Page 25 - atoday oct 1
P. 25
BUSINESS A25
Thursday 1 October 2015
Ralph Lauren shares continue rally after co. names new CEO
A. D’INNOCENZIO of the fashion and home was announced. It’s a luxury business. we have a great company.
AP Retail Writer decor business he created welcome shot in the arm, The announcement could We’ve always had a great
NEW YORK (AP) — Ralph nearly 50 years ago. Stefan considering shares have set in motion a succession company. Whether the
Lauren Corp.’s shares ex- Larsson, global president of slumped 44 percent this plan. But Lauren told The As- stock is up or down or side-
tended their rally Wednes- Gap’s Old Navy chain, will year, more than 21 percent sociated Press on Tuesday, ways, you can’t evaluate it
day, a day after the fash- become CEO in November in just the past three months with Larsson sitting at his by this moment. You evalu-
ion company announced and will report to Lauren. as sales growth has slowed. side in his Madison Avenue ate it on the long-term ba-
it was hiring Old Navy’s top Shares of the New York- The global fashion, home office, that he isn’t slowing sis. So my growth has been
talent to take over the CEO based company rose 13 decor and accessories em- down anytime soon and he long-term. My planning has
job. percent in afternoon trad- pire has been grappling isn’t leaving. He views Lars- always been long-term. I
Ralph Lauren, 75, who ing Wednesday to $117.38, with a tough economy in son as a partner. am always looking for the
held the title, will remain after climbing nearly 4 per- Europe, the impact of the “I am not coming in once future and bringing in the
as executive chairman cent in after-hours trading strong U.S. dollar, and in- a week. No. That’s not the right people that will build
and chief creative officer Tuesday when the news creased competition in the plan,” he said. “The plan is the company.”q
Report: Twitter founder Jack Dorsey to be CEO for 2nd time
SAN FRANCISCO (AP) — book’s photo-sharing ap- aside in 2008 in a coup en-
Twitter may be about to gineered by another com-
end its three-month search plication, Instagram, has pany co-founder, Evan Wil-
for a new CEO where it liams. Dorsey, 38, remained
started: with once-ousted surpassed Twitter in size. Twitter’s chairman and one
co-founder Jack Dorsey of its largest shareholders
running the short-messag- Worries about Twitter’s with a 3 percent stake cur-
ing service. rently worth about $600 mil-
Dorsey will be named Twit- future have been com- lion. He returned as a com-
ter’s permanent CEO as pany adviser shortly after
early as Thursday morning, pounded by the San Fran- Costolo replaced Williams
according to the technol- as Twitter’s CEO in 2010.
ogy news site Re/Code. cisco company’s inability A decision to hire Dorsey
The report Wednesday cit- also might represent an
ed unnamed people. to turn a profit more than about-face for Twitter’s
Twitter declined to com- board, which headed into
ment. nine years after its incep- its search for a full-time CEO
Dorsey took over as Twit- pledging to only consider
ter’s interim CEO in July, tion, even though its rev- candidates who could
replacing former stand-up make a “full-time commit-
comedian and veteran enue has been steadily ment” to the company.
entrepreneur Dick Costolo. Dorsey is also CEO of mobile
The change in command rising. Shortly after becom- payment service Square,
came amid slowing user a job he has repeatedly
growth that exacerbated ing interim CEO, Dorsey ac- said he intends to keep as
investor concerns about he prepares to take that
the Twitter’s ability to be- knowledged Twitter’s sub- San Francisco company
come more accessible to public too. The headquar-
a wider audience. par performance during a ters of Twitter and Square
Twitter has more than 300 are located a block from
million users, far behind the review of the company’s each other, making it more
1.5 billion people hooked convenient to shuttle back
on Facebook’s online so- disappointing second- and forth between the two
cial network. Even Face- companies. q
quarter results.
The qualms about Twitter’s
future have sunk its stock,
which has fallen by nearly
50 percent since late April.
The shares rallied after Re/
Code’s report came out to
gain $1.35, or more than 5
percent, closing Wednes-
day at $26.94 in an appar-
Twitter Chairman and co-founder Jack Dorsey applauds at ent vote of confidence in
the New York Stock Exchange. According to a report posted
Wednesday, Sept. 30, 2015 by technology news site Re/Code, Dorsey. If Dorsey is anointed
Twitter may be about to hire Dorsey as its permanent CEO three
months after he took over the job on a temporary basis. as CEO, it would mark his
(AP Photo/Richard Drew) second reign at the com-
pany that he helped start in
2006. He was Twitter’s origi-
nal CEO until being cast
Chinese solar company blames short-sellers for stock trouble
AP Business Writer day by its Chinese parent hedge funds he did not event marking the anniver- vestors who questioned
BEIJING (AP) — The chair- company. He urged inves- identify. The share price of sary of the Chinese parent their finances. Short-selling
man of a troubled Chinese tigators to finish their work Hanergy, a unit of Beijing- company’s founding, ac- involves selling borrowed
solar panel manufacturer as soon as possible. based Hanergy Holding cording to the transcript shares in a troubled com-
has denied wrongdoing Trading in Hanergy shares Group, soared over the released by the company. pany in the expectation
and blamed short-selling by in Hong Kong was suspend- year before its suspension, “While I have enormous that an investor can later
hedge funds for a plunge in ed after their price fell by making Li one of China’s direct losses, the losses for buy shares at a lower price
the price of its Hong Kong- nearly half, wiping $19 bil- richest businessmen but shareholders, investors, in- to return to their owner,
traded shares. lion off its market value in prompting warnings the stitutions and employees making a profit.
Hanergy Thin Film Power less than an hour. Li denied increase was dangerous- make me even more sad Some investors try to push
Group Ltd. is cooperating suggestions Hanergy en- ly fast. Financial analysts and upset.” Li’s comments down share prices by pub-
with an investigation by gaged in improper deal- questioned the Hong Kong add to a wave of criti- licly challenging compa-
Hong Kong regulators fol- ings with its Chinese parent. company’s reliance on cism of short-selling by Chi- nies’ financial information.
lowing the May 20 suspen- He blamed the price fall on making the bulk of its sales nese business leaders fol- That has prompted de-
sion in trading of its shares, “malicious short-selling” — to its Chinese parent. lowing the plunge in share mands by Chinese corpo-
chairman Li Hejun said in or betting by traders that a “The only big winner is prices of other companies rate leaders for regulators
comments released Tues- share’s price will fall — by short-sellers,” said Li at an that were targeted by in- to limit the practice. q
