A top Verizon executive who has struggled trying to turn the telecom giant into an advertising rival to Google and Facebook will be replaced next month and intends to leave by the end of the year.
Tim Armstrong, who was the chief executive of AOL when Verizon bought his company in 2015, was responsible for leading Oath, the Verizon subsidiary that contains AOL and Yahoo.
Armstrong will be succeeded on Oct. 1 by K. Guru Gowrappan, Oath’s president and chief operating officer, Verizon said in a release Wednesday. Armstrong will take an advisory role at Verizon before departing by year’s end, the company said.
The announcement comes a year after Verizon completed its acquisition of Yahoo in an attempt to create a digital advertising giant that could take on Silicon Valley. Its aim was to use behavioral data from Internet users to sell highly targeted advertisements, particularly on video.
But the company has faced difficulty gaining traction. Earlier this year, it shut down its fledgling proprietary video app, Go90, which sought young audiences with short, shareable clips. And reports last week suggested Verizon was having trouble gathering the type of user data needed to create a more competitive ad business.
— Brian Fung
McDonald's workers have voted to call a one-day strike next week at restaurants in 10 cities in hopes of pressuring management to take stronger steps against sexual harassment. Lead organizers include several women who filed complaints with the U.S. Equal Employment Opportunity Commission in May alleging pervasive harassment at some McDonald's franchises. Organizers said the strike, to start at lunchtime on Sept. 18, would target restaurants in each of the 10 cities: Chicago; Durham, N.C.; Kansas City, Mo.; Los Angeles; Miami; Milwaukee; New Orleans; Orlando; San Francisco and St. Louis.
Americans are eating more imitation meat. Sales of substitutes to replace all types of animal products are up and now make up a $3.7 billion market, according to data from Nielsen released Wednesday. The research was commissioned by the Good Food Institute, which represents the plant-based-foods industry. Sales of imitation meat made from plants rose 23 percent in the year through Aug. 11 to $684 million. About an eighth of all milk bought in stores isn't from a cow, but rather from plants. Nondairy yogurts, cheeses and ice cream have risen more than 40 percent.
U.S. wholesale prices fell unexpectedly last month for the first time since February 2017. The drop suggests that inflationary pressures may be easing despite the strength of the U.S. economy. The Labor Department said Wednesday that its producer price index — which measures inflation before it reaches consumers — fell 0.1 percent in August after being flat in July. Producer prices were up 2.8 percent from August 2017. Wholesale prices for services slid 0.1 percent; prices of goods were flat. Excluding volatile food and energy prices, so-called core wholesale inflation also slipped 0.1 percent from July.
— From news reports
8:30 a.m.: Labor Department releases consumer price index for August.
10 a.m.: Freddie Mac, the mortgage company, releases weekly mortgage rates.
2 p.m.: Treasury releases federal budget for August.