<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58137eb2b28a642b0f8b5058-1905/rtx18qnz.jpg" alt="bourbon ice" data-mce-source="Reuters/John Sommers II" data-mce-caption="A glass of Maker's Mark and water at the Maker's Mark Bourbon House &amp; Lounge in Louisville, Kentucky. January 29, 2014. Suntory Holdings Ltd said on January 13 that it would buy U.S. spirits company Beam Inc for $13.6 billion cash in a deal that would make the Japanese company the world's third-largest spirits maker" /><p class="source"><span>Reuters/John Sommers II</span></p></div><p></p></div></div>There might be a bubble in the bourbon industry. </p><p>RBC Capital Markets analysts shared the chart below showing that an influx of new producers could be setting up a slump in bourbon prices, as well as providing sometimes subpar versions of the American whiskey.</p><p>In a note on Thursday, Nik Modi and his team published the chart below to show that the number of craft distillers has been on the rise for the last few years. </p><p>A recent study that included American Craft Spirits Association showed that the number of distillers has compounded at a 42% annual growth rate since 2010.</p><p>From just 204 craft spirits distillers across America in 2010, the number grew to 1,315 this year through August. <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="RBC Capital Markets" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/58137c9bb28a644d008b5a30-960/screen shot 2016-10-28 at 12.27.45 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/58137c9bb28a644d008b5a30-1121/screen shot 2016-10-28 at 12.27.45 pm.png" alt="Screen Shot 2016 10 28 at 12.27.45 PM" data-mce-source="RBC Capital Markets" /></a><p class="source"><span>RBC Capital Markets</span></p></div><p></p></div></div></p><p>Modi and team said the industry's fast growth and the possibility of mergers and acquisitions are among the things that led to the boom in such a short time. In 2014, <span>Japanese liquor giant <a href="http://www.businessinsider.com/jim-beam-acquisition-jack-daniels-2014-1">Suntory bought the maker of Jim Beam</a> for $13.6 billion. </span></p><p>"However, it is important to keep in mind that to be classified as a straight bourbon, the product must be aged for a minimum of four years," the analysts wrote. "This has led new entrants looking to take advantage of the category's growth to take two approaches: 1) enter the market with an un-aged product; or 2) wait a few years and launch bourbon (once it hits the 4-year mark).</p><p>"The former approach is immediately price dilutive on the broader category, and the latter approach could lead to an influx of supply over the next few years, forcing overall category prices lower (the exact opposite of the scarcity value driving overall bourbon prices today)."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/the-real-difference-between-scotch-whiskey-and-bourbon-2016-6">JACK DANIEL'S MASTER DISTILLER: This is the real difference between scotch, whiskey, and bourbon</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VpdGNkNDE6gVyZm1dQ8AlCCDjanQvjfl" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'VpdGNkNDE6gVyZm1dQ8AlCCDjanQvjfl',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

There might be a bubble in the bourbon industry

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58d4eacc112f70d8628b510b-2400/undefined" alt="Eric-Schmidt " data-mce-source="Chip Somodevilla / Getty Images"><p class="source"><span>Chip Somodevilla / Getty Images</span></p><p class="caption">Google's executive chairman Eric Schmidt.</p></img></div><p></p></div></div>Good morning. Here's everything you need to know in the world of <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> today.</p><p><strong>1. <a href="http://www.businessinsider.com/eric-schmidt-google-cant-guarantee-ad-safeguards-will-always-work-2017-3">Google's executive chairman can't guarantee ads won't appear next to inappropriate content</a>. </strong>Eric Schmidt said there's no foolproof way to guarantee a brand's ads won't appear against questionable content on YouTube and other sites serving Google's ads.</p><p><strong>2. <a href="http://www.businessinsider.com/republicans-kill-fcc-broadband-privacy-rules-2017-3">Senate Republicans voted to sell browsing data without consent</a>. </strong>The vote killed a set of Obama-era regulations including one to require ISPs to get consent before sharing consumers' web-browsing data with advertisers.</p><p><strong>3. <a href="http://www.businessinsider.com/these-brands-pulled-ads-from-youtube-and-google-over-extremist-content-2017-3">These are the biggest brands that pulled ads from Google and YouTube</a>. </strong>American brands Johnson &amp; Johnson and Beam Suntory stopped their ad spend with the tech company.</p><p><strong>4. <a href="http://www.businessinsider.com/measuring-brainwaves-during-movie-trailers-can-help-predict-box-office-sales-study-2017-3">Measuring brainwaves during movie trailers can predict box office success</a>. </strong>Two scientists from Northwestern University measured people's "level of engagement" while watching an ad.</p><p><strong>5. <a href="http://www.adweek.com/brand-marketing/a-b-inbev-launches-massive-global-media-review-after-100-billion-sabmiller-merger/">AB Inbev launched a media review after its merger with SAB Miller</a>. </strong>All six holding companies have been invited to pitch, according to Ad Week.</p><p><strong>6. <a href="http://www.thedrum.com/news/2017/03/23/publicis-teams-with-microsoft-enhance-data-and-ai-capabilities">Publicis teamed up with Microsoft</a>. </strong>The deal will "help enterprise businesses leverage the power of online and offline data to reimagine their digital operations at scale," as reported by The Drum.</p><p><strong>7. <a href="http://www.campaignasia.com/article/dentsu-media-employee-commits-suicide-in-indonesia/434913">An employee of Dentsu Aegis Indonesia committed suicide</a>.</strong> The reasons behind the suicide are still unknown but there is nothing that suggests it was related to the employee's work, according to Campaign.</p><p><strong>8. <a href="http://www.businessinsider.com/pakistan-national-airline-huge-flaw-trump-laptop-ban-2017-3">Emirates took a shot at the laptop ban for airlines in a new ad</a>. </strong>The ad features Jennifer Aniston and touts its in-flight entertainment offering.</p><p><strong>9. <a href="http://www.thedrum.com/news/2017/03/23/steelhouse-releases-robust-creative-platform-welcomes-new-executive-team">SteelHouse added a new executive team and launched a new creative platform</a>. </strong>The ad tech company wants to push its retargeting solution to more advertisers, according to The Drum.</p><p><strong>10. <a href="http://www.thedrum.com/news/2017/03/23/virgin-america-brand-be-retired-alaska-airlines">The Virgin Airlines brand is being retired</a>. </strong>The company is owned by Alaska Airlines will blend the two brands but won't get rid of the perks Virgin has become known for, as reported by The Drum.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/nuclear-weapons-deadly-evolution-power-military-video-animation-2017-3">This animation shows how terrifyingly powerful nuclear weapons have become</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="d2N2I1YTE6mrZP5zQWFl4VQ6rRPYHDEW" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'd2N2I1YTE6mrZP5zQWFl4VQ6rRPYHDEW',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

The 10 things in advertising you need to know today

<p><img src="https://static.businessinsider.com/image/5824ed4f691e881b008b61f5-801/cmos banner 800 (1).png" alt="CMOs Banner 800 (1)" data-mce-source="Business Insider" /></p><p>Chief marketing officers are more important to the success of global businesses - and more powerful - than ever before. They not only executing on corporate strategy, but are also often among the key shapers of it.</p><p>So, with marketers' positions within their organizations becoming more important than ever, Business Insider is celebrating the best and the brightest global marketers with <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10">our inaugural ranking of the 50 most innovative CMOs.</a></p><p>To see the full ranking and analysis, along with our criteria, <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#40-darren-serrao-congra-brands-chief-growth-officer-11">please click here</a>.</p><p>Here is the list of top CMOs in alphabetical order:</p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#6-dana-anderson-mondelez-cmo-45">Dana Anderson of Mondelez</a> (No. 6)</p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#36-bjoern-annwall-volvo-cmo-15">Björn Annwall of Volvo</a> (No. 36)</p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#42-lisa-baird-us-olympic-committee-cmo-9">Lisa Baird of US Olympics Committee</a> <span>(No. 42)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#2-kelly-bennett-netflix-cmo-49">Kelly Bennett of Netflix</a> <span>(No. 2)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#5-linda-boff-general-electric-cmo-46">Linda Boff of GE</a> <span>(No. 5)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#28-gary-briggs-facebook-cmo-23">Gary Briggs of Facebook</a> (No. 28)</p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#38-emily-culp-keds-cmo-13">Emily Culp of Keds</a> <span>(No. 38)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#41-suzy-deering-ebay-north-america-cmo-10">Suzy Deering of Ebay</a> <span>(No. 41)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#29-andy-donkin-under-armour-cmo-22">Andy Donkin of Under Armour</a> <span>(No. 29)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#27-seth-farbman-spotify-cmo-24">Seth Farbman of Spotify</a> <span>(No. 27)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#31-alan-gellman-esurance-cmo-20">Alan Gellman of Esurance</a> <span>(No. 31)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#21-julia-goldin-evp-and-cmo-at-lego-30">Julia Goldin of Lego</a> <span>(No. 21)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#13-marie-gulin-merle-loreal-usa-cmo-38">Marie Gulin-Merle of L'Oreal USA</a> (<span>No. 13)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#39-rand-harbert-state-farm-cmo-12">Rand Harbert of State Farm</a> <span>(No. 39)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#22-greg-hoffman-nike-cmo-29">Greg Hoffman of Nike</a> <span>(No. 22)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#4-craig-inglis-john-lewis-cmo-47">Craig Inglis of John Lewis</a> <span>(No. 4)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#17-jon-iwata-svp-of-marketing-communications-at-ibm-34">Jon Iwata of IBM</a> <span>(No. 17)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#11-omar-johnson-former-beats-by-dre-cmo-and-apple-vp-40">Omar Johnson of Beats by Dre</a> <span>(No. 11)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#20-joe-jordan-dominos-cmo-31">Joe Jordan of Domino's</a> <span>(No. 20)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#15-seth-kaufman-pepsico-north-america-beverages-cmo-36">Seth Kaufman of PepsiCo</a> <span>(No. 15)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#30-allie-kline-aol-cmo-21">Allie Kline of AOL</a> <span>(No. 30)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#12-kristin-lemkau-jpmorgan-chase-cmo-39">Kristin Lemkau of JP Morgan/Chase</a> <span>(No. 12)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#32-alison-lewis-johnson-and-johnson-cmo-19">Alison Lewis of Johnson &amp; Johnson</a> <span>(No. 32)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#8-ann-lewnes-evp-and-cmo-at-adobe-43">Ann Lewnes of Adobe</a> <span>(No. 8)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#16-antonio-lucio-global-chief-marketing-and-communications-officer-at-hp-35">Antonio Lucio of HP</a> <span>(No. 16)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#24-marc-mathieu-samsung-usa-cmo-27">Marc Mathieu of Samsung USA</a> <span>(No. 24)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#44-marc-mentry-capital-one-cmo-7">Marc Mentry of Capital One</a> <span>(No. 44)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#50-rebecca-messina-svp-and-cmo-at-beam-suntory-1">Rebecca Messina Beam Suntory</a> <span>(No. 50)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#7-jonathan-mildenhall-airbnb-cmo-44">Jonathan Mildenhall of Airbnb</a> <span>(No. 7)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#49-geoff-morrell-svp-of-communications-and-external-affairs-at-bp-2">Geoff Morrell of BP</a> <span>(No. 49)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#25-ann-mukherjee-sc-johnson-cmo-26">Ann Murkherjee of SC Johnson</a> <span>(No. 25)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#47-diana-obrien-deloitte-services-llp-cmo-4">Diana O'Brien of Deloitte LLP</a> <span>(No. 47)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#48-miguel-patricio-anheuser-busch-inbev-cmo-3">Miguel Patricio of AB Inbev</a> <span>(No. 48)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#9-marc-pritchard-global-brand-officer-at-procter-and-gamble-42">Marc Pritchard of Procter &amp; Gamble</a> <span>(No. 9)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#46-karen-quintos-dell-cmo-5">Karen Quintos of Dell</a> <span>(No. 46)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#34-david-roman-lenovo-cmo-17">David Roman of Lenovo</a> <span>(No. 34)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#14-philip-schiller-svp-of-worldwide-marketing-at-apple-37">Philip Schiller</a> of Apple <span>(No. 14)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#35-diego-scotti-evp-and-cmo-at-verizon-16">Diego Scotti of Verizon</a> <span>(No. 35)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#40-darren-serrao-conagra-chief-growth-officer-11">Darren Serraro on Conagra Brands</a> <span>(No. 40)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#19-andrew-sherrard-t-mobile-cmo-32">Andrew Sherrard of T-Mobile</a> <span>(No. 19)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#33-roger-sol-sprint-cmo-18">Roger Solé of Sprint</a> <span>(No. 33)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#45-leonid-sudakov-mars-petcare-cmo-6">Leonid Sudakov of Mars Petcare</a> <span>(No. 45)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#23-nuno-teles-heineken-cmo-28">Nuno Teles of Heineken</a> <span>(No. 23)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#26-jennelle-tilling-global-chief-marketing-and-innovation-officer-at-kfc-25">Jennelle Tilling of KFC</a> <span>(No. 26)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#1-lorraine-twohill-svp-of-marketing-at-google-50">Lorraine Twohill</a><span><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#1-lorraine-twohill-svp-of-marketing-at-google-50"> of Google</a> <span>(No. 1)</span></span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#3-deborah-wahl-svp-and-cmo-at-mcdonalds-48">Deborah Wahl</a> <span>of McDonald's <span>(No. 3)</span></span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#43-karen-walker-svp-and-cmo-at-cisco-8">Karen Walker of Cisco</a> <span>(No. 43)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#18-ted-ward-geico-cmo-33">Ted Ward of Geico</a> <span>(No. 18)</span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#10-keith-weed-chief-marketing-and-communications-officer-at-unilever-41">Keith Weed </a><span><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#10-keith-weed-chief-marketing-and-communications-officer-at-unilever-41">of Unilever</a> <span>(No. 10)</span></span></p><p><a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#37-michelle-wilson-wwe-cmo-14">Michelle Wilson of WWE</a> <span>(No. 37)</span></p>

The CMO list: From A to Z

<p>Chief marketing officers are more important to the success of global businesses - and more powerful - than ever before. They not only executing on corporate strategy, but are also often among the key shapers of it.</p><p>So, with marketers' positions within their organizations becoming more important than ever, Business Insider is celebrating the best and the brightest global marketers with <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10">our inaugural ranking of the 50 most innovative CMOs.</a></p><p>To see the full list, <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#40-darren-serrao-congra-brands-chief-growth-officer-11">please click here</a>.</p><p>Here is the list of top CMOs, ranked 1 to 50. </p><p>1. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#1-lorraine-twohill-svp-of-marketing-at-google-50">Lorraine Twohill</a> of Google</p><p>2. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#2-kelly-bennett-netflix-cmo-49">Kelly Bennett</a> of Netflix</p><p>3. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#3-deborah-wahl-svp-and-cmo-at-mcdonalds-48">Deborah Wahl</a> of McDonalds</p><p>4. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#4-craig-inglis-john-lewis-cmo-47">Craig Inglis</a> of John Lewis</p><p>5. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#5-linda-boff-general-electric-cmo-46">Linda Boff</a> of GE</p><p>6. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#6-dana-anderson-mondelez-cmo-45">Dana Anderson</a> of Mondelēz International</p><p>7. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#7-jonathan-mildenhall-airbnb-cmo-44">Jonathan Mildenhall</a> of Airbnb</p><p>8. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#8-ann-lewnes-evp-and-cmo-at-adobe-43">Ann Lewnes</a> of Adobe</p><p>9. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#9-marc-pritchard-global-brand-officer-at-procter-and-gamble-42">Marc Pritchard</a> of Procter &amp; Gamble</p><p>10. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#10-keith-weed-chief-marketing-and-communications-officer-at-unilever-41">Keith Weed</a> of Unilever</p><p>11. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#11-omar-johnson-former-beats-by-dre-cmo-and-apple-vp-40">Omar Johnson</a> of Beats by Dr Dre (just left this position)</p><p>12. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#12-kristin-lemkau-jpmorgan-chase-cmo-39">Kristin Lemkau</a> of JPMorgan</p><p>13. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#13-marie-gulin-merle-loreal-usa-cmo-38">Marie Gulin-Merle</a> of L'Oréal</p><p>14. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#14-philip-schiller-svp-of-worldwide-marketing-at-apple-37">Phil Schiller</a> of Apple</p><p>15. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#15-seth-kaufman-pepsico-north-america-beverages-cmo-36">Seth Kaufman</a> of PepsiCo North America</p><p>16. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#16-antonio-lucio-global-chief-marketing-and-communications-officer-at-hp-35">Antonio Lucio</a> of HP</p><p>17. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#17-jon-iwata-svp-of-marketing-communications-at-ibm-34">John Iwata</a> of IBM</p><p>18. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#18-ted-ward-geico-cmo-33">Ted Ward</a> of GEICO</p><p>19. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#19-andrew-sherrard-t-mobile-cmo-32">Andrew Sherrard</a> of T-Mobile</p><p>20. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#20-joe-jordan-dominos-cmo-31">Joe Jordan</a> of Dominos</p><p>21. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#21-julia-goldin-evp-and-cmo-at-lego-30">Julia Goldin</a> of LEGO</p><p>22. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#22-greg-hoffman-nike-cmo-29">Greg Hoffman</a> of NIKE</p><p>23. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#23-nuno-teles-heineken-cmo-28">Nuno Teles</a> of Heineken</p><p>24. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#24-marc-mathieu-samsung-usa-cmo-27">Marc Mathieu</a> of Samsung Electronics America</p><p>25. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#25-ann-mukherjee-sc-johnson-cmo-26">Ann Mukherjee</a> of SC Johnson</p><p>26. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#26-jennelle-tilling-global-chief-marketing-and-innovation-officer-at-kfc-25">Jennelle Tilling</a> of KFC</p><p>27. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#27-seth-farbman-spotify-cmo-24">Seth Farbman</a> of Spotify</p><p>28. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#28-gary-briggs-facebook-cmo-23">Gary Briggs</a> of Facebook</p><p>29. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#29-andy-donkin-under-armour-cmo-22">Andy Donkin</a> of Under Armour</p><p>30. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#30-allie-kline-aol-cmo-21">Allie Kline</a> of AOL</p><p>31. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#31-alan-gellman-esurance-cmo-20">Alan Gellman</a> of Esurance</p><p>32. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#32-alison-lewis-johnson-and-johnson-cmo-19">Alison Lewis</a> of Johnson &amp; Johnson</p><p>33. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#33-roger-sol-sprint-cmo-18">Roger Solé</a> of Sprint</p><p>34. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#34-david-roman-lenovo-cmo-17">David Roman</a> of Lenovo</p><p>35. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#35-diego-scotti-evp-and-cmo-at-verizon-16">Diego Scotti</a> of Verizon</p><p>36. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#36-bjoern-annwall-volvo-cmo-15">Björn Annwall</a> of Volvo Car Group</p><p>37. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#37-michelle-wilson-wwe-cmo-14">Michelle Wilson</a> of WWE</p><p>38. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#38-emily-culp-keds-cmo-13">Emily Culp</a> of Keds</p><p>39. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#39-rand-harbert-state-farm-cmo-12">Rand Harbert</a> of State Farm</p><p>40. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#40-darren-serrao-conagra-chief-growth-officer-11">Darren Serrao</a> of Conagra Brands</p><p>41. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#41-suzy-deering-ebay-north-america-cmo-10">Suzy Deering</a> of eBay</p><p>42. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#42-lisa-baird-us-olympic-committee-cmo-9">Lisa Baird</a> of United States Olympics Committee</p><p>43. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#43-karen-walker-svp-and-cmo-at-cisco-8">Karen Walker</a> of CISCO</p><p>44. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#44-marc-mentry-capital-one-cmo-7">Marc Mentry</a> of Capital One</p><p>45. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#45-leonid-sudakov-mars-petcare-cmo-6">Leonid Sudakov</a> of Mars Petcare</p><p>46. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#46-karen-quintos-dell-cmo-5">Karen Quintos</a> of Dell</p><p>47. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#47-diana-obrien-deloitte-services-llp-cmo-4">Diana O'Brien</a> of Deloitte LLP</p><p>48. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#48-miguel-patricio-anheuser-busch-inbev-cmo-3">Miguel Patricio</a> of Anheuser-Busch InBev</p><p>49. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#49-geoff-morrell-svp-of-communications-and-external-affairs-at-bp-2">Geoff Morrell</a> of BP</p><p>50. <a href="http://www.businessinsider.com/50-most-innovative-chief-marketing-officers-cmo-2016-10/#50-rebecca-messina-svp-and-cmo-at-beam-suntory-1">Rebecca Messina</a> of Beam Suntory</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/nasa-mysterious-cloud-collides-galaxy-2016-10">A mysterious cloud moving 700,000 mph is going to collide with our galaxy - here's what will happen</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="0ybG4zNzE6zx7htV5ivjagDzdfT_tXtd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; 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The CMO List: Ranked 1 to 50

<p><div class="KonaFilter image-container float_right"><div class="image"><img src="http://static3.businessinsider.com/image/52d3f3196bb3f7e1629d890e-1200-924/traffic-16.jpg?maxX=480" border="0" alt="traffic" width="480" /><p class="source"><span><a href="http://www.flickr.com/photos/honou/8481277533/">Flickr/Honou</a></span></p></div><p></p></div>Investors woke up plenty of stock-specific news this morning.</p>
<p>It's already a busy day and the market just opened. Here are the major stories so far today:</p>
<ul>
<li><strong><a href="http://www.businessinsider.com/lululemon-cuts-forecasts-2014-1">Lululemon cut its earnings forecast</a> (down 14%)</strong>. <span style="color: #222222; line-height: 1.5em;">"We were on track to deliver on our sales and earnings guidance through the month of December; however, since the beginning of January, we have seen traffic and sales trends decelerate meaningfully," said CFO John Currie. "Based on this recent performance and assuming these trends continue through the remainder of January, we are reducing our outlook for the fourth quarter."</span></li>
<li><span style="color: #222222; line-height: 1.5em;"><strong><a href="http://www.businessinsider.com/suntory-to-buy-jim-beam-2014-1">Suntory investment firm will buy Beam Inc</a> (up 24%)</strong>. The company makes the popular Jim Beam brand liquor. Suntory will become the world's third-largest maker of distilled drinks after the $16 billion purchase, Reuters reports. The shares went ripping after the news.</span></li>
<li><span style="color: #222222; line-height: 1.5em;"><strong><a href="http://www.businessinsider.com/wendys-shares-surging-after-earnings-2014-1">Wendy's shares surged after strong Q4 earnings backed by the Pretzel Bacon Cheeseburger</a> (up 8%)</strong>. "<span>Same-restaurant sales accelerated in the second half of the year compared to the first half. Driving the positive same-restaurant sales growth was the strong consumer reaction to the Company's successful 2013 promotions, most notably, the Pretzel Bacon Cheeseburger, Pretzel Pub Chicken sandwich, and Bacon Portabella Melt on Brioche," the company reported.</span><br /></span></li>
<li><span style="color: #222222; line-height: 1.5em;"><span><strong><a href="http://www.businessinsider.com/sodastream-shares-collapse-q4-2014-1">SodaStream shares dropped after lackluster year-end figures</a> (down 21%)</strong>. </span></span><span style="color: #222222;">"Despite achieving all-time record sales, we failed to deliver our profit targets and are disappointed in our fourth quarter performance...These preliminary results reflect a challenging holiday selling season in the U.S. and several factors, mostly from the second half of the quarter that negatively impacted our gross margin," </span><span style="color: #222222;">Daniel Birnbaum, SodaStream CEO, said in a statement.</span></li>
<li><span style="color: #222222;"><a href="http://www.businessinsider.com/juniper-networks-targeted-by-elliott-2014-1"><strong>Shares of Juniper are climbing after reports that </strong></a><span><strong><a href="http://www.businessinsider.com/juniper-networks-targeted-by-elliott-2014-1">Paul Singer's hedge fund is making an activist play</a> (up 8%)</strong>. Elliott Management already has a 6.2% stake in the company, but the stock is up after Bloomberg reported that Singer will make a stronger push for control, which could lead to a share buyback.</span></span></li>
<li><span style="color: #222222;"><strong><a href="http://www.businessinsider.com/twitter-goldman-sachs-2014-1">Goldman Sachs gives Twitter a boost</a> (up 5%)</strong>. Goldman, which was Twitter's lead underwriter in its IPO, gave the stock a "buy" rating, saying it shows 14% upside.</span></li>
</ul>
<div><span style="color: #222222;"><span style="line-height: 22.5px;">As the old market cliche goes, it's a stock picker's market these days. Market correlations are down, so investors keying in to the right stories are going to do particularly well. And bad stock pickers - and fund managers - won't be able to hide away in a highly-correlated market environment.</span></span></div>
<div><span style="color: #222222;"><span style="line-height: 22.5px;"><br /></span></span></div>

Here's A Round-Up Of All The Stocks Making Monster Moves Right Now

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><img src="http://static1.businessinsider.com/image/52f12ef46bb3f7c576aad56d-1158-868/whiskey-drinking-ocean.png?maxX=480" border="0" alt="whiskey drinking ocean" width="480" /><p class="source"><span>REUTERS/ Eduardo Munoz</span></p><p class="caption">People can't get enough whiskey.</p></div><p></p></div>If you want evidence of the whiskey renaissance, look no further than Suntory's <a href="http://www.businessinsider.com/suntory-to-buy-jim-beam-2014-1">recent acquisition of Beam Inc</a>.</p>
<p>The Japanese liquor giant coughed up $13.6 billion for Beam - which distills the flagship Jim Beam and the higher-end Maker's Mark - making it the world's third largest maker of distilled drinks.</p>
<p>There's a major appetite for America whiskey these days. In 2013, bourbon and Tennessee whiskey exports broke the $1 billion mark for the first time ever, according to new data from the Distilled Spirits Council of the United States (DISCUS).</p>
<p>"There's a bit of a taste for American heritage," said DISCUS CEO Peter Cressy. Not to mention, "Cocktail culture continues to grow."</p>
<p>DISCUS, a trade organization that represents American distillers, outlined the booze industry for reporters and Wall Street analysts at an event this morning. <a href="http://www.discus.org/assets/1/7/Distilled_Spirits_Industry_Briefing_Feb_4_2014.pdf">And booze is booming</a>.</p>
<p>Here's what we learned.</p>
<p><strong>1. Bourbon has absolutely exploded in recent years and has now crossed the $1 billion mark.</strong></p>
<p><div class="KonaFilter image-container"><div class="image"><img src="http://static5.businessinsider.com/image/52f12b85eab8eafc58c2ff0b-953-694/screen%20shot%202014-02-04%20at%201.03.01%20pm.png" border="0" alt="bourbon discus" width="800" /><p class="source"><span>DISCUS</span></p></div><p></p></div></p>
<p><strong>2. Emerging markets can't get enough of American spirits.</strong></p>
<p><div class="KonaFilter image-container"><div class="image"><img src="http://static2.businessinsider.com/image/52f12bca6da811d30d5a762c-950-673/screen%20shot%202014-02-04%20at%201.04.18%20pm.png" border="0" alt="discus EM booze" width="800" /><p class="source"><span>DISCUS</span></p></div><p></p></div></p>
<p><strong>3. Exports to the EU have spiked</strong> ever since the U.S. and Europe eased tariffs in 1994.</p>
<p><div class="KonaFilter image-container"><div class="image"><img src="http://static1.businessinsider.com/image/52f12c0769bedd76103f190c-944-673/screen%20shot%202014-02-04%20at%201.05.17%20pm.png" border="0" alt="discus alcohol" width="800" /><p class="source"><span>DISCUS</span></p></div><p></p></div></p>
<p><strong>4. Exports to China have also jumped.</strong></p>
<p><div class="KonaFilter image-container"><div class="image"><img src="http://static6.businessinsider.com/image/52f12c386da811c30d5a7626-945-647/screen%20shot%202014-02-04%20at%201.06.14%20pm.png" border="0" alt="china discus alcohol" width="800" /><p class="source"><span>DISCUS</span></p></div><p></p></div></p>
<p><strong>5. For decades, whiskey was on the steady decline.</strong></p>
<p><div class="KonaFilter image-container"><div class="image"><img src="http://static4.businessinsider.com/image/52f12c7b69beddcf153f1915-945-625/screen%20shot%202014-02-04%20at%201.07.21%20pm.png" border="0" alt="whiskey decline discus" width="800" /><p class="source"><span>DISCUS</span></p></div><p></p></div></p>
<p><strong>6. But since 2009, whiskey is back.</strong> It's hard to attribute this to one thing. Tastes change. Just as "Sex and the City" brought back the Cosmo and cocktail culture, shows like "Boardwalk Empire" and "Mad Men" have brought back whiskey and rye in a big way.</p>
<p><div class="KonaFilter image-container"><div class="image"><img src="http://static3.businessinsider.com/image/52f12cf56bb3f7a072aad56c-913-630/screen%20shot%202014-02-04%20at%201.09.43%20pm.png" border="0" alt="discus whiskey 2009" width="800" /><p class="source"><span>DISCUS</span></p></div><p></p></div></p>
<p><strong>7. And when you break down the whiskey category</strong>, <strong>you can see how bourbon is leading the pack.</strong></p>
<p><div class="KonaFilter image-container"><div class="image"><img src="http://static3.businessinsider.com/image/52f12d2decad04bc144a97c6-947-625/screen%20shot%202014-02-04%20at%201.10.13%20pm.png" border="0" alt="discus whiskey" width="800" /><p class="source"><span>DISCUS</span></p></div><p></p></div></p>
<p><strong>8. Purists may despise <a href="http://www.businessinsider.com/8-whiskey-drinking-tips-2013-8">flavored whiskey</a>, but the category accounted for 45% of whiskey volume growth in 2013</strong>, according to DISCUS. Still, traditional whiskey accounted for 80% of revenue growth.</p>
<p><strong>9. Other categories have seen impressive growth too.</strong> Tequila revenue was up 7.9% in 2013, while cognac volume grew 3.7% </p>

9 Things We Just Learned About The Liquor Industry

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5703f0b4910584cc008baca6-2400/rtx1b5pn.jpg" alt="Warren Buffett Heinz Kraft" data-mce-source="Reuters/Rick Wilking" data-mce-caption="Berkshire Hathaway shareholders pose with likenesses of Berkshire CEO Warren Buffett (L) and vice-chairman Charlie Munger at the Heinz company display at the shareholder's shopping day in Omaha, Nebraska." data-link="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCI6QNTNTN&amp;SMLS=1&amp;RW=1334&amp;RH=850#/SearchResult&amp;VBID=2C0FCI6QNTNTN&amp;SMLS=1&amp;RW=1334&amp;RH=850&amp;POPUPPN=6&amp;POPUPIID=2C0BF1OXH2EP3" /><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCI6QNTNTN&amp;SMLS=1&amp;RW=1334&amp;RH=850#/SearchResult&amp;VBID=2C0FCI6QNTNTN&amp;SMLS=1&amp;RW=1334&amp;RH=850&amp;POPUPPN=6&amp;POPUPIID=2C0BF1OXH2EP3">Reuters/Rick Wilking</a></span></p><p class="caption">Berkshire Hathaway shareholders pose with likenesses of Berkshire CEO Warren Buffett (L) and vice-chairman Charlie Munger at the Heinz company display at the shareholder's shopping day in Omaha, Nebraska.</p></div><p></p></div></div>Kraft Heinz, the consumer giant backed by Brazilian billionaire Jorge Lehmann and Warren Buffett, <a href="http://www.businessinsider.com/kraft-confirms-unilever-merger-approach-2017-2?utm_source=markets&amp;utm_medium=ingest">has made an approach to combine forces with European peer Unilever</a>. </span></p><p><span>Unilever has rejected the approach, but Kraft said in a statement that is is looking "</span><span>forward to working to reach agreement on the terms of a transaction." Unilever said in a statement it does not see the basis for any further discussions.</span></p><p><span>Unilever has a market capitalization of around £112 billion ($139 billion), while Kraft Heinz is worth around £85 billion ($106 billion) at the most recent estimate. That puts the value of a combined company at close to $250 billion. </span></p><p><span>Unilever has expressed its opposition to a deal, saying the Kraft Heinz offer undervalues the company. Still, if a transaction were to go ahead, it would be one of the biggest in history, and</span><span> a huge payday for Wall Street.</span></p><p>Lazard, a long time adviser to 3G Capital, the private equity firm behind Kraft Heinz, is advising the bidder, while Morgan Stanley is advising Unilever. <span>Those </span><a href="http://www.businessinsider.com/bankers-working-on-ab-inbev-sabmiller-deal-2015-9">two firms faced off on the AB InBev deal for SAB Miller</a><span>. </span></p><p>The deal also pits former colleagues against each other. Will Lawes, a former lawyer at Freshfelds <span>Bruckhaus Deringer, is working for Lazard and advising Kraft Heinz, while Mark Rawlinson, his former colleague at the law firm, is working for Morgan Stanley advising Unilever. </span></p><p>Here are the bankers working on the deal:</p><h2><strong>Kraft Heinz </strong></h2><h3><strong>Lazard - Financial Adviser to Kraft Heinz</strong></h3><p><strong>Alex Hecker</strong> - Hecker is the lead consumer and retail investment banker at Lazard, and <span>has a history of working with 3G Capital, the Brazilian private equity giant behind AB InBev and Kraft Heinz. </span></p><p><a href="http://www.businessinsider.com/bankers-working-on-ab-inbev-sabmiller-deal-2015-9">He worked on</a> <span>Anheuser-Busch InBev's deal to buy SABMiller, and before that </span>the InBev-Anheuser Busch deal in 2008 in addition to the more recent Warren Buffett-3G Capital acquisition of Heinz. </p><p><strong>William Rucker - </strong>Rucker is the head of Lazard in London, and is known as one of UK's top advisers. He also worked on the AB InBev deal for SAB Miller, and has also worked on recent transactions involving UK companies Aldermore, Greene King, Quintain Estates, and Polyus Gold, according to filings. He often gets involved in cross-border deals with the firm's New York arm.</p><p><strong><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55c2758d371d2232008bd2b6-947/screen shot 2015-08-05 at 4.13.37 pm.png" alt="Blair Effron" data-mce-source="Screenshot/CNBC" data-link="http://video.cnbc.com/gallery/?video=3000403749" /><p class="source"><span><a href="http://video.cnbc.com/gallery/?video=3000403749">Screenshot/CNBC</a></span></p><p class="caption">Centerview cofounder Blair Effron</p></div><p></p></div></div>Will Lawes - </strong>Lawes only just joined Lazard, <a href="https://www.lazard.com/media/438048/will-lawes-joins-lazard.pdf">having started at the firm January 9</a> coming from law firm <span>Freshfields Bruckhaus Deringer, where he had been senior partner. </span>"His expertise will be of tremendous advantage not only to our clients, but also to our colleagues in London and globally," Rucker said at the time of his joining. </p><h2>Unilever</h2><h3><strong>Centerview Partners - Financial Adviser to Unilever</strong></h3><p><strong>Nick Reid </strong>- Reid joined superboutique Centerview in London from UBS in 2014, and recently advised <span>British American Tobacco on its deal for the stake it didn't already own in </span><span>Reynolds American. At UBS, he headed the UK investment banking business, and later coheaded the European business. </span></p><p><strong> David Krap and James Tookman - </strong>Krap and Tookman are a part of an ex-UBS contingent at Centerview in London. Krap joined the firm in 2013, while Tookman joined a year later. </p><p><strong>Robert Pruzan - </strong>Pruzan is based in New York and is a cofounder of Centerview. He has worked on over $500 billion of transactions over his career, according to the firm's website. </p><h3><strong>Morgan Stanley - Financial Adviser to Unilever</strong></h3><p><strong>Henry Stewart - </strong>Stewart is Morgan Stanley's top dealmaker in the UK. He is a specialist in the consumer sector, and advised SABMiller on its deal with AB InBev.</p><p><strong>Mark Rawlinson - </strong>Rawlinson joined Morgan Stanley as chairman of the UK investment banking last year from Freshfields <span>Bruckhaus Deringer. As a lawyer, he worked on </span><span><span>AB Inbev's acquisition of SABMiller and BG Group's £47 billion sale to Royal Dutch Shell.</span></span></p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5862a3a2f10a9a1c008b55d4-575/undefined" alt="The logo of Swiss bank UBS is seen on a branch office in Zurich, Switzerland November 8, 2016.    REUTERS/Arnd Wiegmann" data-mce-source="Thomson Reuters" data-mce-caption="The logo of Swiss bank UBS is seen in Zurich" /><p class="source"><span>Thomson Reuters</span></p></div><p></p></div></div><strong>Adrian Doyle, Anthony Zammit, and Benjamin Frost - </strong>Doyle, Zammit, and Frost make up the rest of the Morgan Stanley team. Doyle is an oil and gas banker by background, while Zammit is a junior banker in London. Frost is a consumer M&amp;A specialist in New York, and <a href="http://www.morganstanley.com/articles/suntory-benefits-from-morgan-stanley-partnership-in-beam-acquisition">worked on Suntory's $16 billion deal for</a><span><a href="http://www.morganstanley.com/articles/suntory-benefits-from-morgan-stanley-partnership-in-beam-acquisition"> US-based Beam</a>. </span></p><h3><strong>UBS - Financial Adviser &amp; Corporate Broker to Unilever</strong></h3><p><strong>John Woolland - </strong>Woolland is an old-school British corporate broker. He recently worked on the deal between <span>British American Tobacco and </span><span>Reynolds American, where BAT acquired the stake it didn't already own, alongside former colleague Nick Reid.</span></p><p><strong> David Roberts and</strong><strong> Alistair Smith - </strong>Roberts and Smith, two junior bankers, make up the rest of the UBS team.</p><h3><strong>Deutsche Bank - <strong>Financial Adviser &amp; Corporate Broker to Unilever</strong></strong></h3><p><strong>Charles Wilkinson and Ben Lawrence - </strong>Wilkinson, like Woolland, is an old-school corporate broker who now chairs that business at Deutsche Bank. Lawrence also worked on the AB Inbev-SAB Miller deal, and has previously worked on deals<span> involving Shire, BTG, DP World, and Hammerson.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/famous-grey-gardens-home-sale-nearly-20-million-hbo-film-broadway-musical-hamptons-2017-2">Grey Gardens - the famous subject of a documentary, HBO film, and Broadway musical - is on sale for nearly $20 million</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="B3MndyOTE6npdseZ9EIYnXbzmKezf4Ly" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'B3MndyOTE6npdseZ9EIYnXbzmKezf4Ly',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Meet the bankers working on a potential nearly $250 billion mega-merger

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5dd5838efd9db235423d27a4-1777/juul.jpeg" border="0" alt="Juul" data-mce-source="Associated Press" /><p class="source"><span>Associated Press</span></p></div><p></p></div></div></p><ul class="summary-list"><li>Juul Labs just fired 650 workers - 16% of its global workforce - and plans to cut costs by $1 billion next year as the embattled e-cigarette maker faces growing regulatory scrutiny and federal investigations.</li><li>While many first learned about the layoffs from news reports, others were not surprised as morale at the company had been low for months, former employees said.</li><li>Business Insider spoke with six former Juul employees who described how the layoffs went down and how they thought the cuts reflected problems of unchecked explosive growth, lack of proper business processes, and mismanagement.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary"><strong>Click here for more BI Prime stories.</strong></a></li></ul><p>Until this summer, Juul Labs was on such an aggressive hiring spree that new hires were often spilling into the kitchen of its San Francisco headquarters.</p><p>The e-cigarette company said it was adding an average of 300 employees a month, including upward of 30 new employees a week in some offices around the US, several former employees told Business Insider.</p><p>It had claimed nearly 75% of the US e-cigarette market and <a href="https://www.cnbc.com/2018/12/20/altria-takes-stake-in-juul-a-pivotal-moment-for-the-e-cigarette-maker.html">was valued at $38 billion</a> last year after an investment from the tobacco giant Altria, which was bracing itself for a future in which adult smokers were increasingly seeking alternatives to cigarettes.</p><p>But this past week, many of its offices across the US emptied out as the company announced it was laying off 650 workers - 16% of the global workforce - and planning to cut costs by $1 billion next year, <a href="https://www.businessinsider.com/juul-layoffs-650-jobs-cut-costs-1-billion-report-2019-11">The Wall Street Journal reported November 12</a>.</p><p>The layoffs are part of a broader reorganization at Juul, which has been forced to curtail expansion and shake up management in the face of regulatory scrutiny and federal investigations. Its valuation was recently slashed <a href="https://www.businessinsider.com/juul-timeline-from-startup-to-tobacco-company-challenges-bans-2019-9">by more than a third</a>. It's been sued by New York and California over accusations it has targeted teens, failed to warn that its products contain nicotine, and represented its product as safer than cigarettes.</p><p>Business Insider spoke with six former Juul employees who said they were let go last week. They said the layoffs reflected deeper problems at the company of unchecked explosive growth, lack of proper business processes, and mismanagement.</p><h2><strong>Many first learned about layoffs from press reports</strong></h2><p>The death knell for laid-off employees came in the form of a company-wide email labeled "company reorganization update" from Juul's new CEO, KC Crosthwaite, and chief people officer, Monika Fahlbusch, timed with the Journal article last week.</p><p>The email, which has been viewed by Business Insider, said the company would notify affected people one by one.</p><p>The email went on to say it was compliant with the Worker Adjustment and Retraining Notification Act, which requires employers with 100 or more employees to provide 60 days' notice ahead of mass layoffs, and that Juul was paying severance that exceeded the law's requirements.</p><p>"We recognize that company restructures are particularly difficult for departing employees," a representative said. "That's why Juul Labs went above and beyond during our termination process to support our team members."</p><p>Laid-off employees confirmed to Business Insider that they would be paid until January 17 and get the bonuses they were eligible for.</p><p>"They're doing everything they can to make sure that they're in the clear and aren't hit by any more lawsuits," a former employee said.</p><p>Crosthwaite and Fahlbusch's email was one of the few official forms of communication from the company about the layoffs, though, several former employees told Business Insider.</p><p>Some saw the writing on the wall when Craig Brommers, Juul's first chief marketing officer, left the company and, under Crosthwaite, the company suspended all broadcast, print, and digital product <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> in the US.</p><p>"The morale was rock-bottom," another former employee said.</p><p>Others said people were unaware layoffs were coming until <a href="https://www.wsj.com/articles/juul-to-cut-about-500-jobs-11572301778">The Journal reported</a> in October that Juul planned to trim 10% to 15% of its workforce this year and that middle managers were also kept in the dark.</p><p>"Having The Wall Street Journal announce that there were going to be layoffs kind of sucked," one source said. "When KC took over, he did not have a town-hall meeting or spoke to the company, except when they booted Kevin out." Kevin Burns was Crosthwaite's predecessor as CEO.</p><p>Employees raised the concern in an all-hands meetings at the company, but Fahlbusch dismissed it, another source said.</p><p>"If you got a calendar invite, that was the sign that you were on the way out," a former San Francisco-based employee said.</p><p>A company spokesman said there had been company-wide communications on this subject since late September.</p><h2><strong>Some teams were cut as much as 40%</strong></h2><p>Juul's marketing team was hit the hardest, according to a company spokesman, but sources said employees across the operations, sales, and talent teams were also affected.</p><p>Some teams were slashed by as much as 40%, sources said, and the cuts hit San Francisco as well as Los Angeles, New York City, and Austin, Texas, according to a shared Google spreadsheet <a href="https://www.businessinsider.com/juul-employees-are-circulating-google-spreadsheet-of-laid-off-employees-2019-11">that Juul employees are circulating</a> to share job leads.</p><p>While the process has concluded in North America, layoffs are still rolling out in other parts of the world.</p><h2><strong>Some former employees say Juul grew too fast</strong></h2><p>For the former employees who talked to Business Insider, the layoffs were symptomatic of deeper problems at the company. One was that Juul expanded too fast to meet explosive demand, leading to growing pains, they said.</p><p>In 2018, for example, Juul went from about 225 employees to roughly 1,500 as sales more than tripled, according to analyst estimates. Silos developed, with multiple teams working on the same projects and not communicating with one another, two former employees recalled.</p><p>"People were just told to go hire with little regard for organizational responsibility - you had duplicate and triplicate groups doing the same" things, a former mid-level employee said. "There was just an overall lack of understanding of basic business processes, and the excuse was always, 'Well, we are just running so fast that we did not have the time.'"</p><h2><strong>Ex-staffers described lavish perks</strong></h2><p>As is common at other Silicon Valley startups, employees across Juul's North America offices including Austin and San Francisco enjoyed free lunches and occasional juice bars, several former employees said.</p><p>One former employee said the company mandated that workers fly first class for all business trips. Juul disputed this, saying employees were allowed to book premium seats only for long-haul flights and otherwise had to fly economy. Business Insider was unable to confirm what qualified as a long-haul flight.</p><p>Such benefits aren't uncommon at fast-growing startups. But one former employee pointed to one example as excessive: The company threw a three-day retreat for its sales organization at the Bellagio in Las Vegas in September, complete with an open bar, the source said. The company didn't respond to this matter.</p><h2><strong>Some thought the company didn't live up to the mission</strong></h2><p>Some former employees said they believed in Juul's mission of helping smokers wean off traditional cigarettes when they joined the company.</p><p>But they said they lost faith in its leadership as they saw middle and upper management ranks get filled by people with regulation and compliance experience from tobacco and alcohol companies, like the vice president of US marketing, Gary Ross, and the senior vice president of US commercial, Kevin Cooke, one source said. The company had no response to this matter.</p><p>"Everybody can agree that cigarettes are harmful, and if there's a product that people can use to wean off them, then it's a good thing," the source said. "However, a lot of the people running Juul came from tobacco and alcohol brands like Beam Suntory and Constellation, and they were just putting it out there without thinking of the ramifications."</p><p>One source recalled a "tone-deaf" instance in which Fahlbusch walked onto the stage at a youth-prevention training in September at the Hyatt in downtown San Francisco to the rap song "California Love" by Tupac, which makes references to partying and "bomb-ass hemp."</p><p>Fahlbusch did not respond to requests for comment from Business Insider.</p><p>There were other stumbles. <a href="https://www.wsj.com/articles/juul-explores-opening-its-own-e-cigarette-stores-in-u-s-11559235262">The company looked into</a> opening its own <keyword id="6354851" type="UNKNOWN" weightage="60" keywordseo="retail">retail</keyword> stores and e-cigarette vending machines, but that plan was shelved, a former employee said. And in September, <a href="https://www.cnbc.com/2019/09/17/juul-sales-halted-on-chinese-websites-just-days-after-launch.html">Juul sales in China were halted</a> just two days after launching in the country - the world's biggest tobacco market.</p><p>A Juul representative said the company had no firm plans to open stores in the US and did have stores in other countries, including Canada and South Korea.</p><h2><strong>Juul faced regulatory problems</strong></h2><p>Juul's rapid growth ambitions ran up against regulation in other cases.</p><p>After states including Michigan and Massachusetts restricted sales in recent months, Juul was forced to pull products from some of the 100,000 stores where it sold products. It was hard to pull products from shelves, as product fixtures weren't serialized properly, according to a source.</p><p>The company was able to respond quickly to these new rules without incident, a Juul representative said.</p><p>Juul's marketing has come under scrutiny, with the Federal Trade Commission <a href="https://www.reuters.com/article/us-juul-probe/ftc-probes-marketing-practices-of-e-cigarette-maker-juul-source-idUSKCN1VJ26B">investigating</a> the company's marketing practices, such as the use of social-media influencers, and accusations it targeted minors.</p><p>Some ex-employees said they thought Juul showed little consideration for how its products affected people.</p><p>"It's common sense that if you hand teenagers a device resembling a flash drive powered by an addictive substance and it smells and tastes like mango, they'll get hooked," one source said. "It lost its mission when it raised funding from the very people it was trying to combat" - a reference to big tobacco - "that's the point at which you sell out."</p><h2><strong>What's next for Juul</strong></h2><p>A common complaint among laid-off Juul workers was that there was no clear rationale in deciding who would get cut and that the layoffs disproportionately hit junior employees, multiple sources said.</p><p>"The people that should be let go are the ones who made those mistakes," a former employee said. "But the people that made the bad decisions are not being held accountable."</p><p>The company said that in fact, about 15% of vice presidents were laid off as part of the reduction. Some higher-ups have left recently, albeit before the layoffs, including Brommers, the CMO; CFO Tim Danaher; the senior vice president of advanced technology David Foster, and the chief administrative officer Ashley Gould.</p><p>As the layoffs continue around the world this week, the company said it's shifting its attention to growing its product team as it explores new technologies to combat underage use.</p><p>"As the vapor category undergoes a necessary reset, this reorganization will help Juul Labs focus on reducing underage use, investing in scientific research, and creating new technologies while earning a license to operate in the US and around the world," Crosthwaite said in a statement.</p><p>Hundreds of laid-off workers, meanwhile, are left to grapple with their new reality.</p><p>"We knew it was coming, but it's never easy to accept," a source said. "It sucks to be so easily expendable."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/economist-weighted-voting-could-help-save-us-democracy-2018-5">This top economist has a radical plan to change the way Americans vote - weighted voting</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/tdQolVXA-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Juul just laid off 650 workers after federal investigations rocked the company. Workers who were affected describe how it was handled and what they saw leading up to it.

Stars like George Clooney, Ryan Reynolds, and Bob Dylan have struck gold with liquor launches, and countless celebrities are following suit

<p><div class="KonaFilter image-container float_right"><div class="image"><img src="http://static3.businessinsider.com/image/51df305a69bedd5503000002-1200-924/carl-icahn-2.jpg?maxX=480" border="0" alt="carl icahn" width="480" /><p class="source"><span>REUTERS/Chip East</span></p></div><p></p></div>The pressure on companies from activist shareholders continues to grow</p>
<p>TIM COOK'S nightmare is over, but John Donahoe's has just begun. On February 10th Carl Icahn, the godfather of activist shareholders, ended his campaign to get Mr Cook, the boss of Apple, to return some of its $160 billion cash mountain to shareholders through share buy-backs. Mr Icahn declared victory, although Apple is not handing back as much of its cash as he had wanted. His next target is eBay, which he is pressuring to spin off PayPal, its online-payments business. Mr Donahoe, eBay's boss, has told Mr Icahn to get lost, but surely knows he cannot brush off the pugilistic investor so easily.</p>
<p>A visit from an activist shareholder is now a possibility for any publicly traded company: if not the 77-year-old Mr Icahn, then one of the growing army of younger imitators he has inspired. Mr Cook was first put under pressure to "stop hoarding cash" last year by David Einhorn, boss of Greenlight Capital, a hedge fund. Having shaken up Yahoo's management and strategy in 2012, Dan Loeb and his fund, Third Point, have turned their attention to Sony, calling for it to separate its electronics and entertainment arms; to Sotheby's, an auction house they want to repurchase shares; and to Dow Chemical, which they want to shed its petrochemicals business.</p>
<p>Nelson Peltz, who has been a shareholder activist almost as long as Mr Icahn, last month joined the board of Mondelez, a snacks business he had targeted. TCI, a London-based fund run by Chris Hohn, has rediscovered its activist mojo after having been badly hurt by the financial crisis. Last year it urged EADS (now Airbus Group) to sell its military-planes business, and took on the management of Japan Tobacco. Steve Ballmer was helped on his way out of Microsoft's top job by ValueAct Capital, run by Mason Morfit.</p>
<p>Last month Bill Ackman's Pershing Square made a tasty profit when Suntory acquired Beam (the maker of Jim Beam bourbon), which had been spun out of Fortune Brands as a result of his activism. But Mr Ackman has also demonstrated that activists have no monopoly on wisdom: Ron Johnson, the new boss he lobbied for J.C. Penney to install in 2011, made things worse at the struggling retailer, and lasted just 17 months. Mr Ackman has been at loggerheads with Messrs Icahn and Loeb over Herbalife, a nutritional-supplements business. Mr Ackman has shorted its shares, calling the firm a "pyramid scheme" (a charge Herbalife denies). His rivals have gone long on them. So far, Mr Ackman is out of pocket.</p>
<p>The activists' growing influence has many causes, including rule changes that have given shareholders more voting power and have made institutional investors cast their votes more thoughtfully. Social media have made it easier for activists to mount a campaign: Mr Icahn now tweets like a budgie on speed. And, says Bob Monks, a campaigner for shareholder rights, Mr Icahn has had a huge impact by "making it clear to the greediest people in the world that you can make a lot of money out of activism".</p>
<p>It is the way these profits are made that is the focus of the activists' critics. Activists usually buy a block of shares, make a public call for change and lobby management and other shareholders to implement it. When they do, the activists sell at a profit. Martin Lipton, a lawyer who has long helped protect incumbent management, not least by inventing the "poison pill", a potent defence against takeovers, argues that activists encourage firms to do things that boost their share price in the short run but harm their long-term performance. This critique has plenty of adherents, in academia, business and government.</p>
<h3>Where's the evidence?</h3>
<p>Yet empirical proof that activists exacerbate short-termism is strangely elusive. Indeed, such evidence as there is suggests the opposite. "The Long-Term Effects of Hedge-Fund Activism", a recent paper by Lucian Bebchuk of Harvard Law School and others, examined the roughly 2,000 interventions at companies by activist funds from 1994 to 2007. Over the five years following an intervention both the share price and the operating performance of the target company improved, on average. The operating performance got stronger towards the end of the five-year period, not weaker.</p>
<p>This is the sort of evidence that has convinced Mary Jo White, the chairman of America's Securities and Exchange Commission, to argue in a recent speech that activist shareholders should no longer be automatically viewed negatively. These days, she said, "There is widespread acceptance of many of the policy changes that so-called 'activists' are seeking to effect."</p>
<p>A recent article in the Columbia Law Review, "The Agency Costs of Agency Capitalism: Activist Investors and the Revaluation of Governance Rights", argues that the activists have become a vital adjunct to the institutional investors who own most shares, and who are "willing to respond to governance proposals but not to propose them". Activists have thus become "governance intermediaries", who find underperforming firms and offer their managers and institutional shareholders "concrete proposals for business strategy through mechanisms less drastic than takeovers".</p>
<p>So it is crucial, the authors argue, to pass reforms that help the activists do their job. Mr Lipton and others are pressing for a rule change that would have the opposite effect, by obliging activists to disclose stakes at a lower threshold (2% of a firm's shares rather than the current 5%) and more quickly (within a day rather than the current ten). That would force them to show their hand before they had built a big enough stake to make a decent profit if and when their proposals succeeded.</p>
<p>Boards have an obvious motive to back curbs on troublesome activists. But a better strategy--and one that big firms are increasingly adopting--is to talk to them, consider their ideas and even invite them or their representatives to become directors, as firms from Microsoft to Mondelez have done. If a board's strategy is in fact better than that proposed by the activist, having the debate in public may strengthen the incumbent management, as happened when activists took on firms such as AOL, Target and Clorox.</p>
<p>Indra Nooyi, the boss of PepsiCo, chose to work with Ralph Whitworth, a veteran activist who took a stake in the company. By doing so she was able to head off calls for a break-up of the firm (led by Mr Peltz), while still boosting its shares, thereby restoring her authority. Mr Donohoe's encounter with Mr Icahn may prove less nightmarish if he treats his ideas about eBay on their merits rather than dismissing them out of hand.</p>
<p>Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist</p>
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