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Sherman to head marketing at DraftKings

Stephanie Sherman has been named chief marketing officer of DraftKings.


Sherman to head marketing at DraftKings

Sports betting giant DraftKings Inc. promoted Stephanie Sherman, one of the Boston company’s first 15 employees, to be its chief marketing officer, and is consolidating all of the company’s marketing functions under her. Sherman, who was promoted from senior vice president of marketing, started at DraftKings nine years ago, joining the company from Vistaprint. She replaces Tom Goedde, the previous CMO who left the company in 2020. — JON CHESTO


Galvin’s office to probe brokerages over tax disclosure issues

Secretary of State William Galvin’s securities division has launched an investigation of major brokerage companies over tax disclosure issues with target-date mutual funds offered by those companies. Galvin’s office sent letters this week seeking information from Vanguard, Fidelity, T. Rowe Price, Blackrock, and American Funds. Galvin is particularly concerned by reports of inadequately disclosed fund changes that shifted financial burdens to investors with smaller accounts, resulting in large tax bills for those who held target-date funds in non-retirement accounts. The investment makeup of target date funds gradually shifts over time, based on the investor’s estimated retirement date or other long-term investment strategy. — JON CHESTO



Unilever to lay off 1,500 managers

Unilever, which makes Vaseline skin care products and Ben & Jerry’s ice cream, says it’s laying off 1,500 staff as part of a companywide restructuring. The proposed changes mean that senior management jobs will be cut by about 15 percent while junior management roles will be reduced by 5 percent, it said Tuesday. The London-based consumer goods giant employs 149,000 people globally. The changes, which are subject to consultation, won’t affect factory teams, Unilever said in a statement posted on its website. — ASSOCIATED PRESS


Part of UAE to allow gambling

One of the seven sheikhdoms in the United Arab Emirates said Tuesday it will allow “gaming” while announcing a multibillion-dollar deal with casino giant Wynn Resorts. The announcement by Ras al-Khaimah comes after months of rumors about gambling coming to the UAE, home to skyscraper-studded Dubai and oil-rich Abu Dhabi. Islam, the religion of the Arabian Peninsula, prohibits gambling. While the other emirates haven’t announced similar deals, casino operator Caesars Palace operates a massive resort already in Dubai. — ASSOCIATED PRESS



Walmart invests in indoor vertical farming

Walmart said Tuesday it has taken a stake in agriculture startup Plenty, becoming the first large US retailer to significantly invest in indoor vertical farming as a way to deliver fresher produce to its stores. Vertical farmers tout their high-quality produce that brings higher yields while using less water and land. The method also doesn’t use pesticide, and the produce can be grown year round near the point of distribution, increasing the reliability of supply. — ASSOCIATED PRESS


Oscar de la Renta embraces resale

Oscar de la Renta fans will soon be able to buy vintage dresses from television shows like “Sex and the City” and “Succession” as the luxury fashion house moves further into the resale business. Since last November, the designer has been curating looks from past runway collections in its secondhand shop, Encore. Pre-owned clothes are sold on consignment and the company authenticates, restores, and ships the items with an eye toward giving customers the same level of service as in its brick-and-mortar stores. In the coming months, Oscar de la Renta plans to introduce an auction function that lets customers bid on dresses previously worn by celebrities in films and TV as well as on the red carpet and at events like the Met Gala. — BLOOMBERG NEWS



Bosses concerned about prospects for workers who remain remote

Among the biggest worries that executives have about remote work is a phenomenon known as ‘’proximity bias,’’ meaning that the people who choose to return to offices will get ahead, while those who stay home will fall behind. And yet, despite that very legitimate fear — and how it might hurt underrepresented workers — most bosses still prefer working in offices, and want their underlings do the same, a survey released Tuesday finds. More than four out of 10 executives ranked the potential inequities between remote and in-office employees as their number one concern, according to a Future Forum survey of more than 10,000 white-collar workers. Yet, the quarterly poll found that bosses are twice as likely to prefer working in the office at least three days a week compared to rank-and-file staff. Women and minority workers are more likely than other groups to want to stay home, adding to fears that the return to office push could further exacerbate workplace inequalities. — BLOOMBERG NEWS


WeWork makes its first acquisition since going public

WeWork is making its first acquisition as a public company — and the first since its current chief executive officer, Sandeep Mathrani, took over from the coworking company’s embattled cofounder, Adam Neumann. New York-based WeWork agreed to buy Common Desk, a coworking startup with 23 locations in Texas and North Carolina. Common Desk will continue to operate as an independent brand. — BLOOMBERG NEWS


Starbucks fights unionization effort in Arizona

Starbucks is asking the US labor board to overturn a ruling allowing store-by-store unionization in Arizona, where ballots were already mailed to employees last week. In a Monday filing with the National Labor Relations Board, the coffee chain sought to overturn a regional director’s ruling that deemed the employees of a single store in Mesa an appropriate potential bargaining unit. As it has in similar disputes across the country, the company argued that any election should include a larger group of workers in the region, meaning the union would need many more votes to prevail. A trio of NLRB members in December rejected a similar appeal by Starbucks, which had sought to quash the counting of ballots in New York. That paved the way for Workers United’s landmark wins at two stores in the Buffalo area and the subsequent filing of a flurry of election petitions by workers across the country. — BLOOMBERG NEWS



Amex CEO says corporate travel has changed permanently

American Express chief executive Stephen Squeri said corporate travel will never be the same again after COVID-19 forced millions of employees to work from home. US consumers staged a robust comeback in the final three months of the year, with spending on travel and entertainment surpassing pre-coronavirus levels. Such spending by AmEx’s large and global corporate customers, meanwhile, remains just a third of what it was before the pandemic. — BLOOMBERG NEWS


Buffett is back — in person

Warren Buffett’s “Woodstock for Capitalists” will finally meet in person again — for the first time in three years. His Berkshire Hathaway Inc.’s annual meeting, which normally draws thousands to his hometown of Omaha, Neb., is currently being planned for an in-person event on April 30, the company said Tuesday in a statement. The event will also still be webcast. Berkshire, like many companies around the world, switched to a virtual meeting in 2020 as the pandemic bore down across the United States and kept it in a virtual format last year as well. — BLOOMBERG NEWS