Lenovo Shares Slide as AI-Driven Memory Demand Signals Higher DRAM and NAND Prices 
Michael Burry Shorts Tesla at $416 as AI and Semiconductor Bearish Bets Expand 
China Manufacturing PMI Edges Higher in June as Exports and AI Investment Boost Growth 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Wall Street Futures Rise Ahead of JOLTS Data, Nike Earnings, and U.S.-Iran Talks 
Chip Stocks Rally as Samsung and SK Hynix’s $1.3 Trillion Investment Plan Boosts AI Optimism 
US Egg Producers Settle Price Manipulation Probe, Agree to Pay $3.3 Million and Donate 53 Million Eggs 
Baige Online Shares Soar 333% in Hong Kong IPO Debut as AI Insurance Demand Lifts Chinese Listings 
Kakaku.com Shares Rise as Bain Capital and LY Corp Prepare Higher Takeover Bid Than EQT 
Central Banks Eye Gold, Reduce Dollar Exposure as AI Adoption Accelerates: OMFIF Survey 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
South32 Sells Major Aluminium Assets to Alcoa in Deal Worth Up to $5.6 Billion 
Nike Q4 Earnings Beat Estimates as Wholesale Growth Offsets Direct Sales Weakness 
NATO Albania Summit Faces Uncertainty as Trump, Defense Spending Concerns Loom 
Trump Urges Gasoline Retailers to Cut Prices to $2.50 Per Gallon, Warns of Legal Action 
Samsung, SK Hynix to Unveil $1.3 Trillion AI and Semiconductor Investment Plan 
Trump Questions Housing Bill as He Prioritizes SAVE America Act 
Victoria's Secret & Co announced on Tuesday this week that it will slash management roles in the company, and around 160 workers are affected. This is said to be equivalent to five percent of the company's workers, including the home office staff and a former Amazon executive that was previously hired.
The job layoffs are necessary as the firm merges its three businesses to form just one organization. The three divisions affected by the reorganization are PINK, Victoria's Secret, and Pink Beauty.
As per Reuters, along with the announcement of job cuts, Victoria's Secret also revealed it has appointed three executives for key leadership roles. They will be directly reporting to the company's chief executive officer, Martin Waters.
The PINK brand has been led by Amy Hauk since 2018, and she is set to take on an additional role in the company as Victoria's Secret unit's chief executive officer. The firm said via an email that its Beauty division would then be integrated into her organization.
Christine Rupp has been given the role of chief customer officer. Prior to becoming part of Victoria's Secret, she worked for Albertsons Cos Inc., Microsoft Corp., and Amazon.com Inc. At Amazon, Rupp was responsible for the launch of Amazon Prime Day and led the e-commerce firm's Fulfillment by Amazon.
The third executive to be appointed in Victoria's Secret restructuring is Greg Unis. He is now the new chief growth officer, but he has been with the company since 2016 as part of PINK Beauty and VS.
"Over the last year, we have progressed a thoughtful revolution of our business by redefining the VS brand and rebuilding our strategy for growth. We can now better connect with and represent our millions of customers around the globe," Victoria's Secret & Co.'s CEO said in a press release regarding the reorganization. "As a result, we have more relevant brand positioning, more compelling merchandise assortments, and a more inclusive culture that celebrates our people."
He added, "With our brand revolution well underway and gaining momentum, now is the time to reimagine our leadership structure to better align with a shifting consumer landscape and become more efficient as an organization."
