Fortune 500

Four #Global500 covers are better than one. Which one is your favorite? The corporations on our annual list of the world’s 500 largest companies posted near-flat, but still record-breaking aggregate revenues of $41 trillion in 2023. The top five include: 1. 🇺🇸 Walmart 2. 🇺🇸 Amazon 3. 🇨🇳 State Grid 4. 🇸🇦 Saudi Aramco 5. 🇨🇳 Sinopec 🔗 See the full #Global500 list: https://lnkd.in/e3e_pTZD

Larry Page encouraged University of Michigan Class of 2009 graduates to seek out avenues of laziness. bit.ly/3X8cQA5 Page explained to the graduates that when he was in grad school, he had at least a handful of other ideas he was toying with—along with what would become Google. “Thank goodness my advisor said, ‘Why don’t you work on the web for a while?’” Page recalled. That was “seriously good advice,” because the web was booming with activity, interest, and investment back then. “A group of three people can write software that then millions can use and enjoy. Can three people answer the phone a million times?” he said. He encouraged the graduates to, like he did, “Find the leverage in the world, so you can be more lazy!” Read more: bit.ly/3X8cQA5

A survey of annual reports from the biggest U.S. corporations are increasingly highlighting AI as a possible risk factor. bit.ly/4fWYFVY According to a report from research firm Arize AI, the number of Fortune 500 companies that cited AI as a risk hit 281. That represents 56.2% of the companies and a 473.5% increase from the prior year, when just 49 companies flagged AI risks. “If annual reports of the Fortune 500 make one thing clear, it’s that the impact of generative AI is being felt across a wide array of industries—even those not yet embracing the technology,” the report said. To be sure, the jump in warnings also coincides with the explosion of awareness and interest in AI after OpenAI’s release of ChatGPT in late 2022. Read more: bit.ly/4fWYFVY

In the last few days Brian Niccol’s good news has been overshadowed by a backlash over his remote work privileges. bit.ly/3XcEv2N His contract that allows him to work remotely from his home in Newport Beach, Calif., and commute to the company’s HQ in Seattle via private jet. The document also states that he will be eligible to use the company’s aircraft for “business related travel” and for “travel between [his] city of residence and the company’s headquarters.” A Starbucks spokesperson clarified to CNBC that its new chief will still be expected to work from Starbucks’ Seattle office at least three days a week, in line with the company’s hybrid work policies. Read more: bit.ly/3XcEv2N

My job never ends, and I could work until midnight and still not be done." When Fortune asked Jesper Brodin, CEO of IKEA parent company Ingka Group, about what he does to be more productive, he said, "spend time with family, nature, and exercise." The chief executive added one extra secret: "Laugh often!" Read more about Brodin's take on leadership: bit.ly/3ADtG11

Nestle chief executive Mark Schneider is leaving the Swiss food group after eight years in charge. bit.ly/46Xipom Schneider “has decided to relinquish his roles as CEO and member of the Board of Directors”, Nestle said in a statement, adding that the move would be effective from September 1. “Leading Nestle for the past 8 years has been an honor for me. I am grateful for what we have achieved, having transformed Nestle into a future-proofed, innovative and sustainable business,” Schneider said in the statement. Read more: bit.ly/46Xipom

Starbuck is deploying one of the most its potent weapons to bring customers back into stores: the pumpkin spice latte. bit.ly/3X4gSsa The pumpkin spice latte returns Aug. 22 for the 21st straight year. Starbucks is also introducing a new iced apple nondairy cream chai, plus two other apple beverages that will only be available on its app. Returning offerings include a pumpkin cream cold brew. Fan-favorite autumn beverages are key to the company’s plan to reverse two quarters of same-store sales declines. Read more: bit.ly/3X4gSsa

Elon Musk’s Tesla just lost another longtime veteran executive, continuing their spree of resignations. bit.ly/3AAVd31 Sreela Venkataratnam posted on LinkedIn that she was leaving the company after 11 years. Venkataratnam’s exit is the latest in a line of at least six other high-profile executives who left this year. Colleagues and supporters wished her well, including one, Jason Wheeler, who congratulated her on “an amazing run at a company that wasn’t always easy to work at.” Venkataratnam replied, “It is definitely not for the faint of heart! It was great working with you especially during those tough days!” Wheeler’s LinkedIn profile states he was chief financial officer and a senior advisor at Tesla from 2015 to 2017. Read more: bit.ly/3AAVd31

This spring, Gap Inc.’s long losing streak finally ended. bit.ly/3XhG0Mb In late May, the company reported that all four brands in its portfolio had seen growth in quarterly comparable sales for the first time in seven years. The company behind the Gap, Old Navy, Banana Republic, and Athleta also posted stronger-than-expected profits, bolstering faith that Richard Dickson, now its chief executive of one year, was solving the riddle of how to fix the chronically lagging maker of iconic American clothing. Read more: bit.ly/3XhG0Mb

Nvidia’s meteroric growth has led some experts to question whether the company’s corporate governance has matured as quickly. bit.ly/3ABMfTh CEO Jensen Huang has been offloading approximately $14 million’s worth of shares on a near-daily basis for months this summer. He still retains more than a 3.5% stake in the business. This raises questions about why Huang is selling instead of holding and that, in turn, leads to the issue of why Huang has so many shares in the first place. Investors want more intel on the business at the top. They want to see more transparent corporate governance, open succession planning, and a change in pay structure to motivate the next era of management. Read more: bit.ly/3ABMfTh