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Last month we reported on turmoil at Grovo, a digital skills training platform that had raised $40 million in early 2016 from firms like Accel Partners. Specifically, CEO Jeff Fernandez and two fellow co-founders were out, due largely to a lack of financial management discipline.

Update: Yesterday the company held an all-hands to announce that its new CEO is Steven Carpenter, an executive-in-residence at Accel who previously served as founding CEO of both Endorse.com (acquired by Dropbox) and Cake Financial (acquired by E*Trade).

The plan now is to proceed with the summer roll-out of a major product upgrade ― including Grovo Create, an authoring tool for internal corporate educational and training content. Also expect the company's nexus to continue moving west from NYC to SF, as Carpenter and the company's recently-hired vice presidents of engineering and product are based in the Bay Area.

Next: I asked Carpenter repeatedly if Grovo would be raising new VC in 2018, in part to help with the new product roll-out, and he repeatedly found creative ways to avoid answering.

Go deeper

Updated 1 min ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — America has tuned out the coronavirus at the peak of its destruction — 1 in 3 people in L.A. County believed to have been infected with coronavirus.
  2. Politics: Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan— Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat — Joe Biden will seek nearly $2 trillion in COVID relief spending.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.
Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.