a lot to get into with the dodgers and the lakers keys dodgers and lakers breaking records championship gear sales following their respective championships. I want to ask you about what you're doing with social justice reform but we have to start with the news. I from the organization that you are a partner with the sixers. How to daryl morey end up as the president of basketball operations true good morning guys good to be with you so look after the end of this past season. I think it's fair to say we were all disappointed with where we were. And i think you've gotta turn negatives into positives and i think led by josh. How we have made your mission figure how to upgrade all aspects of the basketball organization started. I doc rivers got an incredible coach. One that filled up evanger really had and then when dow became invaluable if you kind of cut through. He's the same guy we try to get to years ago. Weren't able to get him and literally within arizona becoming available. Josh harris reached out. And said you know i wanna forgot having get him to be our president basketball and we moved gradually quit. We did it with doc. He was hired the days of it. Becoming available in the same dow dow became available immediately. Josh act and we figured out how to get him to become president basketball. I'll tell you all when you look. At the upgrade the philadelphia sixers have made from the last season which was disappointed to where we are. Now i couldn't be more excited to partner and certainly build up being. Our fans are so excited about where the teams had michael rubin joins us on the shell pennzoil performance.
"executive chairman" Discussed on Mornings with Keyshawn, Jorge & LZ
"Speaking of another level. Tom brady has certainly taken it to another level. The giants on the short end of the stick last night. Keyshawn j. will zubin presented by progressive insurance. In case you missed the end. Let me give you the old cliff notes. Giants going in game tying score. Perhaps they need eight touchdown. Two point conversion they get the touchdown they go for to daniel. Jones goes to the end zone looking for dion lewis. Who is tom. Brady's old team made you can hear jail really upset here. In the studio is the hardcore giant fan. They threw a flag on antoine winfield. Junior pass interference and lo and behold. They picked it up. You throw a flag to pick the flag up mill. Copper has me really hot on you. Throw a pi flight because it was pass interference. That's it make the call two point conversion. Let's go into overtime. Yep i'm done. I'm sorry no problem. Khyber joined us earlier this warning and essentially said it should have been a pi instead. It was picked up in the bucks. Pick up their six win of the season short week antonio brown back they got the new orleans saints on sunday night football. Meanwhile key the pats got a lot of problems trade deadline today. Four pm eastern. There's a lot of talk about some boldfaced including guys. On the pats that could be on the move. The bucks or sixty-two with brady. The passer two and five with bella check. He is an excuse free guy for sure but he did weigh in with his weekly radio interview on w. e. e. I sports talk radio in boston and essentially said there's a clear reason for cam struggling and it's not on cam put it on me. I mean what we pay him. Million cam newton million dollars. i mean. it's obvious we didn't have any money. It's nobody's fault. it's i mean that's what we did. The last five years we sold out and won three super bowls played in the fourth and played an afc championship game this year. We had less to work with sound. Excuse fact less to work with because the salary cap situation he and his executive nicosia. You'll have come up with. But i did like the term. Maybe we sold out to win. Three super bowls make sense that you want to fan right. Three super bowls a fourth appearance. Four appearances in afc championship when they lost against payment. Five years So in five years. Would you take two super bowls no championship appearance. No other super bowl in no other super bowl loss. Would you take just two. Super bowl wins and five years. I'd take one and missing the playoffs for four years to be in this situation that they're in now so what the hell is people talking about like. The man just said that they're in this situation because they sold out for those five years which clearly they did that. Whether it's giving stefan gilmore money whether it's redoing tower whether sony shale whatever it is tom brady whatever it is. They got what they wanted to get. All organizations that are winning organizations win big for a period of time and then they take a dip in a time all then they come back with a rebirth and try to win again. All great organizations do that. I don't care if you or the yankees. The lakers the celtics they all did just. That's what happens in this case. Clearly they have some salary cap issues so they couldn't sign can't go out there and the choir top notch talent because they don't have the necessary funds from a salary cap standpoint that but what i've always said jay is that you can manipulate the salary cap if you choose to do. So if you choose to restructure move things around you can do it. All teams do it. The rams have been doing it forever and they continue to keep signing their player signing players giving money to get him on but that's their decision on how they want to handle their money versus the patriots decision. This is a classic case of rubbernecking for fans and the media so first time you're seeing this patriots team somewhat struggle key you and i both. La you're in traffic.
"executive chairman" Discussed on Back to Biz with Katie and Boz
"Sounds like pretty good storytelling to me Bob. Yes, I think Netflix is made a lot of great stories or bought a lot of great stories. Sure. I know when said that I think what I meant was they created the platform is filled it with a volume of Storytelling that is much larger than than the volume that we have on Disney plus home and because they really began not as a Content company, but as a platform which is very different. We began as a storytelling in a Content company and then created the platform. So I did not mean that's a pretty well though. Don't you think they've pivoted you think I'm very impressed with Netflix and what they've accomplished absolutely and I'm I'm a big consumer of it and I enjoy it off and I think to your point there's a lot of high quality product on there, but I think what was what the observation I was making is the Genesis of their business is different than the Genesis of ours birth. It it was not meant I'm very you were dissing you were to see Netflix light and frankly. I've spent my life trying to avoid either worrying about a criticizing our competition for just can't do anything about them. Yeah. I mean, you've got that reputation as being such a nice person and how do you lead a company and maintain your niceness Bob? I mean, is that is that tough? I mean, I don't know how people do it because you've gotta be direct you've got to deliver bad news. You've gotta do all kinds of things that knowledge doesn't necessarily go with right. I'll ask because when you said bad news, I started my career before I started at ABC 46 years ago, by the way as a young man in in a town in Upstate New York called Ithaca and the weather in Ithaca to Great town. I don't don't want to get in trouble for dissing. Oh God don't see anything neat about it the kebab. And the weather is rough can be really rough there and fickle and straighten once said to me that being a Weatherman in Ithaca was great training cuz it taught me how to give people bad news. That is true. That's a good line. Look I I've tried to be who I am. I try to treat people fairly. I try to have empathy. I've learned lately that I haven't had enough of it. There's more there's more or more empathy to be either learned or had I tried to be kind and I think that's an important quality in a leader. It doesn't mean you're nice all the time. It doesn't mean you're always delivering good news. It doesn't mean you're not either getting confrontational or having a disruptive effect on someone else's life. But I just try in the process to respect people as who they are. And again, I think kindness is different than niceness. The kindness is recognizing the human being and everybody and never forgetting that never forgetting that that person that you're firing or that person that you're giving bad news to or that person that they you are you managing under tough circumstances is still a person. What is niceness? Well, I think if you're try to be night being nice means avoiding confrontation and sometimes avoiding the truth and I think it can get in the way of effective leadership kindness is different stay tuned for more of my conversation with Disney's executive chairman. Bob Iger when we continue. Welcome back everyone hears more of my conversation when I get a little more up-close-and-personal with Bob Iger. You write in your book right of the lifetime about your dad and how he suffered from manic depression and was tormented By self-doubt Appointment throughout his life, which I don't know if you're like me and you know, it's hard to it's hard to say something like that about your father. But but it really did shape you found so many ways didn't it Bob? Yes very much. So his manic depression was profound and something I was aware of it wasn't known as manic depression off but something I was aware of at a very young age. I'm talking about probably before I even turned ten. I was the oldest son of a younger sister the close-knit family, but it was just in a small house. It's hard to avoid mood swings and and I saw a lot of them and I also saw the impact that those mood swings had not just on the family but him Ice and his own self esteem and his ability to hold a job in how we dealt with friends and others and it was hard. I think it was booked in the office and I preferred not to have had that in my life, but I think it helped form me and definitely toughened me up. Some ways forced me to be both more resilient and sometimes more independent. By the way. He was a loving father giving father. He truly appreciated who I was and what I became and he exhorted me to do better all the time and opened my eyes to all sorts of things in life, like music and and literature and politics and just generally being worldly. And so I have a lot of that I wrote about him honestly because I felt that had a there was enough about him that I still really appreciated. And so it was not in any way meant to sound critical of him or to demean him in. Anyway, he passed in 2011 that has been gone for a while. I was able to see your off your incredible success and did he did he get a kick out of it? He did that was that was a bone of contention with the two of us because he got too much of a kick out of it. And I told him that what do you mean I used to have a bet with my sister. That would be went someplace else. This is leading Our Lives. How long would it take him to let the whoever we were a waiter or someone know who I was he lived my life. I currently in that regard and I think he he derived his own self esteem from his son's success and that made me feel that embarrassed me. Yeah, and I told him that he knew that I would get mad at him. I wish he were still around so I could get mad at him about that. I got would get mad. Why do you have to tell the waiter that I'm the CEO of Walt Disney Company wage? It has nothing to do with the pasta dish that we're just ordering when my father would go get his prescription from the drugstore and the birth. Pharmacist would say are you you Katie Couric's father? He would say no. She's my daughter. That's a great line. I wanted to ask you about you mentioned being a weatherman. You did want to become Walter Cronkite one day. I'm really sorry. I beat you to the punch.
"executive chairman" Discussed on MAD MONEY W/ JIM CRAMER
"Don't want health care from us, but you WANNA it on subscription you can have that. So we're building a flexible benefits program if flexible learning program and last but not least we're going to focus on flexible locating. It's like do you want to work from home? I don't think anybody's GonNa come back on anybody's a bad number but I don't think a lot of people are GonNa Comeback Five days a week into the. I think we'll come back to the office because they want to. They want to come back for dear to so we're going to call office collaboration spaces in the future they won't be offices. You'll go there to collaborate with other people work with them, and then you can be as productive from or your starbucks. Choose to because we've proven it we have proven the social experiment reconvene effective for wherever we need to be as long as lungs are motivated to get it done, and that's what our teams have proved that. So many companies approving, we've got to respect the employees and let them have the choice. Let them take your responsibility and give them the tools to take the response. So well, put you were ahead of this head of everyone and you're dead right one, they're thinking CFO I am on Web Services Pretty Smart Guy. Very. Smart Guy Love Him you know he's got a very very interesting background proctor and gamble for twenty years. He was a Cisco for a few years. He worked at AWS Dandy. You know a lot of people like him. He's already off to a great start really happy and you know. Would have been here. She was great cathy she's surprised Google cloud. So I guess what we're trading about. CFO's. All right. Well, what the cash congratulations good quarter. They kept on telling you. Bye Bye. Bye ahead of time, and now the stock goes off it'll be like Nvidia. Went Down Twenty nine goes up forty. Great to see you sir terrific into came more money. Thank.
"executive chairman" Discussed on MAD MONEY W/ JIM CRAMER
"The corpses group for more exposure to incident response forensics consulting may get more of a one stop shop and. That explains to sell my view stock and run up dramatically going into the quarter. So investors expected to perfection and the forecast was pretty close to perfection. However, I wouldn't be surprised at management simply being conservative in the stock comes right back as Zik Daniels raises numbers, boost price targets as early as tomorrow morning. Let's dig deeper with the casserole as the chairman CEO power networks get a better quarter companies politics welcome back to make money. Thank you very much again. All right. So once again, the cash grow- grew much faster than expected I do like one short in your deck Nexgen Security billings last twelve months here Powell out this one hundred and five percent Kramer Fame Octa only thirty, six crass strike only eighty five z scale at thirty six you are pulling away. Or Gen when I talked to two years ago. I was GONNA call you and say you should pull up that that video. We made two years ago when I joined Paul Networks and I told you, this industry needs an integrated flat form play which gives you best of breed solutions. The problem that the cybersecurity industry has is there are too many fragmented solutions with customers need to integrate, and we're delighted with our progress. Over the last two years, we have three platforms we're going from a single product company do a tweet platform business everybody told me this is a very hard task you cannot build. Platforms, and you cannot do that in a company just traditionally been selling firewalls. In fact, some of your guests stood up there and say they applaud our efforts, but it's hard selling you stop yes it's hard selling new stuff and we're doing it. We're doing it with flying colors. I cannot be more proud of the networks team at this moment. Well, one of the things that. You have taught me is that there were. So you are very early on this. You said, it's GONNA come down to freedom. Of Choice. Some people are gonNA work at home. So we were going to work at the office. I'm going to do both and we're have to protect them everywhere. There is not one company that is really got the ability to be able to say well. We're going to take them everywhere. I. Think that your message turned out to be the way to invest in cybersecurity. Well you know it's kind of interesting. I just came off the Alice Call and again, people are focusing on the wrong end of this thing you know people have been wondering whether firewalls or needed yes. There needed without far there's not going to be cybersecurity. If somebody cannot watch your network traffic is very hard to protect you. Now as we go through this cloud computing transformation where people are going more and more to the public clouds of the world, you are going to see a shift from the data center to the public cloud. You've gotTa make sure as you make that journey you're protected new predicted there and he'd the same consistency and y'all suddenly being predicted all. Branches in your stores, and there's only one way to do it in a consistent basis is to get a set of Farrell phone factors company that offers the all three. So not only that as you go into the cloud world, there's a whole new blue ocean of cloud security that is emerging. You made a bet you bought a bunch of companies integrated them together, and we're delighted give eighteen hundred customers doing cloud security with us, which is fourteen percent of the global two thousand list. We had zero customers, two years ago zero. All right. How about this acquisition tonight it worries me not for the reasons that you would think of the old days. It worries me because obviously you're very worried about instant threat or you wouldn't make this acquisition. You know what's interesting is that what happens is cybersecurity like insurance like you don't want it to happen you don't want to find out the wrong way like you don't WanNa find out that I got breached and now I need to go look good protection. So you WanNa make sure that when he customer sees any hint or any inkling of their something's going on Eagle Call. And Incident Response Business they call somebody saying, hey healthy I. Don't know how to navigate this. What should I do and we need to be there in the mindset of the customer saying yes. Are People are GonNa come help you fix your problem and we'll leave you in a much better. Security state than you were before out, we need to get ahead of this. The way to get ahead of this is this company has done this seventeen hundred customers they're going. They're they're called when people have trouble they can you help us these guys go short to help them. They don't have any parks they go consultant believe now we have the best product, the cybersecurity industry, and yes, you can't leave a bad product behind because we've seen that model not work, but you can't good behind. So our strategy here is to have them be the tip of the spear, go in and help the customers and their time of need, and then leave them great products symbolic network. That's exactly what you want and. If you own the shares in people listen. This is exactly how you have to be able to grow this whole mosaic unless you want to be part of some coalition where you do not be able to extract your value. Now expectations for fiscal year two, thousand, twenty, one. We will manage our spend two flat organic pretty margin everyone expects that we can expect earnings per share growth low to mid teens. Headwinds from lower interesting. I? Mean that's not something I'm going to worry about it doesn't everyone. Everybody has that. So I think everybody's models have to change in the world if I've got four point three, billion dollars cash on my balance sheet and suddenly thanks to the Fed I'm making a lot less money on it. It's GonNa impact and he's had nothing to do with performance our opening performance a straw. Most companies are are struggling to find out a level of cash. Now, let me ask you all because you know in so much is the two people come back. Do they come back into? They always have a choice because now starting to see home builders, put it in an office. I'm seeing people leave urban areas because there's no room for office I'm seeing. People go to country places because they can have an office. It does seem to mean a cast that it is going to be well, maybe I'll go to the office today maybe I'll work at home and they're not many companies that expected this but you did the other guys are all kind of thinking maybe they'll come back and all my business turn up. Jim This is a very good question in fact, even as as as late as early as this morning, we were debating this because we've decided on three pillars about this coming back story first and foremost you have to chain the dot interaction model doing employees and their learning model in their on boarding model how you bring them on board. So we built a program called Flex Lurk is fully automated I log in. It tells me my development needs. It takes me to a bunch of programming allows me to see a bunch of content and it's just a constant learning and engagement model that we've developed, which is now called flex learn. Some flex benefits. Now, I, don't go to the office. I don't WanNa use the gym I don't WanNA use the cafeteria I don't WanNA use the open space in the office I need benefits personalized to myself. So we didn't spending six months. Creating the automation technology make sure that everybody gets a dollar amount and you choose your benefits. You want you want healthcare you can have healthcare your spouse says healthcare. You don't want health care from us, but you WANNA.
"executive chairman" Discussed on Squawk Pod
"That once. They're voting in January February that they're in their minds. I don't know how one could comments awesome. There were out of time I think one issue for the Oscars is. There's so many awards shows by the time. These people are collecting their prizes. We've heard from them. That's it's GonNa be a continued issue for them going forward. This year sped up the whole season Gavin short window. You're all right thank you both. Thanks ed thanks I yeah I can just tell you when screenplay it hits screenplay then it hit director and suddenly I was feeling really good money coming up on Squawk Pod we works executive chairman and the Chief Operating Officer of we works main backer Softbank and exclusive interview on. What's next offspring embattled company when you we work basic your plan calls for us to be profitable by twenty one? Gave profitable football city. Did it by twenty forty two. I'm a one billion dollars so free. Cash by twenty twenty four. We'll be right back. Welcome back to walk. We work had a tumultuous twenty nineteen in January. The we work hype on wall all street and from then CEO of Newman was alive and well we work always ready for an IPO. By August the company had filed its s one with the SEC signaling that the idea was imminent and September Masan CEO. Softbank we works main. Backer was optimistic to still won't invest walk you want and I want to increase Some will buy investor said Mustang. Sure you get too excited and too much coal centralize into lung company. Don't go too far two months but by October that IPO plan the company is forty seven billion dollar private right valuation and its founders reputation had pretty much unraveled culminating in Newman's departure over ten billion dollars in rescue financing from Softbank Bank that bailout gave Softbank Eighty percent of the company and part of the deal naming chief operating officer of Softbank Marcello Laurey Executive Chairman of we. He works to manage the company's turnaround on February first a few months after Marcello took the reins and we work announced a new CEO Sandeep Meth. Ronnie he's an interesting think twice mainly because he's a real estate industry veteran which means we work is now presenting itself as a real estate company. A decided change from Newman's leadership which which position we work more like texter. San Deepen Marcello have a lot of work to do and Marcellus job isn't just climbing out of a hole. We work finds itself in all of this. We worked drama has coincided with Soft Bank's attempt to raise over one hundred billion dollars for its second vision fund an attempt that according to reports may not pay now companies like Uber Slack and door dash benefited big time from Softbank. I Vision Fund. If the second one doesn't raise as much money is the first tech startups might feel the effects in other Softbank. News activist Hedge Fund investor Elliott Management just announced a two and a half billion dollars stake in Softbank betting that Mawson's company is undervalued and adding to the mounting scrutiny on the company and on its billionaire leader so today Andrew left the Squawk box studio eighty on Times Square and sat down. We works headquarters in Manhattan with Executive Chairman Marcello chlorine so much to talk about Given what's happened with with we work and where it's common where it's going. I think the biggest question on people's minds is how you think you're GonNa make money doing this. You have ten and plus maybe fifteen with bill with dead into this company. I think it's now valued at something on the Order of seven point. Nine eight billion dollars we saw on the books won't point people talked about this as a forty plus billion dollar valuation company. How how does this work? Just walk us through the math. Okay I We we work. Sustainable business we over the course of the last one hundred days we've put together a five year. Plan includes looking at every single building and and putting their financial forecast rebuilding and a five year. Plan is a great plan it comes down to execution and or let me take a step back and let me tell you how we how Softbank Excited I. It's an enormous market then the commercial real estate businesses large secondly so. We have a plan that I'll talk to you about it. We have a fully funded plan which is quite important. You you know. There's sufficient between debt and equity pretty much the plan is funded and we will have an excess of two and a half to three billion dollars in excess liquidity unforced. We have a great new leader. Now when you ask our we work basic your plan calls for us to be profitable by twenty twenty one gay. He was profitable gas for positive by twenty twenty two. I'm approximately one billion dollars. So free. Cash by twenty twenty four so we have a plan and now it comes down to execution we have. We're GONNA have our first one billion quarter in twenty twenty Linnea and we're going to have a thousand buildings this year so he's too large business in. Which scale is a competitive advantage in terms of the evaluation? How do you get back into the money? What do you get back into the money by having a clear plan and start executing when you look at twenty twenty two huge inflection point pretty much everything is fifty percent better unless you're and then when you get twenty twenty one you're either positive terms evaluation terms of multiple one of the questions for company? Like this is does it get a Tech Valuation Commission. Does it get some kind of step up in terms of how it's being valued or affecting evaluate like every other real estate company. This is not this is not real estate. Davison lace and underlying part of our business but this is a combination of technology combination of a mason buildings with gray design thus against see with with the community around rounded. So this is you know we can never say this is not a real estate business. It has hustle. Real estate depends on the growth depends at the end of the day. All old businesses are going to be valued on your ability to generate free cash. I don't care if a business real estate business and when you have a business today with a clear line of sight that will generate over a billion billion dollars of free cash high growth and I believe this will be a business that will provide a substantial return for initial investment. That's made let me ask you a question this is from your boss. Awesome Massa Son. Back in November. He said in the case of we work. I made a mistake. I won't make any excuses. It was a very harsh lesson. What was the lesson for you? What do you think the lesson was for him? In terms of the investment into the extent that you think it went wrong maybe the lack of involvement that we had are into business the complete open trust within good job in terms of building a scale business which Newman yes. Now we are a lot more involved with all of our businesses. We have active members in in all of our businesses. So I think that's you know that's what I'm referring to mistake. What we're not saying is at this business and mistake by no means? This is a great business very business. If you go. This is the only area that hasn't moved to on demand or business today. You you can order a desk pretty much from your phone. Think about in other ways you can go off is building. They're going to ask you to sign a five year lease. You're going to have to get a builder contractor and all that today you can go to your phone. You can go to a nap and you can sign. It's three months or six month and one year list so this was the last part of the world in which the economy really has had an effect. Today I mean you can see the gross. There's very few business in the world. I was in in there in in this type of in this type of business where we've grown from two two hundred buildings in two thousand seventeen at the end of this year. We're going to have over one thousand building and these are large buildings. They house thousand people so therefore I mean it's it's a great business is high growth or customers love it. It has a great brand so I could not be more positive in the future we work. Ishaq Adam Newman rarely rarely. Yeah Yeah not not that much anymore. I mean I'm calls. He gives us this opinion. And what does he think of all of this. I think he's very excited. He's very excited that the bill de their businesses transitioning from a high growth to immoral say more disciplined business with accountability with.
"executive chairman" Discussed on Squawk Pod
"Get the best stories debate and analysis from the biggest names in business and politics today on Squawk Pod we works executive chairman and the Chief Operating Officer of its main backer Softbank. What do you think the lesson was for him? In terms of the investment into the extent that you think it went went wrong maybe the lack of involvement that we had in the business. They complete an open trust when intrepid Moore fans sent us their questions about the corona virus Chris on twitter former. FDA Commissioner Dr Scott Gottlieb response to those tweets probably the way. This is transmitting. Most efficiently through touch people touching services or having dirty adds an touching their face. The best thing you can do is keep your hands clean and a big night at the Oscars joke. How did parasite win when there was no host those stories plus a few more? I'm CNBC producer. Cameron Kosta. It's Monday February. Tenth Squad begins right now and enter by a three a two one commander. Good Morning. Welcome squawk box right here on. CNBC we're live at the Nasdaq market. Side of time. Square may draw with Joe Kernan and Mike Santoli. Becky's off off today. Stephanie Link is here see forces to CNBC contributor given us all her views among other things. It's not hurt. Doesn't sound fine. Her its highest highest. It's the most proud we asked you to tweet us your questions about the corona virus. Now we have the doctor in the house. Scott Gottlieb is here to answer Emmys the former FDA Commissioner board member of Pfizer and alumina and a CNBC contributor. That's your highest ranking. I know we're going to start with this question. I keep hearing things about the limits of data collection specifically the lack of enough testing kits. Have Authority already run up against that limit or is that that's still in the future. What are we doing to grow testing capacity? Well in China they seem to be limited and if you notice the reporting is pretty steady day to day right so it appears that in Wuhan in that province by province can do about six thousand tests today on specimens that you end up sending two or three specimens per patient go figure. They're running about three to four thousand tests a day on patients. And so that's why you probably see three thousand reporting in the US CDC forward shipped two hundred tests kids to laboratories he's here in the United States state and local health labs each kit contests seven to eight hundred samples. Okay you figure per patient might send in two or three samples so we could test probably fifty thousand cases. Now we've got another question for you. This is coming from a viewer. China's reported carnivores outbreaks of two for two weeks due due to Everyday numbers do you think that they have contained the virus or too early to tell our their US people on the ground in China to help them get more information. We don't have Americans on the ground yet has health officials. I mean I'm sure. We have people collecting intelligence. This doesn't appear to be contained in China now. Singapore appears to have sustained community spread as well. So I think we're starting to see epidemic spread and other countries now and we're just now beginning to detect that okay third question. What is the likelihood of a pandemic of of this illness? Here in the United States people including myself are concerned that officials are not being completely truthful as not to hurt global markets. Well when not but probably not at a pandemic yet penned means epidemic spread and more than two continents where we probably have some community transmission. Now that we're not detecting so certainly not thousands of cases but there's probably dozens of cases right now okay does transmit only through water. Droplets cough sneeze surfaces things like that. Were through the air much. Talk about negative pressure rooms. It probably the way. This is transmitting most efficiently as through touch people touching services or having dirty hands and in touch their face. It does transmit it through Aerosol. But you have to be pretty close to people to get aerosol transmission. The best thing you can do is keep your hands clean. Okay we got another. Is it possible for the virus to be transmitted via good shipped from China. Unlikely I mean that's called fo Mites. It's unlikely to survive on a surface long enough. It's probably hours not days in terms of the question that I I heard over and over again this weekend including from doctors. Who said you know what the flu in the United States or in the world is terrible? How much more terrible is this? That's why I don't think it's a good comparison. I mean they're both bad. This could be worse. The case fatality rate for the flu is point one. This looks like it might be as high as one percent is probably going to settle. It'll between point two and point five percent it does appear that being between five and ten percent of people get this get a severe pneumonia and the biggest concern here. The biggest concern is this looks highly highly contagious and so the flu. What we call the are not meeting the number of new cases for every case you have is around one point three? This might be as high as four but it looks like it's going to be somewhere between two or three this could this could spread much more efficiently and do protease inhibitors work can we. Can we anything we can use that. That really minimizes. This is the synthesis in stacks the deck and your favorite to that. You're going to recover right. I think we should be able to find an antiviral We already have. Maybe we might have already the question. Is that if introducing it the viral. Someone who already has severe disease. Is it too late. How do you already have enough? Viral replication that simply interrupting further viral. No replication is going to provide a therapeutic benefit. And that's going to figure out because they have to have a lot of our landed in the inflammatory response is already taken over. Do you think we'll know more in a few days. Because the fourteen day incubation period is over for a lot of the original people. I think we'll probably start turning over the card on outbreaks here in the US towards the end of the month maybe in the next couple of weeks we'll start to detect it. Singapore has as many China travelers as the United States and they clearly have sustained community transmission right now houses. No reason to think that we didn't have introduction cases here that went undetected. Thank you thanks a lot L. brands near you deal the cell. It's Victoria's secret brand. Private equity firm Sycamore Partners people familiar with the deal telling. CNBC could be announced as soon as this week. No word yet on what leadership role L. Brancaccio Les wexner would have in such deal. Wexner has been under mounting mounting pressure due to his ties of course with Jeffrey Epstein has been accused of creating a culture misogyny at Victoria secret secret particularly That New York Times piece published last week called Angels in Hell. He's also been criticized for the poor performance of the company's flagship brand and really the transition or miss on the transition in terms of what would be appealing to their audience and They're going through that transition right now. What do you think Henin Victoria secret? Ever be Vettori. You're not necessarily in terms of the image but in terms of the sales just by definition. I'll L. massively was not the execution was terrible. I think I'm going to talk about the bigger point about whether it's misogynistic I mean by definition is as objectification objectification and everything that it's a different world and you go back to the whole. History of of Victoria's secrets in it just looks like it doesn't fit in twenty twenty Eh. Missed what same with no the stock is a different story but but this universe and everything else we look at what the different Sort out of a viewpoint at this point I underst- I understand that but as an investor. There's a lot of money. Stephanie Link. Oh you own the shares of L. Brands. They actually bought it a couple of weeks ago so I didn't get it at the. Lowes but remember this. Talk One hundred dollars. Stock in two thousand fifteen sixty sixty one dollars at the beginning of two thousand eighteen team so it has lost a major amount of value because it has been mismanaged. I bought it because I thought there were a couple of ways that you could win either. The management executes better or are you have an activist in their Barrington. He would stir up that they would stir up the pot a little bit they can do asset sales. They could split up this company. I have some of the parts analysis that gets this this to thirty thirty two dollars from here. I think you can still make money. But they can do better in terms of inventory management and cost controls. There's a lot of things things that they can do. That will have this stock win over the long. There's a perception. It's like a blockbuster or game stopper anachronistic gets. It's in a business. Are you still going to buy things like I. Maybe will maybe if they sell. Victoria's secret they've got bath and body works. And that's the story for the Alaska. Do they need to get a decent price. Victoria's secret's not I don't think so. I mean I think set of some of the parts three times even da and that gets you a thirty only two dollars which is super cheap. Yeah his bath and body. It's now at a scale where it could be a standalone pump. But will it be. Do you think that survive live as a as a public instrument I think it could I think it could. I mean they've done a really good job in terms of product innovation and this is the area that they actually have executed. But there's still more that they can do right and as I said like there's a lot in terms of inventory management and cost control supply chain that kind of thing can really help grow the earnings and again. Can you have products. You have the top one you've been we've never gone there to a bath and body works very long time. No no but I mean can you get everything. They're good to have it at bed bath and be as a different than we go. We hang up at a totally different so we should check it out. You should check it out on Rini. The Saturday it could candles. I think there are a lot of. I can't look a lot of skin care creams and you know I mean the Gen Z.. They like that. I gotTa tell you. What do you have all these candles? All over the place in my house offs we candles moisturizer. which ones are they? They're teenagers now. We're the ones that need skin cream. What do they need Actually it this is. The paradox might might yet facials and everything all all they do. And they don't care so much about cosmetics. They care more about skin. CARE which is why Estee Lauder just in twenty eight percent growth rate around here. Everybody is in a cab in New York already knows is this. What's that about the gasoline prices? I paid because I already did the cab read where I've already said this. I know I'm going to say that. The average price of gasoline lean fell seven cents yet. But I was GonNa say you for your minivan. I paid to ninety nine yesterday. Did you drive twenty miles to get the two ninety nine. That's because I've have done that now a lot it was. Oh it was a lot. I thought it was cheap. Think to ninety nine cheap over the national average but you think in New York to nine. uh-huh deal yes. I was saying my wife do you think is a good deal because he was on the highway. Sometimes I think I'm a highway. They're able to rip you off because there's nowhere to go except the I won't you get ninety three octane for that silhouette you got that all is it an oldsmobile. Sola what do you have your like Danny de Vito. That's that's the Cadillac minivan. We have have highlander. I know what you think is like in the event however I want you to know the Sorkin family is GonNa get. I think I heard. Yeah the Chrysler. PACIFICA I UH-HUH I want you to know. They just came out with one last. Why do you even know what that is? All wheel drive just came out. Vacuum cleaner has a vacuum cleaner in it and it has moon roofs and all sorts of cool stuff a new ten inch screen in the front. You care what color so thrilled about getting a hybrid. I bred or an electrically do make a hybrid but I don't know if they make a hybrid with the all wheel drive and it's always the new piece of that which is what we were waiting for is we you know in the snow east coast that kind of thing. I mean up in Connecticut when we unless you get a high bridge telling you you can't get that bumper sticker..