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Top Goldman dealmaker Lemkau is leaving the bank to helm $15 billion investment firm linked to Dell fortune

Gregg Lemkau, known as one of the top mergers bankers on Wall Street, has advised on hundreds of transactions since joining the bank in 1992….

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Gregg Lemkau, co-head of investment banking for Goldman Sachs & Co.

Christopher Goodney | Bloomberg | Getty Images

Goldman Sachs is losing one of its top dealmakers.

Gregg Lemkau, a nearly-three decade veteran of the bank and co-head of its powerhouse investment banking division, is leaving Goldman at the end of the year, according to an internal memo sent Monday from CEO David Solomon. Lemkau is joining MSD Partners, an investment firm linked to Michael Dell’s family office, in February as CEO, according to a separate release.

Lemkau, known as one of the top mergers bankers on Wall Street, has advised on hundreds of transactions since joining the bank in 1992. Goldman Sachs is the world’s top-ranked mergers firm with roles on $758.6 billion in deals so far this year, according to Dealogic.

Another Goldman veteran, Jim Esposito, is taking Lemkau’s place as co-head of the investment banking division, Solomon said in a separate memo. While Esposito was most recently global co-head of the bank’s trading division, he has spent most of his 25-year career at Goldman in senior investment banking roles.

“Please join me in thanking Gregg for his many contributions to the firm, our clients and our people, and in wishing him and his family the very best in the years ahead,” Solomon said in the memo. The Wall Street Journal was first to report on his departure.

MSD Partners manages money for both the Dell family office and outside investors and has more than $15 billion in assets under management. Lemkau will focus on growing the firm’s existing investments in real estate, private and public equities and credit, as well as expanding into new areas, the company said. He’ll work with John Phelan, the co-founder of MSD and its chief investment officer.

“I’ve known Gregg for a number of years and think that he will be a great fit for the culture that has been built at MSD over two decades,” Michael Dell said in the release.

Here’s the full memo from Solomon:

Gregg Lemkau to Retire From Goldman Sachs

Gregg Lemkau, co-head of the Investment Banking Division (IBD) and a member of the Management Committee, will retire from the firm at the end of the year.

As co-head of IBD, Gregg has helped lead our efforts to continue to solidify and grow our pre-eminent investment banking franchise around the world. During his more than 28-year tenure at the firm, he has advised on hundreds of transactions, and has spent significant time advising our clients across all sectors globally while working in our offices in the US and in Europe. The firm has benefitted greatly from Gregg’s deep and expansive understanding of industries and markets, as well as his distinctive client service mindset.

Gregg has also been instrumental in supporting our commitment to driving sustainable inclusive economic growth, helping conceive of and implement our board diversity initiative. He has partnered closely with our clients to improve their diversity representation pre-IPO, and through this critical work has underscored our firm’s conviction in the importance of having diverse voices represented at the table, both in business and society more broadly.

In addition, Gregg has been a steward of the firm’s culture of teamwork and excellence throughout his nearly three decades at Goldman Sachs, and has been a key developer of talent and a mentor to so many of our current and future leaders. He has also sponsored a number of important programs to support our people, such as events organized by the Goldman Sachs Veterans Network and our Veterans Integration Program.

Gregg has served with excellence since he joined us as an analyst in 1992 in Mergers & Acquisitions. Prior to assuming his current role as co-head of IBD, Gregg was co-head of Global Mergers & Acquisitions. He has also served as global co-head of the Technology, Media and Telecom Group, global co-head of the Healthcare Group and chief operating officer for the Investment Banking Division. Gregg is a member of the IBD Executive Committee, and previously served as chairman of the Firmwide Commitments Committee from 2011 to 2015 and as a member of the Partnership Committee. He was named managing director in 2001 and partner in 2002.

Please join me in thanking Gregg for his many contributions to the firm, our clients and our people, and in wishing him and his family the very best in the years ahead.

David M. Solomon

This article has been updated to make it clear that Lemkau is joining an investment firm affiliated with the Dell family office.

Source: https://www.cnbc.com/2020/11/16/top-goldman-dealmaker-gregg-lemkau-is-leaving-the-bank-at-year-end.html

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Stitch Fix shares surge as online styling service reports surprise profit

Stitch Fix shares jumped after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

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The Stitch Fix application for download in the Apple App Store on a smartphone arranged in Hastings-on-Hudson, New York, U.S., on Saturday, June 5, 2021. Stitch Fix Inc. is scheduled to release earning on June 7.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Stitch Fix shares jumped 14% in extended trading Tuesday after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Consumers have been splurging on new outfits in recent months, as many head back to school and return to social gatherings. Some have also citied the need for new clothes after either gaining or losing weight during the Covid pandemic.

Here’s how Stitch Fix did compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 19 cents vs. a loss of 13 cents expected
  • Revenue: $571.2 million vs. $548 million expected

Net income attributable to shareholders was $28 million, or 19 cents per share, in the latest period. A year ago, it posted a net loss of $44.5 million, or 44 cents a share. Analysts had been looking for the company to book a loss of 13 cents per share.

Revenue grew to $571.2 million from $443.4 million a year earlier. That was better than analysts’ expectations for $548 million.

Stitch Fix reported nearly 4.2 million active clients, up 18% from a year earlier. The company said net revenue per active client was $505, surpassing the $500 threshold for the first time ever. Customers have been purchasing more items to keep at home, Stitch Fix said, as they have more brands and price points to choose from.

Stitch Fix defines active clients as people who either ordered a “Fix” subscription or bought an item directly from its website in the preceding 52 weeks from the final day of the quarter.

The company also said it had its lowest ever churn rate at the end of the period, meaning its customers are sticking around.

Last month, Stitch Fix finally opened up its direct-buy option, which is now known as “Freestyle,” to the public. This allows people to shop Stitch Fix for individual items of clothing, without needing to sign up for a subscription.

CEO Elizabeth Spaulding said this should help Stitch Fix grow its addressable market in the year ahead. The company’s next initiative will be to market and raise broader awareness around the offering, she said. Stitch Fix is preparing to roll out a national advertising campaign on the debut.

Early indications are that “Freestyle” is meaningfully accretive to the company’s revenue per active client metric, Spaulding told analysts on a conference call.

“Clients have agency, flexibility and choice while also experiencing a highly personalized shopping experience,” Spaulding said.

For its fiscal first quarter, Stitch Fix said it sees sales in a range of $560 million to $575 million. That’s below analysts’ expectations for $588 million.

For the upcoming fiscal year, Stitch Fix anticipates sales rising 15% or more from the prior year. Analysts polled by Refinitiv had been looking for an 18% increase.

While the entire retail industry is working through supply chain complications, Stitch Fix said it is seeing a small impact, but nothing that will hurt the business in the fall and winter months. The company said it is less reliant on Vietnam, where manufacturing has largely come to a standstill due to ongoing pandemic lockdowns in the region.

As of Tuesday’s market close, Stitch Fix shares have fallen nearly 39% this year. The company has a market cap of $3.8 billion.

Find the full press release from Stitch Fix here.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Source: https://www.cnbc.com/2021/09/21/stitch-fix-sfix-q4-2021-earnings.html

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