Key Takeaways Steve Angel succeeded Joe Hinrichs as CSX's President and CEO on September 28. CSX reaffirms strong operations and full-year volume growth guidance despite the leadership change. Angel's 45-year track record and focus on operational excellence align with CSX's growth strategy.CSX Corporation’s (CSX) appointment of Steve Angel as president and chief executive officer marks a pivotal leadership transition for the rail giant. Effective Sept. 28, Angel succeeds Joe Hinrichs, who departs after thr ...

Article contentShares of Constellation Software Inc. (TSX: CSU) dropped more than five per cent after the company announced on Sept. 25 that founder and chief executive Mark Leonard resigned from his position for health reasons after 30 years on the job. After an Oct. 1 conference call with new president and chief executive Mark Miller to discuss the leadership transition, BMO Capital Markets analyst Thanos Moschopoulos said in a note that while Leonard is “irreplaceable,” the selloff was “overdone” and tha ...

Gold’s power players just rewrote the script this week. [AI composed image of Mark Bristow (Source: Barrick. ) and Tom Palmer (Source: Newmont. )]The global gold sector was jolted this week by a cascade of major developments not seen in decades. It began with the sudden departure of Mark Bristow from Barrick Mining (TSX: ABX) (NYSE: B). The long-time executive, who had pledged in May to stay until 2028 to oversee projects such as the $9-billion Reko Diq copper and gold mine in Pakistan, stepped down abruptl ...

Group 1 - Constellation Software Inc. announced a live shareholder Q&A audio webcast on October 1, 2025, at 2:30 p.m. ET to discuss the leadership transition from Mark Leonard to Mark Miller [1] - The webcast will be hosted by President Mark Miller and Chief Financial Officer Jamal Baksh [1] - Shareholders can access the call via a toll-free number for North America or an international number, and a replay will be available for 12 months [2] Group 2 - Constellation Software Inc. is listed on the Toronto Stock Exchange under the symbol "CSU" [3] - The company specializes in acquiring, managing, and building vertical market software businesses [3]

This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. Dive Brief: Portillo’s CEO Michael Osanloo is departing the chain, and the board has named Michael Miles, chairman of the board at Portillo’s, as interim-CEO, according to a Monday press release. Osanloo will remain as an advisor for 90 days.  Miles and three other board members — Paulette Dodson a long time , former Red Robin CEO G.J. Hart, and former Darden ...

Leadership Transition - HSBC has disclosed a leadership transition in its U.S. operations, with Lisa McGeough stepping down as president and CEO to pursue new opportunities outside the bank [2] - Jason Henderson, the Deputy Head of Banking for the U.S., has been appointed as interim CEO, bringing extensive experience from senior leadership roles across markets and banking in the U.S., U.K., and Canada [3] Background of Leadership Changes - McGeough joined HSBC in 2021 and had 35 years of banking industry experience, previously serving as co-head of global banking coverage for Europe [4] - HSBC emphasized the importance of the U.S. market within its international network and growth strategy [3] Organizational Restructuring - HSBC announced plans to implement a simplified organizational structure starting January 1, 2024, aimed at streamlining decision-making and eliminating redundancies [5] - The bank will reorganize into four distinct business units: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking, reducing its Group Executive Committee from 18 members to a new 12-member Group Operating Committee [5][6]

Core Insights - Avantor reported mixed Q2 2025 results, with GAAP revenue exceeding analyst expectations but non-GAAP EPS falling short [1][5] - The company faces ongoing operational and competitive pressures, alongside a pending CEO transition [1][9] Financial Performance - GAAP revenue for Q2 2025 was $1,683.4 million, slightly above the estimate of $1,674.6 million, but down 1.1% year-over-year [2][5] - Non-GAAP EPS was $0.24, missing the consensus estimate of $0.25 and reflecting a 4% decline from Q2 2024 [2][5] - Adjusted EBITDA was $279.8 million, down 8.4% from $305.6 million in Q2 2024 [2][5] - Free cash flow decreased by 46.7% to $125.4 million compared to $235.3 million in Q2 2024 [2][7] - Net income (GAAP) fell to $64.7 million from $92.9 million in Q2 2024 [7] Segment Performance - The Laboratory Solutions segment experienced a 3% drop in net sales, with an organic decline of 1.0% [6] - The Bioscience Production segment achieved a 3% increase in reported sales, but its adjusted operating margin declined due to maintenance and regulatory challenges [6] Strategic Focus - Avantor's business relies on a diverse product mix, global presence, strong customer relationships, and commitment to ESG standards [4] - The company is targeting $400 million in run-rate cost savings by the end of 2027 as part of its multiyear transformation plan [7] Future Outlook - No updated financial guidance was provided for the remainder of fiscal 2025, but management emphasized the importance of recurring revenue contracts and efficiency programs [9][10] - Key areas to monitor include revenue trends in Laboratory Solutions, margin developments, and progress in cost-saving initiatives [10]

Financial Data and Key Metrics Changes - In Q2 2025, total revenue increased by 22% year over year to $764 million, with originations rising 28% to $1.8 billion [9][20][28] - Adjusted EPS grew by 48% year over year to $3.23 per diluted share, reflecting efficient marketing and lower cost of funds [10][28] - The consolidated net charge-off ratio improved to 8.1%, down from 8.6% in the previous quarter and 7.7% a year ago [10][22] Business Line Data and Key Metrics Changes - Small business revenue increased by 30% year over year to a record $326 million, with originations reaching $1.2 billion, marking a 35% year-over-year growth [9][20][21] - Consumer revenue rose by 17% year over year to $428 million, with originations growing 15% to $564 million [20][21] - Small business products accounted for 65% of the loan portfolio, while consumer products made up 35% [9] Market Data and Key Metrics Changes - The U.S. economy added 147,000 jobs in June, with the unemployment rate falling to 4.1%, indicating resilience in the labor market [11] - Small businesses are increasingly optimistic, with over 90% expecting moderate to significant growth over the next year [15] Company Strategy and Development Direction - The company is focused on sustainable and profitable growth through a diversified business model and advanced technology [17][19] - Leadership changes are part of a planned transition to ensure continued strategic direction and growth [5][6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic fluctuations, citing strong credit quality and operational adjustments [12][39] - The company anticipates revenue growth of around 20% for the full year 2025, with adjusted EPS growth of approximately 30% [32] Other Important Information - The company has a strong liquidity position with $1.1 billion in liquidity, including $388 million in cash and marketable securities [28] - The marketing expense was 19% of total revenue, slightly below expectations, indicating efficient marketing strategies [10][26] Q&A Session Summary Question: Can you elaborate on the consumer portfolio's credit issues? - Management clarified that the elevated defaults were isolated to one of five consumer products and have since been addressed through tightened credit models [34][36][39] Question: What factors contributed to the strong small business performance? - Management noted that the small business segment has shown consistent strength, with stable credit and a favorable competitive environment [40][42] Question: How do macro trends affect originations and revenue growth? - Management emphasized the importance of balancing growth and risk, stating that while macro trends are positive, the company remains cautious in its approach [78][80] Question: How stable are the fair value marks in light of delinquency fluctuations? - Management indicated that fair value marks have remained stable, reflecting the overall stability of the credit outlook [98][100] Question: What is the sensitivity of the company's debt to interest rates? - Approximately 50% of the company's debt is floating rate, primarily sensitive to SOFR [102]

Leadership Changes - David Fisher will transition to the role of Executive Chairman effective January 1, 2026, continuing to lead the Board on company strategy [1] - Steve Cunningham, currently CFO, will become CEO effective January 1, 2026, and has joined the Board of Directors immediately [1] - Scott Cornelis, current Treasurer and VP of Finance, will succeed Cunningham as CFO effective January 1, 2026 [1] Management Insights - Fisher emphasized the leadership changes reflect strategic vision and careful planning, aiming to drive shareholder value and ensure continuity [2] - Cunningham expressed gratitude towards Fisher for his leadership and highlighted the importance of the team in executing the growth strategy [2] - Cunningham has been with Enova since 2016 and has extensive experience in financial services, having previously held significant roles at Discover Financial Services and Harley-Davidson Financial Services [2] Company Overview - Enova International is a leading online financial services company that has provided over $63 billion in loans and financing to more than 13 million customers over 20 years [4] - The company focuses on serving small businesses and consumers underserved by traditional banks, utilizing advanced analytics and machine learning [4]

Leadership Transition - Northwest Bancshares, Inc. announced a change in its board of directors as part of a leadership transition, with Timothy B. Fannin stepping down as Board Chair and being succeeded by Vice Chair Timothy M. Hunter [1][2] - Timothy B. Fannin has been with the board since 2013 and served as Non-Executive Chairman since 2022, while Timothy M. Hunter joined the board in 2015 and was appointed Vice Chair in 2023 [2] Company Progress and Strategy - The company is on track to become a Top 100 US bank by assets following its merger with Penns Woods, expected to close in late July [3] - Fannin highlighted the company's significant progress on its strategic growth plan, including the largest acquisition in its history, and emphasized the importance of transitioning board leadership at this time [3] - Hunter expressed his commitment to continue the company's progress and capitalize on opportunities for sustainable, responsible, and profitable growth [3] Executive Experience - Timothy M. Hunter has extensive business experience, having served as President and CEO of McInnes Rolled Rings from 2003 to 2024, and has held various positions on business and philanthropic boards [3] - Hunter is a CPA and has a background with Ernst & Young, holding a bachelor's degree in accounting from Villanova University [3] Company Overview - Northwest Bancshares, Inc. is headquartered in Columbus, Ohio, and is the bank holding company for Northwest Bank, which was founded in 1896 [4] - The bank offers a complete line of business and personal banking products, as well as employee benefits and wealth management services, operating 130 full-service financial centers and eleven drive-up facilities across Pennsylvania, New York, Ohio, and Indiana [4]