Sep 27, 2019

Wells Fargo ends 6-month CEO search with an outsider hire

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Nike CEO Mark Parker to be replaced by ServiceNow CEO John Donahoe

Photo: Mike Coppola/Getty Images

Longtime Nike CEO Mark Parker will step down in January 2020 and will be replaced by John Donahoe, CEO of ServiceNow and a Nike board member, the company announced Tuesday.

Why it matters: Given Donahoe's background, this seems like a clear indicator that Nike wants to become a technology company that sells shoes/apparel rather than a traditional retailer. Nike has been on the path to becoming much more of a direct-to-consumer company and less of a wholesale company for a while, but this could speed it up dramatically.

Go deeperArrowOct 22, 2019

Inside the esports investment boom

lllustration: Sarah Grillo/Axios

Ever been at a party where you just felt you didn't belong? Now imagine that there are over 13,000 people at the party. That was me recently at Philadelphia's Wells Fargo Center while filming an "Axios on HBO" segment about professional esports.

The big picture: It was the final match of Overwatch League, which mimics traditional pro sports leagues by having geographically based teams. Over its first two seasons those teams have all played out of an Activision Blizzard-owned arena in LA, but next year, they'll move to home venues.

Go deeperArrowOct 21, 2019

Bank earnings and health care stocks helped the Dow turn positive in October

Illustration: Sarah Grillo/Axios

The Dow turned positive for October after solid earnings from some of the biggest U.S. banks and surprisingly solid earnings from health care companies. Both sectors have lagged the market this year.

What happened: Bank CEOs, including JPMorgan's Jamie Dimon and Citigroup's Michael Corbat, continued to tout the strength of the U.S. consumer.

Go deeperArrowOct 16, 2019