Does mayo need a purpose? It’s time for a corporate governance reset at Unilever January 14, 2022 The City should take heed of Terry Smith’s recent comments on Unilever’s obsession with publicly displaying its sustainability credentials at the expense of focusing on the fundamentals of the business. Last year, chief executive Alan Jope claimed the purpose of Hellmann’s mayonnaise was “fighting against food waste.” It was a symptom of a wider malaise [...]
Terry Smith has a point – and the rest of the City should listen too January 13, 2022 Earlier this week we called for more plain speaking in the business world. Terry Smith, the legendary fund manager, has rarely needed such a nudge. Unilever, he said in his letter to investors this week, has “clearly lost the plot.” Smith’s beef was an effort to define the purpose of Hellmann’s mayonnaise. Regardless of whether [...]
Lord Michael Hastings on improving corporate citizenship January 13, 2022 This article first appeared in ICAS’ CA magazine. Lord Michael Hastings tells Laurence Eastham how far business has come in recognising its responsibilities to society – but why the journey has really only just begun Business has incorporated a new language. It’s one that gives values and purpose equal rank alongside revenue and profit. And it’s a shift that reflects [...]
Fund manager says Unilever has ‘lost the plot’ with focus on purpose over profit January 12, 2022 Fund manager Terry Smith has accused Unilever of “losing the plot” with its focus on sustainability.
City winners: This year’s most popular funds and shares, which include BP, Rolls Royce, Tesla and Argo Blockchain December 29, 2021 DIY fund buyers didn’t get the memo that value investing is back in fashion, instead largely plumping for growth strategies over the course of 2021. “Success breeds success they say, and retail investors clearly have a high conviction that these funds will continue to prosper,” Laith Khalaf at AJ Bell told City A.M. as he [...]
GSK confirms former Tesco boss Sir Dave Lewis will head up £40bn spin-off December 20, 2021 Former Tesco boss Sir Dave Lewis is set to lead the £40bn separation of GlaxoSmithKline's (GSK) consumer healthcare arm.
Chanel names Londoner and Unilever exec Leena Nair as global CEO December 14, 2021 One of the most recognised luxury fashion brands has announced British former consumer goods specialist Leena Nair as its new global CEO. Born in India, a British national and a fashion industry outsider, Nair’s appointment as the boss of the French luxury giant is an unexpected move by the fashion house, known to be a [...]
WPP acquires design agency Made Thought to ‘raise the bar’ for creativity December 6, 2021 WPP today announces the acquisition of a majority stake in branding and design agency Made Thought.
Six Nations stakeholder CVC hires Goldman to plot £11bn IPO December 5, 2021 London-based private equity giant CVC Capital Partners is reportedly working with Goldman Sachs to prepare to follow in Bridgepoint’s footsteps with a blockbuster stock market listing. CVC, which boasts Six Nations rugby and RAC among its portfolio, is working with the bank on a potential float that could value it at up to £11bn, the [...]
It starts with a chat: FinnCap CEO Sam Smith on the female IPO deficit November 24, 2021 Sam Smith has led FinnCap through a particularly busy six months, as a flurry of activity in the M&A and IPO markets helped the City broker achieve record half year results last week. Earnings jumped 55 per cent to a record £32m, pre-tax profit was up around three-quarters to £6.3m, and the firm enjoyed a [...]