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LastPass has a new CEO

Karim Toubba, the new CEO of LastPass, a Boston software firm.LastPass


LastPass has a new CEO

The private equity owners of the LastPass password management business have found a chief executive to lead the firm amid its separation from Boston software firm GoTo, formerly LogMeIn, and afterward. On Tuesday, Francisco Partners and Evergreen Coast Capital announced they have hired Karim Toubba to be the new CEO of LastPass, overseeing a team of 545 employees. He succeeds GoTo chief executive Mike Kohlsdorf, who had been leading LastPass on an interim basis. Toubba most recently was chief executive of Kenna Security, which was acquired by Cisco last year. While Toubba is based in San Francisco, a spokesperson said LastPass will continue to be headquartered in Boston. The ownership and shareholder board members remain the same for both GoTo and LastPass today, but the board makeups eventually will differ as the firms’ owners add independent directors who are relevant to each of the two businesses. At the time the LastPass spinoff was announced in late 2021, it had about $200 million in annual recurring revenue. — JON CHESTO



Raytheon cuts 2022 sales forecast, citing Russian pullout

Aerospace and defense giant Raytheon Technologies Corp. cut its 2022 sales forecast, citing the impact of global sanctions on Russia following its invasion of Ukraine. Revenue this year will be $67.75 billion to $68.75 billion, down $750 million from the prior range, the company said Tuesday in a statement. Analysts had expected $69.1 billion, according to the average of estimates compiled by Bloomberg. Waltham-based Raytheon reaffirmed its profit and cash-flow forecasts. The revised outlook highlights the impact of the commercial aerospace industry’s broad withdrawal from Russia following its invasion of Ukraine and the sweeping sanctions imposed by the United States and its European allies. Raytheon halted the Russia sales and support services at its Pratt & Whitney jet engine unit and Collins Aerospace aircraft components business in early March. — BLOOMBERG NEWS



Wellington to open NYC office

Boston-based Wellington Management, the $1.3 trillion asset manager, plans to open its first New York office. The firm has signed a letter of intent to lease 71,000 square feet across four floors at 799 Broadway, according to a spokeswoman. Wellington will be an anchor tenant at the newly constructed property, which has loft-style workspaces, large windows, and an outdoor roof deck. The building, near Union Square, will be home to more than 250 staff who until now have been working remotely or commuting to the firm’s Boston headquarters. — BLOOMBERG NEWS


Delta to pay flight attendants during boarding

Delta Air Lines, which has narrowly fought off several attempts to unionize its flight attendants, will begin paying cabin crews during boarding, a first for a major US airline and a change that is expected to increase their wages by several thousand dollars a year. It is a notable change for US airlines, where pay for flight attendants starts when all the passengers are seated and the plane’s doors close. Delta said the change will start June 2 on all flights. — ASSOCIATED PRESS


United to offer more overseas flights this summer

United Airlines plans to offer more flights across the Atlantic this summer than it did in 2019, a wager that international travel will bounce back strongly despite the persistent pandemic. United said Tuesday that it will boost transatlantic passenger-carrying capacity by 25 percent over pre-pandemic levels to a combination of new destinations and old favorites such as London. Later this week, United will begin serving several new destinations that it named last fall, including Portugal’s Azores and Spain’s Canary Islands. The company is also adding flights — for example, jumping to 22 daily flights from the United States to London in late May. — ASSOCIATED PRESS



UPS profited from higher prices, more efficiency

United Parcel Service Inc. posted profit that beat analysts’ estimates as price increases and efficiency gains helped offset higher costs and a decline in package deliveries. Adjusted earnings were $3.05 a share in the first quarter, the Atlanta-based courier said in a statement Tuesday. Analysts had predicted $2.88. Revenue rose 6.4 percent to $24.4 billion. The company raised prices and focused more on higher-paying small businesses. — BLOOMBERG NEWS


Uber to pay $19m fine in Australia for misleading riders

Uber agreed to pay a 26 million Australian dollars ($19 million) fine for misleading riders by falsely warning they could be charged a cancellation fee and for inflating estimates of comparable taxi rides, the ride share company and Australia’s consumer watchdog said Tuesday. Uber BV, a Netherlands subsidiary of San Francisco-based Uber Technologies Inc., admitted breaching Australian consumer law by making false or misleading statements in its app, the Australian Competition and Consumer Commission said in a statement. — ASSOCIATED PRESS


Orders for durable goods rose in March

Orders placed with US factories for durable goods rose in March, pointing to sustained investment in business equipment. Bookings for durable goods — items meant to last at least three years — increased 0.8 percent in March after a revised 1.7 percent decline a month earlier, Commerce Department figures showed Tuesday. The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, rose by a larger-than-forecast 1 percent. — BLOOMBERG NEWS



Chase sued over cyberattack

J.P. Morgan Chase Bank N.A. was sued by a unit of the French maker of Ray-Ban glasses, which claims the bank ignored red flags as international cybercriminals drained $272 million from its New York bank account. Essilor Manufacturing (Thailand) Co. said J.P. Morgan was aware, beginning in September 2019, of a “highly suspicious pattern of fraudulent transactions” but didn’t notify the company. Red flags included a jump in monthly dollar volume from $15 million to more than $100 million and money being moved to shell companies at regional banks, often in high-risk jurisdictions, EMTC said in the complaint filed Monday in federal court in Manhattan. — BLOOMBERG NEWS


Citigroup shareholders reject proposal to reject fossil fuel financing

Citigroup Inc. shareholders rejected a proposal that would have limited the bank’s ability to lend to projects dedicated to new oil and gas exploration as climate activists convened at the firm’s Tribeca headquarters in Manhattan. Just 12.8 percent of shareholders voted in favor of the measure, according to a preliminary tally at the company’s virtual annual meeting Tuesday. Investors also rejected proposals that would have required the company to examine how it treats Indigenous people and review its efforts to become an anti-racist institution. — BLOOMBERG NEWS


PepsiCo boosts sales forecast

PepsiCo Inc. raised its sales growth estimate for the year and posted profit that surpassed expectations as pandemic restrictions eased and consumers returned to bars, restaurants, and events. The maker of Gatorade, Doritos, and Quaker Oats now sees full-year organic revenue growth of 8 percent, compared with a prior view of 6 percent, according to a statement Tuesday. Revenue in the first quarter was $16.2 billion, topping the $15.6 billion average estimate from analysts. — BLOOMBERG NEWS



Warner Bros. Discovery hits a rough patch early on

Warner Bros. Discovery stock fell more than 7 percent after management of the newly created media giant warned of a tough 2022 that will be “noisy” and “a little messier” than what its leadership expected. Last week, management shut down CNN+, a month-old streaming venture, as part of a drive to find $3 billion in savings from the merger. — BLOOMBERG NEWS