Finance
Peloton Swaps Out Finance Chief as It Navigates Persistent Losses
Peloton Interactive Inc.
is exchanging its prime finance govt about 4 months after it named a brand new chief govt, a transfer that comes because the fitness-equipment maker navigates persistent losses.
The New York-based at-home train tools firm on Monday stated
Liz Coddington
will function its chief monetary officer, efficient June 13. Peloton stated its present CFO,
Jill Woodworth,
determined to go away after greater than 4 years with the corporate.
Peloton stated Ms. Woodworth will stay with the corporate as a advisor on an interim foundation to assist put together the fiscal yr 2022 monetary outcomes.
Ms. Coddington most just lately served as vice chairman of finance for Amazon Net Providers, an
Amazon.com Inc.
subsidiary that gives on-demand cloud computing platforms. Earlier than that, she held CFO and management finance roles at firms together with retailer
Walmart Inc.
and streaming enterprise
Netflix Inc.
Ms. Coddington joins Peloton as the corporate is coping with waning demand from shoppers after dealing with points round its potential to satisfy orders, which soared through the early phases of the pandemic. The surge in demand for Peloton bikes led the corporate to interrupt floor on a million-square-foot manufacturing unit in Wooden County, Ohio, final yr.
Peloton is now seeking to promote the manufacturing unit that it’ll by no means use. The corporate additionally slashed costs for its tools, projected slower development and needed to borrow $750 million to fund its operations.
Peloton in Might reported its largest quarterly loss because the firm went public in 2019, reporting a web lack of $757.1 million for the quarter ended March 31, in contrast with a lack of $8.6 million within the prior-year interval.
In February, Peloton changed Chief Government
John Foley
with
Barry McCarthy,
who beforehand led the funds of digital music service
Spotify Know-how SA
and Netflix. The corporate additionally lower 2,800 jobs amid diminished demand for its train tools. Mr. Foley was intently related to the corporate’s development section after its public providing and the income surge early within the pandemic.
The change within the CFO-seat is sensible given the persevering with restructuring underneath Mr. McCarthy, stated
Rohit Kulkarni,
managing director at fairness buying and selling and analysis agency MKM Companions LLC.
“As the brand new CEO places his mark on the group’s construction and aligns it with the place he needs the corporate to go, these modifications should not utterly stunning,” he stated.
With Peloton’s fiscal yr ending June 30, Ms. Coddington will in a short time be “underneath an even bigger investor microscope,” because the expectation is that the corporate will launch fiscal yr steering quickly after she joins, Mr. Kulkarni stated. “It is going to be a difficult process to supply that new steering.”
Write to Jennifer Williams-Alvarez at jennifer.williams-alvarez@wsj.com and Mark Maurer at Mark.Maurer@wsj.com
Copyright ©2022 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Finance
GOP Rep. Andy Ogles faces reelection amid FBI campaign finance probe
Andy Ogles, a freshman Republican from Tennessee, is hoping to retain his seat in the U.S. House of Representatives amid an FBI investigation into alleged discrepancies in his 2022 campaign finances.
As the first-term congressman seeks reelection, he will face a strong challenge from Democrat Maryam Abolfazli, a progressive advocate from Nashville, in a district that has become increasingly competitive following recent redistricting.
Ogles, a member of the conservative House Freedom Caucus, confirmed in August that federal agents had seized his cellphone as part of an ongoing investigation into his campaign’s financial filings.
The inquiry stems from reported inconsistencies in Ogles’ 2022 records, including a $320,000 loan he initially reported making to his campaign.
Newsweek has contacted Ogles’ office for comment via email.
What is Andy Ogles Accused Of?
Ogles later amended his filings, lowering the figure to $20,000, and explained that the larger amount had been a pledge, not an actual loan, which he claimed was mistakenly included in the reports.
In addition to the phone seizure, FBI agents obtained a warrant to access Ogles’ personal email account.
However, according to court documents, investigators have yet to review the contents of the account.
Ogles has publicly stated that he is fully cooperating with the investigation and believes the discrepancies were the result of honest errors.
Why is Nashville Left-Leaning?
The scrutiny follows an ethics complaint filed in January 2023 by the Campaign Legal Center, which raised concerns about potential violations related to his personal and campaign finances.
The nonprofit, which advocates for transparency in political funding, compared Ogles’ situation to that of embattled New York Rep. George Santos, who has faced numerous investigations into his own campaign finances.
Ogles represents Tennessee’s 5th District, a Republican-leaning area that includes a portion of the liberal-leaning city of Nashville and stretches through five more conservative counties.
Although the district remains solidly Republican, the influence of Nashville’s progressive voters, combined with shifting national political dynamics, has created a potentially more competitive race than in the past.
In the 2022 election, Ogles won the seat by more than 13 percentage points, a result bolstered by the Republican-led redrawing of the state’s congressional districts after the 2020 census.
Lawmakers split Nashville into three separate districts, forcing longtime Democratic Rep. Jim Cooper into retirement and shifting the state’s congressional delegation to an overwhelming GOP majority.
Ogles’ district now includes part of the newly drawn 5th District, which spans from the Democratic stronghold of Nashville through more conservative rural counties. The redistricting was seen as a strategic move by Republicans to strengthen their hold on the state’s congressional seats.
Ogles faces a tough challenge from Maryam Abolfazli, a Nashville-based nonprofit leader and activist.
Who is Maryam Abolfazli?
Abolfazli, the founder of Rise and Shine TN, has been a vocal advocate for stronger gun control in the wake of the tragic shooting at the Covenant School in Nashville in March 2023, which left six people dead, including three children.
Since entering Congress, Ogles has become known for his vocal opposition to the Biden administration and his alignment with the most conservative factions of the Republican Party.
Beyond his financial controversies, Ogles has faced criticism for past statements about his educational background.
After a news outlet questioned his claim of holding an international relations degree, Ogles admitted to overstating his credentials, saying he was “mistaken” about his academic history.
Ogles, a former mayor of Maury County and state director for the conservative group Americans for Prosperity, remains a staunch defender of conservative policies.
He has filed multiple articles of impeachment against President Joe Biden and Vice President Kamala Harris, citing their administration’s policies on border security, the economy, and other issues.
Following Biden’s announcement that he would not seek reelection in 2024, Ogles introduced new articles of impeachment targeting Harris.
As the race in Tennessee’s 5th District heats up, Ogles’ ability to navigate the FBI investigation, manage his financial controversies, and hold onto his conservative base will be key to his chances of securing a second term.
This article contains additional reporting from The Associated Press
Finance
Stock market today: Asian shares are mixed after Wall Street drifts ahead of US Election Day
NEW YORK (AP) — Shares were mixed in Asia early Tuesday after U.S. stock indexes drifted lower a day ahead of the U.S. presidential election.
This week will bring various potential flashpoints, among them Election Day in the United States. But the results may not be known for some time as officials count all the votes, and that could bring sharp swings since markets hate uncertainty.
U.S. futures were virtually unchanged early Tuesday.
Adding to the potential for volatility, the Federal Reserve will also be meeting on interest rates later this week. The widespread expectation is for it to cut its main interest rate for a second straight time.
Investors also hope the Chinese government may announce stimulus for the world’s second-largest economy.
Japan’s Nikkei 225 index gained 1.3% to 38,552.67, reopening after a holiday on Monday.
South Korea’s Kospi fell 0.7% to 2,569.75, while the S&P/ASX 200 in Australia dropped 0.6% to 8,117.30.
The Standing Committee of China’s National People’s Congress is meeting this week, and analysts say the government may endorse major spending initiatives to boost economic growth amid troubles for the country’s real-estate industry.
The official Xinhua News Agency reported that the lawmakers had reviewed legislation to raise ceilings on local government debt to replace existing hidden debts, part of a process to arrange debt swaps to help resolve the financial woes brought on by the pandemic and by a collapse in the property market in recent years.
Hong Kong’s Hang Seng was up 0.1% at 20,597.30 and the Shanghai Composite index picked up 0.4% to 3,323.26.
On Monday, the S&P 500 slipped 0.3% to 5,712.69, remaining near its record set last month. The Dow Jones Industrial Average fell 0.6% to 41,794.60, while the Nasdaq composite slipped 0.3% to 18,179.98.
Intel fell 2.9%, and chemical producer Dow sank 2.1% in their first trading since getting notified they’ll no longer be included in the Dow Jones Industrial Average. Warren Buffett’s Berkshire Hathaway dropped 2.2% and was one of the heaviest weights on the market after reporting a drop in operating profit for the latest quarter.
But the majority of stocks within the S&P 500 rose, including a 2.8% gain for Fox after it reported a stronger profit than expected.
The hope that’s propelled U.S. stock indexes to records recently is that the U.S. economy can remain resilient and avoid a long-feared recession, in part because of the coming cuts to rates expected from the Fed.
The broad U.S. stock market has historically risen regardless of which party wins the White House. And in 2020, U.S. stocks climbed immediately after Election Day and kept going even after former President Donald Trump refused to concede and challenged the results, creating plenty of uncertainty. A large part of that rally was due to excitement about the potential for a vaccine for COVID-19, which had just shut down the global economy.
Finance
University of Phoenix and Goalsetter Launch Financial Wellness Webinar Series
Virtual, free series features Goalsetter’s award-winning curriculum along with guest speakers to support financial wellness
PHOENIX, November 04, 2024–(BUSINESS WIRE)–University of Phoenix is pleased to announce a new webinar series with Goalsetter, an award-winning financial education platform dedicated to helping individuals and families achieve financial wellness through engaging and practical resources. The ten-part series will launch with a discussion on “Managing Credit Card Debt and Fostering Good Credit Habits,” on Tuesday, November 19, at 12 p.m. MST. Featuring Tanya Van Court, Founder and CEO of Goalsetter, Kevin Soehner, Senior VP of Operations for iGrad®, and moderated by Chris Conway, Director of Financial Literacy at University of Phoenix, the discussion will focus on building good credit habits, understanding interest rates, and how credit can impact personal finance decisions. Throughout the series, participants will gain valuable insights and practical strategies to manage their finances and plan for a secure financial future, as well as have the opportunity to engage in a Q&A session during each webinar.
“At University of Phoenix, we are committed to equipping our students with the knowledge and tools necessary for financial success,” shares Director of Financial Literacy at the University, Chris Conway. “Our collaboration with Goalsetter aligns with our mission to empower students not only in their academic and career pursuits but also in their financial lives by helping them save time and money. This webinar series is designed to provide practical strategies and insights that can help learners make informed financial decisions.”
Each month during the series, University of Phoenix and Goalsetter will offer webinars focused on key strategies for financial wellness:
-
November: Managing Credit Card Debt and Fostering Good Credit Habits
-
December: Paying for School and Scholarships
-
January: The Art and Science of Effective Budgeting
-
February: Stop Overspending: 5 Tips
-
March: Yes! You Can Save Money: Little Actions that Add Up
-
April: Emergency Funds are Critical; How to Create Them, Even If You Think You Canʼt
-
May: Why Credit Scores are Important and How to Improve Them
-
June: How to Plan for Your Eventual Retirement
-
July: Investing in Your Families’ Future
-
August: How to Set Your Kids Up for Future Financial Success
“Our mission is to empower every individual with the financial knowledge they need to secure a strong financial future,” says Van Court. “By working with the University of Phoenix, we are bringing our award-winning financial education tools to a larger audience, helping individuals and families gain the practical skills to make informed financial choices. Together, we aim to create a pathway toward financial freedom that’s accessible, engaging, and transformative.”
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