Today is a national day of mourning for former President George H.W. Bush. There will be no trading on the New York Stock Exchange or Nasdaq, and no updates of the Dow Jones Industrial Average or the S&P 500. Industry trade groups have recommended that bond markets also shut down on Wednesday, according to MarketWatch.
Fresh agency news this morning: Raleigh, North Carolina-based French/West/Vaughan has acquired half of boutique fashion agency AMP3 PR. Staffers from both shops in New York will move into a new office space under the AMP3 PR brand at the start of 2019. The combined team will be led by AMP3 cofounders Alyson Roy and Dion Roy, who will report to FWV CEO Rick French and EVP and principal Natalie Best.
An ‘epic failure of corporate governance.’ A report by The New York Times found that CBS executives, employees, and lawyers were aware of sexual misconduct allegations against former CEO Les Moonves but did little about them. Former communications director Gil Schwartz drafted a resignation letter for Moonves after learning of a serious allegation, but the letter was not sent to CBS’ board, according to the Times.
Facebook employees aren’t as happy on the job as they used to be. The company lost its No. 1 position on Glassdoor’s best places to work list, dropping six spots, as it finishes out a crisis-filled year. Google dropped three spots, and Amazon failed to make the list. Apple and Microsoft both made gains, according to CNBC.
There are going to be a lot of these announcements in the next few months. Former Massachusetts Governor Deval Patrick is set to announce his decision on running for president. Spoiler alert: he’s not running, according to Politico. Patrick stoked speculation by ramping up political activity this fall.