Appointments and Executive Changes

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      NYCB Reports $2.4 Billion More in Losses as CEO Resigns

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      The lender said its earnings were far weaker than it had earlier stated, and it disclosed the discovery of “material weaknesses” in its internal controls.New York Community Bank, the lender teetering under mounting real-estate-related losses, shared several pieces of fresh bad news on Thursday: Its fourth-quarter losses were $2.4 billion worse than it had earlier stated; its chief executive and an allied board member are out; and the bank has identified what it called “material weaknesses in internal controls.”The all-at-once disclosures, released in securities filings late Thursday, were an uneasy reminder of the price the bank is paying for a breakneck expansion strategy that included acquiring an ailing rival less than one year ago. They sent the bank’s already pressured shares into another nosedive, down more than 20 percent in after-hours trading. The stock had already fallen 54 percent this year.The ugly developments were the last thing NYCB needed after weeks of trying to assuage investors’ concerns about its financial health. For weeks, questions have swirled about the depth of its losses in investments and loans tied to both office and apartment buildings — an area of concern for banks in general, but one in which NYCB has particular concentration.Despite its name, the bank has a national presence, partly because of its acquisition of much of Signature Bank, which collapsed during last year’s banking crisis. Based on Long Island, NYCB operates more than 400 branches under brands including Flagstar Bank across the Midwest and elsewhere. Flagstar is one of the nation’s largest residential mortgage servicers, making the bank particularly at risk to any weakness in the housing market in an era of persistently elevated interest rates.In January, NYCB shocked investors and its peers when it unexpectedly posted a $252 million loss for the fourth quarter, slashed its dividend and set aside a significant amount of reserves to cover any future losses. NYCB’s disclosures on Thursday mean it took an additional impairment of $2.4 billion for the fourth quarter.The bank’s troubles are resurfacing fears from a year ago about how small lenders have been weathering the sharp rise in interest rates since March 2022, though NYCB’s disclosure last month didn’t set off a widespread sell-off.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Levi’s Wants You to Rethink Your Denim Shopping

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      In the Levi’s store on Market Street in San Francisco, the denim maker’s newly extended collection is on full display. Its mannequins are dressed head to toe in its trademark denim. Black denim overalls are paired with a light-blue long-sleeve denim blouse, complemented by a denim cap. Another dons a denim cross-body bag. A wall of blue jean jackets gives shoppers the option to feel like a hippie, rancher or rock star — depending on which they choose.“It isn’t just walls and walls of jeans,” Michelle Gass said as she scanned the store this month, days after becoming the chief executive of Levi Strauss & Company. The assortment of tops, which Levi’s has been producing at a faster rate than it has in the past, was equal to the store’s inventory of jeans.That day, Ms. Gass’s outfit also served as an example of what the company was going for. She had swapped out her signature black leather jacket that was her go-to look during her time as Kohl’s chief executive for a dark-wash Levi’s trucker jacket and a ’90s-inspired midi denim skirt to match.Ms. Gass, 55, wants to make Levi’s not only a brand you think of when you want jeans, but also a place you go to first when shopping for shirts, jumpsuits and puffer jackets. Her goal is to get customers back more often — since people usually buy tops more frequently than bottoms — and to bring them to Levi’s stores, its website and its mobile app.“When you’re building stores, when you’re creating an e-commerce site, the consumer wants to explore and shop more than just for a pair of jeans,” Ms. Gass said.“It isn’t just walls and walls of jeans,” Michelle Gass, chief executive of Levi’s, said of the company’s store in San Francisco.Marissa Leshnov for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The Quiet Way Democrats Hope to Expand Their Power at the State Level

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      The Democratic Governors Association is beginning a multimillion-dollar effort aimed at appointing more state judges.Locked out of power on the Supreme Court and still playing catch-up against Republicans in the federal judiciary, Democrats are hoping to gain a political advantage on a less visible but still important playing field: the state courts.After flipping the Arizona governor’s seat from Republican to Democratic last year, Gov. Katie Hobbs has appointed 15 judges to the state’s Superior Courts. In five years leading deeply red Kansas, the Democratic governor, Laura Kelly, has named two justices to the Court of Appeals and one to the State Supreme Court.Governors have the power to appoint judges in nearly every state. These responsibilities are set to take center stage in political campaigns this year, as the Democratic Governors Association begins a multimillion-dollar effort, called the Power to Appoint Fund, aimed at key governor’s races.The fund, with a $5 million goal, will focus especially hard on two open seats in 2024 battlegrounds: New Hampshire, where the governor has the power to appoint state court justices, and North Carolina, which elects its justices; the next governor will appoint at least one State Supreme Court justice because of the state’s age limit rules.“Before we had our own abortion amendment issue here in the state of Kansas, I honestly didn’t hear much about court appointments except from attorney groups,” Governor Kelly said in an interview. “But since the Dobbs decision and then our own decision here in the state of Kansas, it’s become more of a forefront issue with folks. People, I think, recognize now more than ever the impact that the courts can have on their daily lives.”Pointing to the rightward tilt of the Supreme Court and important statewide court battles, Meghan Meehan-Draper, executive director of the Democratic Governors Association, said that voters needed to be reminded of the power “Democratic governors have to appoint judges who are going to uphold the rule of law.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Ukraine Has a New Military Commander but the Problems Haven’t Changed

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      As Gen. Oleksandr Syrsky assumes his role, he must reckon with a grim calculus: When does the cost of defending ground outweigh any benefit gained by inflicting pain on the enemy?Russian forces are razing the already battered city of Avdiivka in eastern Ukraine to the ground and sending waves of assault units to overwhelm outgunned Ukrainian troops. After months of brutal fighting, the Russian military is threatening to cut off a vital supply line to the city, which could render further defense impossible.As Gen. Oleksandr Syrsky assumes his role as Ukraine’s top military commander — after a broad shake-up of army leadership on Thursday — he could soon be confronted again with the grim calculus that has been a feature of the two-year war: When does the cost of defending ground outweigh any benefit gained by inflicting pain on the enemy?It is a bloody equation that General Syrsky has had to try to work out many times as the commander of ground forces in eastern Ukraine, and it is one that critics — including American military officials — contend he has not always gotten right, particularly in the battle for Bakhmut.Assessing that strategy will be only part of the “renewal” that President Volodymyr Zelensky said was necessary when he dismissed his commanding general, Valery Zaluzhny, on Thursday and named General Syrsky to replace him. Mr. Zelensky also named five generals and two colonels he intends to promote as part of the sweeping overhaul.Ukraine’s military challenges go well beyond any single battle. American assistance, urgently needed, remains in doubt. Ukrainian troops are exhausted, and they lack weapons and ammunition. Air defense systems, crucial to protecting civilians from Russian missiles, are being steadily exhausted by repeated bombardments.Ukrainian soldiers from the 72nd Mechanized Brigade in Vuhledar, eastern Ukraine, last month.Tyler Hicks/The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Ronna McDaniel, R.N.C. Chairwoman, Plans to Step Down

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      The chairwoman of the Republican National Committee, Ronna McDaniel, has told former President Donald J. Trump she is planning to step down shortly after the South Carolina primary on Feb. 24, according to two people familiar with the plans.Mr. Trump is then likely to promote the chairman of the North Carolina Republican Party, Michael Whatley, as her replacement, according to several people familiar with the discussions. Under the arcana of the committee’s rules, however, Mr. Trump cannot simply install someone. A new election must take place, and Mr. Whatley could face internal party dissent.Ms. McDaniel has faced months of pressure, a campaign from Trump-allied forces to unseat her and growing dissatisfaction and anxiety in the Trump camp about the strained finances of the R.N.C. as the general election cycle begins early.Mr. Trump likes Mr. Whatley for one overwhelming reason, according to people who have discussed him with the former president: He is “a stop the steal guy,” as one of the people described him. He endorses Mr. Trump’s false claims about mass voter fraud and Mr. Trump believes he did a good job delivering North Carolina, a 2020 swing state, to him.Mr. Whatley has baselessly claimed that election security efforts from Republicans in North Carolina stopped Democrats from cheating. He is also currently the general counsel at the Republican National Committee and has endorsed efforts to develop new voting laws.Mr. Trump and his associates have made focusing on election security a signature point they plan to push in a general election. There has been no evidence of widespread fraud related to the 2020 voting, and Mr. Trump’s allies lost dozens of court challenges. Mr. Trump has told associates that he thinks the R.N.C. needs to spend more money on “election integrity” in the 2024 race. Mr. Trump’s team is also focused on hiring teams of poll watchers, which the North Carolina G.O.P. did during the midterms in 2022.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      President of Powerful Service Workers Union Will Step Down

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      Mary Kay Henry of the nearly two-million-member Service Employees International Union will not seek re-election when her term ends in May.Mary Kay Henry, the president of the Service Employees International Union, one of the nation’s largest and most politically powerful labor unions, announced Tuesday that she would step down after 14 years in her position.Ms. Henry was the first woman elected to lead the union, which represents nearly two million workers like janitors and home health aides in both the public and private sectors.Under her leadership, it launched a major initiative known as the Fight for $15, which sought to organize fast-food workers and push for a $15 minimum wage. Winning over skeptics in the ranks, Ms. Henry argued that the union could make gains through a broad-based campaign that targeted the industry as a whole rather than individual employers.Labor experts and industry officials cite the campaign as a major force behind significant minimum-wage increases in states including California and New York and cities like Seattle and Chicago. It also pushed a recent California law creating a council to set a minimum wage in the fast-food industry, which will become $20 an hour in April, and to propose new health and safety standards.But the Fight for $15 campaign has not unionized workers on a large scale and enabled them to negotiate collective bargaining agreements with their employers.Ms. Henry’s tenure has coincided with a series of legislative and legal challenges to organized labor, including state laws rolling back collective bargaining rights and allowing workers to opt out of once-mandatory union fees, as well as a landmark Supreme Court ruling allowing government employees to do the same.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      BP to Increase Oil Output, New Chief Says

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      Murray Auchincloss signaled that he would take a more profit-oriented approach than his predecessor, who started a big push into renewables.BP’s new chief executive, Murray Auchincloss, promised a flexible approach to the shift away from fossil fuels as the oil giant reported a $3 billion profit in its latest quarter on Tuesday.Mr. Auchincloss said in an interview after BP reported earnings that the company was pursuing what he called a “demand strategy.” BP’s shares rose more than 5 percent in trading in London, where the company is based.BP has a plan to become what Mr. Auchincloss called an integrated energy company. But in the meantime, “we see growing demand for energy right now across the globe,” he said. “It is not slowing down.”BP is “going to invest in today’s energy system, to help make sure that prices don’t get out of control,” Mr. Auchincloss said. “So that’s investing into oil and gas,” he added, while also putting money into alternative energy sources like biofuels and hydrogen.Mr. Auchincloss was confirmed as chief executive of BP in January. The former chief financial officer had been serving in an interim capacity after the departure of his predecessor, Bernard Looney, over his failure to fully disclose personal relationships at the company.In a presentation to financial analysts on Tuesday, Mr. Auchincloss seemed to suggest a more profit-oriented approach than the one pursued by Mr. Looney, who after becoming chief executive in 2020 began perhaps the most ambitious shift into renewable technologies among the major oil companies.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Bill Ackman and Mark Zuckerberg Fail to Land Candidates on Harvard’s Board of Overseers

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      The candidates had promised to challenge the university’s leadership, but failed to collect enough signatures to get on the ballot for the board.It’s hard to get into Harvard, even if you’ve done it before.Mark Zuckerberg, head of Meta, and Bill Ackman, head of the Pershing Square hedge fund, discovered as much, in their failed push to get dissident candidates onto the Harvard Board of Overseers, one of the university’s two governing bodies.The candidates — a slate of four backed by Mr. Ackman and one candidate backed by Mr. Zuckerberg — said on Friday that they had not collected enough petition signatures to get on the April ballot for election to the board.“We are disappointed but greatly appreciate all the support,” Zoe Bedell, an assistant U.S. attorney, who ran on the Ackman slate, said in a statement on Friday. “We look forward to trying again next year.”Their failure raised the question of how much support existed for Mr. Ackman’s persistent campaign against Harvard’s leadership over the past few months.Mr. Ackman touted the candidates’ military experience, and Mr. Zuckerberg’s candidate, Sam Lessin, is a venture capitalist and a former employee of Facebook (as Meta was formerly known).But they could not surmount the first hurdle: collecting the 3,238 signatures from Harvard alumni to get their names on the ballot for the April election.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More