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The institution of management is bad. Bad because it causes too much stress and harms human health. Bad because it allocates too many resources to non-productive activity and hampers human progress.
We tend to focus on the large scandals that make headlines, blame individuals and then dismiss it as “a few bad apples” (despite the alarming frequency of such apples). What if it were not the apples that were bad, but the orchard? Maybe these scandals are just the visible symptoms of an underlying disease?
The more pedestrian “business as usual” institution of management, so consequential to the livelihood and well-being of hundreds of millions of people every day, produces mostly bad results for stakeholders. For instance, in a widely cited Gallup study, only 13 per cent of employees are “engaged” at work. Why is it that management is not better at managing?
It’s not like there are no other options. From the Scientific Management movement in the 1880s to Lean and Agile in the last 30 years, there have always been more progressive management philosophies for as long as there have been big companies.
Few companies embrace change
And this is not just theory. A small percentage of companies have embraced alternative management systems and have thrived, the largest and most famous being Toyota. But even though there’s empirical evidence showing it’s possible, when a complete enterprise transformation takes place, to better satisfy the interests of customers, employees and even shareholders concurrently, the vast majority of executives have taken only a superficial interest in these transformative philosophies. Why?
Toyota has adopted a non-traditional management style that is cited by experts as a reason behind the company’s success. (AP Photo/Koji Sasahara)
I’ve discovered some compelling answers from a voice in the wilderness of management thinking by the name of Bob Emiliani. In his 2018 book The Triumph of Classical Management Over Lean Management, and in shorter, related works he’s published more recently, he argues that the prevailing ideology of “Classical Management” does not endure simply because of greed and profit motive.
While admitting that “pecuniary self-interest” is certainly a driver of executive behaviour, Emiliani marshals persuasive arguments that it’s due far more to sociological factors, like the maintenance of one’s honour, rights and privileges within a peer group.
This is why, for instance, executives will almost always prefer to spend tens of millions on new IT systems (that rarely improve company performance) rather than spend 15 minutes a month speaking to front-line employees directly, trying to understand their work and the problems they actually face while trying to serve customers every day. There is too much dishonour in the latter and much greater privilege and status in the former.
Managing for the 19th century
The institution of management has, over the past 150 years, created, upheld and reinforced such social norms of leadership behaviour, causing good people to manage badly. We’re still basically managing as if it were the 19th century.
Emiliani, a professor in the school of engineering, science and technology at Central Connecticut State University, ignores the boosterism and wishful thinking of the currently popular management books and delves instead into the classics of the social sciences – a somewhat remarkable move for someone with a PhD in chemical engineering. He weaves together an incisive and inter-disciplinary analysis of why contemporary executives behave and think the way they do.
Many CEOs are more worried about their own status rather than creating a more co-operative work culture. (Shutterstock)
Emiliani uses the metaphors of war (aggression and conflict), hunting (predation), sport (competition) and devout observances (rituals and decorum) to describe and explain contemporary management culture.
What emerges is a view of a powerful trinity of sociological forces that act upon mostly well-intentioned executives, keeping them firmly attached to the status quo: firstly, a culture that requires them to maintain their honour and status in the eyes of their peers; secondly, politics and economics, which privileges power-seeking and territorial dominance above egalitarianism and co-operation; and thirdly, metaphysical habits of thought, which give licence to executives to forgo the need to use scientific rigour or rational logic in their thinking, and instead allows them to indulge in more mystical and supernatural explanations of cause and effect.
Emiliani’s prose has a certain delightful vitriol to it, using strong contrasts and the somewhat bombastic language of 19th-century socioeconomics to make his point. He writes with great candour, in part, because he can.
He is not subservient to vested interests: he self-publishes all his books and is not a big-name Ivy League business school professor with binding sponsorships, lucrative publishing contracts or viral TED talks. Nor is he a consultant (like me) benefiting from the multi-billion-dollar “leadership industry,” as Stanford business professor Jeffrey Pfeffer calls it.
Respectful approach is needed
His writing is a dispassionate and well-reasoned plea for a better, more respectful, humanistic system of management that creates more value for employees, consumers, shareholders and, ultimately, society. It provokes the reader to think deeply about the chronic nature of bad management and its widespread consequences, both economic and social.
While he spends most of his time illustrating how bad management has deep roots, Emiliani also offers some practical proposals for improving it. He recognizes and accepts that leaders are not likely going to change, or change very much, and so proposes two alternatives that do not require wholesale transformation of an enterprise.
One proposes that leaders obey only two rules: don’t disrupt the flow of operations and provide above-average compensation to employees.
The other proposes that leadership is seen as a set of flawed processes that can, with a little ingenuity, be improved. If leaders blame errors on the process and not their own character, Emiliani speculates that they might just be willing to improve.
These low-effort, low-cost options have yet to be thoroughly tested, but at least they offer reason for some hope.
Alphabet Inc. (GOOG) ’s $2.1 billion Fitbit Acquisition Request Faces Challenges from the EU
EU regulators are concerned how this will affect the digital healthcare space; and if other fitness tracking apps in the play store will be at a disadvantage. Regulators are also concerned how Google will use the data to profile users for its own efforts for their search and advertising business.
Reported by Euronews “Privacy International is calling on EU regulators to block the merger,” it said in a statement. “If the EU approves the deal, then it will be giving a green light to our most intimate data being used for the profit of a tech giant which, in 2018 only, generated more than $80 billion (€71 billion) in revenue from delivering targeted advertisements to users,” it added.
In a report by the European Consumer Organization “The acquisition of Fitbit could expand Google’s immense power in digital markets into the $8.7 trillion global healthcare market1 through its strength in data and data analytics. Google has already made significant inroads into healthcare. Regulators must carefully assess the proposed deal’s implications for innovation and its potential to undermine the ability of companies to bring new products to consumers in the area of digital healthcare.
The results of unfortunate merger control decisions in the past have likely contributed to the rise of tech giants. Subsequent concerns now have to be addressed through more costly and lengthy ex-post antitrust enforcement proceedings and other competition interventions. Such harms to consumers are far better prevented than cured. Therefore, before deciding whether this takeover can proceed or not, regulators must carefully analyse its full implications for consumers and consider its potential for far-reaching and dynamic effects on digital and health markets.” Source: European Consumer Organization
Australia’s Competition and Consumer Commission also has concerns.
We believe that Google will be able to overcome these concerns as they stated, “Fitbit health and wellness data will not be used for Google ads.” Still, data privacy concerns remain at the forefront of a Fitbit acquisition.
In other news Google announced that most of all its staff will work from home until mid 2020 due to concerns about the COVID-19 Pandemic. Apple, Google, Amazon, and Facebook CEOs to appear at antitrust hearing on July 27, 2020.
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Under Armour, Inc. (UA) NYSE – founder Kevin Plank and other executives of the company have been names in a federal probe regarding its accounting practices. Furthermore, investigations allege management may have provided misleading business information to the investing public. The stock is down today in early trading.
Wells Notices were sent to Chief Financial Officer David Bergman informing them that the U.S. Securities and Exchange Commission is likely to “allege certain violations of the federal securities laws.”
IBD reports” Under Armour stock has an abysmal IBD Composite Rating of 4. This puts it in the bottom 4% of stocks tracked by IBD. Both earnings and stock market performance are weak.” Source:IBD
14 analysts at Tip Ranks rate the stock a hold- “Based on 14 analysts offering 12-month price targets for Under Armour in the last 3 months. The average price target is $9.00 with a high forecast of $15.00 and a low forecast of $4.00. The average price target represents a -8.91% decrease from the last price of $9.88.”Source: Tip Ranks
“A Wells notice is a letter that the U.S. Securities and Exchange Commission (SEC) sends to people or firms when it is planning to bring an enforcement action against them. It is issued at the conclusion of an SEC Investigation notifying the people or firm in question that the SEC has concluded that they should be charged with violation of the securities laws. The notice indicates that the SEC staff has determined it may bring a civil action against a person or firm, and provides the person or firm with the opportunity to provide information as to why the enforcement action should not be brought. The person or firm is generally given 30 days to file this response in the form of a legal brief considering legal and factual arguments as to why no charges should be brought against them. Although investigation is conducted on a confidential basis, this notice, as well as its response, is public information that can be used in later public hearings among other things.
Regulators are not legally required to provide a notice; however, it is the practice of the SEC and the Financial Industry Regulatory Authority (FINRA) to provide such notice. In addition, 80% of people who were sent a Wells Notice from 2011-2013 ended up facing charges for allegedly violating securities law.” Source: Wikipedia
Mr. Plank became Under Armour’s Executive Chairman and Brand Chief in January 2020, following his role as Founder, Chief Executive Officer and Chairman of the Board of Directors from 1996 to 2019, and President from 1996 to July 2008 and August 2010 to July 2017. Founded in 1996 out of frustration that cotton T-shirts were unable to keep him dry and comfortable while playing football at the University of Maryland, Mr. Plank designed and created a new apparel innovation that efficiently wicked sweat to optimize athletic performance. Nearly a quarter of a century later and Under Armour has grown into one of the world’s leading developer, marketer, and distributor of branded performance apparel, footwear, and accessories. Mr. Plank also serves on the Board of Directors of the National Football Foundation and College Hall of Fame, Inc., and is a member of the Board of Trustees of the University of Maryland College Park Foundation. Source:Under Armour
The first Muslim prayers were held on Friday inside the Hagia Sophia in 86 years. AP Photo/Yasin Akgul
Anna Bigelow, Stanford University
Since its origins in the sixth century A.D, the Hagia Sophia has served as a church, a mosque, and, since 1934, a museum. But on July 10, the Turkish government declared that from now on it would serve as a mosque and be open for all visitors when not in use for the five daily prayers.
The first “namaz,” or the Muslim prayer, to take place under the building’s soaring dome in 86 years was held on July 24.
The move to change the status of one of Istanbul’s most recognizable landmarks has drawn strong reactions.
It is worth considering why so many have, for so long, cared so much about the fate of the Hagia Sophia as responses praising and condemning the decision have come in from around the world.
Justinian, called “the builder of the world” by his chronicler Procopius, hoped the monument — a cathedral — would help establish his political domain and unify a fractious Christian church divided by theology and competing regional power bases.
Only a great ruler could build such an edifice, and only a great empire could sustain it.
The first shift in the building’s identity occurred during the Fourth Crusade. Frankish holy warriors occupied Constantinople from 1204 to 1261, looting the Hagia Sophia of its many treasures.
By that time the Eastern Orthodox church based in Constantinople and the Western Catholic church based in Rome had broken apart in the great schism of 1054 A.D. After the Byzantine reconquest of Constantinople, it took some convincing for the population to return to the cathedral that had been despoiled by the crusaders.
The next major shift occurred almost 200 years later with the Ottoman conquest in 1453 A.D. that saw Constantinople renamed as Istanbul and Hagia Sofia converted into a mosque. Sultan Mehmed II, who lived from 1432 to 1481 A.D., established an endowment in perpetuity providing the Hagia Sophia mosque with the necessary support and staff. At the same time, he encouraged his Muslim subjects to pray there.
After the conversion, an alcove facing Mecca, known as the “mihrab” was added, making it possible for Muslims to know the proper orientation for the five time daily prayers.
A pulpit or “minbar” for giving the Friday sermon was also installed. Eventually calligraphic medallions of the names of God, Muhammad, and the first four caliphs of Islam, were added to this monument.
The many mosaics of Christian figures such as Jesus, Mary, the apostles and saints, as well as various Byzantine rulers were mostly left intact and not completely plastered over until the 1840s when Sultan Abdülmecid II hired the Italian Fossati Brothers to renovate and restore the building.
At that time, many cracks were repaired in the dome, a new platform for the sultan’s prayer space was built, and the mosaics were cleaned. Though initially the sultan preferred to have them on display, religious sensibilities that objected to praying in the direction of human images meant that the mosaics with such depictions were plastered over, even as they were preserved.
Symbol of secularism
After the demise of the Ottomans in the early 20th century, the new Republic of Turkey, founded on secular principles and seeking legitimacy in international institutions, renovated the Hagia Sophia as a museum.
Turning the Hagia Sophia into a museum demonstrated that the building’s composite history could exemplify the power of secular modernity. This involved restoration of the structure, removal of the plasters over the mosaics, and, eventually, adding a gift shop and ticket booth.
At its peak, 3 million people a year passed through the complex with foreign visitors paying the equivalent of US$10 to enter; Turkish nationals could visit at reduced rates.
The Turkish government has said it will make few changes to the building after its conversion into a mosque, though curtains will cover the mosaics depicting Christian divine and saintly figures that are visible to those offering the Muslim prayers. After the prayers are completed, the curtains can be removed so visitors can see them.
There will no longer be a fee for anyone to enter the Hagia Sophia.
Contested territory
Every time the Hagia Sophia has transformed over the last 1,500 years, the change has been incomplete and contested in some way.
There are also those who desire to bring back a new Ottoman Empire. Advocates for the mosque argue that the conversion to a museum was illegitimate as the change was never published in Turkey’s Official Gazette — a requirement to register any official act.
For some Muslims, the Hagia Sophia was always linked to Islam. Legend has it that when the dome collapsed in the late sixth century it coincided with the birth of Islam’s prophet, Muhammad, and was only reparable with the addition of his saliva to the cement.
Changes over the years
The desire of some Turkish Muslims to pray in the Hagia Sophia was partially realized in the early 1990s when a prayer space was opened in a passageway through a minaret.
Over the years considerable resources were invested in improving and decorating this space, which also housed the office of the Hagia Sophia’s prayer leader, or an Imam, a position supported by Sultan Mehmet’s original endowment.
Muslims offer their evening prayers outside the Hagia Sophia. AP Photo/Emrah Gurel
As recently as March 2019, President Recep Tayyip ErdoÄŸan had expressed opposition to the change, but the groundswell that came to fruition in 2020 has been long underway.
A potent symbol
There are many Turkish citizens, both non-Muslim and Muslim, who are opposed to these developments. These include Turkey’s Christians who form 0.5% of the population. However, they have little recourse.
Following the decision to reconvert the monument to a mosque, the UN’s cultural heritage organization UNESCO said in a statement that it “deeply regrets” the move. Christian leaders too have stated that they are “are very saddened” by the “regrettable and lamentable” change.
Governments including Greece and the United States have lodged their objections.
This disquiet over the change in its status is a reminder that as a potent symbol of authority, the Hagia Sophia has shifted identity with every change in power and will likely continue to do so.
Anna Bigelow, Associate Professor of Religious Studies, Stanford University
This article is republished from The Conversation under a Creative Commons license.
Last year at South By Southwest, author and entrepreneur Rohit Bhargava spoke to a packed auditorium about trends that, though they may not be obvious, are playing a serious role in shaping the future. Each year Bhargava spends untold hours figuring out which trends are going to be the most relevant and impactful, then puts out a book on them as part of his “Non-Obvious” series.
He was planning to speak about 2020 trends at this year’s SXSW festival–but like every other large in-person event, it was canceled. And like every other thing in our lives, the pandemic has turned most of Bhargava’s 2020 trends on their heads.
But not all of them. In fact, a select few trends that were already on the rise have been amplified by Covid-19, and now they’re even more significant. In a virtual SXSW session streamed from his home last week, Bhargava talked about these trends, how we can make the most of them, and how to find meaning amid chaos and confusion.
We’re in a time of extreme disruption–that much is obvious. The places we’re used to going, which are normally full of people, are empty. We’re all at home trying to figure out how to pass the time productively. And we all have big questions about how the new normal–even once our states and cities start to reopen–is going to change the way we do everything. Will students go back to school in the fall? Will we be working from home indefinitely? Will we always have to wear a face mask to go to the grocery store? What’s safe and what isn’t?
Bhargava emphasized that he’s not here to predict the future. Rather than being focused on where the world will be 5 to 10 years from now, he said, “I focus on trying to observe today to figure out what to do today.” Also, tech on its own doesn’t intrigue him as much as the human response to tech and how it’s impacting our lives. “I’m more interested in how human behavior is evolving,” he said.
But how do you figure that out when there’s so, so much information coming at us from all sides? “The big problem right now is that we just don’t know what to believe, and so we don’t believe anything,” Bhargava said. “The world seems untrustworthy and we don’t know what to pay attention to.”
Parody videos and articles have popped up poking fun at the confusion around coronavirus, but it’s disconcerting to realize how much misinformation has been flying around, and how little we know about this virus even after two and a half months of lockdowns.
Misinformation is, of course, not a new problem. And it’s impossible to consume all the information out there to try to figure out what’s real. Instead of attempting to digest and make sense of all the news, tweets, memes, podcasts, articles, shares, retweets, and videos out there, Bhargava said, we should devote more time to trying to understand people. “How do we become people who understand people?” he asked. “What motivates them to believe something, what gets them to act, what engages them?”
Bhargava’s own people-understanding process involves what he calls the haystack method. Rather than searching for a needle in a haystack, he gathers ‘hay’ (ideas and stories) then uses it to locate and define a ‘needle’ (a trend). “It’s really easy to read the same media that reinforces what you already think over and over,” he said. But a key part of gathering valuable information is looking for it in places you wouldn’t normally think to look. That means taking in media that’s targeted to different demographics than those you fall into.
Once you look across a wide variety of channels, common themes emerge. Bhargava groups those themes together and tries to elevate them into a bigger idea; that’s where his trends come from.
He defines a non-obvious trend as a “unique curated observation of the accelerating present.” “We’re in a moment now where the present is accelerating even faster,” he said. Here are the four trends he’s pinpointed that have been amplified by the current situation–and how we can make the best of them.
Revivalism
Overwhelmed by technology and a sense that life is too complex, people seek out simpler experiences that offer nostalgia and remind them of a more trustworthy time; we revive habits, media, or connections we find comforting or reassuring. This trend was already in place before the pandemic; Bhargava included a variation of it in his 2019 SXSW talk. The breakneck speed of technology made many of us want to slow down and reconsider the role we want our phones and computers to play in our day to day lives.
But now, Bhargava said, revivalism is gaining even more momentum; if the world seemed complex and overwhelming before, that sense has multiplied by an order of magnitude now that we’re in a global health crisis. Rather than drowning in too much conflicting information, people are consciously cutting back on the amount of news and social media they consume each day (not least because it’s just. so. depressing.) and seeking out forms of entertainment that were cast aside long ago: books, puzzles, classic video games, board games. We’re reconnecting virtually with friends or relatives we haven’t spoken to in a while. We’re trying out old family recipes in the kitchen since we can’t go to restaurants.
It’s time, Bhargava said, to rediscover the analog; “We can do these things outside of technology.” Now that we’ve been forced to find substitutes for many components of our daily routines, maybe we’ll learn that we don’t need to be as dependent on our devices as we thought.
Human Mode
The second trend is essentially a more nuanced variation of the first. Tired of technology that isolates us from one another, people are seeking out and placing greater value on physical, authentic, and imperfect experiences delivered by humans. In a time when we can’t hug our friends and families or even speak to store clerks without masks and plastic dividers, we’re craving empathetic, human experiences big-time.
The aforementioned dependence on digital devices as a way to interact with other people seems reprehensible now that we don’t even have the in-person option. Before the pandemic we relied on social media to connect us, texting to communicate with each other, “like” buttons to share our opinions and preferences, and algorithms to streamline and improve our shopping, transit, and other experiences.
While all of that isn’t going to go away–and may double down in a world where physical contact is now perceived as dangerous–we’re realizing how crucial and irreplaceable our human connections are. “We need to focus on empathy first,” Bhargava said. “An empathetic approach (whether in business or simply with our families and friends) is most likely to provide value to people in the current situation.” And probably always.
Instant Knowledge
Have you picked up some new skills during lockdown? Tried your hand at some fancy recipes? Learned hard pieces on the guitar or piano? How likely is it that the skills or habits you’ve picked up will persist after this is all over?
As we consume bite-sized knowledge on demand, Bhargava said, we benefit from learning everything more quickly but risk forgetting the value of mastery and wisdom. It’s become really easy to watch a YouTube video to learn just about anything; during the pandemic, views of cooking tutorial videos have skyrocketed, and it’s likely the same has happened for instructional videos of all types (including how to cut your own or your partner’s hair!). Since we now have access to information more readily than ever before, we expect to be able to learn things faster. But it still takes a lot of time and dedication to get really good at a skill or become an expert in a given field.
While it’s great to learn new skills quickly, let’s not forget to zoom out and look at the bigger picture. Bhargava recommends finding ways to connect people with knowledge to inspire beliefs, expanding our worldviews and building towards a greater vision–whether for ourselves, our families, or the collective future.
Flux Commerce
The lines between industries are eroding, leading to a continual disruption of business models, distribution channels, and consumer expectations. This was happening before Covid-19 broke out; Apple was getting into financial services, banks were opening coffee shops, Crayola started making makeup, and Taco Bell opened a hotel (I know right- WHAT?! It’s true though).
Now that everything is closed and we’re confined to our homes, businesses are having to adapt in ways they never imagined–and those that can’t adapt are, unfortunately, in trouble. “Everything about how we do business is shifting,” Bhargava said. And that disruption is happening at an unprecedented pace. Even once the economy opens again–which for many states in the US is happening this week–we won’t go back to how things were in 2019. The only way forward is to adapt.
“We don’t know what’s coming next,” Bhargava said. “But we know that people who can adapt best are non-obvious thinkers who pay attention to what’s happening and try to continue to change.”
Imagine discovering a new artist or designer–whether visual art, fashion, music, or even writing–and becoming a big fan of her work. You follow her on social media, eagerly anticipate new releases, and chat about her talent with your friends. It’s not long before you want to know more about this creative, inspiring person, so you start doing some research. It’s strange, but there doesn’t seem to be any information about the artist’s past online; you can’t find out where she went to school or who her mentors were.
After some more digging, you find out something totally unexpected: your beloved artist is actually not a person at all–she’s an AI.
Would you be amused? Annoyed? Baffled? Impressed? Probably some combination of all these. If you wanted to ask someone who’s had this experience, you could talk to clients of the biggest multidisciplinary design company in Russia, Art.Lebedev Studio (I know, the period confused me at first too). The studio passed off an AI designer as human for more than a year, and no one caught on.
They gave the AI a human-sounding name–Nikolay Ironov–and it participated in more than 20 different projects that included designing brand logos and building brand identities. According to the studio’s website, several of the logos the AI made attracted “considerable public interest, media attention, and discussion in online communities” due to their unique style.
So how did an AI learn to create such buzz-worthy designs? It was trained using hand-drawn vector images each associated with one or more themes. To start a new design, someone enters a few words describing the client, such as what kind of goods or services they offer. The AI uses those words to find associated images and generate various starter designs, which then go through another series of algorithms that “touch them up.” A human designer then selects the best options to present to the client.
“These systems combined together provide users with the experience of instantly converting a client’s text brief into a corporate identity design pack archive. Within seconds,” said Sergey Kulinkovich, the studio’s art director. He added that clients liked Nikolay Ironov’s work before finding out he was an AI (and liked the media attention their brands got after Ironov’s identity was revealed even more).
Ironov joins a growing group of AI “artists” that are starting to raise questions about the nature of art and creativity. Where do creative ideas come from? What makes a work of art truly great? And when more than one person is involved in making art, who should own the copyright?
Art.Lebedev is far from the first design studio to employ artificial intelligence; Mailchimp is using AI to let businesses design multi-channel marketing campaigns without human designers, and Adobe is marketing its new Sensei product as an AI design assistant.
While art made by algorithms can be unique and impressive, though, there’s one caveat that’s important to keep in mind when we worry about human creativity being rendered obsolete. Here’s the thing: AIs still depend on people to not only program them, but feed them a set of training data on which their intelligence and output are based. Depending on the size and nature of an AI’s input data, its output will look pretty different from that of a similar system, and a big part of the difference will be due to the people that created and trained the AIs.
Admittedly, Nikolay Ironov does outshine his human counterparts in a handful of ways; as the studio’s website points out, he can handle real commercial tasks effectively, he doesn’t sleep, get sick, or have “crippling creative blocks,” and he can complete tasks in a matter of seconds.
Given these superhuman capabilities, then, why even keep human designers on staff? As detailed above, it will be a while before creative firms really need to consider this question on a large scale; for now, it still takes a hard-working creative human to make a fast-producing creative AI.
CWEB.com Inc. is and authorized media publisher for Bugatti Inc.
Extremely fast and extremely agile. With the Chiron Super Sport 300+* and the Chiron Pur Sport1, Bugatti is offering two entirely distinct and extreme hyper sports cars: for breathtaking longitudinal dynamics and extraordinary lateral dynamics. Both vehicles are unique in their own way — not just in terms of technology, but visually too. The right vehicle for every purpose — entirely in line with the philosophy of company founder Ettore Bugatti.
Frank Heyl, Deputy Design Director at Bugatti, explains the key elements of his work and his creations. “When designing the Chiron Pur Sport and the Chiron Super Sport 300+, the focus was on technical principles to such an extent that it was crucial to establish a symbiosis between design and technology. There were huge demands in terms of what the hyper sports cars had to be capable of,” says Frank Heyl. Design and technology are unmistakably combined in the two extreme vehicles. “You can’t talk about one area without mentioning the other. That’s why we designers had to work closely together with the engineers during the development process.”
Chiron Pur Sport
In the Chiron Pur Sport, Bugatti has consistently pursued the goal of lateral acceleration. It is a radical and extreme development approach. The Chiron Pur Sport is the perfect hyper sports car for drivers who want to achieve total harmony with a bend when cornering. Thanks to a weight reduction of 50 kilograms combined with increased downforce and its uncompromisingly sporty suspension, the Chiron Pur Sport offers incredible road grip. Added to this, it offers sensational acceleration figures and extremely precise handling thanks to a shorter gear ratio. For Bugatti, it was a major step to limit the top speed to 350 km/h.
The enlarged air intakes on the front provide for an improved airflow through the radiators even at low speeds. The front splitter has been drawn strikingly towards the front and generates maximum downforce while also visually supporting the broad effect at the front. The ridge lines through the air outlets on the front wings are stretched like tendons on a muscle. “The colour separation of the paint finish on the upper half and black exposed carbon on the lower half makes the Chiron Pur Sport appear flatter and wider. This matches the sporty appearance of the vehicle,” explains designer Heyl.
In order to compensate at the rear for the aero balance and the greatly increased downforce at the front axle, the 1.90 metre wide rear wing and a generously dimensioned and long diffuser ensure massive downforce at the rear axle. The angled rear wing mounts together with the rear apron form a large X, inspired by science fiction and motorsports elements. The final touch is provided by the extremely light and high-temperature-resistant exhaust tailpipes made of 3D-printed titanium. This manufacturing process makes for a very thin-walled and lightweight component. “3D printing frees us from the limitations of shapes and radii. We can use it to produce very specific components,” says Frank Heyl. In order to achieve perfect weight distribution, it was advantageous to save as much weight as possible behind the rear axle. The weight saving achieved by eliminating the Chiron wing kinematics and the extremely light tailpipe trim cover shift the weight balance further into the centre of the vehicle.
For the first time in series production, Bugatti offers a horizontal split paint finish. Here the exposed carbon of the body is partially painted, so the side is visually split horizontally. The lower, darker section of the Chiron Pur Sport visually blends with the road in terms of colour tone, producing an even flatter and more dynamic appearance. Optional, highly aerodynamic wheels with aero blades ensure improved cooling of the brakes and minimise drag. The aero blades produce air suction, draw the heat from the brakes outwards and route the airflow closely along the bodywork, which discharges it towards the rear. In addition, the very light magnesium wheels also dissipate heat so the brakes cannot overheat even during very sharp manoeuvres. The weight of the four wheels, each of which has ten spokes, has been reduced by a total of 16 kilograms. Bugatti is due to start production of the Chiron Pur Sport, which is limited to 60 units in the second half of 2020. The net price is around 3 million euros.
Chiron Super Sport 300+
Related and yet completely different: the Chiron Super Sport 300+ is a Bugatti hyper sports car with record-breaking genes. In the summer of 2019, Bugatti was the first manufacturer to break the 300 mph barrier with this car: the world-record vehicle reached a magical speed of 304.773 mph (490.484 km/h). The output of the 8.0-litre W16 engine was increased by 100 PS to reach 1,600 PS. “With the Chiron Super Sport 300+, it was clear to us from the start that we needed to greatly reduce wind resistance. A vehicle that can go over 300 miles per hour has to be extremely streamlined,” explains Frank Heyl. But there isn’t just one big aerodynamic solution: a multitude of small details go together to achieve the desired result. “For me, this was the fulfilment of a long-cherished dream: to design a high-speed vehicle with an extended rear end — a so-called longtail,” says Frank Heyl.
The use of the longtail dates back to motorsports in the 1960s. Cars at events such as the 24 Hours of Le Mans reached a top speed of initially 300 km/h only with an extended rear end, and in the early 1970s they even achieved around 400 km/h on the famous Hunaudières-Straight. The fact that the longtail is back in the limelight today is not just a throwback to the heroic racing cars of bygone days: there are also sound technical reasons. For the Chiron Super Sport 300+, the design team reduced the size of the stall region at the rear end. In order to achieve this, they extended the downward sloping surfaces coming from the roof and upward sloping surfaces coming from the diffuser. This considerably reduces the stall region at the rear, thereby minimising the effect of the suction created there which brakes the car. The Chiron Super Sport 300+, of which production will be limited to 30 units, is lengthened by about 25 centimetres in total.
“With the Chiron Super Sport 300+, the aim is to keep the laminar flow against the body for as long as possible,” explains Frank Heyl. The rear wing remains retracted at top speed, in order to achieve neutral and balanced handling at 490 km/h. The diffuser is crucial here: in order to attain the smoothest possible air flow in the middle of the diffuser, Bugatti has shifted the exhaust system — otherwise located at the centre — to the sides, so instead of being positioned next to each other, one is now on top of the other. This creates more space for the diffuser and is stylistically based on the legendary English Electric Lightning F6 with its twin afterburners. The advantage of the diffuser is that it produces zero drag downforce, while a rear wing creates drag. That’s why the air flow is important at the front, too. “The influence that the front section has on airflow can’t be corrected later on, so it has to be perfect,” explains Frank Heyl.
In addition to a more dynamic appearance, the design of the front section is primarily aimed at routing the air around the corners of the vehicle. The air curtains on the side next to the air intakes have a key role to play here: they guide the air from the front around the corner and keep it up against the side of the vehicle. “This reduces resistance while at the same time improving the flow of air onto the side radiators,” explains Frank Heyl. They also look authentic. In addition, nine exhaust-air holes on each wing prevent air pressure from building up in the wheel arches as a result of wheel rotation, which would create unwanted lift. The developers have dispensed with additional spoilers so as to achieve the smoothest possible air flow — true to the Bugatti motto: form follows performance.
The colour combination of exposed carbon with orange on the bonnet, roof and rear follows a tradition: this was the colour combination used for the world-record vehicles Veyron Super Sport World Record Edition and Veyron 16.4 Grand Sport Vitesse WRC Edition. The orange elements represent the stripes of a US road surface.
Bugatti will produce only 30 of the Chiron Super Sport 300+ at its Molsheim Atelier, at a net unit price of 3.5 million euros. Breathtaking and extraordinary. Like all hyper sports cars built by Bugatti.
One of only five Black chiefs of a Fortune 500 company abruptly resigned after strange allegations – involving a hidden identity as photographer and an extramarital affair – resurfaced.
Jide Zeitlin, former CEO of Tapestry, the parent company of Coach and Kate Spade. (Tapestry)
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When I asked Jide Zeitlin late last year about a 10-year-old article accusing him of using “deception to lure a woman into an unwanted romantic relationship,” his denial was absolute. “It’s not true,” Zeitlin stated. “OK? That’s on the record. It’s not true.”
Zeitlin, then the CEO of Tapestry – parent company of luxury brands such as Coach, Kate Spade and Stuart Weitzman – went so far as to urge me to dig into his background. “I’m pretty certain you’re not going to find any paper trail on me playing those kinds of games,” Zeitlin said.
Tapestry’s communications chief, Andrea Resnick, was even more adamant when I raised the question again in January. She accused me of advancing a “racist agenda” (Zeitlin is Black) and “using your personal credibility … to give a despicable hatchet job new life.” As recently as this month, a law firm hired by Zeitlin threatened to sue if such allegations were published.
Zeitlin resigned after Tapestry launched an investigation last week into the CEO’s conduct. The company hired the law firm Fried, Frank, Harris, Shriver & Jacobson to handle the inquiry, which appears to have been prompted by 60 questions I sent the company on June 23 for this article. Zeitlin was allowed to resign, rather than be fired, and received no severance payment.
The resignation represented a calamitous fall for Zeitlin, 56, one that was nearly as improbable as his rise. Born in Nigeria, the son of a maid, Zeitlin was largely brought up by an American family (which eventually became his legal guardian) and rose to become a rare Black partner at Goldman Sachs before eventually becoming one of only five Black CEOs among Fortune 500 companies.
Zeitlin enjoyed a gilded reputation. His partnership at Goldman Sachs earned him more than $100 million when the firm went public and placed him in the financial elite. And Tapestry thrived during his brief tenure as CEO, at least until the pandemic ravaged the business. “What stood out was the thoughtful assessment, new initiatives, methodical approach, and proactive tone from new CEO Jide Zeitlin,” a research analyst at Evercore ISI wrote in February.
Recently, Zeitlin’s star had risen even higher as he propelled himself into the national conversation on race. Zeitlin’s fearless embrace of the Black Lives Matter movement had an authenticity and depth few corporate executives can muster. On June 1, he posted a moving essay on LinkedIn, addressing George Floyd’s killing and the looting that had occurred at a number of Tapestry retail stores. “We can replace our windows and handbags,” he wrote, “but we cannot bring back George Floyd, Ahmaud Arbery, Breonna Taylor, Eric Garner, Trayvon Martin, Emmett Till, and too many others. Each of these black lives matter.”
The essay became a sensation, and it made Zeitlin a leading corporate voice for social change. He spoke about the movement in a June 3 appearance on ABC’s “Good Morning America,” and then on June 21, he was on CBS’ “Face The Nation.”
Yet for all of Zeitlin’s accomplishments, there were troubling episodes in his past. Perhaps most surprising, many of the facts were out in the open to an extent that raises the question of how closely, if at all, Tapestry’s board of directors vetted its CEO before appointing him last year. The company didn’t respond when asked how it had missed information, some of it available in a simple Google search.
Some problems seemed like benign business stumbles: For example, a company that he ran in India went bankrupt. But then there was what appeared to be almost a past second life for Zeitlin. Working under an alias, he took photos, many sexual, at least some involving nudity, of women in a studio just feet from where his wife and children lived. He had what he now acknowledges was an “inappropriate relationship” with one of the women he photographed. That life had surfaced in 2009, hindering a chance for him to enter government service, only to be publicly left behind – until today.
Stirred by Zeitlin’s remarkable rise – he had added the CEO title at Tapestry in September 2019 after previously being its chairman – I approached the digital newsletter Air Mail last fall with the idea of writing a profile of him. The publication commissioned the article, and Zeitlin agreed to be interviewed.
His was a tale worth telling. Since the day he was born to a single mother in sub-Saharan Africa, Zeitlin’s life has been something bordering on the incredible. “You have to get lucky, and I’ve been unbelievably lucky,” he told me during an interview last November at Tapestry’s headquarters at Hudson Yards, the new development on Manhattan’s West Side.
As Zeitlin told it, his path to Tapestry’s corner office began in Ibadan, Nigeria’s third-largest city, where he was born. When he was a baby, his mother sent him to live with relatives in the countryside while she worked as a domestic for foreign families in Lagos, then the country’s capital.
Among those were the Zeitlins, an American family. Arnold Zeitlin was a veteran foreign correspondent for The Associated Press. He and his wife had two young children and when Olajide, or Jide as he was known, would visit his mother at their house, he’d play with one of the family’s daughters. The Zeitlins, thinking Jide would get a better education in Lagos, suggested he live with them, an arrangement his mother embraced. “She was an amazing mother who just didn’t have a lot of resources,” Zeitlin told Forbes Africa in 2012.
When the Zeitlins moved to Pakistan in 1970, they asked Jide, who was 5, if he would like to join the family and move there. Jide said yes. And for the second time, Jide’s mother agreed to let him go. Eventually, the Zeitlins would become his legal guardians, and he took their last name.
“My Nigerian mother gave away her eldest son so that he might have a better life,” Zeitlin said in a 2014 speech. “I cannot imagine giving away any of my three children.” (His mother would later move to London to work in the home of a promising Ghanaian diplomat named Kofi Annan, before he became secretary general of the United Nations. In 2008, she died in a car accident.)
After Pakistan, the Zeitlins were posted to the Philippines but were forced to leave the country in 1975 when Arnold Zeitlin wrote articles that angered its president, Ferdinand Marcos, and his wife, Imelda. From Manila, they moved to Cambridge, Massachusetts, where the Zeitlins sent him to Milton Academy, a prep school. After that, Zeitlin was off to Amherst College, where he studied English and economics. There he got the Wall Street bug. He wrote to a number of investment banks, seeking an internship. They all turned him down.
A fortuitous meeting with a partner at Goldman Sachs led to a summer internship. He went back every summer, including after his first year at Harvard, where he had gone to get his MBA. When he graduated from Harvard in 1987, Goldman offered him a job in its world-beating mergers and acquisitions department.
One of Paulson’s top clients was the Sara Lee Corp. Sara Lee also owned Coach, a high-end leather goods maker. Zeitlin helped Coach execute a successful IPO in 2000, impressing then-CEO Lew Frankfort in the process. By 2005, Zeitlin had been invited to join Coach’s board.
Zeitlin’s ties to Paulson helped him mightily. In 2004, Zeitlin said, Paulson asked him to go to India and figure out a strategy for the firm there. While there, Zeitlin spotted a new opportunity: cellphone towers. At the end of 2005, he formed The Keffi Group, a private investment firm, to do deals, including buying cell towers in India.
Zeitlin soon experienced his first stumbles. In January 2009, a $62.5 million investment in a medical startup went south when the company filed for bankruptcy. Later that year, Zeitlin’s Indian cell tower business, Independent Mobile Infrastructure Ltd., also filed for bankruptcy.
Thanks to “a friend of a friend” from his days at Amherst, according to Zeitlin, he was asked to join Barack Obama’s economic transition team and then offered a job at the Treasury Department. Paulson told him to take it, but Zeitlin decided not to, in part, he said, because it was in Washington and his young family was in New York City. (Paulson had a different memory, according to an email he provided for this article. Paulson said Zeitlin had done “an excellent job” as a young banker working on Sara Lee. “As far as I know, there were never any complaints about inappropriate behavior by Jide when he was at Goldman Sachs and he left the firm with a good reputation,” Paulson’s email continued. “Jide approached me and said he was seeking a senior job at the Obama Treasury Department and wanted advice and a recommendation. I told him it would be better to start at a lower level. I also asked him about some unseemly rumors I had heard [unrelated to Goldman Sachs] and he denied them. When I discussed him with Treasury I said he was talented but his personal conduct should be looked into.” (Zeitlin lawyers denied any unseemly behavior at Goldman. The firm’s communications chief, Jake Siewert, declined to comment.)
Still, six months later, another government opportunity presented itself. According to Zeitlin, the head of White House personnel asked him to be the U.S. point man on financial reform at the United Nations in New York. He met with Susan Rice, Obama’s U.S. ambassador to the U.N., and came away impressed. On Sept. 24, 2009, Obama nominated Zeitlin for the post of U.S. ambassador for U.N. management and reform.
Zeitlin was about to learn, however, that in the pressure cooker of Washington, your mistakes often mattered more than your triumphs. And Zeitlin’s mistakes were nowhere near as buried as he had thought.
On Nov. 4, 2009, the morning of his Senate confirmation hearing, The Washington Post published an article about Zeitlin’s problems in India. Zeitlin chalked it up to the usual political sparring over nominees that occurs in Washington prior to confirmation hearings. “That’s what’s called ‘Washington theater,’” Zeitlin told me in one of our interviews.
During the hearing itself, with Zeitlin’s family in attendance, he parried questions about the Post’s article from Democratic Sen. Robert Menendez and from Republican Sen. Richard Lugar. “It’s important to me, clearly, to address the issues raised in the article,” Zeitlin said under oath, “and to underscore the fact that, although no one bats one thousand, I have an exceptionally strong investment and financial track record over the last 25 years, and during the last several years.” On Dec. 8, the Senate Foreign Relations Committee recommended that the Senate approve Zeitlin’s nomination. It seemed he was poised for the next rung on the ladder.
Zeitlin’s testimony was not sitting well with Gretchen Raymond, a 38-year-old mother of two in Stamford, Connecticut, then working as a private chef for a billionaire in nearby Greenwich. Raymond had met Zeitlin two years earlier, in January 2007.
In her email, Raymond recounted how she met Zeitlin after answering an ad placed on Craigslist, with the headline “Fit yes, experience not necessary,” by a man named James Greene, who said he was a fashion photographer working out of “Sohophoto.” At the time, Raymond was working as a fitness model and needed some photos of herself. After talking with Greene on the phone, she agreed to meet him “for a fitness shoot” at a gym.
In the several weeks before Raymond and Greene agreed to meet for the photo session, there were emails between them focused on what she should wear and what parts of her body he planned to focus on; she also shared other photos of herself. On Jan. 6, 2007, Greene emailed Raymond and thanked her for her photographs: “Now have a lot more to think about,” he wrote. “One of the shots you suggested is of your ass while you are working out with leg weights. As I am trying to envision this, I was hoping that you had some existing shots of your ass. The only shot you sent of your butt is the one in jeans – but the jeans are so busy (the pockets, the stitching, etc..) it’s hard to see you. Do you have any other shots of your butt? A lot of times runners in particular have hard butts, but not much in the way of contours, suspense or drama (in their butts, not their personality).”
In an email on Jan. 12, 2007, Greene also made what he acknowledged was an unusual request: “Please remember not to wear panties or a bra when you come into the city on Monday…” Greene explained that he didn’t want her underwear to interfere with the clothes she wore during the shoot.
On Jan. 15, 2007, Raymond agreed to meet Greene. “Get a good night’s sleep,” he wrote. As if to emphasize that he worked differently than other photographers, Greene had informed her that he used a Hasselblad medium format camera and old-fashioned film. “I tend to shoot very deliberately,” he wrote. “In other words, one shot at a time rather than just pushing the autowind and hoping to get lucky.” She arrived at the photo shoot with her make-up artist Rita Madison, her workout clothes, fishnet stockings with straps and “boy shorts.” The photo shoot went well – although Greene later told Raymond all the photographs he took were lost – and late that night Greene wrote her an email:
“I am about to go to bed and am hoping that I do not wake up at 3:00 a.m. again. Given our day today, however, there is a real risk that I will wake up in the middle of the night with thoughts of you swirling around in my head.” He extolled her “breathtaking beauty and naturalness” and worried someone would take advantage of her openness or desire for recognition. “I know that you read people well and are careful, but please please be doubly careful as you get deeper into this business. There are a lot of remarkably smooth types who make it their business to take advantage of others. (Sorry for my paternalistic lecture.) … I have a thousand questions I would love to ask you over a cup of coffee one day. … Thanks for being so generous with your time today and being so pleasant. I look forward to seeing you again – soon.”
Over the course of the next few months, according to Raymond, she and Greene became friends, then lovers. Their first post-photo shoot meeting was at the NoHo Star restaurant, she said; he was leaving for a Canadian dog sledding trip that day. “We met, spoke and I remember it as a nice connection,” Raymond told me. “When he was gone on his trip, I texted him that I felt a real void without his messages. When he called me from the home that he stayed in after, he told me that he had been thinking of me the entire time and he just loved my text.”
Soon after, Greene confessed to her that he had been living a double life. His real name was Jide Zeitlin. She had become suspicious of him. “It was becoming very clear to me he was not a photographer,” she recalled. “I said, ‘I want to know your real name because I want to Google you.’ He laughed and said, OK, I am James Zeitalin.’ I had him spell it and wrote it down.” The next day, she Googled that name and up popped a picture of Jide Zeitlin.
As Raymond wrote in her letter to Gigle, the Senate aide: “About one month into our friendship (approximately Feb. 24, 2007.) I discovered his true identity. He told me that he wanted to work on his photography and didn’t feel that I would have worked with him if I knew he was not a professional and he just wanted to meet me. He apologized for the deception and told me he was falling in love with me. With great regret I began a romantic relationship with Jide.”
At the time, Zeitlin’s wife, Tina Goldberg, was pregnant. Goldberg, who is also a Goldman M&A department alum, works in the upper reaches of the fashion industry, as the chief commercial officer at Anne Klein International. (Goldberg did not immediately reply to an email seeking comment.)
Their consensual affair lasted until October 2007, according to Raymond. “I was under the impression that he was deeply in love with me and planning a future with me,” she wrote Gigle.
Their affair, Raymond said, ended because Zeitlin told her that he had too much on his plate and needed to “figure out our life.” She was devastated. “I was absolutely heartbroken,” she said.
A month after Zeitlin ended their affair, Raymond’s husband intercepted a text from Zeitlin wishing her a happy Thanksgiving. Furious, her husband called Zeitlin’s wife and told her about the affair. Gretchen Raymond then emailed Zeitlin’s wife; contemporaneous emails between the two women, which I’ve read, make clear this was not a pleasant conversation.
Things would turn uglier still. “One week later someone came to my home and threw a construction brick through my Durango,” Raymond wrote in her letter to the Senate. When the police came, she said they told her, “Somebody is sending you a message.” (Raymond filed a complaint about the incident with the Stamford Police Department; there’s no sign the police took any action.)
Working together, Raymond and her husband began to uncover details about Zeitlin’s photographic work. They learned that Raymond was not the only person Zeitlin photographed. They began to fill in the picture of how he operated. (Neither Zeitlin nor Tapestry responded to extensive written questions about these activities.)
To solicit models, Raymond said, Zeitlin used the same sohophoto@gmail.com address he used to respond to her initial email in December 2006. And Raymond said that Zeitlin’s “Sohophoto studio” was the apartment he had purchased adjacent to his family’s residence on the sixth floor of a Greene Street apartment building in Manhattan’s tony SoHo neighborhood. (Zeitlin later tried to sell the two apartments.) She said Zeitlin took her to the photo studio “at the top of the winding staircase” on the same day as their second NoHo Star meeting. “I had no idea at the time though that his wife and child were right next door,” she said.
Raymond and her husband undertook a two-person detective quest to try to uncover how many women Zeitlin had photographed. Obsessively cross-referencing a modelling-website i.d. that Zeitlin had sent along with the sohophoto@gmail.com email address and other details, and matching some of the photos with visual elements from different pictures (Raymond said she recognized some details as the same studio she had been photographed in), she and her husband identified a series of photos of young women they believed Zeitlin had taken and posted on sites like Model Mayhem and OneModelPlace. (Zeitlin removed his profile on these sites sometime in 2008, according to Raymond.)
All told, Raymond found seven models they believed Zeitlin had photographed, nearly all of them in demonstrably sexual poses, many lying on a bed in skimpy lingerie. Some involved nudity.
One woman, Tamara Williams, confirmed in an email that she had been photographed by a man she knew as “Greene.” She said she was over 18 when she was photographed topless on a bed in Zeitlin’s SoHo studio around 2005, “but nothing bad transpired.” Williams declined to elaborate on her experience.
In the winter and spring of 2008, in a bid to expose Zeitlin’s hidden life, Raymond contacted a series of FBI agents. To her frustration, however, she was unable to get any traction. She reached out to the FBI again in September 2019 after Zeitlin became Tapestry’s CEO, again without any success. (The FBI office in New Haven, Connecticut, that Raymond contacted did not respond to requests for comment.)
One connection that appeared promising in 2009 was Wall Street Journal reporter Peter Lattman, who had written about the cellphone tower business for the publication. But after Raymond’s husband asked her to stop, she broke off contact with Lattman. Lattman, now overseeing The Atlantic and other media investments for the Emerson Collective (which donates to ProPublica), acknowledged having numerous conversations with Raymond. He said he found her story credible and confirmed in emails to Raymond that I have seen that Zeitlin had used the website onemodelplace.com.
Finally, in December 2009, Raymond struck some pay dirt when Josh Rogin, a reporter at The Cable – a blog of Foreign Policy magazine – became interested in her claims about Zeitlin after she emailed him out of the blue.
Zeitlin returned to The Keffi Group, remained on the board of Coach (where he became chairman in November 2014) and continued to serve on the board of Amherst College, where he had assumed the chairmanship of the board of trustees in July 2005. In 2014, Amherst gave him an honorary doctorate. In his address, he spoke of his life and experiences. He thanked his wife and three children, adding, “you have trusted me beyond reason and loved me no matter how idiotic I’ve been.”
Zeitlin was alternately evasive or dismissive last November when I asked basic questions about the events leading up to his sudden withdrawal from the United Nations job in 2009. “Washington is a very different world than Wall Street,” he said, presenting the vitriol hurled his way as an eye-opener. “If you’re sitting in New York, it feels as though it’s very personal. If you’re sitting in Washington, it’s just another day at the office.” That did not seem to mesh with his background (and success) at Goldman Sachs, a place that, like Washington, can be plenty rough and tumble.
Moreover, the allegation – reported by Rogin in 2009 – that Zeitlin “used deception to lure a woman into an unwanted romantic relationship” seemed all the more sensitive. As Zeitlin told me, “Particularly since I’m the CEO of an organization that is 79% women that cares immensely about inclusion, it feels like it’s a gratuitous shot that doesn’t necessarily add up.”
Zeitlin denied everything. He insisted I had “missed” the part of Zeitlin’s Senate confirmation hearing where he was asked about this relationship. (The video record of his confirmation hearing remains available on the Senate Foreign Relations Committee’s website, but nothing in the hourlong session remotely addressed Raymond or her claims.)
Zeitlin also said he had never “consummated” any relationship with Raymond. “I suspect that I’m one of the few people who has been accused of not consummating a relationship,” he said.
He was just getting started. Zeitlin said political enemies that had been looking to derail his nomination created a lie about him luring a woman into an unwanted relationship. “There is no substance” to the charge, Zeitlin said. “Let’s just be 100% clear [about that].” He repeatedly suggested he was collateral damage in a GOP plot to wound Obama’s foreign policy team.
To buttress his claims of having done nothing untoward, Zeitlin pointed to discussions he said he had in 2015 with people close to then-Treasury Secretary Jack Lew about taking a role – six years after he withdrew his U.N. nomination – as undersecretary of the Treasury. “There’s not a chance” the Obama administration would have come back to him, Zeitlin said, if Raymond’s allegations had any merit. To back this up, he showed me (but did not let me have) a few emails on his mobile device that appeared as if he were conversing with someone at the Treasury about a potential job working for Lew.
“At first, in a moment of just weakness and madness, I agreed to go forward with at least learning more about [the position] and talking to people,” Zeitlin said. “[Lew] vetted me fully. They offered me the role and at that point. … I went back to Tina, my wife, and she said, ‘Do you remember what happened the last time you went through this process?’ And so I backed out at that point. If anything about [Raymond] or others actually had validity to it, there’s not a chance they would’ve offered me actually a bigger role than [the U.N. position].”
But that doesn’t seem to check out either. Lew, who now works at Lindsay Goldberg, a private equity firm in New York, said through a colleague that he had no idea who Zeitlin is and that he never considered him for a job at the Treasury. Zeitlin, in response, referred me to Sarah Bloom Raskin, a former Lew deputy. She declined to comment about Zeitlin’s potential job at the Treasury.
Then Resnick, Tapestry’s communications chief – she was named as the company’s interim CFO on Tuesday – joined full throttle in Zeitlin’s defense. She emailed a wide-ranging assault on any of the questions that appeared to have sunk Zeitlin’s U.N. nomination in 2009. “Actually, there is, in fact, no more to this than a Jim DeMint political attack,” she wrote. (DeMint is a conservative former U.S. representative and senator from South Carolina. He did not respond to an email seeking comment.)
“DeMint and other far right-wing senators were desperate to take down another Obama nominee before the full Senate vote. … Jide was collateral damage in a wider game,” Resnick wrote. (At one point, she went so far as to claim that Zeitlin had learned of Raymond’s existence only when the White House “diligenced the claim.”)
By July, Clare Locke, a law firm representing Zeitlin, had dispatched a letter threatening a libel suit. The letter alleged that I had misled Zeitlin by originally telling him I intended to publish the article in Air Mail and that a subsequent potential publisher – the Foundation for Financial Journalism, for whom I am treasurer and a director – is a tool for short-sellers and vested financial interests. (Air Mail’s director of communications, Anna Bradlee, said, “A few months ago, the allegations that William Cohan presented to us could not be fully corroborated. He’s a dogged reporter so he took the piece elsewhere, and as of yesterday he was able to get corroboration from Tapestry itself.” The Foundation for Financial Journalism said it decided not to publish the article because, as its editor, Roddy Boyd, put it, “small shop, lots of stories, limited bandwidth.” I’m a freelance writer, and sometimes articles commissioned for one publication are later published elsewhere.)
Clare Locke subsequently sent a second letter accusing me of using a fictitious name and email address – I did not – and placing an electronic “tracking bug” on an email – their term for using a “read receipt” to confirm that Coach’s former CEO had received my email.
In the end, Zeitlin’s downfall occurred before a word was published. He had some common language in his employment contract in which he stipulated that he had never been the subject of any allegation of “harassment, discrimination, retaliation, or sexual or other misconduct” and agreed that “any act or omission” on his part that could have a “material adverse effect” on Tapestry and “its reputation” would be considered “cause” for his termination. Only days after Tapestry’s lawyers began asking questions, Zeitlin stepped down.
William D. Cohan, a former Wall Street investment banker, is the author of four bestselling books. His latest, “Four Friends,” was published a year ago.
Clarification, July 22, 2020: This story was updated to make clear that Hank Paulson learned of rumors about Jide Zeitlin only after Zeitlin left Goldman Sachs.
Tapestry, Inc.NYSE TPR is a New York-based house of modern luxury lifestyle brands. Our company’s portfolio includes the Coach, Kate Spade New York, and Stuart Weitzman brands. Our company and our brands are founded upon a consumer-led view of luxury that stands for inclusivity and approachability. Source:Tapestry, Inc.
This article was originally published on ProPublica
TikTok announced a $200 million fund to helping top creators in the U.S. supplement their earnings. The fund called TikTok Creator Fund will help eligible creators on the site earn money. TikTok currently helps creators make money as they can monetize their videos with sponsorships and brand partnerships.
TikTok is currently fighting a ban in the USA in which they have been accused of that the platform is a security threat. Donald Trump said he is considering banning the app in the U.S and Peter Navarro, White House advisor to President Trump said the app would face penalties for “information warfare” against the United States. It his would occur, this would cripple TikTok. In addition, Apple Inc. and Alphabet Inc.’s Google would have to remove the app from their app stores. Investor- Sequoia Capital, have urged Zhang to sell a majority stake in TikTok and make it a US company.
CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States and certain real estate transactions by foreign persons, in order to determine the effect of such transactions on the national security of the United States.
TikTok is a private company. ByteDance Names Kevin Mayer Chief Operating Officer As COO, Mayer will serve as Chief Executive Officer of TikTok. Kevin Mayer will report to Yiming Zhang, ByteDance’s Founder and CEO. Kevin brings over 25 years’ experience, most recently as Disney’s Chairman of Direct-to-Consumer & International.
TikTok is the leading destination for short-form mobile video. Our mission is to inspire creativity and bring joy. TikTok has offices across the globe, including Los Angeles, New York, London, Paris, Berlin, Dubai, Mumbai, Singapore, Jakarta, Seoul, and Tokyo. The company is owned by ByteDance a Chinese company. ByteDance also owns Douyin which is is China’s leading destination for short-form mobile videos, and Toutiao is one of the most popular content discovery platforms in China. Also included in their portfolio is Xigua Video, one of China’s most popular video applications that enable users to discover, enjoy and share a wide range of video stories, both short-form and long-form.
In addition, they have an app Helo available in 15 languages including Hindi, Telugu, Tamil, Malayalam and more, Helo is one of India’s leading social media platforms. Helo’s mission is to bring people together, create and share content in their own language and to connect with wider community. Lark y available in Japan and Singapore, Lark combines a multitude of essential collaboration tools in a single interconnected platform, including chat, calendar, content creation, cloud storage, and app management. BaBe is Indonesia’s leading news and content app. It offers personalized news and entertainment content from more than 1,000 publisher partners, across over 20 categories
TikTok is a private company. ByteDance Names Kevin Mayer Chief Operating Officer As COO, Mayer will serve as Chief Executive Officer of TikTok. Kevin Mayer will report to Yiming Zhang, ByteDance’s Founder and CEO. Kevin brings over 25 years’ experience, most recently as Disney’s Chairman of Direct-to-Consumer & International.