Good morning! Tapestry and Capri call off their merger, 1.25 million new users turn to Bluesky, and a CEO evolved with her $49 billion company. Have a peaceful weekend.
– Climate change. Estelle Brachlianoff is one of the most influential female CEOs in Europe. Her $49 billion company, Veolia, is ranked No. 77 on the Fortune 500 Europe (where only 6.2% of companies have female chiefs) and No. 308 on the Global 500 (where the stat is even lower, at 5.6%). But it’s hard to explain to the general public what Veolia does. “We’re quite unique, so therefore we don’t have many comparison points,” Brachlianoff says.
Brachlianoff joined Veolia almost 20 years ago, so she’s had time to practice her elevator pitch—but the business has changed dramatically in two decades. Today, Veolia provides solutions for “ecological transformation,” Brachlianoff says. That includes waste management, water supply, and energy, from wastewater collection and hazardous waste treatment to controlling heating and air conditioning throughout cities. In recent years, Veolia has shifted from a more traditional approach to those industries, to pitching itself as a business that can help others adapt to climate change. Recently, Veolia helped Paris clean the Seine so athletes could swim in the famously filthy river during the Olympics.
In the two decades Brachlianoff has worked at this business, she’s seen attitudes toward climate change evolve. “We have moved from the realization, which is now shared, to the what can we do about it? I think that’s really a big, big shift,” she says.
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Technology has evolved too. “Twenty years ago, we thought a few things were absolutely impossible, and I’ve seen them happening. We thought we couldn’t recycle things, which now we can recycle,” she says—like copper from a nuclear facility. “We are much more efficient in many, many ways. We are even using gen AI to save energy on water. Would you think that would be possible 20 years ago?”
Veolia is based in France, but Brachlianoff characterizes it as a global company, not a French one. Forty percent of its business is outside of Europe. Brachlianoff gets in the weeds of state and municipal law from California to Ohio and can talk at length about the differences between operating in a country with a centralized local governmental system (as she did in the U.K.) or a more distributed one.
The Paris Olympics were a start, but the CEO’s hope is that Veolia becomes a company that people besides climate experts and local government officials are familiar with. “[In 10 years] the general public will probably know us better,” she says. “We don’t have anything to sell to the general public—but we are here.”
Emma Hinchliffe
emma.hinchliffe@fortune.com
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ALSO IN THE HEADLINES
– Not better together. Coach and Kate Spade’s parent company Tapestry, led by CEO Joanne Crevoiserat, ended its attempts to acquire Capri Holdings, which owns Michael Kors, Versace, and Jimmy Choo. The companies cited legal uncertainty as a reason to stop the $8.5 billion merger deal, which had been probed by the FTC under Lina Khan. Wall Street Journal
– Looking for bluer skies. Social networking platform Bluesky gained more than 1.25 million new users in the past week as some people look for an alternative to Elon Musk’s X after the U.S. presidential election. CEO Jay Graber said, “We’re excited to welcome everyone looking for a better social media experience.”CNBC
– Scott’s stock. MacKenzie Scott unloaded almost $8.4 billion of Amazon stock. Scott then made a $65 million gift to Local Initiatives Support Corp., a nonprofit in New York; this is her largest known donation this year, following a slower period compared to her past giving sprees. Bloomberg
– Hitting the slopes again. Olympic skier Lindsey Vonn is coming out of retirement and rejoining the U.S. Ski Team. Vonn, 40, last competed in the Olympics six years ago and dealt with a number of injuries over her career. “Getting back to skiing without pain has been an incredible journey,” she said. AP
MOVERS AND SHAKERS
ETCH, a decarbonization company, named Katie Ellet CEO. Most recently, she was president of hydrogen energy and mobility in North America at Air Liquide.
Cars for Kids, a children’s education nonprofit, appointed Cheryl Sutterfield-Jones as CEO. Previously, she was president of the JPS Foundation.
Digital Trusted Identity Services, a data collection channeler, named Maurine Fanguy chief executive officer. Most recently, she was managing director at Accenture Federal Services.
Caleres, a footwear brands portfolio, named Nancy Bitetto senior vice president of New York brands. She most recently served as VP of sales—footwear, jewelry, and belts—at Tory Burch.
Ocular Therapeutix, a retinal diseases and eye conditions therapies developer, appointed Namrata Saroj as chief business officer. Previously, she was a development strategy consultant for the company.
The Association of National Advertisers appointed Gülen Bengi to its board of directors. Bengi is lead CMO at Mars and chief growth officer at Mars Snacking.
ON MY RADAR
Moms are worried about their sons post-election, too Romper
Trump’s defense secretary pick said women shouldn’t be in combat roles. These female veterans fear what comes next CNN
Martha Stewart’s empire monetized more than domesticity Bloomberg
PARTING WORDS
“I’m not identifying with my brokenness. It’s not my identity.”
— Singer SZA on the shift her new music has taken
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