Business Trends

An Inadvertent Error

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CEO Says Sorry to Yahoos for Borked Bio “Distraction” – Kara Swisher – News – AllThingsD.

Yahoos:

I wanted to share some additional thoughts with you related to the disclosure of my academic credentials.

As I told you on Friday, the board is reviewing the issue and I will provide whatever they need from me. In the meantime, I want you to know how deeply I regret how this issue has affected the company and all of you. We have all been working very hard to move the company forward, and this has had the opposite effect. For that, I take full responsibility, and I want to apologize to you.

In my note Friday, I said I would be focused on continuing to do what needs to get done. That’s because I feel I owe it to all of you to make sure that nothing disrupts the progress we’ve made in just a few short months due to all of your focus, commitment, and hard work. As you’ve heard me say many times, we have a tremendous business with incredible assets, and we can win by putting our customers first. The progress I shared with you in the first quarter should make clear that we intend to move fast and deliver on the potential of the business for our customers, shareholders, and all of you.

I know the board plans to conduct the review thoroughly and independently, and I respect that process. I am hopeful that this matter will be concluded promptly. But, in the meantime, we have a lot of work to do. We need to continue to act as one team to fulfill the potential of this great company and keep moving forward. You have my word that all my energy and attention will be on that mission.

Scott

How about a little truth here?  The CEO of Yahoo lies about his academic credentials and the company called it “an inadvertent error”.

Genworth Cuts Jobs in Richmond, Lynchburg

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The job cuts included “fewer than 40 in Richmond and fewer than 30 in Lynchburg,” company spokesman Tom Topinka said in the statement. The cuts affected the company’s life insurance and information-technology units.

via Genworth cuts some jobs in Richmond, Lynchburg | Richmond Times-Dispatch.

You can always tell which direction sales is headed by keeping tabs on who gets laid off.

American Family Information Services – 87 Layoffs – Insurance Networking News

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The company has reduced its total workforce by 730 positions, or almost 10 percent, over the past four years, mainly by attrition.

via American Family Information Services Department Incurs 87 Layoffs – Insurance Networking News.

Short articles like this make me wonder what’s really happening.  We don’t know the total number of staff in the company’s IT department so we cannot know what percentage of the entire staff was affected.  So I went online and found the following:

The cut positions included 85 people based at the company headquarters at 6000 American Parkway and its other Madison location, off Milwaukee Street, plus two people outside Madison. There are 850 people remaining in the company’s information services division, making the job reductions equal to about a 10 percent cut there.

So now we know the IT department was 937 before the layoffs.  Hmmm….

Sagicor Life Acquiring PEMCO’s Life Insurance Business

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Sagicor Life Insurance Co. has an agreement to buy the policies and clients of PEMCO Life Insurance Co. from its parent company in Washington State as the latter firm exists the life insurance market.

Tampa-based Sagicor is buying about 10,000 term and whole life policies, along with about 7,500 clients, from PEMCO Mutual Insurance Co., a Washington State-based company.

via Sagicor Life acquiring PEMCO’s life insurance policies, clients | Insurance & Financial Advisor I IFAwebnews.com.

Latin America: Where the world’s jobs are

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Latin America: Where the world’s jobs are – CSMonitor.com.

So far, 200 entrepreneurs from 30 different countries have traveled to Chile to try to get their ideas off the ground through Start-Up Chile. The program aims to fund 1,000 entrepreneurs by 2014, and not only benefits the grantees – 80 percent of whom are foreigners – but is a boon to Chile, too, says spokeswoman Brenna Loury.

Interesting little article that offers minimal facts to back up the author’s assertion in the title.  How does 200 entrepreneurs equal “where the world’s jobs are”?