Good morning, Broadsheet readers! Stephanie Cohen leaves Goldman Sachs to hitch Cloudflare, President Biden pledges $200 million to girls’s well being analysis, and new executives take over the reins of Sephora. Have an exquisite Tuesday!
– Path to the C-suite. Artemis Patrick has spent the previous 18 years at Sephora and can change into CEO of the LVMH-owned retailer’s North American operations subsequent month. Unlike many feminine executives who rise to the CEO title in time for moments of upturn or disaster, she takes over Sephora’s North American market when the enterprise is “up”, says my colleague Laila. McClellan reviews in a brand new article for Fortune journal. .
According to Lila, Sephora posted “document income” globally final 12 months. (LVMH’s Selective Retailing division, which incorporates Sephora, noticed income improve 25% to $19.4 billion in 2023.) And whereas the retailer faces challenges, comparable to Sephora’s youth , it is not a glass cliff situation for Patrick, who launched the world. Mainly accountable for merchandising.
Artemis Patrick will change into CEO of Sephora North America subsequent month.
Provided by Sephora
Patrick’s personal path to turning into Sephora’s chief is equally uncommon. Her household fled Iran’s 1979 Islamic Revolution when she was 9 years outdated. Her father was in peril as a former Shah pilot. During the next Iran hostage disaster, Patrick’s mom returned to Iran and have become stranded. When her father may now not take care of her, Patrick ended up in a bunch residence, after which she ended up in foster care within the United States.
Patrick mentioned the expertise helped him perceive what it feels prefer to haven’t any place. As a magnificence retailer, Sephora is usually on the heart of conversations about variety, inclusion, and racial justice. The retailer was accused of racial profiling and closed for a day in 2019 for company-wide variety coaching. It has since been commissioned to supply a report on tips on how to cut back racial profiling in retail shops. Sephora was an early signatory to the 15 Percent Pledge, by which the retailer commits to devoting 15 p.c of its shelf area to Black-owned manufacturers.
“Having been welcomed that means a number of instances, I all the time remained open and curious to information various concepts,” Patrick says. “And after I was youthful, generally that wasn’t the case.”
Read Lila’s full story right here.
emma hinchliffe
emma.hinchliffe@fortune.com
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Also featured within the headline
– Executive exit. Goldman Sachs government Stephanie Cohen is leaving the funding financial institution the place she labored for about 25 years to change into chief technique officer at tech firm Cloudflare. Ms. Cohen most lately served because the financial institution’s head of platform options, and she or he was one among two girls to guide revenue-generating companies at Goldman. Both are presently on their means.luck
– Health order. President Joe Biden signed an government order on Monday pledging $200 million to develop U.S. authorities analysis on girls’s well being. The White House mentioned the order would “combine and prioritize girls’s well being” and “stimulate new analysis on a variety of subjects, together with girls’s well being in midlife.”Reuters
– Economic engine. Millennial girls are the brand new demographic drive in 19 main economies worldwide, together with the United States, Australia and Japan, in keeping with a brand new report. Compared to males, these girls take part within the workforce extra, occupy extra productive roles, and return extra wages to the economic system.luck
– Climb the ladder. According to the Association for the Promotion of University Business Schools, extra girls are taking up management roles at enterprise colleges, together with dean positions. Although girls make up 43% of enterprise college affiliate deans, they continue to be underrepresented in different enterprise college school positions that present management pathways.bloomberg
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