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WestExec co-founder Michèle Flournoy. Photo: Chris Kleponis/AFP via Getty Images

Teneo, the global CEO advisory firm, will announce today that it has bought a "significant minority stake" in WestExec Advisors, and that former Sen. Chris Dodd today will become a senior adviser at Teneo.

Why it matters: The moves reflect shifting power centers in the Biden era. WestExec is among the firms with the very closest connections to the administration — Secretary of State Tony Blinken was a founder. And this shows New York-based Teneo making a big play in D.C.

Executives at the two firms, both growing aggressively, tell me they already had some overlapping clients. With this "strategic partnership," they'll offer integrated services but will continue to run separately.

  • WestExec co-founders and managing partners Michèle Flournoy, Sergio Aguirre and Nitin Chadda specialize in geopolitical risk advice — protecting intellectual property from foreign actors, for instance, and mitigating supply-chain exposure.
  • Teneo, led by chairman and CEO Declan Kelly, has more than 850 employees in 20 offices around the world, and provides consulting to CEOs of a significant number of the Fortune 100 and FTSE 100.
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Go deeper

6 mins ago - World

Israeli and Palestinian officials are speaking again

Isaac Herzog (L), then the leader of the opposition, meets with Mahmoud Abbas in 2015. Photo: Abbas MomaniI/AFP via Getty

Relations between the new Israeli government and the Palestinian Authority have shifted substantially in recent weeks, with Israeli officials going so far as to call it “a renaissance."

Why it matters: During Benjamin Netanyahu's 12-year tenure as prime minister, relations deteriorated to the point where there was almost no contact other than security coordination.

38 mins ago - Politics & Policy

Bipartisan group reaches agreement on $1.2 trillion "hard" infrastructure bill

Sens. Mitt Romney (R-Utah) and Mark Warner (D-Va.) Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images.

After weeks of long nights and endless Zoom calls, a bipartisan group of senators finally reached a deal on "the major issues" in their $1.2 trillion "hard" infrastructure package, GOP senators involved in the talks announced Wednesday.

Why it matters: It could be days before the group finishes writing the bill, but the Senate can begin debating the legislation in earnest now that they have resolved the outstanding issues. The bill needs 60 votes to advance in the Senate.

58 mins ago - Health

Pfizer raises estimate of COVID-19 vaccine sales by 29%

Pfizer anticipates manufacturing 4 billion doses of its vaccine next year. Photo: Chet Strange/Bloomberg via Getty Images

Pfizer expects revenue from the COVID-19 vaccine, co-developed by BioNTech, will reach $33.5 billion this year — a 29% jump from the previously estimated $26 billion.

Why it matters: This vaccine, which has dramatically slowed the coronavirus pandemic, is on pace to be the world's top-selling drug of all time, by far. And now Pfizer is pushing for people to get a third "booster" shot of its vaccine to combat the growing Delta variant.