Hello, Broadsheet readers! President Joe Biden signs an executive order protecting interstate travel for abortion, a congresswoman is killed in a car crash, and Casper’s CEO has a turnaround plan. Have a thoughtful Thursday.
– Sleep well. When Emilie Arel took over as CEO at Casper in November 2021, it wasn’t a typical corner office transition. The former Gap Inc. and Target executive joined Casper as chief commercial officer in 2019 as the mattress company prepared to go public, but it didn’t go to plan.
So far, her tenure as CEO has focused on transformation, a task she knows well as the former CEO of Fullbeauty Brands and Quidsi, the now shuttered Amazon business that housed Diapers.com. Arel and I spoke last month during her first interview since taking on the role of CEO.
“It’s not like selling diapers on the internet, where it’s almost impossible to make money,” she says. “It is very possible to make money selling mattresses.”
Courtesy of Caspar
His first priority was to cut costs, from closing a San Francisco office to shipping items ordered together in one box instead of separate shipments (Casper sells products like sheets in addition to mattresses ).
His next priority is to make sure Casper reaches his most potential customer: women. The Casper brand was founded in New York and originally marketed to young city dwellers, who probably only buy one bed. However, mothers who live in suburban or rural areas are more likely to buy mattresses for the whole family, as well as guest rooms. Securing these clients requires improved distribution. “We’re very consumer-focused,” says Arel, who is originally from Minnesota. “And we’re very focused on making sure we talk to the whole country.”
Arel is a direct shooter, and she prepares her employees for an economic downturn, which usually hampers mattress purchases. Consumers are less likely to move during a recession – the biggest motivation for buying a new mattress – and are more likely to keep their old bed than to make an expensive purchase. “I want my team to be prepared,” she said.
Arel acknowledges that his approach to running a startup can be less motivating for employees who may have felt more galvanized during his early mission-focused days. “It’s a very different thing to say, ‘We’re going to be the Nike of sleep,'” she said. “We are in a different time now and frugality is important.” As part of her pivot, she hired L’Oreal alum Chesen Schwethelm as chief marketing officer and S’well’s Robin Helfer as chief financial officer.
“It’s just a different skill set, getting a business from zero to $100 million than from $500 million to $1 billion, and becoming profitable,” she says. “But we have the right team in place to do it.”
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Paige McGlauflin. Subscribe here.
– Under Fire. Tinder CEO Renate Nyborg heads dating app Match Group. Bernard Kim, the new CEO of Match Group, cited “disappointing execution” on new products and lowered revenue growth expectations for the rest of the year. Tinder is Match Group’s largest dating app. During her tenure as CEO, Nyborg prioritized women’s experiences on the platform and international growth. the wall street journal
– Untimely tragedy. Congresswoman Jackie Walorski (R-Ind.) and two of her aides were killed in a car accident on Wednesday. A passenger car crossed the opposite lane and rammed Walorski’s car head-on; the other driver was also killed. Walorski was first elected to Congress in 2012 and was named her party’s top member of the House Ethics Committee last year. BNC News
– Executive Decree. President Joe Biden on Wednesday signed an executive order protecting people traveling out of state to have abortions. The order directs the Department of Health and Human Services to “consider steps to advance access” to reproductive health services, including encouraging states to seek Medicaid waivers for those traveling outside the country. ‘State. Axios
– Messy fusion. The Discovery-Warner Media merger has arrived for HBO Max. The streaming platform is facing layoffs and major restructuring, just like other Warner franchises. Among the projects that got the axe? bat girl, the reportedly nearing completion $90 million DC Comics movie. The future of several Max Original series is also uncertain. Deadline
MOVERS AND SHAKERS: As part of Match Group’s executive shakeup, OkCupid CMO Melissa Hobley will become CMO for Tinder. JhredUP has hired the Marketing Director of Lulus Noelle Sadler as its CMO. Pegasystems has hired the former medical director of Anthem Inc. Kikelomo (Dayo) Belize as its first chief medical officer. Bravado Health has hired Mallory Tai Taylor as the new CEO. Former Vice President of K1 Investment Management Heather Engel joined Juxtapose as Head of Investor Relations. The The Financial Planning Center has named the former chief executive of TD Ameritrade Institutional Kate Healy as general manager.
IN CASE YOU MISSED IT
-Bground conditions. Businesswoman and former conservative media host Tudor Dixon won the Michigan GOP gubernatorial primary on Tuesday, setting her up to face Gov. Gretchen Whitmer in November. Abortion is a key issue in Michigan – Whitmer and other parties are embroiled in a legal battle challenging a pre-roe deer the abortion ban — and the outcome of November’s gubernatorial race will likely determine the future of abortion rights in the state. NPR
– Tax relief. Fetuses are now legally considered dependents under Georgia state law. The state Department of Revenue announced Monday that pregnant people can claim their “unborn child” on their tax returns, allowing a deduction of up to $3,000. It also allows fetuses to be included in population counts and requires fathers to pay alimony for the mother’s medical and pregnancy expenses. Unsurprisingly, the law has several gray areas, including uncertainty over pregnancy losses, couples who use surrogates, and child support liability in the case of sperm donors or unknown paternity. Washington Post
– Here it is again. Dolly Parton is among this year’s Carnegie Medal of Philanthropy recipients. The country music legend earned the honor, bestowed by the Carnegie Institutions family of innovative philanthropistsfor her funding of COVID-19 vaccine research in 2020. Philanthropist Lyda Hill is also among this year’s recipients for her donations to Moderna’s COVID-19 vaccine research and development. ABC News
– Turn to prevention. India has made tremendous progress in reducing its maternal mortality rate. Between 2004 and 2019, the number of maternal deaths more than halved to 104 per 100,000 live births. But one key issue has been overlooked: the high rates of suicide among pregnant women due to early marriage, domestic violence and the pressure to give birth to sons. Experts say early intervention is key to reducing high suicide rates. More complete project
ON MY RADAR
Elon Musk’s number 2 at SpaceX is controlling the damage Information
It’s getting harder and harder to be a woman in America Bloomberg
The BBL case is booming, but patients are paying the ultimate price Marie Claire
Netflix’s ‘Bridgerton Musical’ lawsuit could change online fandom Tech Crunch
Jennette McCurdy is ready to look forward and look back New York Times
“If I don’t get big roles, I come to the conclusion that people think I can’t do it. And then I make the decision that I can’t do it. You actually have to have a [White Lotus creator] Mike White coming up and saying, “I think you can do it.”
–Actress Jennifer Coolidge on being overlooked in Hollywood and landing her Emmy-nominated HBO winning performance The White Lotus.
This is the web version of The large format newspaper, a daily newsletter for and about the world’s most powerful women. Sign up to receive it for free in your inbox.