Dye & Durham shakes up C-suite with new picks, ignores former CEO's demands
The Canadian legal software maker appointed former LexisNexis executive George Tsivin as chief executive and brought back Avjit Kamboj to reprise his role as chief financial officer. It also hired Nikesh Patel as chief product officer.
"After an in-depth and diligent search, we have assembled a world-class leadership team to guide the company through its next chapter," board chair Arnaud Ajdler said in a statement.
Kamboj, who left Dye & Durham in 2022, guided the company's financial strategy during its initial public offering and significant growth stages.
The announcement comes two weeks after a former Dye & Durham CEO, Matthew Proud, urged the company to stop searching for a new chief and permanently hand the job to the man doing it already in an interim capacity.
More importantly, Proud, whose company Plantro Ltd controls 12% of Dye & Durham, urged a board refresh and is pushing the company to divest the financial services division and then begin work on selling the remaining core business. He also said he is ready to call a special shareholder meeting unless the board considers the changes he is proposing. He stepped down from the CEO position six months ago.
Dye & Durham's financial performance has worsened, Proud said on Monday, as earnings have dropped against a backdrop of higher costs and flat revenue. The company has not publicly responded to Proud's criticisms.
The company last month reported third quarter fiscal 2025 earnings and its stock price tumbled 50% in the last six months, valuing the company at roughly $490 million.
The stock price fell nearly 2% in early trading on Monday.
At December's annual meeting, activist investor Engine Capital, run by Ajdler, won control of the board through a proxy fight.
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The Guardian
an hour ago
- The Guardian
The key to understanding Trump? It's not what you think
Donald Trump embodies dealmaking as the essence of a particular form of entrepreneurship. Every deal begins with his needs and every deal feeds his wants. He thus appears to be like other super-rich people: seemingly bottomlessly greedy, chasing the next buck as if it is the last buck, even when they have met every criterion of satiation. But Trump is different, because his brand of greed harks back to an idea of leadership that is primarily about adversarial dealmaking, rather than about innovation or improved managerial techniques. Trump's entire career is built on deals, and his own narcissism is tied up with dealmaking. This is because of his early socialization into his father's real-estate dealings in and around New York. Real estate in the United States, unlike the money-making modes of super-rich individuals in other countries, relies on deals based on personal reputation, speculation on future asset values, and the ability to launder spotty career records. Profits and losses over time can be hard to identify and quantify precisely, as Trump's auditors and opponents have often confirmed, since profits, which depend on speculation and unknown future value, are by definition uncertain. Trump's incessant boasts about being an apex dealmaker cast light on almost every aspect of his approach to his presidential decision-making. Numerous observers have long cast doubt on Trump's image as a consummate dealmaker, pointing to his many failures in his long real-estate career, his abortive political and diplomatic deals, his backsliding and reversals, and his overblown claims about deals in progress. But these criticisms miss the point. Deals, whether in finance, real estate, or in any other part of the economy, are just one step in the process of reaching full-fledged, binding agreements subject to the force of law. They are a stage in the negotiation process that has no force until it is finalized as a contract. It is, at best, an agreement to agree, which can turn out to be premature, poorly conceived or unacceptable to one or other party. Put another way, it is an engagement, not a wedding. A deal allows a negotiator like Trump to claim victory and blame the other party or some other contextual variable if things do not work out. In fact, in the hands of someone like Trump, deals are ways to evade, postpone or subvert the efficient work of markets. Trump does not like markets, precisely because they are impersonal and invisible. Their results – for corporations, entrepreneurs, investors and shareholders – are subject to clear measures of success and failure. Because deals are personal, adversarial and incomplete, they are perfect grist for Trump's relentless publicity machine, and allow him to polish his brand, massage his ego and signal his prowess to opponents – without the regulations and measurable consequences of regular market risks. The downside risk for an aborted or interrupted deal is negligible, and the upside is guaranteed by the legal power of fully completed contracts. Trump has figured out to an exceptional degree that dealmaking does not need to be successful in order to massively increase his wealth. Whether or not true, his claims to successful deals are the key to his brand and profitmaking worldwide, either directly or through the business endeavors of his sons. These range from his latest Trump perfume and Trump mobile telephone services, his Maga accessories, Trump golf courses around the world, his real estate and resorts, and of course his highly profitable cryptocurrency holdings. In every case, his deals either lead to further deals, which service his branding machine, or they lead to direct increases in his personal and corporate wealth. Deals, successful or not, are Trump's magic means to amass money and feed his avarice. Avarice is a vice with a long history in Christian theology. It is widely defined as an excess of greed, an inordinate level of greed, an insatiable greed. It has been viewed by economic historians as a passion that must be curbed and replaced by calculated, moderated self-interest in order for the rationality of the modern market to function as a dominant economic principle. From this perspective, greed can have numerous objects – such as food, sex and power – whereas avarice is single-minded in its focus on money. Trump exemplifies this focus. Though he has to function in a world where avarice is meant to be regulated by the market mechanisms of price and competition, he has managed to successfully pursue his avarice with little obstacle. This driving desire defines Trump's 'egonomics' – the intimate connection between his narcissistic urges and his wish for increasing his stock of money. The governing principles of his economic policy have nothing to do with America getting its due, as his messaging about tariffs argues, or about restoring dignity to the working class, as he signals to his Maga base. Nor are they about power or prestige. The object of everything he does is money, and in the service of the boundlessness of money, which Trump has made the defining object of his desire. Other commodities are of interest to him only insofar as they serve his desire to acquire, hoard and increase his stock – of money. The first – and most soothing – theory is that Trump wants money to buy power – more of it, perhaps all of it. More power than China, than his generals, than Harvard. We all know power – via our parents, our teachers, our bosses, our police. It is a force we understand, a pull we recognize. If Trump only wants more of something that many people have, and even more want, he is legible, he is like us. But power for what? To do what? To get what? Perhaps he is chasing an unassailable place in history, both human and eternal. So then it is not just power he endlessly chases, but glory. For this we have some evidence in the clownish thesaurus of words that he uses to describe his achievements, his looks, his wit, his wisdom, his all-round superhumanity: best, most, only, incredible, ever, more. In this orgy of superlatives, he is always curled high up in the clouds, like a Maurice Sendak toddler. But since Trump, from his perspective, brooks no real competition in life, in politics, in real estate, or even in history, there can be no glory for him which is not tainted by the mediocrity of his competitors. And true glory usually requires some form of self-sacrifice, some sense of compassion, some ability to transcend oneself. Given his woeful deficits in these areas, the glory game cannot be the key to understanding Trump. And so we go to a more familiar space: the realm of prestige, status and stardom. This realm is wired into competitions, tournaments and casinos of every sort, where winning is well-defined, losing is for losers and there is usually only one survivor and one winner who takes all. The competition for status is as old as recorded human history and accompanies every human society that has had leaders and followers, more and less skilled competitors for food, shelter and sexual partners. It begins with simple rules for coming out on top and evolves over time into the most elaborate forms of status competition, often driven by males – including wartime exploits, trophy wives, palatial homes and bottomless conspicuous consumption. These tournaments of value can be observed in settings as disparate as auctions, horse races, philanthropic gifts and corporate mergers and acquisitions. There is widespread consensus among thinkers from many eras and regions that status is a limited good, which has its own economics of supply and demand, distinct from those of pecuniary gain. This insight looks, at first, like the key to Trump. But attractive as this argument may seem, it too is a red herring. Among Trump's own tactics, the one he loves to use most is tariffs. Trump's obstinate insistence on tariffs as the key to restoring American manufacturing, swelling the US treasury and reducing American consumer prices has flummoxed most mainstream economists. Tariffs are for Trump the ideal way to combine dealmaking, status-grabbing and his penchant for money as its own bottomless value. It is evident that Trump's understanding of the trade-offs of globalization is rudimentary and often internally contradictory. Indeed, he shows signs of believing that making deals of any sort requires only outsize confidence, charismatic force and bottomless access to financial backing. In fact, Trump's view of himself as an incomparable dealmaker (a claim at odds with his many entrepreneurial disasters) conceals his deep distaste of real markets – in which a large apparatus of binding promises, the tendency to stable price equilibria, and the connection of supply and demand through pricing – can frustrate his brand of deal-making, which is always oriented to maximizing his personal prestige. Trump's deep-seated desire to be the winner who takes all in the global prestige economy sheds some light on his weaponization of tariffs. We can catch a glimpse of this logic in a most unlikely context. It was captured in detail by one of the fathers of British social anthropology, Bronisław Malinowski, in his 1922 book on a unique trading system that he found in the Trobriand Islands of Oceania, on several trips there in the years between 1915 and 1917. This anthropological classic, Argonauts of the Western Pacific, casts new light on Trump's tariff mania. What Malinowski described is a system of trading across about 18 coral islands within a 175 sq mile (453 sq km) area, between 'big men', leaders of lineages who exchanged highly specific valuables (such as decorated shell necklaces and bracelets) and their counterparts in this network of islands. Called the kula system, it had a highly codified set of rules to hedge voyagers against oceanic weather dangers and hostile groups in other islands, some of whom were cannibals. The goods appropriate to kula exchange could never be hoarded, marketed or bartered like normal utilitarian goods. This was a strictly ceremonial system geared to enhancing the prestige of male elites, of moving these well-known objects in a circuit which could last for years. The diplomatic rituals of these exchanges were ensconced in an atmosphere of pretend hostility between the parties, often because other groups in these islands were real enemies, always poised for real warfare. Hanging on the knife-edge between trade and war, these exchange circuits were strictly distinguished from barter or money transactions (what we would today call market transactions). The kula system was a way of organizing exchange, averting war, signaling prestige and making allies through a tightly regulated flow of valuables outside market exchange circuits. Trump does not care about Malinowski, the Trobriand Islands, non-capitalist exchange systems or 'big man' politics in kinship-based polities. But his operating system belongs in this type of diplomatic world, one that requires nothing except a non-negotiable interest in winning deals. Trump's onslaught of tariffs, falling on everyone like nuclear ash, is meant to make him the king of the global prestige market, no matter the cost to diplomatic traditions, financial markets, customer capacities or fair balances of trade. Trump appears to be undistracted by any other economic priority outside the aim to be the apex dealmaker. The kula system is grounded in a non-monetary system of honor, prestige and reciprocity, which helps us understand Trump's tariff strategy but does not fit his narcissist drive to crush all his fellow players. Even the kula system is about relationships. Trump is strictly about winning deals. So we must beware of seeing the urge to dominate all prestige markets as Trump's bottom line. Trump's bottom line is money. Being an avaricious man, Trump worships money – both its power and its pomp – and he seeks it through his extensive networks of children, clients, tax lawyers and cronies, all devoted to the increase of his wealth. This pecuniary drive has a transcendent, epic and unquenchable force which cannot be explained by reference to the other things that money can buy. Even his quest for prestige through arm-twisting tariff deals is primarily about positioning himself to secure future deals in his individual capacity. His is a special brand of avarice. There is no better way to explore the ways in which Trump's various egonomic strategies come together than in the recent invention and propagation of cryptocurrency, which has spawned a shadow world of speculators, fraudsters, legal hucksters, elected and unelected lobbyists. Their usual victims are vulnerable citizens, low-level grifters, pensioners, badly informed investors and other natural prey. The entire industry lives in a gray economy, attached to mainstream markets, assets and regulators like the tiny remora fish that feast off sharks. It survives in a legal twilight zone, where its currency is accepted only by some businesses as legal tender, and where smart players use pump-and-dump tactics to make fast profits with short-lived 'coins' of various kinds. Whatever the utility of cryptocurrency in the real world of goods and services, it is mainly a tool for amassing wealth by gambling on its future convertibility to real money in specialized currency exchanges. Cryptocurrency puts Trump in the position of being a player and the owner of a casino-like system at the same time, so that he always wins, if not in one role, then in the other. The outrageous self-enrichment schemes of Trump and his family in the crypto industry, which have been carefully exposed in several media outlets recently, establish new frontiers for Trump's shameless violation of even the simplest norms about conflict of interest. The best example of these ventures is his memecoin, $Trump, which has made him and his close associates a fortune by selling access to Trump through a barely regulated crypto mechanism. By some estimates, Trump has gained several billions of dollars in his net worth through his crypto ventures, which combine nepotism, influence-peddling and dealmaking in a unique package. Through cryptocurrency, Trump has found the ultimate way to attach his core impulse – avarice – to the larger machinery of the markets. There is some truth to the argument that Trump wants more of everything he can get, including power, glory and prestige. But what he wants more than anything else is money, which is just a temporary token of more money, and more money for ever more. The unique instinct behind Trump's avarice, which sets him apart from other billionaires who continue to chase wealth, is that he has found a way to build his fortune through deals – whether deals that make him money by inflating the value of his brand, which can then make him more money through more deals, or through the enforceability of completed contracts. Through his dealmaking, Trump has managed to triumph over the market, making it work for him to amass greater and greater sums of money, whether his deals are seen through to fruition or not. We can summarize Trump's approach to markets by adapting a famous sentence, spoken by him, about how he grabs women: Trump grabs markets by the deal. Illustrations by Joao Fazenda
Daily Mail
2 hours ago
- Daily Mail
Target staff praise new anti-theft cases… and laugh at silly customers' mistake: 'So funny'
Target is changing how it tackles theft — and it should speed things up for shoppers. For years, the retailer has used locked plexiglass cases to protect high-theft items like toiletries, cleaning products, and even clothing. But the system — which often requires a staffer with a manager's key — has long frustrated customers who say it slows them down, especially when they're just trying to grab toothpaste, laundry detergent, or underwear. Now, the company is updating the system. So far, employees seem happy. Target employees on Reddit say the new design uses QR codes that can be unlocked with handheld devices carried by every floor associate, speeding up the process for everyone. 'This looks amazing, to be honest,' a Target employee said on Reddit. But the rollout isn't going perfectly. Some staff say the new system is confusing guests — especially since the QR codes are visible. They say leads shoppers to think that they can open it by scanning the code using their smartphone. Each cabinet includes a large red sign that asks customers 'Need Help?', but not every shopper seems to be taking the hint. 'We have these in my store,' another employee wrote on Reddit. 'It's so funny to me when guests try to scan it with their own phone and then get mad that it's not working.' Target didn't immediately respond to request for comment. For years, Target has been attempting to stop guests from using the five-finger discount in their stores. In 2023, CEO Brian Cornell said the company lost $500 million each year to shoplifters. To respond, the company has removed self-checkout registers from stores, closed high-theft locations, and added safety locks to hundreds of products — all in hopes of deterring sticky-fingered guests. But those changes have come at a cost. All plexiglass locks require Target team members to open the door. Customers can alert staff by pressing buttons or waving their hands near sensors such as this one For years, Target has set itself apart from other big-box retailers through high-end marketing, thoughtful lighting, and exclusive clothing lines. Locks on simple products often cut against that branding image. 'The problem with Target is a lot of decisions are being taken centrally without proper thought about what they mean on the ground,' Neil Saunders, a retail expert at GlobalData, previously told Security tags and hard locks also pose logistical issues for store staff. They make it harder to fold garments, merchandise accessories on racks, and fit products onto crowded shelves — adding to disarray on the sales floor. The disconnect between colorful merchandising and anti-theft hardware has only worsened the look of some apparel sections, independent retail experts told Customers have taken to social media to complain about hangers on the floor, ripped-out security tags, and unfolded T-shirt displays. 'I hate to pile on (pun intended), but Target's apparel merchandising and maintenance is an ongoing issue,' Carol Spieckerman, a retail consultant, previously said. 'When shoppers are shopping off the floor, it undermines Target's core brand promise of accessible style.'
BBC News
2 hours ago
- BBC News
Former North Tyneside Mayor Dame Norma Redfearn granted Freedom of Borough
The former three-time mayor of North Tyneside has been granted the council's highest Norma Redfearn was nominated for the Freedom of the Borough in recognition of her "extraordinary leadership" and the "transformative change" brought to the area during her Karen Clark put forward the Labour veteran's nomination, which was unanimously agreed said: "Through her passion, dedication, and tireless efforts, Dame Norma Redfearn has left an indelible mark on North Tyneside." She said the former mayor "really did make North Tyneside a great place to live, work, and visit."The position of mayor is an elected role and is effectively the leader of the Norma announced her decision last year not to seek re-election, marking the beginning of the end of her 12 years in narrowly retained the mayoralty for Labour in May after beating Reform UK by a thin margin. Dame Norma's administration saw the regeneration of large parts of Whitley Bay including the re-opening of the long-disused Spanish City Dome. She also played a key role in regional devolution, which saw the creation of the North East Combined Authority and the North East elected to North Tyneside Council as a councillor for the Riverside ward in 2004, Dame Norma joined the cabinet and was responsible for the children and young people portfolio in was first elected as mayor in 2013, defeating the then Conservative incumbent Linda to her 20-year career in local politics, she spent 30 years as an educator, culminating as the head teacher of West Walker Primary the Conservative opposition supported the nomination, Tory councillor John Johnson lamented that the same honour was not bestowed to her late following clarification from the council's legal officer, it was determined the Freedom of the Borough could not be handed over posthumously, according to the Local Democracy Reporting Service. Follow BBC North East on X, Facebook, Nextdoor and Instagram.
