Video Game Company Roblox Files for IPO

The gaming platform Roblox has filed a registration statement for an initial public offering.The company, which relies entirely on user-generated games, has seen a surge in popularity during the COVID-19 crisis as kids turned to in-game events.Roblox said 75% of American kids aged 9 to 12 play th...

By Lauren Muskett • Nov. 20, 2020

PPP “Loan Necessity” Form Causes a Stir

The U.S. Small Business Administration and the Treasury Department want to know more about businesses that borrowed $2 million or more in the Paycheck Protection Program (PPP). So, in early November, they started sending to lenders a new questionnaire to get more information about the operations ...

By Vincent Ryan • Nov. 20, 2020

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Top 5 stories from CFO.com

From CPA licensure changes to undergoing a digital transformation, these are the most popular stories CFOs are reading. 

By CFO.com staff

CFOs On the Move: Week Ending November 20

Pascal Desroches WarnerMedia CFO Pascal Desroches has been named the new finance chief at AT&T, effective April 1. Before serving as CFO at WarnerMedia, Desroches was chief financial officer at Turner and global controller at Time Warner. Before that, he was a partner at KPMG and served as a ...

By Lauren Muskett • Nov. 20, 2020

Apple Supplier TSMC Wins Phoenix’s Support for $12B Plant

Authorities in Phoenix, Arizona, have agreed to support Apple’s chip-supplier, Taiwan Semiconductor Manufacturing Co (TSMC), set up a $12 billion chip manufacturing plant. In Wednesday’s notice, the City Council authorized financing from its public infrastructure pool to support the project.What ...

By Lauren Muskett • Nov. 19, 2020

Nasdaq to Buy Financial Fraud Detection Company Verafin

Nasdaq has reached an agreement to buy the anti-financial crime software firm Verafin for $2.75 billion in cash, the companies announced.The exchange group said it aimed to provide Verafin’s technology to the 250 banks, exchanges, broker-dealers, buy-side organizations, and regulatory authorities...

By Lauren Muskett • Nov. 19, 2020

Facebook, Twitter CEOs Defend Their Election Actions To The Senate

Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey appeared before the Senate in a virtual meeting to defend their actions surrounding the 2020 presidential election on Tuesday.Senators grilled the social media honchos on questions surrounding election misinformation control, censorship, an...

By Vincent Ryan • Nov. 18, 2020

Delivering a Compelling ROI Message to Customers

While it’s always important to highlight value, in our current environment communicating a strong return-on-investment message to customers is more important than ever. With a shortage of resources and budget, business leaders are responding to major disruptions across their organizations, leadin...

By David Arkley • Nov. 17, 2020

Walmart Offloads 85% Stake in Seiyu to KKR, Rakuten

Walmart has sold a majority of its stake in the Japanese supermarket chain Seiyu to investment firm KKR and local e-commerce conglomerate Rakuten in a $1.65 billion (JPY 172.5 billion) deal.What Happened: KKR will acquire a 65% stake in Seiyu and Rakuten will get a 20% share in the retailer throu...

By Lauren Muskett • Nov. 16, 2020

PNC to Buy BBVA’s U.S. Unit for $11.6B

PNC has reached an agreement to buy the U.S. unit of the Spanish financial group BBVA’s U.S. business for $11.6 billion in cash, the companies said.The merger would be the second largest in the banking sector since the 2008 financial crisis. In 2019, BB&T and SunTrust merged in a deal valued ...

By Lauren Muskett • Nov. 16, 2020

Wells Fargo Former Execs Charged With Misleading Investors

Former Wells Fargo chief executive officer John Stumpf agreed to pay $2.5 million to settle charges from the Securities and Exchange Commission related to his certification of misleading statements made to investors over the banks’ fraudulent “cross-selling” strategy.Carrie Tolstedt, the former h...

By Lauren Muskett • Nov. 13, 2020

CFOs On the Move: Week Ending November 13

R. Scott Herren Cisco named R. Scott Herren finance chief, effective December 18. Since November 2014, Herren served as CFO and senior vice president at design and engineering software company Autodesk. At Autodesk, he helped the company transform its business model from perpetual licenses to Saa...

By Lauren Muskett • Nov. 13, 2020

DoorDash Heads to IPO With Pandemic Sales Surge

DoorDash filed paperwork for its much-anticipated initial public offering on Friday, disclosing rapid growth during the pandemic and plans to expand beyond food delivery.As CNBC reports, “Food delivery has been a rare bright spot during the pandemic as consumers avoid restaurants and stay at home...

By Matthew Heller • Nov. 13, 2020

VF Corp. to Buy Supreme for $2.1B

VF Corp., the parent company of Vans, Dickies, Timberland, and The North Face, has reached a deal to buy the streetwear brand Supreme for $2.1 billion.In a statement, VF said Supreme offered opportunity through international and direct-to-consumer expansion, the “core pillars” of its 2024 strateg...

By Lauren Muskett • Nov. 10, 2020

Adobe to Strengthen Its Cloud Segment With $1.5B Workfront Acquisition

Adobe will acquire Workfront, a Utah based software company providing cloud-based work and project management solutions, for $1.5 billion. The deal is expected to close in Adobe’s first fiscal quarter of 2021.What Happened: The $1.5 billion acquisition deal will enable Adobe to upgrade its market...

By Lauren Muskett • Nov. 10, 2020

Will U.S.-China Relationship Improve Under Joe Biden?

The world’s two largest economies, U.S. and China, have been hostile towards each other after President Trump’s tough protectionist stance. The hostility led to both imposing tariffs on imported goods and restricting the export of specific technologies. The two countries signed a Phase One trade ...

By Lauren Muskett • Nov. 9, 2020

Early Analysis Shows Pfizer COVID-19 Vaccine 90% Effective

Pfizer’s first interim efficacy analysis results of its coronavirus vaccine suggested a 90% success rate, putting the company on pace to apply this month for emergency-use approval from the Food and Drug Administration. The FDA says vaccines must be at least 50% effective.The company said 50 mill...

By Lauren Muskett • Nov. 9, 2020

Fed Chair Jerome Powell Calls for More Stimulus

Federal Reserve Chairman Jerome Powell said Congress and the White House should take steps to salvage an economic recovery as COVID-19 cases spike in the U.S. and abroad.Powell made his remarks following a meeting of Fed policymakers in which the U.S. central bank decided to keep its short-term b...

By Lauren Muskett • Nov. 6, 2020

CFOs On the Move: Week Ending November 6

Stanley Sutula Stanley Sutula is the new finance chief at Colgate-Palmolive, effective November 9. Sutula has served as executive vice president and chief financial officer at Pitney Bowes since February 2017 and previously spent 28 years at IBM. His tenure at IBM included financial management ro...

By Lauren Muskett • Nov. 6, 2020

Alibaba’s Cloud Growth Outperforms Amazon’s and Microsoft’s

Chinese tech giant Alibaba Group Holdings had reported its second-quarter earnings above expectations.In Thursday’s earnings release, Alibaba posted a 30% year-over-year revenue growth to $22.8 billion, with the core commerce segment representing 84% of the total revenue share, and the cloud comp...

By Lauren Muskett • Nov. 6, 2020

Gig Companies Win Victory With Prop 22 in California

Gig economy companies won a battle to pass Proposition 22 in California, which classifies app-based drivers as independent contractors and not employees.“With the passage of Prop 22, app-based ride-share and delivery drivers across the state will be able to maintain their independence, plus have ...

By Lauren Muskett • Nov. 4, 2020

Ant Group Suspends Mammoth IPO

Ant Group has abruptly suspended its initial public offering following a meeting between top company executives and regulators in China.The IPO, in which Ant was seeking to raise $37 billion, was expected to be the largest ever share offering. The current record is held by Saudi state oil company...

By Lauren Muskett • Nov. 3, 2020

Twitter CEO Survives Elliott Ax as Company Offers Concessions

Twitter CEO Jack Dorsey is set to continue at the helm of the company after a board committee appointed earlier this year to look into leadership and succession recommended that the current management stays in place.What Happened: The committee, formed with the cooperation of activist investor El...

By Lauren Muskett • Nov. 3, 2020

GM Names Delta Executive Paul Jacobson as CFO

General Motors has hired Paul Jacobson as CFO, adding the Delta Air Lines executive to the team that is steering the automaker toward an all-electric future.Jacobson, 48, comes to GM fresh from helping Delta raise billions of dollars to weather the coronavirus pandemic. He joined the company as a...

By Matthew Heller • Nov. 2, 2020

Nielsen Offloads Its Global Connect Business for $2.7B

Data analytics company Nielsen Holdings has agreed to sell its Global Connect business segment to private equity firm Advent International for $2.7 billion.The company announced Sunday that former CEO of TransUnion, Jim Peck, would partner with Advent to accelerate Global Connect’s innovation.By ...

By Lauren Muskett • Nov. 2, 2020

Two Mall Owners File for Chapter 11

Mall owners CBL Properties and PREIT have filed for Chapter 11 bankruptcy protection as the retail sector continues to struggle amid the COVID-19 pandemic.CBL, the larger of the two companies, owns about 100 malls in the U.S., mostly in the Southeast and Midwest. PREIT is the largest mall owner i...

By Lauren Muskett • Nov. 2, 2020