Category Archive for "Business Executives"

State Street Corporation, which erected the “Fearless Girl” statue on Wall Street, settles lawsuit for pay discrimination

By Charles Lipson

Thursday, October 5, 2017 0 Business Executives, Courts and the Law, Discrimination in Employment, Gender Politics State Street Bank Permalink

Boston’s State Street, one of the country’s largest financial institutions, agrees to pay $5 million to settle a federal complaint about pay discrimination against female and black executives (Boston Globe)

The sum is peanuts for a major bank, but it gives the company a black-eye in an area it has staked out: larger roles for women.

The settlement comes only months after the financial giant received plaudits for sponsoring the “Fearless Girl” statue near Wall Street in Manhattan as part of its effort to get more women placed on the boards of public companies.

In March, an office within the Department of Labor found that State Street had discriminated against women at the senior vice president, managing director, and vice president levels by paying them less than men in similar positions. The agency also claims the company paid black employees less than similarly positioned white employees.

The pay practices covered a two-year period and affected 305 female executives and 15 black vice presidents, the government said. –Boston Globe

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That HUGE Equifax hack….really bad. Also bad: three execs there sold stock before the disclosure

By Charles Lipson

Thursday, September 7, 2017 2comments Business Executives, Corruption, Crime, Cyber Crime, Cybersecurity Equifax Permalink

The hack itself was massive, exposing 143 million names and their social security numbers to criminals.

That’s about 45% of the US population.

It is one of the largest and most-damaging computer hacks ever, according to Engadget.

The criminals had access to information that could allow them to create or take over accounts for many of the people impacted since they have names, addresses, birth dates, social security numbers and “in some cases” drivers license numbers. –Engadget

Now, Bloomberg is reporting

Three Equifax Inc. senior executives sold shares worth almost $1.8 million in the days after the company discovered a security breach that may have compromised information on about 143 million U.S. consumers.

Marisa Salcines, a spokeswoman for the Atlanta-based company, didn’t immediately return a call for comment.–Bloomberg

Comment: Confer Desi Arnaz

Stepping down as CEO: Howard Schultz of Starbucks, a true marketing genius

By Charles Lipson

Sunday, March 19, 2017 0 Business Executives, Consumers and Consumption, Economy Howard Schultz, Starbucks Permalink

Howard Schultz founded Starbucks and, with his gift for marketing, turned it into an iconic global brand.

In early April, he will step down from his position as CEO. (Seattle Times)

Starbucks ubiquity obscures Schultz’s remarkable marketing achievement

Marketing does not simply mean selling.

It means discovering what consumers want–perhaps even before consumers have figured it out themselves.

It means sticking to what your customers want and then expanding your product line sensibly, without diluting the experience.

“The experience” is Starbucks’ edge

Under Schultz’ direction, Starbucks have figured out a way to create a modern substitute for the old corner bar, one updated for a new generation while still welcoming older customers.

They do it reliably, too, across the US and around the world.

To do that with a generic product, one with very low barriers to entry, one that any local vendor can imitate, and still achieve market dominance is remarkable.

That puts Schultz is in a class with Steve Jobs as visionary marketing geniuses who created and delivered an “experience,” as much as a product, for their customers.