Raphael Stevens

Teneo CEO Declan Kelly speaks onstage during Global Citizen Presents Global Goal Live: The Possible Dream at St. Ann’s Warehouse on September 26, 2019 in New York City.Noam Galai | Getty ImagesThe CEO of leading public relations and advisory firm Teneo, who previously served as a special envoy to Northern Ireland under then-Secretary of State Hillary Clinton, resigned Tuesday after fallout from his drunken behavior at a high-powered charity event last month.Declan Kelly’s embarrassing departure came days after General Motors severed ties with Teneo because of his conduct, and weeks after he resigned from the board of directors of the nonprofit group Global Citizen, the host of the May 2 event in question.General Motors had been a client of Teneo, a 1,200-person firm that was co-founded by Doug Band, a former aide to ex-President Bill Clinton.In addition to doing work for GM, which reportedly was paying Teneo a $250,000-per month retainer, Kelly also has served as an advisor to General Electric and Coca-Cola.Kelly, who also been Teneo’s chairman, is brother of Alan Kelly, leader of the Labour Party in Ireland.Declan Kelly, who previously worked as a reporter for several newspapers in Ireland, served as a special economic envoy from 2009 through 2011 for Hillary Clinton when she headed the State Department under former President Barack Obama. Kelly additionally had served as an advisor to Clinton during her 2008 campaign for president.The Wall Street Journal reported last Friday that Kelly’s representative said that the PR executive had been “inebriated and behaved inappropriately towards some women and men” at the Global Citizen event.President Joe Biden had made a video appearance at the event, whose chairpersons were Prince Harry and his wife, Meghan Markle. Pope Francis also delivered a message to the gathering.”Since the event two months ago Mr. Kelly immediately committed to sobriety, is undertaking ongoing counselling from healthcare professionals, and has temporarily reduced his work responsibilities,” the statement from his representative said, according to the Journal.”He has the full support of his family, colleagues, partners and friends.”This was not Kelly’s first embarrassing public episode.Kelly previously was seen on social media video sleeping with his mouth open in the stands of the Hard Rock Stadium in Miami during the first quarter of the Super Bowl in February 2020.That viral video came eight months after Teneo sold a slight majority stake in the firm to CVC Capital Partners in a deal that valued Teneo at more than $700 million.CNBC PoliticsRead more of CNBC’s politics coverage:Supreme Court to close term with voting rights, donor disclosure rulingsBiden will visit Florida condo tower collapse site on ThursdaySeveral longtime Kamala Harris associates shut out as VP’s chief of staff keeps tight control over accessIn his own statement on Teneo’s website posted Tuesday Kelly said, “On May 2nd I made an inadvertent, public and embarrassing mistake for which I took full responsibility and apologized to those directly affected, as well as my colleagues and clients.””A campaign against the reputation of our firm has followed and may even continue in the coming days,” Kelly said. “However, regardless of the veracity of any such matters I do not want them to be an ongoing distraction to the running of our company.””In order to protect the employees of Teneo and its clients, and with my family’s strong support, I have decided to leave the company and resign as Chairman and CEO,” Kelly said.Teneo’s board of directors appointed another company co-founder, Chief Operating Officer Paul Keary, to succeed Kelly as chief executive officer.”We want to thank Declan for his leadership and dedication over the past ten years in building Teneo into the world’s preeminent CEO advisory firm,” the company said in a statement.”Thanks to Declan’s leadership, and the efforts of its excellent management team, Teneo today serves the world’s leading companies with a deep bench of experienced advisors across a number of disciplines.” More

In this articleLEVIPVHIn this photo illustration Levi’s 501 blue jeans by U.S. clothing manufacturer Levi Strauss are seen on March 8, 2018 in Berlin, Germany.Sean Gallup | Getty ImagesApparel retailers including H&M and Levi Strauss are at risk of facing heightened supply chain disruptions, as regions of Southern Asia are bracing for intense lockdowns as Covid-19 cases spike, fueled by the more contagious delta variant, according to a new report.A new wave of Covid cases, especially along the Indian border, has prompted the government of Bangladesh to require its population of nearly 170 million people to remain at home for seven days, beginning this Thursday. The result will likely mean factories across the region will be forced to shut down, halting manufacturing. It marks Bangladesh’s most severe lockdown to date, with people only allowed to leave their homes for emergencies.A new analysis from Panjiva, a business line of S&P Global Market Intelligence, points out that this marks a stark reversal from a trend spotted earlier on in the pandemic. Then, Bangladeshi apparel manufacturers suffered from orders being canceled by retailers in Europe and the Americas, where Covid restrictions were much tighter.Still, Panjiva’s data show Bangladeshi exporters of apparel to the United States have been more resilient than nearby regions during the pandemic. Shipments in the three months ended April 30 are down by just 1.6%, compared with the same period of 2019, the firm said. Exporters from India and Sri Lanka, in contrast, dropped 10.1% and 6.4%, respectively.Among the major retail brands with a presence in Bangladesh, shipments linked to H&M increased 13.5% in the three-months ended May 31, compared with the same period of 2019, Panjiva found. While imports associated with Levi’s fell 47.8%, and those with Calvin Klein-owner PVH dropped 68.7%.Representatives from H&M, Levi’s and PVH didn’t immediately respond to CNBC’s requests for comment.According to a September analysis of U.S. International Trade Commission data by the Peterson Institute for International Economics, Bangladesh has been gaining market share as China has become less competitive in labor-intensive sectors including apparel. The additional supply chain disruptions will be hitting retail companies at a time when resources are already strained due to a number of factors. A shortage of shipping containers and a dearth of truck drivers have left inventory backlogged for weeks. This is typically a time when retailers are placing orders for the holiday season to ensure shelves are stocked during peak winter shopping.The risk companies face is running into out-of-stocks, leaving customers to look elsewhere.Brooks Running Company CEO Jim Weber told CNBC’s “Squawk Box” on Tuesday that his company is running on a roughly 80-day cycle for shipping, compared with what used to take just 40 days.”There’s no question the supply chain is strung out in our industry,” he said. More

In this articleFWONAKimi Raikkonen of Finland driving the (7) Alfa Romeo Racing C41 Ferrari during the F1 Grand Prix of Styria at Red Bull Ring on June 27, 2021 in Spielberg, Austria.Bryn Lennon | Getty ImagesFormula 1 landed a new sponsor Tuesday in a deal with Crypto.com, a platform that allows users to buy and sell cryptocurrencies. The terms of the agreement were not provided, but people familiar with the pact told CNBC it’s a five-year deal that totals more than $100 million.As part of the agreement, Crypto.com will get brand presence around F1 events, including the new Sprint qualifying format that will be used in some races to determine the starting positions of the cars. Crypto.com will also receive trackside slots at F1 races for the remainder of the season.The company will also introduce a new award at F1’s Belgian Grand Prix in August and become its NFT partner. The Crypto.com agreement takes effect on July 17, a day before the 2021 British Grand Prix at the Silverstone Circuit in England.F1 director of commercial partnerships Ben Pincus said in a statement the racing organization would use expertise from Crypto.com “as we explore the world of cryptocurrency, an area we are very interested in.”Crypto.com says it has more than 10 million users on its platform and has an app available for Apple and Android devices. The company makes revenue from transaction fees and has other sports partnerships, including F1 team Aston Martin and National Hockey League franchise, the Montreal Canadiens.F1 is owned by Liberty Media Corporation, which purchased the global racing entity in 2016 for $4.4 billion. F1 used sports agency Creative Artists Agency to negotiate the deal.”We look forward to many years of innovating together,” Crypto.com co-founder and CEO Kris Marszalek, said of the F1 agreement. “We’re also excited to partner with F1 in the development of exclusive NFTs, connecting fans to the sport in new and innovative ways.” More

In this articleWMTLLYAn Eli Lilly & Co. logo is seen on a box of insulin medication in this arranged photograph at a pharmacy in Princeton, Illinois.Daniel Acker | Bloomberg | Getty ImagesEli Lilly CEO David Ricks said he welcomes new competition from Walmart, even as the retailer undercuts the drugmaker’s prices on fast-acting insulin.Walmart announced Tuesday that it will sell a lower-price version of the notoriously expensive diabetes drug, starting this week.”Any efforts to smash through that and deliver better value to patients, I’m for,” Ricks said in an interview Tuesday on CNBC’s “Squawk on the Street.”Walmart developed the less expensive version of analog insulin with Novo Nordisk. The fast-acting insulin will cost about $73 for a vial or about $86 for a package of prefilled insulin pens. It will be available exclusively at Walmart and Sam’s Club for adults and children with a prescription.Insulin has become a focal point in lawmakers’ debate over soaring drug prices — especially since it is a 100-year-old medication and one that can be lifesaving for millions of Americans diagnosed with diabetes. Eli Lilly is among the companies that have faced pushback for its prices by politicians on both sides of the aisle, including former President Donald Trump.Ricks said the company’s leaders “welcome anyone who wants to lower the price of insulin” — including the big-box retailer.”We always look at new solutions ourselves, and this is an interesting development and we’ll look at further options,” he said. “If we can reach one more patient with more affordable insulin, we’re going to try to do that.”Ricks said Eli Lilly continues to seek ways to reduce costs for people with diabetes. He pointed to two related efforts: The launch of a half-price, generic version of insulin, called insulin lispro, in early 2019 and the cap on out-of-pocket cost for insulin at $35 per month, which began as many Americans struggled with finances during the coronavirus pandemic.Those moves, in part, were a response to fierce criticism by lawmakers and a subpoena by the state of New York.Eli Lilly’s generic version costs nearly twice the price of Walmart’s at $137.35 per vial.Over the past 20 years, the number of adults diagnosed with diabetes has more than doubled, according to the Centers for Disease Control and Prevention. About 34.2 million U.S. adults have the disease, which ranks as the seventh-leading cause of death in the country, the CDC said. More

Brooks Running Company, owned by Warren Buffett’s Berkshire Hathaway, announced Tuesday a pledge to achieve net zero carbon emissions by 2040 and its first carbon neutral shoe.Jim Weber, CEO of Brooks, told CNBC the new iteration of the company’s best-selling shoe, The Ghost, will help the environment, in part, by using recycled materials.”This is the first high volume, carbon neutral running shoe in the marketplace, so we’re pretty excited about that,” Weber said on “Squawk Box.” “It’s gonna be interesting to see how customers respond because The Ghost is up 77% already, year to date.” He added, “It’s selling stronger than our overall business top line, but with this attribute of carbon neutral, I think it’s going to engender trust from a lot of runners that maybe haven’t looked at us before.” Many sports brands have announced similar goals in recent years. Nike is aiming to power its facilities with 100% renewable energy by 2025 and operate with net-zero carbon emissions. Dick’s Sporting Goods has been reducing its environmental footprint with a recycling rate of 70% for its retail stores and operations.Brooks’ sales rose 27% last year, Weber said, as more people took to running during the Covid pandemic. “Demand is very strong, and it’s not just, I think, the cresting of the catch up and people having money and back out spending. That’s clearly happening. Retail is strong,” he noted, saying Brooks is benefiting from a “secular running growth spurt.”Weber said Brooks turned its supply chain on earlier than most companies, as pandemic-fueled supply chain disruptions and labor shortages began impacting production. Since May 2020, the company has been adding capacity and expects to do so in the coming year. In 2019, Brooks shifted the majority of its operations from China to Vietnam to avoid tariffs consequential of former President Donald Trump’s trade war.”We’re about 80 days for shipping and it used to take us closer to 40,” Weber said. “So there’s no question that supply chain is strung out. But I think in our industry, we feel like we’re managing as well as anybody and you can see that from our year-to-date growth. We’re mostly keeping up with our demand right now.”Brooks expects the interest in running to stick after the pandemic. Weber hopes to see activity double in popularity throughout the next decade. “We think there are about 150 million people that run for fitness and competition, a variety of reasons around the world. We think that could double to 300 million and it’s just a part of a healthy, well lifestyle, which as we’ve found in this pandemic is actually really important,” he concluded.Programming note: Warren Buffett and Charlie Munger talk with CNBC’s Becky Quick about their friendship, the business deals they’ve done over the years together, and what makes Berkshire Hathaway so special. Watch CNBC’s “Buffett and Munger: A Wealth of Wisdom” special Tuesday night at 8 p.m. ET. More

wundervisuals | E+ | Getty ImagesWhile no one expects emergencies, many people still find themselves facing unexpected or catastrophic events.Having the proper financial documents and information in place can be a huge help to your family in the event of your death or could even help you navigate the aftermath of a disaster you survive.”It’s an act of love; you’re helping your family,” said Jim Shagawat, a certified financial planner and partner advisor at AdvicePeriod in Bergen County, New Jersey.Here’s what financial advisors recommend having in place to make your finances as disaster-proof as possible.More from Invest in You:Before you start post-pandemic spending, make these money moves7 ways to save money on travel this summerAs ‘buy now, pay later’ apps become more popular, be cautiousKey documents for all adultsThere are a few important documents that experts recommend all adults have in place, regardless of their age or wealth.Health-care directive: A health-care directive allows you to specify what kind of medical treatment you would like to have if you are not in a state to give consent. You may also want to have a medical power of attorney, which means you can appoint someone to make health decisions for you if you’re unable.”It covers the kind of worst-case scenarios that none of us really likes to think about,” said Bruce Colin, a CFP and president of Bruce Colin and Company, an independent wealth management firm in Rancho Palo Verdes, California.A health-care directive is generally simple to fill out and may vary by state. If you move to another state, you should check with an attorney to see if you need to update this document or get a new one.Durable power of attorney: A durable power of attorney applies to your property and finances. This document allows you to designate someone to take care of your money and other assets if you cannot. For example, if you’re in a coma, it would give your appointed person the ability to pay your bills.You should check if the financial institutions you work with have their own process for naming people who can access your account in an emergency, said Colin. Some banks won’t recognize a power of attorney and have their own forms that need to be filled out, he said.Once you have your document drawn up, go to your bank and ask if it will be accepted, said Colin. If it’s not satisfactory, you can fill out the correct paperwork right away.Last will and testament: Having a will is especially important for people who have assets they want to pass along. It is also where you can spell out things such as funeral arrangements so that your family doesn’t have to wonder what you’d like while they are grieving.”It is really hard to think clearly when you’re grieving, and funerals are not inexpensive,” said Patti Black, CFP, a partner at Bridgeworth Wealth Management in Birmingham, Alabama. Specifying your wishes, and even prepaying for what arrangements you’d like, can be a huge help to your family, she said.Once you have a will, make sure you update it every five years, or when you have a major life change, said Shagawat at AdvicePeriod.Other important documentsIn addition to your health-care directive, durable power of attorney and will, there are a few other items advisors recommend you have securely stored.This includes your Social Security card and birth certificate, passport, a copy of your driver’s license, statements for any investment accounts, statements for debts such as a mortgage, insurance policies and a recent income tax return. These documents, in addition to estate planning, can be helpful for your family in the event of your death or if you become incapacitated.You may also want to include a list of tangible personal property such as jewelry or cars as well as a list of your digital assets — social accounts, pictures online, and more — to go with estate planning documents.Because these documents contain sensitive information, they should be stored in a safe and secure place that’s known only to the people that would need access. This could be a safety deposit box in a bank — although that can be a hassle to access — or a safe or fireproof box in your home, according to Shagawat.It’s an act of love; you’re helping your family.Jim Shagawatpartner advisor at AdvicePeriodYou can also securely store digital copies on many online platforms, which can be helpful if the physical copies are lost or stolen. Many advisors have online vaults for such important information and will help you make sure your documents are up to date.For online accounts, advisors recommend using a password keeper such as LastPass or Dashlane. These services help you keep track of your passwords securely and let you name a beneficiary of sorts — someone who can access your accounts if you die.Of course, everyone will need to come up with a personal plan of how to best store and notify your family of these documents.”There’s nothing foolproof about any of this,” said Black, adding that each person and family should discuss the best way to keep track of their information in addition to having documents in place.What to do if you lose important financial informationIf you’re in an emergency where you lose these documents or other important financial information such as your credit and debit card, it’s also good to have a plan of action in place.For things such as credit cards, debit cards or certain memberships, you can contact the company and notify them of missing cards and ask for new ones with new account numbers, said Shagawat.You can also call credit reporting companies to place a fraud alert on your name and Social Security number and call your state agency to place a lost or stolen alert on your profile if you lost your driver’s license. This can help protect you from fraud or having your identity stolen, Shagawat said.Shagawat also recommends keeping a list of important phone numbers such as your bank or credit card companies in your phone, which you’d hopefully still be able to access following an emergency. You should also have saved the names and numbers for any financial professionals you work with such as a lawyer, accountant, insurance professional or financial advisor, as they can also assist if you need help.While it isn’t necessarily a fun exercise, taking the time to have a plan and the information you need can save you and your family from extra hardship later.”It’s just as important as having water, food, the flashlights and all those extra batteries,” said Shagawat.SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.CHECK OUT: How to make money with creative side hustles, from people who earn thousands on sites like Etsy and Twitch via Grow with Acorns+CNBC.Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. More

New York City restaurant and wine bar Kindred has added a way to differentiate itself during Covid and make extra money: charge for tables during the day as co-working spaces.Targeting the cohort of remote workers that grew during the pandemic, the East Village spot offers table rentals for $25 per person. It includes free drip coffee, WiFi, and bathroom access.”The main goal was getting people in there,” Moshe Schulman, one of Kindred’s partners, told CNBC on Monday. “We started this back in September during the height of the pandemic when things were looking pretty dire.””This allowed us to have some passive income and also have marketing for the dinner service, and that’s continuing to be the case,” he added on “The Exchange.”Each co-working table is equipped with a charging station for laptops and phones. They’re available to reserve from 10 a.m. ET to 4 p.m. ET, which, crucially, allows Kindred to pick up revenue during a time of day when it previously wasn’t serving customers. On its website, the restaurant urges people to keep their tables for Happy Hour, starting at 5 p.m. Prior to the pandemic, Kindred was only open for weekday dinner service at 5 p.m. On Sundays, brunch service begins at 11 a.m.Kindred’s decision to become a dayside co-working location serves as another example of pandemic-era innovation from small businesses seeking to stay afloat in a time of significant economic disruption. The operation is profitable, Schulman said, and it now accounts for about 10% of Kindred’s sales.Kindred, located in New York City’s East Village, launched a remote-work operation that lets people rent tables during the day.Courtesy of Archer Lewis”Once you book the table, it’s yours for the full day. We won’t sell it, so you can come and go,” Schulman said, suggesting that feature is one advantage over going to work at, say, a traditional coffee shop.Compared with a specifically designed co-working company, Schulman said he believes Kindred is “extremely accessible” and has fewer “strings attached.””We also offer lunch, and it’s just a way for people to have a great place to go without being stuck at home,” he said. Lunch and select beverages, besides coffee, are extra.Schulman said Kindred’s offering has grown in popularity since it reopened in May after a pause during the colder months and a rebuild of the establishment’s outdoor seating area.Around 230 “unique guests” had worked at Kindred through the end of May, he said, expecting that number to grow to more than 300 by the end of June.”I think this will continue, especially if we continue to have the outdoor seating,” Schulman said. “We are ready for the winter. It’s winterized. We’re ready to go indoors if we have to and expand because right now we have a unique customer list that wants our space and wants to have that service.”The CNBC @Work Summit returnsThis fall, October 13, Facebook CIO Atish Banerjea, Bank of America Chief Operations and Technology Officer Cathy Bessant, WeWork CEO Sandeep Mathrani and Estee Lauder CFO Tracey Travis will talk building a resilient future and more. Register now. More

Washington Redskins owner Daniel Snyder’s wife Tanya (L) on field before game vs New England Patriots at FedEx Field.Simon Bruty | Sports Illustrated | Getty ImagesThe Washington Football Team announced Tuesday it named Tanya Snyder as co-chief executive officer. She joins her husband, Dan Snyder, as lead decision-maker of the National Football League franchise.Tanya joins Buffalo Bills’ Kim Pegula, Detroit Lions’ Sheila Ford Hamp and New Orleans Saints’ Gayle Benson among women owners and executives in the NFL. Her addition also comes during a transition for one of the most expensive pro sports clubs.The Washington Football Team experienced alleged sexual misconduct in the workplace, disputes with minority owners, including FedEx chairman Fred Smith and repairing its brand after dropping its long-time team name following sponsor backlash.In March, Snyder took complete control of the franchise after purchasing all shares for more than $800 million. And in 2020, the team also named Jason Wright as the first Black NFL team president. The announcement notes the move to appoint Tanya as co-CEO adds to the team’s “commitment” to improving diversity throughout sports. “We are at a pivotal point in the history of this team as we work to become the gold standard of NFL franchises,” said Tanya Snyder in a statement. “The co-CEO titles reflect our approach to that effort. It is a natural progression, but it’s important to formally recognize the diversity of opinion and perspective that informs everything we do.”Washington Redskins owner Dan Snyder, left, sits with his wife Tanya Snyder sin the audience as Ron Rivera is introduced as the Washington Redskins new had coach at a Redskins Park press conference in Ashburn, VA on January 2, 2020.John McDonnell | The Washington Post | Getty ImagesDan labeled his wife as “one of the most important figures in this organization.” Tanya’s “perspective” will be critical in assisting the team with its brand rebuild, which could feature a new team mascot, he said.”Publicly, many know Tanya for her incredible and impactful work in breast cancer awareness and her leadership of our charitable foundation,” Dan Snyder said in the statement. “But behind the scenes, she has had a profound impact on the direction of the Washington Football Team. She was instrumental in our decision to evolve the brand and modernize our fan experience — including the entertainment team.”The Snyders took over ownership when Dan purchased the team for $800 million in 1999. The team is now worth $3.5 billion, according to Forbes.The Washington Football Team finished last season 7-9 but made the NFL playoffs for the first time since 2015 after winning their division. But the team fell to eventual Super Bowl champion Tampa Bay Buccaneers in an NFC wildcard game. More