Kingsbury will remain Kohl’s CEO, Flossbach Von Storch slams 3M, Twitter offers free Super Bowl ads
Notable business headlines include Kohl’s interim CEO Tom Kingsbury taking on a permanent role, Flossbach Von Storch slamming 3M, and Twitter offering ad packages ahead of the Super Bowl.
JULIE HYMAN: Here's a look at some of the other headlines that we are following right now. And we start with retail giant Kohl's announcing interim CEO Tom Kingsbury will remain as permanent leader of the struggling chain. Kingsbury took the top job in December after former CEO Michelle Gass left forward Levi Strauss. Kingsbury was a nominee of activist hedge funds Macellum Advisors and Ancora Holdings with whom the chain agreed to other terms as it tries to reverse the decline in retail sales as it comes under activist pressure.
Turning now to 3M, the eighth largest shareholder in the group is calling for better performance or a better chief executive, this according to multiple reports. A German asset manager invested in the company raising fears about the conglomerate's recent earnings, revenue expectations, and outlook, and accuses leadership of being overly optimistic in its assessments. 3M recently announced layoffs despite job losses, bankruptcy for some of its units, and other challenges.
And Twitter is trying to woo back advertisers during one of the biggest sports events in the country-- the microblogging site offering advertisers a three-day ad package with up to 250,000 worth of free ad space, that's according to "The Wall Street Journal." The offer is described as a fire sale. It will see ads run ahead of NFL highlight clips. Twitter has been trying to turn around an exodus of advertisers spooked over concerns about new owner Elon Musk's approach to moderation, among other things. The platform has traditionally generated significant revenue from the Super Bowl as advertisers hope to amplify their game day ad content.