Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

In a significant <keyword id="20359239" type="General" weightage="20" keywordseo="political-development" source="keywords">political development</keyword>, <keyword id="19969165" type="General" weightage="20" keywordseo="Atishi" source="keywords">Atishi</keyword> is poised to become the next Chief Minister of Delhi, following the resignation of Arvind Kejriwal. The <keyword id="19935664" type="General" weightage="20" keywordseo="Aam-Aadmi-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Aam Aadmi Party" meta.hostid="261" meta.entityid="Aam Aadmi Party">Aam Aadmi Party</keyword> (AAP) convened a legislative meeting earlier today, where all MLAs unanimously accepted Kejriwal's proposal to nominate Atishi for the top post. <h2>Who is Atishi?</h2>Atishi Marlena, widely known as Atishi, is a prominent figure within the AAP and currently holds multiple key portfolios in the <keyword id="19925995" type="General" weightage="20" keywordseo="Delhi-government" source="keywords">Delhi government</keyword>. A Rhodes scholar, she has long been a key architect of AAP’s <keyword id="20374249" type="General" weightage="20" keywordseo="education-reforms" source="keywords">education reforms</keyword> in Delhi, which transformed the public schooling system and gained national attention. Her work has earned her recognition as a progressive leader committed to enhancing education, governance, and <keyword id="20228723" type="General" weightage="20" keywordseo="public-welfare" source="keywords">public welfare</keyword>. Atishi has served as a Delhi MLA, representing the Kalkaji constituency, and has been an essential part of the Kejriwal-led government. She took on many responsibilities when Kejriwal was jailed in connection with the excise policy case, and her reputation for efficiency and dedication helped solidify her as a strong contender for the chief ministerial position. <div type="Article" hostid="261" msid="113312516" title="Supreme Court grants bail to Chief Minister Arvind Kejriwal in Liquor scam case" mstype="2" mssubtype="0"></div><h2>Kejriwal’s resignation and resultant suspense</h2>The sequence of events leading to Atishi's ascension began with Arvind Kejriwal's sudden announcement that he would resign as Delhi’s Chief Minister. On September 13, 2024, Kejriwal was released from Tihar Jail, where he was lodged for his alleged involvement in the Delhi liquor policy scam. Following his release, Kejriwal took to the public platform to declare that he would step down, pending a “certificate of honesty” from the people of Delhi. In a political gambit that stunned many, Kejriwal pushed for advancing the polls to November 2024, ahead of the originally scheduled February 2025 elections. His rationale was that only a fresh mandate from the people, whom he asked to consider his honesty as the deciding factor, would validate his return to power. Until then, he vowed not to reassume the office of Chief Minister. "I didn't resign (after arrest in excise policy case) because I respect democracy and the Constitution is supreme for me," Kejriwal had said earlier. <div type="Article" hostid="261" msid="113364559" title="Delhi CM Arvind Kejriwal announces resignation, demands Delhi elections in November" mstype="2" mssubtype="0"></div>Kejriwal’s resignation prompted a flurry of activity within AAP, as speculation mounted about who would succeed him. The party’s Political Affairs Committee (PAC) and other senior leaders, including Manish Sisodia, Saurabh Bharadwaj, and Gopal Rai, held several rounds of discussions. Names floated for the role included Atishi, Gopal Rai, Kailash Gahlot, Saurabh Bharadwaj, and even Kejriwal’s wife, Sunita Kejriwal. Some sources hinted that a surprise candidate from a minority community could also emerge. However, Atishi was always seen as the frontrunner. She holds a majority of the key portfolios in the Delhi government and was handpicked by Kejriwal to unfurl the national flag on August 15 while he was in jail — a symbolic gesture that hinted at her growing political stature within the party. <h2>Atishi’s nomination and the path ahead</h2>The AAP legislative meeting, held at Kejriwal’s residence earlier today, saw Atishi’s nomination as the new Chief Minister of Delhi. The decision was unanimously accepted by all AAP MLAs, with Kejriwal personally proposing her name. Once Kejriwal officially tenders his resignation later today, Atishi will likely meet Lieutenant Governor VK Saxena to stake her claim for the CM’s office. It is expected that Atishi will not take the oath of office immediately, as the process involves proving majority on the floor of the Delhi Assembly and appointing a new council of ministers. Sources suggest that the swearing-in ceremony may take place closer to the next Assembly session. Atishi’s rise to the Chief Ministerial post comes at a time of political turbulence for AAP. Kejriwal’s resignation, driven by his desire to restore his public image following his incarceration, has put the party in a precarious position. The opposition <keyword id="14666" type="General" weightage="20" keywordseo="bjp" source="Orion">BJP</keyword> has termed Kejriwal’s resignation a "PR stunt" aimed at deflecting attention from the corruption charges. Atishi, with her track record of governance and public service, represents a fresh face for AAP, one that can potentially rejuvenate the party’s image. She will need to navigate a host of challenges, including the corruption allegations surrounding Kejriwal and the upcoming elections. Whether she will be able to maintain the party’s grip on Delhi or lead it to a new electoral victory remains to be seen. (With inputs from agencies)

Atishi set to become Delhi's new Chief Minister as Arvind Kejriwal steps down months before the assembly elections

<ul class="summary-list"><li>SMCI stock has plunged amid concerns about the accuracy of its financials raised by its auditor.</li><li>The company faces a Nasdaq delisting deadline due to unfiled financial statements.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/smci-stock">Super Micro Computer</a>, a darling of the artificial intelligence trade, has seen its stock tumble sharply after a 1,600% rally, and now faces delisting following the resignation of its auditor last week. Shares of the company have crashed 79% from their peak, plummeting further last week after accounting firm EY said it would resign as the company's auditor. "We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management's and the Audit Committee's representations and to be unwilling to be associated with the financial statements prepared by management," the accounting firm said in a <a target="_blank" rel=" nofollow" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001375365/5fac8065-2e9b-4894-a162-41aebeaedf55.pdf">filing</a>.Super Micro Computer failed to file financial statements with the Securities and Exchange Commission that were originally due in August. Per Nasdaq rules, the company has until November 20 to submit a plan to the exchange for it to get back into compliance. If approved, it could push the deadline to early next year. Shares of Super Micro Computer dropped 2% on Tuesday, extending its weeklong decline to 48%. The stock was trading at about $26.20 around noon ET. With such a negative overhang for the stock, Wedbush analyst Matt Bryson said investors probably won't care about its quarterly results until key questions are answered."We believe questions around EY's decision, SMCI's ability to file its 10K, and a reported DOJ investigation will take precedence over SMCI's quarterly report and guide," Bryson said in a note on Monday."It arguably appears to be an uphill battle for SMCI to remain listed at this point," he added, noting EY's desire to distance itself from financial statements prepared by the company's management. This isn't the first time Super Micro Computer investors faced delisting concerns.In August 2018, the company <a target="_blank" class="" href="https://ir.supermicro.com/news/news-details/2018/Supermicro-Announces-Suspension-of-Trading-of-Common-Stock-on-Nasdaq-and-its-Intention-to-Appeal/default.aspx">announced a suspension of trading in its stock</a> after it was delisted from the Nasdaq for failing to file its financial reports in a timely manner.Bryson said that another question for Super Micro Computer is whether its financial accounting woes could impact its underlying business of selling server racks filled with Nvidia's most powerful AI-enabled GPU chips."We have had mixed feedback regarding whether concerns around SMCI late filing and/or the reported DOJ investigation might be impacting customer's decisions," Bryson said.Wedbush rates Super Micro Computer at "Neutral" with a $32 price target.

Super Micro Computer could be delisted from the Nasdaq this month amid a steep plunge following auditor's resignation

<ul class="summary-list"><li>SoftBank-backed glassmaker <keyword id="21250775" type="General" weightage="20" keywordseo="View" source="keywords" meta.keywordsubtype="org" meta.entityname="View" meta.hostid="261" meta.entityid="View">View</keyword> filed for <keyword id="19903649" type="General" weightage="20" keywordseo="bankruptcy" source="keywords">bankruptcy</keyword> in April, 3 years after its SPAC.</li><li><keyword id="23006643" type="General" weightage="100" keywordseo="CEO-Rao-Mulpuri" source="keywords">CEO Rao Mulpuri</keyword> has stepped down from View which was taken private by two <keyword id="19900618" type="General" weightage="20" keywordseo="investors" source="keywords">investors</keyword>.</li></ul>Five months after glassmaker View <a target="_blank" href="https://www.businessinsider.com/softbank-backed-view-files-bankruptcy-spac-struggles-2024-4">filed for bankruptcy</a>, CEO Rao Mulpuri has stepped down. Under his tenure, View raised $1.1 billion from <keyword id="19944037" type="General" weightage="20" keywordseo="SoftBank" source="keywords" meta.keywordsubtype="org" meta.entityname="SoftBank" meta.hostid="261" meta.entityid="SoftBank">SoftBank</keyword> in 2018 and went public in 2021. It struggled as a public company and <a target="_blank" href="https://www.businessinsider.com/view-inc-rao-mulpuri-spac-smart-glass-2022-6">ran low on cash</a> several times before declaring bankruptcy in April. Mulpuri announced his departure on Thursday night in a memo to employees which he also posted on <a target="_blank" href="https://www.linkedin.com/feed/update/urn:li:activity:7235077660702294016/">LinkedIn</a>. "After 15 incredible years, I have decided it's time to leave View Inc. What a ride it has been! A journey of a lifetime, filled with many ups and downs, but never a dull moment," he wrote. View makes eco-friendly windows that darken when it's sunny, reducing energy costs for air conditioning. The Milpitas, California-based firm filed for Chapter 11 bankruptcy to reorganize without liquidating all its assets. Two of View's longtime investors Cantor Fitzgerald and real estate firm RXR have taken the company private. Cantor sponsored the special purpose acquisition company that merged with View to take it public, raising $815 million. On August 22, the financial-services firm agreed to a $12 million settlement to end a lawsuit by SPAC investors who alleged they were misled. Cantor did not reply to a request for comment in time for publication. According to a separate memo sent to employees Friday morning, two board members will run View as co-CEOs: Joshua Spellman, chief of staff at Cantor, and Andrew Min, a senior vice president at RXR. Mulpuri has led View since 2008, replacing one of the firm's cofounders. Previously he led Japanese semiconductor manufacturer Novellus Systems. He is known for his magic touch with investors, managing to raise cash for View multiple times when funds ran low, including from the now-bankrupt financier Greensill Capital. "He's always been able to pull a rabbit out of a hat when it comes to procuring more money for the company," one banker familiar with View previously told Business Insider. In 2022, BI spoke with 29 former and current <a target="_blank" href="https://www.businessinsider.com/softbank-view-inc-rao-mulpuri-spac-investigation-2022-6?r=VIEWinc-teaser&amp;utm_medium=referral&amp;utm_source=yahoo.com">View employees</a>. They described a culture of micromanagement and said they were afraid of being fired. Mulpuri obsessively monitored tweets and LinkedIn posts about View and asked people to write positive reviews of the company on Glassdoor, multiple former employees said. Two former employees in the corporate office said View staff called him "Chairman Rao," an inside joke rhyming his name with the Chinese communist leader Mao Zedong. "If you didn't agree with the company's potential or the rosy picture, or how we were going to revolutionize and change the world, you were kept on the outside," one of the employees said. Mulpuri did not comment in time for publication. In his note, he hinted that he will return to the startup industry. He would be "back in the saddle" building things "sooner than later," he wrote. "Stay tuned..." Correction: August 30, 2024 — An earlier version of this story misdescribed one of View's investors. Cantor Fitzgerald is a financial-services firm, not a law firm.

View CEO Rao Mulpuri, who saw the glassmaker go from investor darling to declaring bankruptcy, has resigned

<ul class="summary-list"><li>The CEO of optics giant Olympus has resigned after it was alleged that he had bought illegal drugs.</li><li>Stefan Kaufmann's departure as CEO pushed the company's shares almost 6% lower Monday.</li></ul><a target="_blank" href="https://markets.businessinsider.com/news/stocks/olympus-ceo-resigns-amid-allegations-1033896996">Olympus Corporation's</a> CEO, Stefan Kaufmann, has exited the optics giant following allegations he purchased illegal drugs.The company announced Monday that Kaufmann had been asked to resign after an investigation and a unanimous board decision.Director and executive director Yasuo Takeuchi will take on Kaufmann's responsibilities in the interim while a new CEO is selected. He previously served as boss from 2019.The firm's shares slid 5.6% on the Tokyo Stock Exchange following the announcement."Upon receiving an allegation that Mr. Stefan Kaufmann had purchased illegal drugs, Olympus, in consultation with outside legal counsel, immediately investigated the facts, made a report to the investigative authorities, and cooperated fully with their investigation," the company said in a <a target="_blank" href="https://www.olympus-global.com/ir/data/announcement/2024/contents/ir00031.pdf">statement</a>.It said that based on the results, Kaufmann had likely acted inconsistently with Olympus' global code of conduct, core values, and corporate culture.As a result, he was asked to offer his resignation and accepted the request, which is effective immediately, the firm added.Kaufmann worked at Olympus for over 20 years, becoming CEO in April 2023. He has been a board member since 2019.No further information has been made public about what type of drug Kaufmann is alleged to have purchased. He has not been charged with any crime. Police searched his home in June, but found no illegal substances, the <a target="_blank" class="" href="https://english.kyodonews.net/news/2024/10/0ac3ed892735-update1-olympus-ceo-kaufmann-resigns-amid-illegal-drug-purchase-allegation.html">Kyodo news agency reported.</a>Founded in <a target="_blank" class="" href="https://www.businessinsider.com/tokyo-confidential-bar-bartender-owner-foreigner-challenges-working-living-japan-2024-8">Tokyo</a> in 1919, the company is best known to the mass market for its cameras, though it sold that arm of its business in 2021.Its main business is in manufacturing medical technology, including surgical endoscopes and ultrasound processors.As of 2022, the company said it has a 70% share of the global market for gastrointestinal endoscopes.<a target="_blank" class="" href="https://www.businessinsider.com/things-american-wishes-she-knew-before-visiting-japan-mistakes-2024-9">Japan</a> has strict laws against the use of drugs. In 2015, Julie Hamp, a senior media advisor at Toyota Motor Corporation, spent 20 days at a prison in Tokyo before walking free after being arrested on suspicion of importing a pain medication into the country without prior approval.Business Insider was unable to reach Stefan Kaufmann for comment.

The CEO of optics giant Olympus has resigned after accusations he bought illegal drugs, sending its shares plummeting

<keyword id="19909056" type="General" weightage="100" keywordseo="Mamata-Banerjee" source="keywords">Mamata Banerjee</keyword>, the <keyword id="19924917" type="General" weightage="20" keywordseo="Chief-Minister" source="keywords">Chief Minister</keyword> of <keyword id="19896517" type="General" weightage="20" keywordseo="West-Bengal" source="keywords">West Bengal</keyword> and leader of the <keyword id="19968095" type="General" weightage="20" keywordseo="Trinamool-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Trinamool Congress" meta.hostid="261" meta.entityid="Trinamool Congress">Trinamool Congress</keyword> (TMC), has been a dominant force in the state's politics for over a decade. Recently, she offered to resign amidst the ongoing <keyword id="23154517" type="General" weightage="20" keywordseo="R-G-Kar-Hospital-protests" source="keywords">R.G. Kar Hospital protests</keyword>, where junior doctors have been on strike demanding justice for a murdered colleague. While Banerjee’s offer to step down seems more symbolic, aimed at quelling tensions, it raises important questions about what would happen if she were to actually resign as Chief Minister. Here’s a detailed breakdown of the process and its implications for West Bengal: <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">1. Resignation</h3>If Mamata Banerjee were to formally submit her resignation, the process would begin with her presenting a written resignation letter to the <keyword id="23154515" type="General" weightage="20" keywordseo="Governor-of-West-Bengal" source="keywords">Governor of West Bengal</keyword>. This is the standard protocol for any Chief Minister in India. The resignation is at the discretion of the Governor, who typically accepts it unless there is a compelling reason not to. <div type="Article" hostid="261" msid="113307547" title="West Bengal CM Mamata Banerjee offers to resign after agitating doctors refuse to meet without live streaming" mstype="2" mssubtype="0"></div>Once the resignation is accepted, Banerjee would cease to be the CM immediately. However, the Governor might request her to continue as a caretaker CM until a new government is formed. In this role, Banerjee would oversee a temporary government with limited powers, unable to make significant policy decisions or pass new laws. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">2. Election of a new leader</h3>Mamata Banerjee’s resignation would leave a significant leadership vacuum within the Trinamool Congress, which currently has a strong majority in the West Bengal Legislative Assembly. Given her deep-rooted influence over the party, it’s likely that the TMC would convene an emergency meeting to elect a new leader. Banerjee’s close associates, such as her nephew Abhishek Banerjee, could be contenders for the CM post. Alternatively, the party could look for a senior and experienced leader to stabilise the situation until the next elections. However, given Banerjee’s control over the party, she may still wield significant influence from behind the scenes, even if she officially steps down. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">3. Role of the Governor</h3>In the absence of a clear successor, the Governor plays a key role. The Governor might invite the TMC to form the government again by electing a new leader, but if the party fails to show a majority or experiences factionalism, the Governor could explore other options. This could include inviting the opposition to form the government if they demonstrate the numbers, or even recommending <keyword id="23154516" type="General" weightage="20" keywordseo="Presidents-Rule" source="keywords">President’s Rule</keyword> in the state under Article 356 of the Indian Constitution, where the central government takes over the state's administration. <div type="Article" hostid="261" msid="112644728" title="Bengal in state of flux, people lost faith in present government: Governor CV Ananda Bose" mstype="2" mssubtype="0"></div><h3>4. <keyword id="20554823" type="General" weightage="20" keywordseo="vote-of-confidence" source="keywords">Vote of confidence</keyword></h3>Once a new leader is chosen by the TMC, they will be sworn in as the next Chief Minister. However, they would need to prove their majority on the floor of the West Bengal Legislative Assembly. This process, known as a vote of confidence, is crucial in determining whether the new CM has the support of the majority of the legislators. If the party remains united, this step should be straightforward. However, in the event of internal splits within the TMC or if Banerjee’s resignation triggers political instability, the new leader may struggle to secure the necessary support, potentially leading to fresh elections. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">5. Impact on West Bengal’s <keyword id="20142886" type="General" weightage="20" keywordseo="political-landscape" source="keywords">political landscape</keyword></h3>Mamata Banerjee’s resignation would have a profound impact on the political landscape of West Bengal. She has been the face of the TMC and has led the party to consecutive electoral victories, defeating formidable opponents like the Communist Party of India (Marxist) and the Bharatiya Janata Party (BJP). Her departure from the top post could trigger a realignment within the state’s political sphere. <div type="Article" hostid="261" msid="113087561" title="Calcutta High Court seeks CBI report on nasty social media posts on RG Kar hospital rape-murder victim" mstype="2" mssubtype="0"></div>If Banerjee were to leave active politics, it could embolden opposition parties like the BJP, which has been trying to expand its footprint in the state. Additionally, there could be a power struggle within the TMC itself, especially if no clear successor emerges. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">6. President’s Rule as a last resort</h3>In an extreme scenario, where the TMC fails to elect a new leader or where political instability leads to a breakdown of governance, the Governor could recommend President’s Rule. Under this provision, the state government is suspended, and the central government takes direct control of the state’s administration. President’s Rule is generally viewed as a last resort and can be imposed if no party can form a stable government. However, given the TMC’s strong majority in the assembly, this is an unlikely scenario unless there is significant internal fragmentation within the party. In short, if Mamata Banerjee resigns, West Bengal’s political future would hinge on how swiftly a new leader is appointed by her party and how successfully they can prove majority support in the assembly. Should this process falter, the state could face either interim governance under a caretaker government or even the possibility of President’s Rule, depending on the stability of the assembly.

What will happen if Mamata Banerjee actually resigns as the Chief Minister of West Bengal?

<ul class="summary-list"><li>New York City Mayor Eric Adams is set to appear in court over bribery and wire fraud charges.</li><li>Adams faces five criminal counts related to a federal corruption investigation.</li></ul>As New York City Mayor <a target="_blank" class="" href="https://www.businessinsider.com/eric-adams-criminal-charges-nyc-officials-resign-david-banks-2024-9">Eric Adams</a> prepares for court, the number of Democrats calling for his resignation is growing.Adams was accused of <a target="_blank" class="" href="https://www.businessinsider.com/new-york-city-mayor-eric-adams-charges-indicted-2024-9">soliciting bribes</a> from wealthy international business associates, including at least one Turkish government official who sought "to gain influence over him" for nearly a decade, according to official documents that were unsealed on Thursday.He was also accused of seeking illegal campaign contributions, wire fraud, and bribery, the documents said.Adams has denied wrongdoing, telling <a target="_blank" class="" href="https://www.nytimes.com/live/2024/09/25/nyregion/eric-adams-indicted-corruption?smid=nytcore-android-share">The New York Times</a> on Wednesday that any charges against him are "entirely false."He is set to appear in court before Judge Katharine Parker in Manhattan at 12 pm ET.Several prominent officials and lawmakers have urged Adams to resign.<a target="_blank" class="" href="https://x.com/AOC/status/1839020346957246939">Writing on X</a> before news of the indictment was unsealed, Rep. Alexandria Ocasio-Cortez said she couldn't see how Mayor Adams could continue governing New York City and should resign."The flood of resignations and vacancies are threatening gov function," she said. "Nonstop investigations will make it impossible to recruit and retain a qualified administration.Brad Lander, New York City Comptroller who is second in line to succeed Adams, said in a <a target="_blank" class="" href="https://comptroller.nyc.gov/newsroom/statement-by-comptroller-brad-lander-on-indictment-of-mayor-eric-adams/">statement</a> that the mayor deserved due process and the presumption of innocence."However, it is clear that defending himself against serious federal charges will require a significant amount of the time and attention needed to govern this great city," Lander added."The most appropriate path forward is for him to step down so that New York City can get the full focus its leadership demands," he added.Democratic congressional candidates John Avlon and Laura Gillen have also called for the mayor's resignation."I believe in putting principle over partisan politics," <a target="_blank" class="" href="https://x.com/JohnAvlon/status/1839140365980287270?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet">Avlon wrote on X</a>. "A Democratic crook is as bad as a Republican crook. While everyone is entitled to a presumption of innocence before being judged by a jury, Mayor Adams should step aside for the good of all New Yorkers &amp; there should be a special election."Meanwhile, at least four members of the New York City Council have encouraged Adams to step back, the outlet said."New Yorkers have had enough of politicians abusing their positions. We deserve better, which is why Mayor Adams should step down," <a target="_blank" class="" href="https://x.com/CMSandyNurse/status/1839138264743047387">Sandy Nurse wrote on X</a>.New York state Sen. John C. Liu added that New York residents need a mayor who can devote full time and energy to getting the city on the right track.Adams remains in office as of Friday's writing. As <a target="_blank" class="" href="https://www.businessinsider.com/eric-adams-indictment-how-mayor-would-be-removed-from-office-2024-9">Business Insider previously reported</a>, Gov. Kathy Hochul could remove the mayor if he is charged with a crime.Nonetheless, the likelihood of this scenario is unclear since Hochul and Adams are considered close allies, <a target="_blank" rel=" nofollow" class="" href="https://gothamist.com/news/what-happens-if-mayor-adams-resigns-or-refuses-to-leave-city-hall">Gothamist</a>, a New York City-based outlet, reported.Hochul issued a <a target="_blank" class="" href="https://www.governor.ny.gov/news/statement-governor-kathy-hochul-31">statement</a> on Thursday asking Adams to "find an appropriate path forward to ensure the people of New York City are being well-served by their leaders.""We must give New Yorkers confidence that there is steady, responsible leadership at every level of government," she said.

As Eric Adams prepares to appear in court, the number of Democrats calling for his resignation keeps growing

Two or three years ago, it's hard to pinpoint exactly when, employees at an investment firm started to notice something was wrong with their aging CEO.The executive, an <a target="_blank" class="" href="https://www.businessinsider.com/ireland-oldest-man-longevity-secrets-healthy-aging-2024-7">octogenarian</a> who'd founded the firm decades earlier, was trying to make nonsensical trades that employees had to scramble to cancel, a senior employee said. The CEO's relationship with the truth was growing ever more elastic. They'd forget what happened in meetings. Most concerningly, some major clients were abruptly pulling out after taking phone calls with the CEO.It was a boutique firm, just half a dozen or so staffers, with a couple hundred million dollars in assets under management. There was no board of directors to consult, and the staff was terrified of confronting and getting on the executive's bad side. But to the employee, the reality was inescapable: The CEO was experiencing significant age-related cognitive decline."We lost our biggest client, and we lost some other sizable clients," the employee said. "That's when we decided they can't talk to anyone anymore, which is not easy when their name is on the door." The employee, along with several other sources in this story, spoke on the condition of anonymity because of the extreme sensitivity of the subject and provided screenshots of messages and other material corroborating their accounts.Since President <a target="_blank" class="" href="https://www.businessinsider.com/biden-supreme-court-reform-project-2025-2024-7">Joe Biden's</a> disastrous debate performance against Donald Trump in June, America has been in conversation about the deleterious effects of aging. Much of it has focused on the US government's gerontocracy — a generation of political leaders, including Supreme Court Justice Ruth Bader Ginsburg and Sen. Dianne Feinstein of California, who refused to relinquish the reins of power even in the face of physical infirmity or mental deterioration.Less discussed, however, is a parallel crisis in corporate America: a wave of aging business leaders who refuse to <a target="_blank" class="" href="https://www.businessinsider.com/didnt-save-retirement-mid-thirties-wont-be-enough-2024-7">step aside</a>.In 2000, one-eighth of Americans were over 65; that proportion is set to grow to one-fifth by 2040. The average retirement age is similarly increasing: to 62 in 2024 from 57 in 1991. CEOs, too, are getting older. In 2008, the average age of a CEO in an S&amp;P 1500-listed firm was 54. It's risen each year since, to nearly 59 in 2023.A rising corporate gerontocracy puts countless businesses at risk. Employees, boards of directors, accountants, and psychologists alike are scrambling to answer an increasingly urgent question: How can more CEOs take a page out of <a target="_blank" class="" href="https://www.businessinsider.com/joe-biden-dropping-out-presidential-race-2024-7">Biden's book</a> and know when to step down?The older a CEO becomes, the worse they are at their job.That's the conclusion of a study published in 2023 by Rosemond Desir and Scott Seavey, two accounting professors at Florida Atlantic University. Using public data from 1992 to 2018, they assessed the relationship between a CEO's age and their "managerial ability," as measured by how they turned company resources into revenue and profit. "A 10% increase in CEO age is associated with a 1.9% decrease in managerial ability," they wrote. The dropoff grows steeper in later years; the difference between a 45-year-old's and a 60-year-old's performance is much smaller than that between a 60-year-old and a 75-year-old.The academics cautioned that the effects weren't the same across the board. In fast-paced, rapidly evolving fields like <a target="_blank" class="" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">technology</a>, this effect was particularly pronounced. In heavily regulated industries like utilities or manufacturing, it's a different story. CEOs in these firms "have a much longer-term focus and are much more stable and much more concerned with reducing costs," Seavey told me. For these industries, "the experience of older CEOs tends to outweigh any cognitive decline from the aging."As we age, our <a target="_blank" class="" href="https://www.businessinsider.com/anti-aging-longevity-trends-shock-testosterone-2023-3">brains shrink</a>. Gray matter starts to atrophy. We slow down. Cognitive decline, however, is far from uniform; it tends to manifest at different speeds and in different ways. One of the most insidious can be the gradual loss of what's called executive function. "Executive function is oftentimes thought of as reflecting decision-making capability. It goes beyond that," said Dr. Mark Fisher, a professor of neurology at the University of California, Irvine. "It also involves the organization planning, multitasking, retrieving information from working memory." Where other issues — like memory loss or struggles with language — are easy to identify, executive dysfunction can manifest more slowly, as erratic decision-making.One of the most notorious cases is that of Sumner Redstone, the leader of a $40 billion media empire including CBS and Viacom whose increasing physical and mental infirmity before <a target="_blank" href="https://www.businessinsider.com/sumner-redstone-who-built-viacom-cbs-dies-2019-11">his death in 2020 at 97</a> spawned numerous legal disputes.Such deterioration, unchecked and at its most extreme, can prove fatal for businesses.When the CEO of a European startup building hardware for stores started to deteriorate, some employees thought he was testing them or deliberately screwing with them, a senior worker there said. His unusual behavior — demanding workers work overtime all weekend one moment, forgetting what had repeatedly been discussed in <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-memo-leak-reorg-prioritize-copilot-over-teams-layoffs-2024-4">meetings</a> the next — prompted a gradual exodus, until there was only one other worker left.That worker told me they were forced to effectively run the business single-handedly — managing relationships with suppliers and external contractors while handling the founder's slow unraveling. The worker initially despaired as they tried to fix things, before a grim fatalism set in. "Today, basically I have come to terms that I have to meet him where he is, and there is nothing I can do to improve this," the person told me.As the business bled cash and talent, the founder was eventually convinced — with his wife's help — to prepare to wind it down with the worker's assistance.At the boutique finance firm, the ailing CEO kept coming into the office, even as their employees progressively walled them off from client meetings and sensitive duties. The CEO didn't seem to notice."It's part of their routine," the employee there said, adding, "They know that you get up, and you get dressed, and you go to the office."For many executives, the rationale for not <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/financial-independence-retire-early">retiring</a> is simple: They don't want to, and no one can make them.In 2010, Barclays surveyed 2,000 high-net-worth individuals about their attitudes toward retirement and found that 60% of respondents indicated they were determined to never stop working, despite their age. "These 'Nevertirees' are very actively engaged in what we would traditionally regard as their retirement years; continuing to work, starting businesses and taking on new projects," the bank said. "For many, their work is their passion, and to stop would be unthinkable." Respondents with more than £10 million in assets were more likely to say that than those with £1 million to £2 million. For many, the more wealth and power they have, the more they want to work to keep it.A job can be a crucial part of someone's identity, especially if they run the company or if their company even bears their name. For executives, retiring can feel like losing a part of the self.But if anything, studies suggest retirement is "slightly more likely to have positive effects on people's health" because of reduced stress and increased free time for looking after themselves, said David Ekerdt, a professor emeritus of sociology and gerontology at the University of Kansas. A few, though, "may fall apart without that structure."Notably, many of us remain oblivious to our growing limitations as we age. Olivia S. Mitchell, an economics professor at Wharton who has studied retirement, found in her research that even as people's memory and broader mental acuity declined with age, their own assessment of their memory actually increased."There's a rising gap between actuality and people's self-confidence that can pose a problem — both to the individuals themselves and to the organizations they're embedded in and need to direct and lead," she said.Still, some leaders eventually get the message. A lawyer at a three-person law firm in Southern California saw her nearly 80-year-old boss drastically deteriorate in the year she worked there. In one meeting, she recalled, a prospective client was discussing filing a lawsuit against her employer because her office had no place for her to breastfeed. The aging attorney responded, "Why can't you just do it in the bathroom?" For someone who had been practicing employment law for more than 50 years, this was an astonishing question. "All of a sudden it went from being like, OK, things are a little dicey, to suddenly this man cannot practice law," the lawyer said.He ultimately realized he couldn't keep going, closed up shop, and died a few years later.Though their ranks are on the rise, fading executives aren't a new issue, and historically businesses turned to a blunt instrument to prevent it: mandatory retirement policies.The practice was largely banned in the United States decades ago, but carve-outs exist for several professions, including pilots, air-traffic controllers, and federal law-enforcement officers. They also still exist at some corporate firms, but many — such as <a target="_blank" class="" href="https://www.businessinsider.com/scotus-chevron-doctrine-bidens-climate-policies-at-risk-2024-6">Chevron</a> and Caterpillar — have waived their policies, loathe to lose top talent.Given their findings of gradual and nuanced performance declines among executives, Seavey and Desir also caution against retirement mandates. "It's more on the board to be aware of how their CEO is," Seavey said. Of course, many people remain extremely capable deep into old age: <a target="_blank" class="" href="https://www.businessinsider.com/warren-buffett-diet-2017-10">Warren Buffett</a> continues to earn plaudits for his management of Berkshire Hathaway at 93, while <a target="_blank" class="" href="https://www.businessinsider.com/murdochs-succession-plans-just-got-a-lot-more-like-succession-2024-7">Rupert Murdoch</a> held on to News Corp. until he was 92. And older workers, both above and below the traditional retirement age, already face unwarranted discrimination in the workplace.Fisher, the neurology professor, said he'd like to see cognitive tests that can detect degeneration become a normal part of routine health exams, especially for executives. (Some professions, including pilots, are already sometimes subjected to mandatory cognitive exams.)In that sense, he added, the Biden imbroglio has been a positive step forward — the adverse effects of age are out in the open. There's no easy answer though, particularly in smaller companies without boards of directors who can step in or formal governance procedures to handle these matters. Our inevitable diminishment and mortality — and our reluctance to accept it — is one of life's bitter constants.The finance firm took a different approach: It played the waiting game.As their founder's condition deteriorated, workers took on a quasi-caretaker role. They began ordering food to the CEO's house to ensure they were eating properly, buying them clean clothes, calling cars to take them to and from the office, setting up healthcare meetings, and coordinating with their out-of-town family."It got a little weird because we had to step in on a personal level," the employee said. "I mean, this is someone who signs your paycheck."The founder is now receiving more frequent medical care, and has been coming into the office less often over the past few months. A succession plan has been prepared."The way I've been positioning it to clients is saying: 'Oh, well, they've done this for a long time and they're not really as involved in the day-to-day as they used to be. And they come into the office not as much as they used to.' And every client has said, 'I completely understand," the employee said. "I'm telling them without telling them."<a target="_blank" rel="" href="https://www.businessinsider.com/author/rob-price">Rob Price</a> is a senior correspondent for Business Insider and writes features and investigations about the technology industry. His Signal number is +1 650-636-6268, and his email is <a target="_blank" href="mailto:rprice@businessinsider.com">rprice@businessinsider.com</a>.

What business can learn from Biden's resignation

<ul class="summary-list"><li>Japan's Prime Minister Fumio Kishida announced he will not stand down.</li><li>His decision follows a financial scandal involving lawmakers from his Liberal Democratic Party.</li></ul>Japan's prime minister said on Wednesday he would quit, caving to domestic political pressure.Fumio Kishida announced his departure in a press conference, saying he would not stand in an upcoming election for the leadership of his Liberal Democratic Party.The decision means the contest will pick a successor who will succeed him as prime minister, without a general election.Kishida stepped down under pressure from a string of scandals.At the press conference, he said he hoped his departure would "impress on the public that the LDP has changed," <a target="_blank" class="" href="https://english.kyodonews.net/news/2024/08/f990eece59b6-urgent-japan-pm-kishida-not-to-run-in-ldp-presidential-election-source.html">per Japan's Kyodo news agency</a>.He said he was taking personal responsibility for a financial scandal in which LDP lawmakers were accused of taking personal kickbacks from political funds.Kishida's party has been in almost continuous power in Japan since 1955.He became prime minister in 2021, taking over from his predecessor Yoshihide Suga.Before that, Japan had been led for eight years by Shinzo Abe, famed for his <a target="_blank" class="" href="https://www.businessinsider.com/what-is-abenomics-2013-3">Abenomics</a> approach to Japan's economy.Abe <a target="_blank" class="" href="https://www.businessinsider.com/live-updates-japans-former-prime-minister-shinzo-abe-shot-2022-7">was assassinated in July 2022</a> while speaking at a campaign event.

You Searched For "resigned" and got 8 results

Atishi set to become Delhi's new Chief Minister as Arvind Kejriwal steps down months before the assembly elections

BI India Bureau

Super Micro Computer could be delisted from the Nasdaq this month amid a steep plunge following auditor's resignation

Matthew Fox

View CEO Rao Mulpuri, who saw the glassmaker go from investor darling to declaring bankruptcy, has resigned

Hayley Cuccinello

The CEO of optics giant Olympus has resigned after accusations he bought illegal drugs, sending its shares plummeting

Nora Redmond

What will happen if Mamata Banerjee actually resigns as the Chief Minister of West Bengal?

BI India Bureau

As Eric Adams prepares to appear in court, the number of Democrats calling for his resignation keeps growing

Mikhaila Friel

What business can learn from Biden's resignation

Rob Price

Japan's prime minister is resigning, under pressure from scandal

Kieran Corcoran

Popular Keywords

Buying Guides