Netflix has lost about $12 billion in market value today, the first day of trading since the abrupt ouster of a top executive over the use of a racial epithet.
Jonathan Friedland exited the company as communications chief Friday after a second instance of his use of a racial slur was revealed. The ignominious end to his Netflix career was not exactly swept under the rug by an eye-opening memo to employees from CEO and founder Reed Hastings, which suggested larger problems in the company’s culture.
Hastings wrote that his “privilege” led him to “intellectualize or otherwise minimize race issues like this.”
For Monday’s session, Netflix shares dropped about 6.5%, closing at $384.48. It was the stock’s biggest single-day drop since 2016, when share prices swooned after the company said it would not renew an agreement with the cable network Epix (and lose popular movies including The Hunger Games). Trading volume...
Jonathan Friedland exited the company as communications chief Friday after a second instance of his use of a racial slur was revealed. The ignominious end to his Netflix career was not exactly swept under the rug by an eye-opening memo to employees from CEO and founder Reed Hastings, which suggested larger problems in the company’s culture.
Hastings wrote that his “privilege” led him to “intellectualize or otherwise minimize race issues like this.”
For Monday’s session, Netflix shares dropped about 6.5%, closing at $384.48. It was the stock’s biggest single-day drop since 2016, when share prices swooned after the company said it would not renew an agreement with the cable network Epix (and lose popular movies including The Hunger Games). Trading volume...
- 6/25/2018
- by Dade Hayes and Dawn C. Chmielewski
- Deadline Film + TV
Intel CEO Brian Krzanich has resigned following an internal investigation into a past relationship with an employee, the company announced Thursday morning. The relationship was characterized as consensual, but was in violation of the company’s non-fraternization policies for management staff.
Krzanich is being replaced by Intel CFO Robert Swan, who will serve as interim CEO while the company is looking for a new permanent CEO.
“The board believes strongly in Intel’s strategy and we are confident in Bob Swan’s ability to lead the company as we conduct a robust search for our next CEO,” said Intel chairman Andy Bryant in a statement. “We appreciate Brian’s many contributions to Intel.”
Krzanich had joined Intel as an engineer in 1982, and worked his way up to become CEO in 2013. One of his first major moves as chief executive was a significant course correction on Intel’s media plans: His predecessor,...
Krzanich is being replaced by Intel CFO Robert Swan, who will serve as interim CEO while the company is looking for a new permanent CEO.
“The board believes strongly in Intel’s strategy and we are confident in Bob Swan’s ability to lead the company as we conduct a robust search for our next CEO,” said Intel chairman Andy Bryant in a statement. “We appreciate Brian’s many contributions to Intel.”
Krzanich had joined Intel as an engineer in 1982, and worked his way up to become CEO in 2013. One of his first major moves as chief executive was a significant course correction on Intel’s media plans: His predecessor,...
- 6/21/2018
- by Janko Roettgers
- Variety Film + TV
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