On Friday, Elon Musk announced that NBC Universal’s Linda Yaccarino will serve as the new CEO of Twitter. Yaccarino is a longtime advertising executive credited with integrating and digitizing ad sales at NBCU. Her challenge now will be to woo back advertisers that have fled Twitter since Musk acquired it last year for US$44 billion.
Since taking ownership, Musk has fired thousands of Twitter employees, largely scrapped the trust-and-safety team responsible for keeping the site free of hate speech, harassment and misinformation, and blamed others — particularly mainstream media organizations, which he views as untrustworthy “competitors” to Twitter for ad dollars — for exaggerating Twitter’s problems.
In April, the two met for an on-stage conversation at a marketing convention in Miami Beach, Florida. Here are some highlights of their conversation:
MUSK AND YACCARINO SPAR OVER CONTENT MODERATION
The Miami discussion was cordial, although both participants drew some distinct lines in the sand. On a few occasions, Yaccarino steered the conversation toward issues of content moderation and the apparent proliferation of hate speech and extremism since Musk took over the platform. She couched her questions in the context of whether Musk could help advertisers feel more welcome on the platform.
At one point, she asked if Musk was willing to let advertisers “influence” his vision for Twitter, explaining that it would help them get more excited about investing more money — “product development, ad safety, content moderation — that’s what the influence is.”
Musk shut her down. “It’s totally cool to say that you want to have your advertising appear in certain places in Twitter and not in other places, but it is not cool to to try to say what Twitter will do,” he said. “And if that means losing advertising dollars, we lose it. But freedom of speech is paramount.”
MUSK REPEATS: NO SPECIAL INFLUENCE FOR ADVERTISERS
Yaccarino returned to the issue a few moments later when she asked Musk if he planned to reinstate the company’s “influence council,” a once-regular meeting with marketing executives from several of Twitter’s major advertisers. Musk again demurred.
“I would be worried about creating a backlash among the public,” he said. “Because if the public thinks that their views are being determined by, you know, a small number of (marketing executives) in America, they will be, I think, upset about that.”
Musk went on to acknowledge that feedback is important, and suggested Twitter should aim for a “sensible middle ground” that ensures the public “has a voice” while advertisers focus on the ordinary work of improving sales and the perception of their brands.
PRESSING ELON ON HIS OWN TWEETS
Musk didn’t pass up the opportunity to sell the assembled marketers a new plan to solve Twitter’s problems with objectionable tweets, which the company had announced the day before. Musk called the policy “freedom of speech but not freedom of reach,” describing it as a way to limit the visibility of hate speech and similar problems without actually removing rule-breaking tweets.
Yaccarino took a swing. “Does it apply to your tweets?” Musk has a history of posting misinformation and occasionally offensive tweets, often in the early morning hours.
Musk acknowledged that it does, adding that his tweets can also be tagged with “community notes” that provide additional context to tweets. He added that his tweets receive no special boosts from Twitter.
“Will you agree to be more specific and not tweet after 3 a.m.?” Yaccarino asked.
“I will aspire to tweet less after 3 a.m.,” Musk replied.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
