The Verizon Communications Board of Directors has named Dan Schulman, the former CEO of PayPal Holdings Inc., as its new Chief Executive Officer. He will take over for Hans Vestberg. The change is effective immediately, as stated in a press release. Mark Bertolini has been appointed Chair of the Board. Vestberg will remain on the Verizon Board until the 2026 annual shareholder meeting. He...

Asian online fashion retailer Shein is set to launch its initial physical stores in France in November through a partnership with department store operator Societe des Grands Magasins (SGM), according to Reuters. Shein intends to start selling at the BHV department store in central Paris and at Galeries Lafayette locations in five additional cities nationwide. This signifies a new achievement for...

Deutsche Lufthansa intends to reduce around 4,000 positions by 2030 as part of a strategy focused on enhancing operational efficiency, which includes the use of artificial intelligence technologies. Lufthansa stated that the job cuts will mainly impact workers in its administrative sectors in Germany. The organization is undertaking a significant assessment of its activities across the group,...

Nintendo Co., the Japanese console and video game manufacturer, has named Devon Pritchard, its executive vice president of revenue, marketing, and customer experience, as the president of its U.S. division, the company disclosed. Pritchard, with 19 years of experience in the gaming industry, will take over from Doug Bowser on January 1 and will also become a member of Nintendo's executive board...

Nassef Sawiris, Egypt's wealthiest individual, intends to allocate as much as $50 billion toward infrastructure initiatives in the United States, as reported by the Financial Times. The firm created from the intended merger of his chemical and fertilizer firm, OCI Global, with his family's construction business, Orascom Construction, will concentrate on infrastructure investments in the United...

According to the audit and consulting firm, PwC's UK workforce decreased to around 33,700 from 36,000 during July 2024 to June 2025. PwC acknowledged the "challenging choice to reduce staff in certain sectors," but did not detail the extent of the job cuts. At the same time, compensation and promotion costs remained consistent with the prior financial year. PwC's UK operations include around...

According to the Bank of England, UK businesses are reducing positions at the quickest rate since 2021 and providing the bleakest employment outlooks since the pandemic began. UK firms reduced their employee count by 0.5% year-on-year from June to August, marking the largest decline in four years, as revealed by a survey of chief financial officers by the Bank of England. According to the...

Australian miner Rio Tinto is restructuring its operations and dividing them into three segments, the company announced in a statement. Rio Tinto will now feature a segment for iron ore, a segment for copper, and a segment for aluminum and lithium. The modifications take effect right away. Matthew Holcz, formerly in charge of the Pilbara operations, has been named head of the iron ore division....

BP plc is set to undertake a new assessment of its operations and expenses, aiming to reduce its office workforce by at least 15%, according to the Financial Times. This follows just months after its recent strategic revamp faced a lukewarm response from investors, the newspaper notes. This year, 6,200 out of 40,000 office employees will be let go, with “considerable further savings” on the...