Good morning.
Big week for Fortune. We announced a major expansion of our journalism into health and wellness, via a new vertical—Fortune Well—and in partnership with CVS Health.
Why are we doing it? The pandemic made it crystal clear to all of us that success in business is inextricably tied to health and well-being. You can’t have one without the other. Here’s how Fortune editor-in-chief Alyson Shontell put it in her note to staff:
“Our readers are juggling a lot. They have demanding jobs. Many are also raising children and helping aging parents, all while trying to stay healthy themselves. Many of you are navigating the same balancing act, so you know how tricky it can be…When you are happy at home, you are more successful at work. It’s all connected.”
We’ve already hired a great new editor for the effort—Jennifer Fields—who is a veteran of O, The Oprah Magazine, Weight Watchers, AOL Health, Good Housekeeping, WebMD, and PopSugar (that’s quite a journalistic ride, Jennifer!). And she’s out recruiting a team to provide reliable and actionable advice on how to manage stress, stay fit, be more productive, develop better relationships, maintain brain health, enjoy active vacations, and make better choices generally around well-being. We want our readers to enjoy good Fortune in the broadest sense—and we know that’s not simply a matter of chance.
You can get an early taste of efforts this morning here. And expect much more in the days to come.
Other news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
TOP NEWS
Kyiv attack
Russian cruise missiles slammed into central Kyiv as UN Secretary-General António Guterres was visiting, killing Vira Hyrych, a producer for U.S.-funded Radio Free Europe/Radio Liberty, in her residential block. Ukrainian President Volodymyr Zelensky said the attack was designed to “humiliate the UN and everything that the organization represents,” and it’s hard to escape that conclusion, as no such attacks greeted recent visits by Western leaders. This really has felt like an escalatory week. Al Jazeera
Amazon results
Amazon’s sales growth is down to its slowest pace in nearly two decades. The announcement of this fact—and a $7.6 billion hit from Amazon’s investment in electric-vehicle firm Rivian, plus Amazon’s first loss since 2015—knocked the company’s shares by 12% in after-hours trading. Fortune
Apple warning
Apple’s revenues were up 9% for the quarter ended in March, but investors were more struck with CFO Luca Maestri’s warning of COVID-related supply constraints hurting current-quarter sales by as much as $8 billion, and of China’s lockdowns knocking demand. Shares dropped nearly 4% in extended trading. (Bonus read: Private equity giant Weijian Shan reckons “the Chinese economy at this moment is in the worst shape in the past 30 years,” and comparable to “the U.S. and Europe in 2008.”) CNBC
Remote work
Airbnb has decided to permanently allow its staff to work from home, or come into the office, whatever. They can even work from overseas for up to 90 days a year. CEO Brian Chesky: “To pull this off, we’ll operate off of a multiyear road map with two major product releases a year, which will keep us working in a highly coordinated way.” Fortune
AROUND THE WATERCOOLER
Zelensky profile
Do read Simon Shuster’s in-the-bunker Time profile of Volodymyr Zelensky: “Nearly two months into the invasion, he had changed. There were new creases in his face, and he no longer searched the room for his advisers when considering an answer to a question. ‘I’ve gotten older,’ he admitted. ‘I’ve aged from all this wisdom that I never wanted.’” Time
Stuck bankers
More than 20,000 bankers and traders in Shanghai have been holed up in their offices for the past month, owing to the city’s harsh COVID lockdown—financial institutions asked them to move to the office to keep financial services running smoothly. Fortune
Vaccination halt
Ever-bullish Denmark has become the first country to suspend its COVID vaccination program, as “the epidemic has reversed.” This means officials won’t send out vaccination invitations, at least through the end of summer, though it still recommends getting the jab. Fortune
Beware altcoins
Over 80% of so-called altcoins—cryptocurrencies that aren’t Bitcoin—have after one year of existence lost value, as measured in Bitcoin. That’s according to the crypto arm of investment firm Jump Trading. Fortune
This edition of CEO Daily was edited by David Meyer.
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