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<ul class="summary-list"><li><keyword id="23774633" type="General" weightage="100" keywordseo="Jane-Lauder" source="keywords">Jane Lauder</keyword>, beauty magnate <keyword id="21856043" type="General" weightage="20" keywordseo="Este-Lauder" source="keywords" meta.keywordsubtype="org" meta.entityname="Estée Lauder" meta.hostid="261" meta.entityid="Estée Lauder">Estée Lauder</keyword>'s granddaughter, is leaving the family-run company.</li><li>Her departure comes after Estée Lauder announced its CEO, <keyword id="23726861" type="General" weightage="20" keywordseo="Fabrizio-Freda" source="keywords">Fabrizio Freda</keyword>, is stepping down.</li></ul>Jane Lauder, whose grandmother founded Estée Lauder and who was seen as a contender to become its next CEO, is set to depart the company. Lauder joined the family-run company in 1996 and was named its first executive vice president of enterprise marketing and chief data officer in 2020, according to a press release. Before that, she worked in senior leadership positions for brands including Clinique, Origins, and Darphin, which are all owned by Estée Lauder. The fashion trade outlet WWD first reported the news. Estée Lauder confirmed the story but said it would not be issuing a statement. Her departure comes amid a <keyword id="21737281" type="General" weightage="20" keywordseo="leadership-shake-up" source="keywords">leadership shake-up</keyword> for Estée Lauder Companies Inc., which announced in August that longtime CEO <a target="_blank" class="" href="https://www.businessinsider.com/how-deciem-and-the-ordinary-fit-into-estee-lauders-growth-2021-2">Fabrizio Freda</a> would retire at the end of the 2025 financial year. <div type="image" title="Fabrizio Freda attends the Balmain Womenswear Spring-Summer 2025 show as part of Paris Fashion Week on September 25, 2024." height="960" width="1280" msid="114697538" hostid="261"></div>The announcement of Freda's departure came as Estée Lauder reported a 2% decrease in organic sales for the year to June, citing "ongoing softness in <a target="_blank" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">China</a>" as a key reason. In the earnings release, Freda also called the sales and profit outlook for the current financial year "disappointing." At the time of his retirement announcement, Estée Lauder said it was "well advanced in its long-established <keyword id="23217871" type="General" weightage="20" keywordseo="CEO-succession" source="keywords">CEO succession</keyword> planning process" and that the board was considering both internal and external candidates. In an internal memo, Lauder said she plans to remain a board member and shareholder, WWD reported. "The company is embarking on a necessary and fundamental turnaround," Lauder said, per WWD. "I have thought about how I can be most effective in helping the company reclaim its rightful position as the world's leader in prestige beauty and restore long term shareholder value." Lauder also said in the memo that she will remain an advisor to the CEO in the coming months. <div type="image" title="Aerin Lauder, William Lauder, and Jane Lauder at the Breast Cancer Research Foundation Hot Pink Party at The Glasshouse in New York City in May 2024." height="853" width="1280" msid="114697536" hostid="261"></div>Lauder isn't the only family member to have had leadership stints at her grandmother's company. Her cousin, William Lauder, stepped down as CEO in 2009 to serve as Estée Lauder's executive chairman. Her sister, Aerin Lauder Zinterhofer, also spent decades working at the company before launching her eponymous luxury lifestyle brand Aerin, which is part of Estée Lauder's portfolio. After nearly three decades, Lauder will soon no longer be involved in day-to-day operations at Estée Lauder, but her family still owns a 38% share of the company and controls most of the voting rights. Correction: October 28, 2024 — An earlier version of this story mischaracterized Estée Lauder's response to a request for comment from Business Insider. It has been updated.

Jane Lauder is departing Estée Lauder, taking her out of the race to lead the company her grandmother founded 

Prayagraj (UP): "All of you are the golden future of the 'new <keyword id="19894922" type="General" weightage="20" keywordseo="uttar-pradesh" source="keywords">Uttar Pradesh</keyword>'. With such hard work, dedication and patience, I wish that all of you succeed in every test of life. May the blessings of Maa Sharada always remain upon you all!," he said in a post in Hindi on X. The board exams were held between February 22 and March 9 at 8,265 centres. The answer papers were checked between March 16 and 30, board officials said. "Prachi Nigam of Sitapur district was the <keyword id="19951608" type="General" weightage="20" keywordseo="Class-10" source="keywords">Class 10</keyword> topper with 98.50 per cent marks. Shubham Verma, also from Sitapur, stood first in the <keyword id="19981413" type="General" weightage="20" keywordseo="Class-12" source="keywords">Class 12</keyword> exam with 97.80 per cent," Education (Secondary) Director Mahendra Dev told PTI. The board conducted the examination in a "record-breaking" number of days, Dev said. "For the first time, the exam was conducted in a record 12 working days. The evaluation of answer sheets was completed in the same number of working days," he added. The officer said 27,49,364 (27.49 lakh) candidates -- 14,39,243 (14.39 lakh) boys and 13,10,121 (13.10 lakh) girls -- appeared for the Class 10 exam. Of the total, 86.05 per cent boys and 93.40 per cent girls cleared the exam. For Class 12, the number of candidates was 24,52,830 (24.52 lakh) -- 13,41,356 (13.41 lakh) boys and 11,11,474 (11.11 lakh) girls, Dev said. The pass percentage was 77.78 for boys and 88.42 for girls.

UP board exam results announced, CM Adityanath congratulates successful candidates

Over the past few months, there’s been a lot of brouhaha about the lagging pace of bank deposits in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialization of household savings in the country, or the rising preference of Indians towards mutual funds and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian equity markets through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by <keyword id="20250971" type="General" weightage="20" keywordseo="franklin-templeton" source="keywords">Franklin Templeton</keyword>, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are <keyword id="4000333" type="General" weightage="100" keywordseo="household-deposits" source="Orion">household deposits</keyword> really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. Also, we can’t forego the fact that the share of Indian <keyword id="20319599" type="General" weightage="20" keywordseo="households" source="keywords">households</keyword> in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and savings account deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (<keyword id="19942037" type="General" weightage="20" keywordseo="central-board-of-direct-taxes" source="keywords">Central Board of Direct Taxes</keyword>) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of <keyword id="20930760" type="General" weightage="20" keywordseo="securities-transaction-tax" source="keywords">Securities Transaction Tax</keyword> (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell equity mutual funds, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by equities can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in deposit growth we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next <keyword id="19918491" type="General" weightage="20" keywordseo="mpc" source="keywords">MPC</keyword> (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day.

A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

<ul class="summary-list"><li>23andMe's board resigned over a 'distracting difference of view' with cofounder Anne Wojcicki.</li><li>The board rejected an earlier proposal by Wojcicki to take the company private.</li></ul>23andMe's entire board of directors resigned from the company over cofounder and CEO Anne Wojcicki's ongoing plans to take it private.In a <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1804591/000119312524221081/d894676dex17.htm">letter</a> to Wojcicki on Tuesday — which was also <a target="_blank" class="" href="https://investors.23andme.com/news-releases/news-release-details/independent-directors-23andme-resign-board">posted by the company as a press release</a> — the board wrote it had "yet to receive from you a fully financed, fully diligenced, actionable proposal" about the plans.In April, Wojcicki <a target="_blank" class="" href="https://www.businessinsider.com/23andme-ceo-anne-wojcicki-wants-to-struggling-company-private-2024-4">said she wanted to buy the once-hot DNA company and take it private</a>.But in August, a special committee formed by the board <a target="_blank" class="" href="https://investors.23andme.com/news-releases/news-release-details/23andme-special-committee-responds-ceos-take-private-proposal?_gl=1*ih0ia0*_ga*MTY0MzAwNzE0MS4xNzI2Njg0MDEw*_ga_G330GF3ZFF*MTcyNjY4NjMyMC4yLjEuMTcyNjY4NjM1MC4wLjAuMA..">rejected her proposal</a>, saying it provided "no premium to the closing price per share," lacked "committed financing," and was "conditional in nature."In August, the board said it would give Wojcicki "a limited amount of additional time." On Tuesday, the board said time was up.While the board wrote in its letter that it supported 23andMe's overarching mission of personalized health, it diverged with Wojcicki on strategy. That, in turn, presented a "distracting difference of view" given the concentration of her voting power, the board wrote.Wojcicki — who serves as chair of the board and its only current member — responded to the resignations in an email to 23andMe employees, writing that she was "surprised and disappointed" and that the company would "immediately" begin to create a new board.Here's her full memo:Once worth billions, shares of 23andMe had a market capitalization of $176 million Thursday, with shares trading at 35 cents. The Nasdaq had previously said it would delist the company if shares remained below $1.A rep for Wojcicki did not immediately respond to a request for comment from Business Insider.

Read the memo 23andMe's cofounder sent to staff after the entire board quit       

Over 65 lakh students did not pass <keyword id="19951608" type="General" weightage="20" keywordseo="class-10" source="keywords">class 10</keyword> and 12 <keyword id="19954615" type="General" weightage="20" keywordseo="board-exams" source="keywords">board exams</keyword> across the country last year with the failure rate being higher in <keyword id="22866974" type="General" weightage="20" keywordseo="state-boards" source="keywords">state boards</keyword> than the central board, according to Ministry of Education (<keyword id="20349630" type="General" weightage="20" keywordseo="MoE" source="keywords">MoE</keyword>) officials. An analysis of class 10 and 12 results of 59 school boards, including 56 state boards and three national boards, revealed that more girls appeared in class 12 exam from government-managed schools but it is opposite in private schools and government-aided schools. "Around 33.5 lakh students of class 10 are not reaching next grade. While 5.5 lakh candidates did not appear, 28 lakh failed. This is one of the cause for low retention rate and Gross Enrolment Ration (GER) at higher secondary level," a senior MoE official said. Similarly, around 32.4 lakh class 12 students did not complete the grade. While 5.2 lakh did not appear, 27.2 lakh failed. In class 10, the student failure rate in central board stood at 6 per cent while that of state boards was much higher at 16 per cent. In class 12, the failure rate at central board is 12 per cent while that of state boards is 18 per cent. The ministry officials noted that the open school performance was poor in both the classes. The highest number of student failure in class 10 was in Madhya Pradesh board followed by Bihar and UP. While in class 12, the highest student failure was reported from Uttar Pradesh followed by Madhya Pradesh. "Overall performance of students in 2023 declined in comparison with previous year. This could be due to larger syllabus for examination," the official said. More girls appeared for class 10 and 12 board exams from government schools than boys. "This may reflect gender bias while spending on education by parents. However, girls dominates in pass performance across government, aided and private schools," the official said. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Over 65 lakh students failed class 10, 12 exams in 2023; higher failure rate in state boards: MoE

<ul class="summary-list"><li>The "TSA tray aesthetic" trend is taking over <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-ban-app-american-us-not-worried-2024-9">TikTok</a> with over 16 million posts.</li><li>Some creators are having fun with their flat lays, while others are just documenting their travel.</li></ul>In the ever-evolving world of travel trends, it's time to say goodbye to raw-dogging — flying without devices or any other distractions — and hello to the "TSA tray aesthetic."Gen Z's fall travel trend requires participants to conceptualize, style, and photograph their personal belongings at the TSA's <a target="_blank" class="" href="https://www.businessinsider.com/american-express-platinum-card-perks-annual-fee-worth-it-2024-5">airport security</a> checkpoint before hopping on their flight.The "TSA tray aesthetic" has been all over TikTok for the past few weeks, with over 16 million related posts drawing thousands of views.Before her trip to Mexico, 24-year-old creator Ckalysta Hutchings made one such video, in which she artfully arranged her personal belongings in a gray bin.In her video, she shows an iPad in a black textured case, matching headphones, a pair of sunglasses, a <a target="_blank" class="" href="https://www.businessinsider.com/rhode-hailey-bieber-addressed-golloria-georges-pocket-blush-issues-2024-9">Rhode Beauty</a> lip gloss on a gray iPhone cover, and a blush, which are methodically positioned. "We just got a bin and snapped a few photos in under 10 minutes," Hutchings told Business Insider, emphasizing that she and her sister had only done so "after we had gone through security."Like many other people her age, Hutchings uses <a target="_blank" class="" href="https://www.businessinsider.com/how-to-grow-online-business-with-pinterest-social-media-2024-8">Pinterest</a> to plan her trips. From outfits and accessories to aesthetically arranging her airport security bins, everything is conceptualized in advance. She thinks of it as a way of organizing her life and planning for what's next.Not everyone can creatively thrive under airport security pressure, though. Some, like Vicki Rutwind, a former lawyer turned travel content creator, prefer photographing in the comfort of their home. That meant purchasing a plastic security bin before travel to keep up with the trend."I created my video all in one afternoon in my kitchen. I am not a put-together person at the airport, and I fly a lot," Rutwind told BI. <h2 id="f554022e-56f6-4c2e-8d08-117598ff51f4"> A travel ritual before it turned into a viral trend</h2>The practice isn't totally new, though. When Emily Abbate, a former magazine editor and current podcast host of <a target="_blank" class="" href="https://www.hurdle.us/">Hurdle</a>, began traveling a lot for work in 2015, she wanted a unique and quick way to capture her adventures.That's when she turned to airport bins and began putting together flat lays."I started throwing a few things into my bag before I would travel that would be indicative of where I was heading," she told BI, adding that she only took photos after going through security and taking her tray off to the side.Her items included a mix of practical products, such as a Lonely Planet book on Paris when she attended the <a target="_blank" class="" href="https://www.businessinsider.com/olympian-adeline-gray-raising-twins-harder-than-the-olympics-2024-9">Olympics</a> earlier this year, or a pair of sneakers if she collaborated with a particular brand.Abbate saw this as a fun way to commemorate her travels. While she has not participated in the recent viral trend, she understands its value."I found it really fun to look back at [them] end of the year and have a personal scrapbook of all the cool places that I had been to," she said. Rutwind also considers it a unique way to relive her travels. Upon seeing the trend, she ordered a $17 bin on <a target="_blank" class="" href="https://www.businessinsider.com/rto-amazon-relocate-remote-work2024-8">Amazon</a> — which doubles as a storage bin — and then styled it using different colorways representing destinations and products, such as a pair of red sneakers and matching NARS lipstick for Paris or a pair of blue Adidas and matching knitwear for Santorini.<h2 id="8546f31a-1967-464e-8355-166a8095db7f">Some lifestyle brands and creators are monetizing this trend</h2>From fashion label Reiss to publishing house Faber, brands have participated in the trend by showcasing a collection of products — books, mules, designer knitwear, or claw clips — that would be part of their "airport aesthetic.""This trend specifically aligned perfectly for us, curating an aesthetic selection whilst focusing on our travel-friendly products," storage solutions brand Stackers told <a target="_blank" class="" href="https://www.cnn.com/2024/09/08/travel/why-people-are-making-videos-of-their-airport-trays-now/index.html">CNN</a>. Lifestyle <a target="_blank" href="https://businessinsider.com/what-is-onlyfans-content-platform-explained-2024-4">content creators</a>, like Symphani Soto, have also used the microtrend to boost their personal brands, arranging everyday essentials she uses and linking them to their LikeToKnow.It or <a target="_blank" class="" href="https://www.businessinsider.com/ltk-weapon-against-affiliate-competition-from-youtube-shopping-tiktok-2024-7">LTK</a>, an e-commerce platform that allows creators to share and sell products from partner brands."It's just a fun way to curate what I actually use every day and <a target="_blank" class="" href="https://liketk.it/4MKZa">share</a> with people; if they want to purchase something like a lipstick or a bag, for instance, they can automatically go over there and purchase it," Soto told BI.<h2 id="0b7a2dbe-e128-4773-a54d-7f43dc6b4417">Not everyone is on board with the trend</h2>When Caleb Harmon-Marshall, a former <a target="_blank" class="" href="https://www.businessinsider.com/ex-tsa-agent-what-not-to-do-during-air-travel-2024-1">TSA agent</a>, started receiving calls from his old co-workers stating that several people at the airport were holding up the lines to take photos of their bins, he knew he had to say something.Since leaving his job, Harmon-Marshall has run a travel newsletter, <a target="_blank" class="" href="https://gateaccess.substack.com/">Gate Access</a>, which focuses on passengers' flight and security rights. So he decided to make a video and "not tell people not to do it, but just be mindful of the people behind you," he told BI.Harmon-Marshall isn't the only one to flag this. Several news outlets have reported that some <a target="_blank" class="" href="https://www.businessinsider.com/acquisition-spree-in-influencer-marketing-is-bolstering-the-creator-economy-2024-9">influencers</a> have made what's already an annoying part of traveling even worse by holding up the lines.Creators who spoke to Business Insider emphasized they would never hold up the security line or encourage their followers to do so.A TSA representative told BI they're aware of the trend and that "as long as the staged glamor photos are not causing delays or issues with other passengers in the checkpoint, there are no issues."The spokesperson added that people who wish to snap their bins should do so after they've crossed security and that "setting up a bin 'just so' for that ideal <a target="_blank" class="" href="https://www.businessinsider.com/names-easy-spell-for-kids-2024-9">social media</a> photo might take a minute or two, so best to go through the security checkpoint and take the photo afterward. At that point, take all of the time you want to set up the bin."As with most online <a target="_blank" class="" href="https://www.businessinsider.com/popular-trends-interior-designers-dont-like-get-rid-of">fads</a>, this one has received strong and mixed reactions from people online.Hutchings said she had a series of hate comments on her video, but what really matters is "how you, as an individual, feel about your feed."The cute photos she uploads make her happy and hopefully inspire others, so, she said, "at the end of the day, if it's not for you, keep scrolling."

TikTokers are taking 'aesthetic' photos of their TSA trays in the latest travel trend. But not everyone's on board.

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

<ul class="summary-list"><li>OpenAI's board was as surprised as the public was by ChatGPT's 2022 release, a former member says.</li><li>Helen Toner said the board "was not informed in advance" and actually learned about it on Twitter.</li></ul>The release of ChatGPT took the world by surprise in 2022 — and a former OpenAI board member says that was the case for the company's board of directors, too.On November 30, 2022, OpenAI CEO Sam Altman <a target="_blank" href="https://x.com/sama/status/1598038815599661056">tweeted</a> a link to the chatbot, writing: "today we launched ChatGPT. try talking with it here." But <a target="_blank" href="https://www.businessinsider.com/openai-board-member-details-sam-altman-lied-allegation-ousted-2024-5">Helen Toner</a> said the board wasn't given a heads-up about the release and learned about it from Twitter, now X."For years Sam had made it really difficult for the board to actually do that job by withholding information, misrepresenting things that were happening at the company, in some cases outright lying to the board," she said in an interview with Bilawal Sidhu on "<a target="_blank" rel=" nofollow" href="https://link.chtbl.com/TEDAI">The TED AI Show</a>" that aired Tuesday.Toner said one example was the ChatGPT release, where "the board was not informed in advance."Last November, Altman was briefly ousted, with OpenAI's board at the time saying a review found he "was not consistently candid in his communications with the board."<a target="_blank" href="https://www.businessinsider.com/timeline-sam-altman-openai-shock-firing-microsoft-switch-2023-11">OpenAI reinstated Altman as CEO</a> less than a week later, after facing internal and external pressure. Nearly all the company's staffers had threatened to quit after Altman's firing, and Microsoft said it would hire Altman to lead an AI team.Toner resigned from her role as an OpenAI board member a week after Altman returned as CEO.OpenAI did not immediately respond to a request for comment from Business Insider. <a target="_blank" href="https://www.businessinsider.com/openai-sets-up-safety-committee-starts-training-next-frontier-model-2024-5">OpenAI's chairman, Bret Taylor</a>, said in a statement to the podcast, "We are disappointed that Ms. Toner continues to revisit these issues."Taylor added that an independent review of Altman's firing "concluded that the prior board's decision was not based on concerns regarding product safety or security, the pace of development, OpenAI's finances, or its statements to investors, customers, or business partners."

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