Banking: Goldman Sachs taps an heir apparent
“As bake-offs go it was pretty unusual: a part-time disc jockey and a karate black belt vying to be the next leader of arguably the world’s most influential bank,” said Kate Kelly in The New York Times. Goldman Sachs last week anointed the DJ, 56-year-old investment banker David Solomon, as the heir apparent to its soon-to-retire chief executive, Lloyd Blankfein. The news came as Solomon’s black belt–holding rival for the job, Harvey Schwartz, abruptly resigned. Blankfein has led the firm for nearly a dozen years, but he has recently signaled to insiders that he may leave as chief executive as early as this year.
Media: Vice names female CEO
Former A&E network chief Nancy Dubuc will succeed Vice Media’s “freewheeling founder” Shane Smith as CEO, said Stephen Battaglio in the Los Angeles Times. Dubuc takes the reins at a crucial juncture for the Brooklyn-based digital content company. Vice has been “considered a candidate for a corporate makeover” since multiple reports of sexual harassment surfaced last year, with employees describing Vice as “not hospitable to women.” In an unorthodox arrangement, Smith will still remain at Vice working on “content and deals.” The company has committed to “a 50-50 split of male and female employees.”
Law: ‘Pharma bro’ Shkreli gets 7-year sentence
Former pharmaceutical executive Martin Shkreli “wept and apologized” this week as he was sentenced to seven years in prison for securities fraud, said Kate Gibson in CBSNews.com. The 34-year-old, who was convicted in August of defrauding investors in his hedge funds, “became the face of Wall Street greed” in 2015 when, as CEO of Turing Pharmaceuticals, he hiked the cost of AIDS drug Daraprim by 5,000 percent. Known for being “brash and defiant,” Shkreli has adopted “a more contrite stance of late,” telling the judge in a letter, “I accept the fact that I made serious mistakes.”
Tech: Dropbox names price ahead of IPO
Dropbox has surprised the market ahead of its highly anticipated initial public offering next week, said Maureen Farrell in The Wall Street Journal. The cloud-services and storage giant has valued itself “well below” the $10 billion it commanded when it last raised private capital back in 2014. By announcing it will price its IPO between $16 and $18 per share, Dropbox is now assumed to be valued at between $7 billion and $8 billion. Still, the IPO will likely be the largest in the U.S. tech industry since Snap went public last March.