Investing
2d executive is leaving Harvard’s endowment
Harvard Management Co.’s head of natural resources investments, Alvaro Aguirre, “has decided to leave the company,’’ the endowment’s chief executive told employees on Tuesday, a week after the nation’s largest university endowment reported a modest 5.8 percent investment return for fiscal 2015. Its chief, Stephen Blyth, called out natural resources in his annual review as an area in need of improvement. Blyth said Satu Parikh, head of commodities, will oversee the natural resources portfolio in the interim. Aguirre’s departure is the second announced in three weeks. The group’s head of alternative assets and a timber specialist, Andrew Wiltshire, plans to retire this year. Aguirre and Wiltshire were the third- and fourth-highest compensated executives at Harvard Management in 2013, the latest year reported, earning $9.6 million and $8.5 million, respectively. Harvard has come under sharp criticism for having the highest-paid staff among the elite US endowments but the worst performance. Aguirre, at Harvard Management for 12 years, will leave the $37.6 billion endowment Oct. 9. — BETH HEALY
Automotive
VW details brands affected by scandal
BERLIN — Commercial vehicles from Volkswagen’s Spanish unit SEAT are among the 11 million fitted with a diesel engine and software that can cheat on emissions tests, the company said. Volkswagen has admitted using the software in the United States, where authorities say 482,000 cars are involved. The company says up to 11 million vehicles worldwide are affected. VW said it would present ‘‘technical solutions and measures’’ to fix the problem in October. Not all of the 11 million vehicles would have had the software activated, said VW’s new chief executive, Matthias Mueller (left). A spokesman for the commercial vehicles unit said 1.8 million of its vehicles are affected. SEAT said it fitted 700,000 vehicles with the EA 189 diesel engines involved in the scandal; the cars were sold worldwide. Also fitted with the software were 5 million VW brand cars, 2.1 million Audis, and 1.2 million Skodas. — ASSOCIATED PRESS
Retail
Amazon aims to hire local drivers — and maybe cyclists — to make deliveries
NEW YORK — Amazon is testing an Uber-like service for delivering packages to people who use its one-hour Prime Now program. The company will enlist drivers to deliver packages with their own cars and pay them $18 to $25 an hour in its new Amazon Flex program. Drivers must be at least 21 and pass a criminal background and motor vehicle records checks. People in Seattle can sign up now. The program is expected to roll out soon in Manhattan, Baltimore, Miami, Dallas, Austin, Chicago, Indianapolis, Atlanta, and Portland, Ore. Amazon has been expanding Prime Now for members of its $99-per-year Prime loyalty program. The service delivers a wide range of items in one or two hours. Two-hour delivery is free; one-hour delivery is $7.99. Prime Now is offered in 11 cities, not including Boston. In the future, Amazon Flex might also hire pedestrians and bicyclists to deliver packages. — ASSOCIATED PRESS
Retail
Coke ending sponsorships of health groups
NEW YORK — Coca-Cola will not renew its sponsorship of a professional group for dietitians, ending one of its many outreach efforts on health. It also won’t renew contracts with the American Academy of Family Physicians, American Academy of Pediatrics, and American College of Cardiology. Coca-Cola has come under fire for its funding of such programs and partnerships on health matters tians, but the world’s biggest soda maker said its decision was driven by ‘‘budget realities,’’ not the criticism. The company has been working to slash costs as it faces pressure from investors to improve its financial performance. Critics say the company uses its outreach programs to try to downplay the role of sugary drinks in fueling obesity, in some cases by shifting the focus to the need for more physical activity. — ASSOCIATED PRESS
Corporate governance
Ralph Lauren steps down as CEO
NEW YORK — Ralph Lauren, the quintessential American designer who built a fashion empire based on country-club prep and the Wild West, is stepping down as chief executive. Taking the helm will be Stefan Larsson, president of Old Navy, Gap’s down-market brand. Old Navy has been one of the few bright spots in Gap’s portfolio since Larsson took over in 2012. The CEO change at Ralph Lauren is a move to get its finances in order. Earnings have been pressured by a strong dollar and intense competition. The latest earnings of $1.09 a share topped estimates, but revenue fell 5.3 percent on a year-over-year basis. The stock has slumped by almost half this year. Lauren said he’ll stay on as executive chairman and chief creative officer. Larsson will report to Lauren, 75, but the designer called the relationship a partnership. “When they start designing things I can’t understand, I’ll quit,” he said. — NEW YORK TIMES
Human Rights
Companies form group to push for LGBT rights globally
NEW YORK — A dozen corporations, including Google, Microsoft, and Coca-Cola, are joining a new coalition to push for LGBT rights in the workplace outside of the United States and Western Europe. It’s partly a response to setbacks for gay, lesbian, bisexual and transgender rights in places like Russia, Uganda, and the Middle East. The Human Rights Campaign-led group will push for protections in the workplace globally. ‘‘They deserve a fair chance to earn a living and provide for their families no matter where they live,’’ HRC president Chad Griffin said. Other coalition members are Accenture, AT&T, CA Technologies, Destination Weddings Travel Group, IBM, Mitchell Gold + Bob Williams, Procter & Gamble Co., Replacements Ltd., and Symantec Corp. “We have long supported LGBT rights, but it is very difficult to implement protections for our employees and for their families when laws do not exist or it’s a hostile environment,’’ said Mary Snapp, deputy general counsel at Microsoft. The coalition collectively employs nearly 1.4 million people in 190 countries. It joins an existing group of advocacy organizations and companies that have been pushing for more workplace protections, including Goldman Sachs and JPMorgan Chase. — ASSOCIATED PRESS
Regulation
Consumer bureau targets firms that service student loans
WASHINGTON — The Consumer Financial Protection Bureau says borrowers are reporting widespread problems with companies that service student loans. After analyzing more than 30,000 comments from the public, the bureau cited problems like lost paperwork and processing delays that could lead to missed payments and late fees. Some borrowers had trouble getting errors fixed; others couldn’t easily access complete information on alternative repayment options to help them avoid default. ‘‘Cleaning up the servicing market is critical,’’ said the bureau’s director, Richard Cordray. ‘‘Today’s report underscores the need for market-wide student loan servicing reforms.’’ More than 41 million people hold federal and private student loans totaling over $1.2 trillion. One in 4 borrowers is in default or struggling to stay current. In July, the bureau ordered Discover Bank to pay $18.5 million after accusing it of engaging in illegal servicing practices. — ASSOCIATED PRESS
Automotive
Tesla’s first SUV is hitting the road
FREMONT, Calif. — Tesla Motors’ Model X, an all-electric SUV, was unveiled Tuesday night at the electric vehicle maker’s California factory. It’s the third vehicle from 12-year-old Tesla, after the Roadster, which was discontinued in 2012, and the Model S sedan. It goes on sale as the market for luxury SUVs is booming. Buyers are eligible for a $7,500 federal tax credit. Exact pricing hasn’t been revealed, but CEO Elon Musk said the Model X will cost $5,000 more than the Model S, which starts at $70,000. The Environmental Protection Agency says the front-wheel-drive 90D version of the Model X will go 257 miles on a charge, while an all-wheel-drive P90D version will go 250 miles. That is less range than equivalent versions of the Model S. Musk said Tesla is still on track to sell 500,000 vehicles by 2020. It expects to reach that with the introduction of its next car, the lower-priced Model 3, in 2017. The Model X’s closest competitor is the plug-in hybrid Porsche Cayenne SUV, which starts at $77,200. Audi said this month that it will have an all-electric SUV by 2018. — ASSOCIATED PRESS