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Johnson & Johnson stated that it will split into two businesses, one focusing on consumer items such as baby powder and the other on medications and medical equipment. Credit… Reuters/Mike Segar
Michael J. de la Merced (Michael J. de la Merced)
Johnson & Johnson said on Friday that it would split into two publicly listed businesses, marking the latest example of corporate behemoths downsizing to appease shareholders.
The 135-year-old corporation, which employs over 136,000 people, announced plans to spin off its consumer-products sector, which includes Tylenol, Band-Aid, Neutrogena beauty products, and other brands, into a new company. J.&J. would then be left with its pharmaceutical and medical device segment, which includes the production of coronavirus vaccines.
The split would take 18 to 24 months, according to the corporation.
“Throughout our illustrious history, Johnson & Johnson has proved its ability to generate outcomes that benefit all of our stakeholders, and we must continue to evolve our company to offer value now, tomorrow, and for decades to come,” said Alex Gorsky, the departing CEO. J&J had previously said that Joaquin Duato will take over as CEO in January, with Mr. Gorsky remaining as executive chairman.
The move comes only days after General Electric, another corporate giant, announced plans to split into three entities. It came only hours after Toshiba, a mainstay of Japanese industry, announced that it, too, would break up.
Corporate CEOs are being pressured to streamline their often large company empires in the goal of bringing greater focus to their businesses and raising stock prices.
However, J.&J. has faced hundreds of lawsuit claims alleging that its talc-based products caused cancer. Last year, J.&J. stopped selling talc-based baby powder in North America, despite the fact that the powder is still safe. In October, the company’s bankruptcy division, which had been set up to handle such claims, filed for bankruptcy protection.
In premarket trading, the company’s stock increased by 4%.
Taylor Hurles, a single mother of two small sons in the Bronx, was researching first-time home buyer programs when the epidemic robbed her of her income. Credit… The New York Times’ Desiree Rios
Over the last three decades, single moms — those who have never married — have become a larger percentage of house purchasers. Experts warn, however, that the epidemic might stifle progress.
According to Tara Siegel Bernard of The New York Times, women have suffered the brunt of employment losses over the previous year and a half, while simultaneously shouldering the majority of child-care obligations. Simultaneously, the housing market has become very competitive: According to S&P CoreLogic Case-National Shiller’s Home Price Index, single-family home prices jumped about 20% from a year ago in August, the most recent data available.
The epidemic, along with a difficult market environment, has damaged women’s confidence in their ability to become homeowners: According to a September research by Freddie Mac, the government-backed mortgage behemoth, over 60% of single female heads of families who rent — those who have never married, those who are separated or divorced, and widows — said they couldn’t afford to purchase and didn’t know if they ever would.
According to a report issued on Thursday by the National Association of Realtors, single women accounted for 19 percent of house purchasers from July 2020 to June 2021, up from 18 percent the previous year. According to Jessica Lautz, vice president of demographics and behavioral insights at the Realtors organization, the tiny uptick is above prepandemic rates, but it might be partially due to the fall in the number of Americans marrying.
“Women are facing a lot of challenges right now,” she said. “Even though prices have risen and availability has fallen, we know people are purchasing on a smaller income.”
According to the group, single women purchasing their first home had a median household income of $58,300 in 2020, compared to $69,300 for their male counterparts. When it comes to buying a property, single women are older and spend less: the median age of first-time single female purchasers was 34, compared to 31 for males, and women spent nearly 14% less.
With good reason, home ownership is generally seen as a sign of financial security. READ THE ENTIRE ARTICLE
Hayden Brown of Upwork, Sundar Pichai of Google, Tim Ryan of PwC, and Andi Owen of MillerKnoll, from left.
Employers around the nation are debating how, when, and even whether they should bring staff back to work. The agreement among executives from a wide range of businesses — the individuals in charge of making the final decision — was that there was no consensus.
C.E.O.s are attempting to strike a balance between quickly changing expectations and their own desire to have the last say in how their businesses are operated. They want to look receptive to workers who are enjoying their newfound freedom but are hesitant to relinquish too much authority. They’re also continuously adjusting policy in response to worker requests, re-examining parts of their organization that they may not have considered before.
The New York Times’ Corner Office writer David Gelles spoke with various CEOs to find out how they feel about working from home at this stage in the epidemic.
PwC said in early October that remote work will be a permanent option. Workers were given two weeks to make their decisions. Those who choose to relocate or stay at home may have their assignments altered, but they are not at danger of being fired. “I think what we revealed will be routine for mass employers in a matter of months,” Tim Ryan, PwC’s chairman in the United States, said.
“What employees say they want in their work environment going forward will be a lot more important than a bunch of senior executives at the top of an organization determining what that will be,” said Andi Owen, CEO of MillerKnoll, the maker of the Aeron chair and other office furniture, which has yet to bring back all of its own white-collar workers full time.
Google is contemplating a revamp of several of its office spaces as it prepares for more staff to return to work next year. Sundar Pichai, the CEO of Google and its parent company, Alphabet, said the company remained productive (and profitable), but that having limited in-person interactions with colleagues for so long was getting old. Some employees have returned on a voluntary basis, but the majority of employees are still working remotely. Mr. Pichai said, “We’re working on some borrowed time in terms of building on memory of the relationships and connections you have.” “It’s costing me a lot of money.”
According to Pew, a third of employees indicated they were working longer hours last autumn than they had been before the outbreak. People who used to commute were particularly affected. The time spent commuting or riding public transit has become a part of the workweek for many. “I believe people are working harder,” said MillerKnoll’s Ms. Owen. The blurring of the barriers between work and life has led to a rising feeling of dissatisfaction among workers, which may explain the mass resignations that are shaking up the employment market.
CEOs want workers to return — but they don’t want to alienate those who have become used to working from home. READ THE ENTIRE ARTICLE
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