21st Century Fox

Coordinates: 40°45′31″N 73°58′56″W / 40.7585°N 73.9823°W / 40.7585; -73.9823

Twenty-First Century Fox, Inc.
21st Century Fox
Public
Traded as
ISIN US90130A1016
US90130A2006
Industry Mass media
Predecessor News Corporation
Founded June 28, 2013 (2013-06-28)
Founder Rupert Murdoch
Headquarters 1211 Avenue of the Americas, New York City, New York, U.S.
Area served
 Worldwide
Key people
Products Broadcasting, Movie production, TV production, Cable television, Record label, Internet
Revenue Increase US$30.400 billion (2018)
Decrease US$4.410 billion (2018)
Increase US$4.464 billion (2018)
Total assets Increase US$53.831 billion (2018)
Total equity Increase US$19.564 billion (2018)
Owner Murdoch family
(17% in equity; 39% in voting power)
Number of employees
 ~ 22,400 (2018)
Divisions
Subsidiaries
Website 21cf.com
Footnotes / references
[1]

Twenty-First Century Fox, Inc. (stylized as 21st Century Fox and abbreviated 21CF) is an American multinational mass media corporation that is based in Midtown Manhattan, New York City. It is one of the two companies formed from the 2013 spin-off of the publishing assets of News Corporation, as founded by Rupert Murdoch in 1979.

21st Century Fox is the legal successor to News Corporation dealing primarily in the film and television industries. It is currently the United States' fourth-largest media conglomerate after The Walt Disney Company, Comcast and AT&T. The other company, the "new" News Corporation, holds Murdoch's print interests and other media assets in Australia (both owned by him and his family via a family trust with 39% controlling interest in each).

21st Century Fox's assets include the Fox Entertainment Group—owners of the 20th Century Fox film studio (the company's partial namesake), Fox television network and Fox News channel, and a majority stake in National Geographic Partners—the commercial media arm of the National Geographic Society, among other assets. It also has significant foreign operations, including the pan-Asian pay channel operator Star TV.

On July 27, 2018, 21st Century Fox shareholders agreed to sell the company to The Walt Disney Company for $71.3 billion, following the spin-off of certain businesses. The sale will include key assets such as 20th Century Fox, FX Networks, National Geographic Partners, and its international networks. Assets such as the Fox television network, Fox Television Stations, and Fox News Channel will be spun off into a new company owned by current 21st Century Fox shareholders, being referred to internally as "New Fox". The purchase is expected to be completed in 2019: it received U.S. antitrust approval in June 2018, and is currently awaiting approval by international regulators.

History

Formation

21st Century Fox was formed by the splitting of entertainment and media properties from News Corporation. In February 2012, Natalie Ravitz accepted a position to become Rupert Murdoch’s Chief of Staff at News Corporation.[2]

News Corporation's board approved the split on May 24, 2013, while shareholders approved the split on June 11, 2013;[3] the company completed the split on June 28 and formally started trading on the NASDAQ on July 1.[4][5][6]

Plans for the split were originally announced on June 28, 2012, while additional details and the working name of the new company were unveiled on December 3, 2012.[7][8][9]

Murdoch stated that performing this split would "unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division." The move also came in the wake of a series of scandals that had damaged the reputation of the company's publishing operations in the United Kingdom.[5][7] The split was structured so that the old News Corporation would change its name to 21st Century Fox and spin off its publishing assets into a "new" News Corporation.[6][10][11]

While the company was originally announced as the Fox Group, on April 16, 2013, Murdoch announced the new name as a way to suggest the retaining of 20th Century Fox's heritage as the group advances into the future. Its logo was officially unveiled on May 9, 2013, featuring a modernized version of the iconic Fox searchlights.[12][13]

However, the 21st Century Fox brand does not extend to the existing 20th Century Fox division (which remains under its original name).[14]

The formation of 21st Century Fox was officially finalized on June 28, 2013. It formally began trading on the NASDAQ and Australian Securities Exchange on July 1, 2013.[15][16]

Subsequent history

On January 8, 2014, Rupert Murdoch announced plans to delist 21st Century Fox's shares from the Australian Securities Exchange, in favor of solely trading on the NASDAQ. Its listing in Australia was a holdover from its period as News Corporation, and 21st Century Fox has relatively little presence in Australia, unlike News Corp. Murdoch stated that the changes, which were expected to be complete by June 2014, would "simplify the capital and operating structure" of 21st Century Fox and provide "improved liquidity" to shareholders.[16][17] Also that month, the company acquired a majority ownership in YES Network, a New York regional sports network founded by the New York Yankees.[18]

In June 2014, 21st Century Fox made a bid to acquire Time Warner, which had similarly spun off its publishing assets, for $80 billion in a cash and stock deal. The deal, which was rejected by Time Warner's board of directors in July 2014, would have also involved the sale of CNN to ease antitrust issues.[19] On August 5, 2014, 21st Century Fox announced it had withdrawn its bid for Time Warner.[20] The company's stock had fallen sharply since the bid was announced, prompting directors to announce 21st Century Fox would buy back $6 billion of its shares over the following 12 months.[21]

On July 25, 2014, 21st Century Fox announced the sale of Sky Italia and Sky Deutschland to BSkyB for $9 billion, subject to regulatory and shareholder approval.[22] Fox would use the money from the sale, along with $25 billion it received from Goldman Sachs, to attempt another bid for Time Warner.[23]

In December 2014, Fox-owned television studio Shine Group merged with Apollo Global Management's Endemol and Core Media Group to form Endemol Shine Group, which is jointly owned by 21st Century Fox and Apollo.[24]

On September 9, 2015, 21st Century Fox announced a for-profit joint venture with the National Geographic Society, National Geographic Partners, which took ownership of all of National Geographic media and consumer businesses, including National Geographic magazine, and the National Geographic-branded television channels that were already run as a joint venture with Fox. 21st Century Fox holds a 73% stake in the company.[25][26]

On December 9, 2016, 21st Century Fox announced it had made an offer to acquire the 61% share of Sky plc that it did not already own.[27][28][29] The company was valued at £18.5 billion. The deal was approved by the European Commission on April 7, 2017,[30] followed by Ireland's Minister for Communications, Climate Action and Environment on June 27.[31] However, the deal has become subject to scrutiny and an extended regulatory review in the United Kingdom, over concerns surrounding the plurality of British news media that will be owned by the Murdoch family post-merger (counting Sky News, as well as News Corp's newspapers and recent acquisition of radio station operator Wireless Group), and violations of British news broadcasting regulations connected to Sky's former carriage of Fox News Channel in the country.[32][33][34][35]

The Kingdom Holding Company, owned by Prince Al-Waleed bin Talal, sold its minority stake in 21st Century Fox during the fiscal quarter ending September 2017. It previously held a 6% stake, which had been reduced to around 5% in 2015. The valuation of the shares, or who they were sold to, is unknown; Al-Waleed was the company's largest single shareholder behind the Murdoch family. The sale was reported after Al-Waleed was arrested in early-November 2017 as part of an anti-corruption probe by the Saudi government.[36]

On April 10, 2018, European Commission officials conducted an unannounced search of Fox Networks Group's West London offices, as part of an antitrust inquiry surrounding broadcast rights to sporting events.[37][38]

Sale to Disney

On December 14, 2017, after rumors of such a sale, The Walt Disney Company announced its intent to acquire 21st Century Fox for $52.4 billion after the spin-off of certain businesses, pending regulatory approval.[39][40][41][42] 21st Century Fox president Peter Rice stated that he expected the sale to be completed by mid-2019.[43]

Under the terms of the deal, 21st Century Fox will spin off an entity being referred to as "New Fox", consisting of the Fox Broadcasting Company, Fox News, Fox Business Network, and the national operations of Fox Sports (such as Fox Sports 1, Fox Sports 2, and Big Ten Network, but excluding its regional sports networks), and Disney will acquire the remainder of 21st Century Fox.[39] This will include key entertainment assets such as the 20th Century Fox film studio and its subsidiaries, a stake in Hulu, the U.S. pay television subsidiaries FX Networks, Fox Sports Networks, and National Geographic Partners, and international operations such as Star TV and Sky plc. The acquisition is primarily intended to bolster two over-the-top content endeavors—ESPN+ and a planned Disney entertainment service.[44][45] Disney will lease the 20th Century Fox backlot in Century City, Los Angeles for seven years.[46]

The proposed transaction has raised antitrust issues, due to concerns that it could lead to a tangible loss in competition in the film and sports broadcasting industries.[47][48] Several legal experts and industry analysts have expressed the opinion that the transaction is likely to receive regulatory approval, but would be scrutinized by regulators.[48][49]

In February 2018, the Wall Street Journal reported that Comcast, owner of NBCUniversal, was considering a counter-offer. Despite initially bidding $60 billion earlier, Fox had rejected Comcast's offer due to the possibility of antitrust concerns.[50][51] On April 3, 2018, Fox stated that Disney had made a separate offer to purchase Sky News from Sky plc, as part of proposed regulatory remedies needed to expedite Fox's acquisition of the company.[52]

On May 5, 2018, it was reported that Comcast was preparing to make an unsolicited, all-cash counteroffer to acquire the 21st Century Fox's assets Disney has offered to purchase, contingent on the outcome of an antitrust lawsuit AT&T's acquisition of Time Warner.[53] Comcast had also made a competing bid to acquire Sky plc.[54][55][56] Comcast confirmed on May 23, 2018 that it was "considering, and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney."[57]

A shareholder vote on the sale was scheduled for special shareholder meetings by Fox and Disney on July 10, 2018, at the New York Hilton Midtown and New Amsterdam Theatre respectively, although Fox warned that it may "postpone or adjourn" the meeting if Comcast does follow through with its intent to make a counter-offer. It was also reported that Disney was preparing an all-cash offer of its own to counter Comcast's bid.[58][59][60]

On June 13, 2018, the day after AT&T was given an approval to merge with Time Warner, Comcast officially announced a $65 billion counter-offer to acquire the 21st Century Fox's assets Disney has offered to purchase.[61] However, on June 20, 2018, Disney agreed to increase its bid to a $71.3 billion cash-and-stock offer.[62][63] Fox agreed to the new offer.[64]

The proposed purchase was given antitrust approval by the Department of Justice on June 27, 2018, under the condition that Disney divest all of Fox's regional sports networks, due to its ownership of ESPN. The networks may either be divested to third-parties, or retained by "New Fox".[65] On July 27, 2018, it was reported that Fox and Disney shareholders had "overwhelmingly" approved the proposed purchase. The acquisition is expected to be completed within the first half of 2019, after remaining regulatory approvals are granted in China and the European Union.[66][67][68]

Operations

21st Century Fox's operations can be broadly categorized into four major reporting segments:

  • Cable Network Programming
  • Television
  • Filmed Entertainment
  • Direct-Broadcast Satellite Television[69]

Among the divisions of the company is Twentieth Century Fox Consumer Products which "licenses and markets properties worldwide" on behalf of a number of 21st Century Fox assets and third-parties.[70]

As of 2015, the senior vice president for government relations was Joe Welch.[71]

Corporate governance

On its formation in 2013, Murdoch was chairman and chief executive officer (CEO) of the company, while Chase Carey took the posts of president and chief operating officer.[72] Co-chairman and Co-CEO positions were created in 2014 and filled by Lachlan Murdoch and James Murdoch, respectively, both sons of Rupert Murdoch.[73]

On July 1, 2015, Lachlan Murdoch was elevated to Co-Executive Chairman alongside his father and James Murdoch replaced his father as CEO.[74] Former COO Chase Carey became Executive Vice Chairman.[75]

Assets

21st Century Fox primarily consists of the media and broadcasting properties that were owned by its predecessor, such as the Fox Entertainment Group and Star TV. News Corporation's broadcasting properties in Australia, such as Foxtel and Fox Sports Australia, remain a part of the newly renamed News Corp Australia—which was spun off with the new News Corp and is not a part of 21st Century Fox.[10]

References

  1. ↑ "Twenty-First Century Fox 2018 Annual Report Form (10-K)". U.S. Securities and Exchange Commission. August 13, 2018. Retrieved August 23, 2018.
  2. ↑ Flint, Joe (January 31, 2012). "Murdoch taps New York City education official as his chief of staff". Company Town (Blog). Los Angeles Times. Retrieved February 22, 2016.
  3. ↑ Wall, Matthew (June 11, 2013). "News Corp shareholders vote to split company into two". BBC News Online.
  4. ↑ Rushe, Dominic (June 18, 2013). "Rupert Murdoch splits empire but keeps faith in tomorrow's newspapers". The Guardian.
  5. 1 2 James, Meg (May 24, 2013). "News Corp. board approves company split, set for June 28". Los Angeles Times.
  6. 1 2 James, Meg (April 30, 2013). "News Corp. plans June 11 shareholder vote on company split". Los Angeles Times.
  7. 1 2 Staff (June 28, 2012). "News Corp confirms plan to split the media giant". BBC News Online.
  8. ↑ Turner, Nick; Lee, Edmund (December 3, 2012). "News Corp. Will Use Fox Name as Breakup Proceeds". Bloomberg News.
  9. ↑ Staff (May 30, 2013). "New News is good news, says mogul". Business Day. South Africa. Archived from the original on June 30, 2013.
  10. 1 2 Sweney, Mark (December 21, 2012). "News Corp's head of demerged newspaper arm may take home £2.5m". The Guardian.
  11. ↑ Chozik, Amy (December 21, 2012). "In Filing, News Corp. Says Publishing Business Showed $2.1 Billion Loss". Media Decoder. The New York Times.
  12. ↑ Welch, Chris (May 9, 2013). "21st Century Fox logo unveiled ahead of News Corp split". The Verge. Vox Media. Retrieved March 22, 2016.
  13. ↑ Finke, Nikki (April 16, 2013). "21st Century Fox Is Rupert Murdoch's Renamed Entertainment Giant "To Take Us Into Future"". Deadline Hollywood.
  14. ↑ Finke, Nikki (April 16, 2013). "No Name Change for 20th Century Fox". Deadline Hollywood.
  15. ↑ "News Corp officially splits in two". BBC News Online. June 28, 2013.
  16. 1 2 Fixmer, Andy (January 9, 2014). "Murdoch's 21st Century Fox Abandons Australia Listing". Bloomberg News.
  17. ↑ James, Meg (January 8, 2014). "Fox stock may no longer trade in Murdoch's native Australia". Los Angeles Times. Retrieved January 8, 2014.
  18. ↑ "21st Century Fox Acquires Majority Control of YES Network". Broadcasting & Cable. Retrieved 2017-11-10.
  19. ↑ Sorkin, Andrew; De La Merced, Michael (July 16, 2014). "Rupert Murdoch Is Rebuffed in Offer for Time Warner". The New York Times. Retrieved July 16, 2014.
  20. ↑ "21st Century Fox withdraws bid for Time Warner". BBC News Online. August 5, 2014. Retrieved August 5, 2014.
  21. ↑ Saba, Jennifer; Kim, Soyoung (August 5, 2014). "Murdoch withdraws bid to acquire Time Warner". Reuters. Retrieved August 5, 2014.
  22. ↑ Holton, Kate; Abboud, Leila (July 25, 2014). "BSkyB to pay $9 billion to create Sky Europe". Reuters. Retrieved July 25, 2014.
  23. ↑ Team, Trefis. "Fox Will Raise $9 Billion Cash By Selling Its Italian And German Pay-TV Business". Forbes. Retrieved 2017-09-22.
  24. ↑ Andreeva, Nellie (2014-12-17). "Endemol, Shine & Core Joint Venture Gets Name, Sets More Top Execs, Merges Distribution & International Operations". Deadline Hollywood. Penske Media Corporation. Retrieved 2017-11-10.
  25. ↑ "National Geographic magazine is now a for-profit business thanks to Fox". The Verge. Vox Media. Retrieved September 9, 2015.
  26. ↑ "National Geographic Society and 21st Century Fox Agree to Expand Partnership". National Geographic. September 9, 2015. Retrieved September 23, 2015.
  27. ↑ "21st Century Fox Agrees to Buy Sky". Bloomberg. Retrieved 11 December 2016.
  28. ↑ "Sky and 21st Century Fox agree £18.5bn takeover deal". BBC News. Retrieved 15 December 2016.
  29. ↑ "Sky and 21st Century Fox seal takeover deal". BBC News. Retrieved December 15, 2016.
  30. ↑ Mitchell, Henry Chu,Robert (April 7, 2017). "European Commission Clears Fox Acquisition of Sky". Variety. Penske Media Corporation. Retrieved June 28, 2017.
  31. ↑ Szalai, George (June 27, 2017). "Fox's Sky Takeover Gets Regulatory Clearance in Ireland". The Hollywood Reporter. Eldridge Industries. Retrieved June 27, 2017.
  32. ↑ "Fox News Scandals, Political Influence Concerns Cast Long Shadow Over Sky Review". Variety. Retrieved 29 June 2017.
  33. ↑ "Murdoch's Sky bid likely to be referred to competition authorities". The Guardian. Retrieved 29 June 2017.
  34. ↑ "Major Setback for Murdoch in $15 Billion Sky Takeover". The New York Times. The New York Times Company. Retrieved 29 June 2017.
  35. ↑ editor, Graham Ruddick Media (2017-11-06). "Fox News shows broke UK TV impartiality rules, Ofcom finds". The Guardian. ISSN 0261-3077. Retrieved 2017-11-07.
  36. ↑ "Saudi prince sells 21st Century Fox stake in blow to Murdochs". The Guardian. 2017-11-08. ISSN 0261-3077. Retrieved 2017-11-08.
  37. ↑ Clarke, Todd Spangler,Stewart (2018-04-10). "Fox Networks Group's London Offices Raided by European Commission". Variety. Retrieved 2018-04-11.
  38. ↑ Boffey, Daniel (2018-04-10). "21st Century Fox's London office raided in market abuse inquiry". The Guardian. Retrieved 2018-04-11.
  39. 1 2 "The Walt Disney Company To Acquire Twenty-First Century Fox, Inc., After Spinoff Of Certain Businesses, For $52.4 Billion In Stock". The Walt Disney Company (Press release). December 14, 2017. Retrieved December 15, 2017.
  40. ↑ "The Walt Disney Company to Acquire Twenty-First Century Fox, Inc., After Spinoff of Certain Businesses, for $52.4 Billion in Stock". 21st Century Fox (Press release). December 14, 2017. Retrieved December 15, 2017.
  41. ↑ James, Meg (June 28, 2013). "News Corp. divides into two companies; 21st Century Fox is born". Los Angeles Times. Retrieved February 8, 2018.
  42. ↑ Steinberg, Cynthia; Littleton, Brian (December 14, 2017). "Disney to Buy 21st Century Fox Assets for $52.4 Billion in Historic Hollywood Merger". Variety. Retrieved February 8, 2018.
  43. ↑ Andreeva, Nellie (April 12, 2018). "Disney-Fox Deal To Close By Summer 2019, FBC To Evolve, "Diet Fox" & More Highlights From Fox Town Hall Meeting". Deadline Hollywood. Retrieved April 12, 2018.
  44. ↑ Littleton, Cynthia; Steinberg, Brian (December 14, 2017). "Disney to Buy 21st Century Fox Assets for $52.4 Billion in Historic Hollywood Merger". Variety. Retrieved December 15, 2017.
  45. ↑ Sakoui, Anousha (December 14, 2017). "Disney Buys Fox Assets in $52 Billion Split of Murdoch Realm". Bloomberg. Retrieved December 15, 2017.
  46. ↑ Lang, Daniel; Holloway, Brent (December 14, 2017). "Disney to Lease Fox Lot for Seven Years (EXCLUSIVE)". Variety. Retrieved December 19, 2017.
  47. ↑ Johnson, Ted (December 14, 2017). "Disney-Fox Deal Lands at Uncertain Time for Antitrust Enforcement". Variety. Retrieved December 14, 2017.
  48. 1 2 James, Meg; Peltz, James F. (December 14, 2017). "Massive Disney-Fox deal expected to get close antitrust scrutiny". Los Angeles Times. Retrieved December 15, 2017.
  49. ↑ Perlman, Matthew (December 14, 2017). "Disney's Fox Deal To Get Scrutiny, But Will Likely Clear". Law360.
  50. ↑ Haring, Bruce (February 12, 2018). "Comcast Mulls Renewing Its 21st Century Fox Assets Pursuit". Deadline Hollywood. Retrieved February 24, 2018.
  51. ↑ Staff, Variety (February 12, 2018). "Comcast May Make Another Bid for 21st Century Fox (Report)". Variety. Retrieved February 24, 2018.
  52. ↑ Clarke, Stewart (3 April 2018). "Disney Could Acquire Sky News in Fox-Sky Deal's Latest Twist". Variety. Retrieved 3 April 2018.
  53. ↑ Roumeliotis, Greg. "Exclusive: Comcast prepares all-cash bid to gate-crash Disney-Fox..." Reuters. Retrieved 2018-05-09.
  54. ↑ Wilson, Bill (2018-04-25). "Comcast starts £22bn bidding war for Sky". BBC News. Retrieved 2018-05-08.
  55. ↑ Chmielewski, Dawn C. (2018-05-08). "Comcast Prepares To Make Unsolicited Offer For Fox". Deadline Hollywood. Retrieved 2018-05-08.
  56. ↑ Sharma, Amol (2018-05-08). "Comcast Lines Up Financing for Possible Hostile Bid for 21st Century Fox Assets". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-05-08.
  57. ↑ "Comcast confirms plan to buy 21st Century Fox and control of Hulu". Ars Technica. Retrieved 2018-05-24.
  58. ↑ Faber, David (2018-05-29). "Disney lines up financing in case Fox board demands cash: Sources". CNBC. Retrieved 2018-05-30.
  59. ↑ "Disney, Fox Set July 10 Shareholder Votes on $52.4B Deal". The Hollywood Reporter. Retrieved 2018-05-30.
  60. ↑ Munson, Ben (May 29, 2018). "Disney rounding up cash to fight off Comcast's rival bid for Fox". Fierce Cable. Retrieved May 29, 2018.
  61. ↑ "Comcast makes $65 billion offer to steal 21st Century Fox away from Disney". The Verge. June 13, 2018. Retrieved June 13, 2018.
  62. ↑ "Sorry, Comcast: Fox and Disney sign new merger deal, rejecting Comcast bid". Ars Technica. June 20, 2018. Retrieved June 20, 2018.
  63. ↑ "Disney Ups Its Bid for 21st Century Fox to $71.3 Billion". The New York Times. June 20, 2018. Retrieved June 20, 2018.
  64. ↑ Hagey, Keach; Schwartzel, Erich (June 21, 2018). "21st Century Fox Agrees to Higher Offer From Disney". The Wall Street Journal. Retrieved June 26, 2018.
  65. ↑ Littleton, Cynthia (June 27, 2018). "Justice Department Approves Disney's Acquisition of 21st Century Fox With Divestiture of Regional Sports Networks". Variety. Retrieved June 27, 2018.
  66. ↑ Hayes, Dade; Chmielewski, Dawn (July 27, 2018). "Disney And Fox Shareholders Give Historic Merger Votes Of Approval". Deadline Hollywood. Retrieved July 27, 2018.
  67. ↑ Schwartzel, Erich; Hagey, Keach (July 27, 2018). "Shareholders Approve Walt Disney Deal for 21st Century Fox Assets". The Wall Street Journal. Retrieved July 27, 2018.
  68. ↑ "Disney-Fox deal approved by shareholders". CNBC. Retrieved 2018-07-31.
  69. ↑ Nielson, Samantha. "Why ValueAct Capital starts new position in 21st Century Fox". Market Realist. Retrieved September 11, 2014.
  70. ↑ Staff (December 31, 2014). "Twentieth Century Fox Consumer Products Holds Sons of Anarchy Auction with ScreenBid". Wireless News. Florida, United States: Close-up Media – via Highbeam Research.
  71. ↑ "CASBAA Conference Highlights Gambling and Porn as Main Supports for Indonesian Pirate Websites" (Press release). Cable and Satellite Broadcasting Association of Asia. January 22, 2015 – via Highbeam Research.
  72. ↑ Greenslade, Roy (April 17, 2013). "Rupert Murdoch renames News Corp entertainment arm 21st Century Fox". The Guardian. Retrieved August 19, 2015.
  73. ↑ "21ST CENTURY FOX ANNOUNCES BOARD AND EXECUTIVE LEADERSHIP CHANGES" (PDF) (Press release). 21st Century Fox. March 26, 2014.
  74. ↑ Steel, Emily (2015-06-16). "21st Century Fox Announces New Murdoch Roles". The New York Times. ISSN 0362-4331. Retrieved 2018-02-08.
  75. ↑ "21st Century Fox Announces Changes to Senior Executive Team Effective July 1, 2015". Business Wire. June 16, 2015. Retrieved August 19, 2015.
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