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Atlantic CEO Nick Thompson on how he learned to ‘just keep moving forward’ after his famous firing

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As CEO of The Atlantic, Nicholas Thompson oversees a venerable magazine that has recently returned to profitability after several years of false starts, adding financial clout to its slew of star hires and considerable presence in the media landscape. Before beginning his career on the business side, having joined The Atlantic in 2021, Thompson can boast significant achievements working in newsrooms, including building NewYorker.com into a vital, digital presence before an award-winning stint as Wired editor-in-chief. But that’s not really what he wants to talk to Fortune about: He’s here to discuss plantar fasciitis.

The long-time runner is discussing his new book, The Running Ground, which only devotes a few pages to his journalistic career. Much more of it is about Thompson’s activities as a competitive runner (including setting the American record for men 45 and older in 2021, as excerpted in Fortune), and his relationship with his father, W. Scott Thompson. In 2017, Thompson eulogized his father—a political science professor, member of the Ford and Reagan administrations and the first openly gay presidential appointment—as having “lived a life that could fill a dozen novels, or perhaps a Shakespearean drama.” He told Fortune his father’s fate was a valuable lesson, going from a man with “sort of infinite prospects,” once thought of as potential presidential candidate, to someone “whose life is complete disarray.” Thompson said his father would always talk to him about this dynamic: “He who the gods wish to destroy, they first make promising.”

This gives him perspective, Thompson said.

“I never, even though The Atlantic‘s doing great, I never am too confident that it’s gonna stay that way,” he said. He added he’s learned to like all the pain that running brings him. “I’ve been running most of my life. I started when I was 5 or 6,” Thompson said in a recent Zoom call. He said he got “very serious” in high school (a passage from the book describes running “in a primal way, screaming inside,” on a track in Deerfield, Mass.) before becoming even more passionate in his 30s, and then again in his 40s. “It’s become an essential part of my life and something I do every day,” he said, pivoting his camera to show his running clothes and shoes, gloves and hat, even his heart rate monitor.

On the one hand, he said running can be a “way to build good mental habits,” a form of meditation or a way to create mental space during the day. But in another way, the aches and pains that come from daily movement are part of the point. “I don’t have a sweeping world philosophy,” Thompson said when asked if running has a spiritual component, but it does have “deeper metaphors” that can inform a career.

“One of the things that I believe—and I believe very strongly—is that, you know, in running, it goes in waves, right?” Thompson makes the point that you just don’t, as a runner, set a personal record for several consecutive marathons. “You do well and then you do badly,” and that’s the way it’s supposed to go. Sometimes you do badly because you lose focus, but other times it’s because you get plantar fasciitis, or you had the wrong meal the night before the race. Once you realize you have to deal with all the things that go wrong in your running life, he added, “it changes the way you think about life at all moments.” When you’re up, he added, don’t get too cocky, and when you’re down, don’t get too down.

Which brings us to his famous firing from 60 Minutes.

Fired on his first day of work

“I was pretty fortunate to have had a lot of professional failure in my 20s,” Thompson told Fortune, referring to the story, many times repeated, about not making it past one day at the legendary TV newsmagazine in the late 1990s. The outlines of the story are well known, about legendary producer Phil Scheffler quickly sussing out Thompson’s total lack of TV credentials and dismissing him.

As Thompson retold the story, he described being summoned to Scheffler’s office to discuss how he’d work as the associate for one of the producers for Steve Kroft, the legendary correspondent. He had moved to New York, bought “nice suits” and come with a good attitude, but when Scheffler asked who he was and what had he done, Thompson responded simply he hadn’t done anything in TV. Scheffler asked in response, “Why are you here?”

“I don’t know,” Thompson replied. “You hired me.” Then came the sudden termination, and Thompson said he didn’t realize just quite how wrong a decision that was at the time. “You’re not supposed to just fire someone after you hire them.” He was just a kid, and the people who hired him were thinking “Whoa, I guess we made a mistake.” Looking back, Thompson said, he had no power at all in the situation.

Thompson laughs when asked what advice he’d give to Gen Z, which is famously struggling with the entry-level job market of 2025, saying it would not be to get fired as quickly and prominently as he did.

“My advice is, if you do get fired, to just keep moving forward and to not to get too down on yourself,” he said.

He repeated the relatively standard recommendation to follow your passions in college, study what you want, get whatever degree is “most exciting,” but once you move beyond that, really think about where your career should be.

“Find a spot to work where you have great colleagues and where you can learn from people who are smarter than you, and go into a place where you will have both colleagues who will rise with you as your career goes on and mentors who will teach you how to be better at your job,” he said. This is what led to his redemption from the 60 Minutes fiasco, he added, a detail he doesn’t believe has ever been reported before.

Fifteen years after his humiliating termination, Thompson found himself at a Livingston Award ceremony where his New Yorker work was being praised onstage by one of those good colleagues he found after 60 Minutes, and none other than Kroft was a key player in the awards. Kroft walked into the elevator and recognized Thompson—only from that night’s speech, not from Scheffler’s office. “I worked for you for an hour, and I got fired,” Thompson told Kroft about the “funny connection” they actually shared.

Kroft’s response was immediate: “Steve looks at me and goes, ‘You’re that kid? I couldn’t believe that [expletive] fired you. And I’m so sorry we didn’t back you up.” (Messages to Steve Kroft were not returned.)

Thompson said it had apparently become lore around 60 Minutes about the kid who had been kicked to the curb. Thompson recalled he was “really happy” to have this moment of serendipity, while adding CBS News has been very supportive of The Running Ground.

In retrospect, the experience gave Thompson what he sees as a healthy kind of paranoia. Even when things are going well, he said, “I never am too confident that it’s gonna stay that way.”

When reminded it’s not unlike the plantar fasciitis that can flare up for a runner, Thompson agreed it’s not dissimilar. When he overtrains in running, he gets tendonitis in his knee, “and I can now feel it coming on pretty early,” which means he dials back his running, uses a foam roller and puts CBD cream on his knee. When plantar fasciitis comes on out of nowhere, he does a similar routine, using a foam roller, doing Achilles stretches, putting Castor Oil on his feet when he sleeps.

“There is all of that wind pushing you backwards, but if you are smarter about your training and the way you live and all the choices you make, you can kind of go faster into the headwind,” Thompson said. As in running and in jobs and in life, “you just have to learn how to cope with it.”



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AI investment pressures, supply-chain risks, and strategy misalignment are all on the line for CFOs

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The talk is over. In 2026, it’s time to execute.

When the CFO Alliance, a finance-professional peer community, released its latest report, called Project Greenlight, in late November, the organization said that finance experts expect 2026 to be “the most pivotal year the finance function has faced in a decade.” There’s a lot at stake for CFOs and their organizations, according to the report, including supply-chain risks, pressure to make big AI investments, and the perils of stakeholder misalignment on strategy.

CFO Brew recently spoke with Nick Araco, the CEO of CFO Alliance, to get a sense of why 2026 is shaping up to be a high-stakes year. He also shared what’s top of mind for the finance leaders he’s been speaking with.

This interview has been edited for length and clarity.

What makes you think that 2026 will be such a pivotal year in finance?

2026 has to be a year where we replace debate with data and execution. I call it “informed execution.” We’ve seen such a rapid acceleration, given AI and technology advancements, converge with a year of volatility and uncertainty. Imagine you’re sitting in the seat of a CFO, where you’re at the intersection of that, and you’ve had a 2025 that’s caused you and your enterprises to hit a pause button. You had months, if not a whole year of pause. 2026 has to be a year of execution.

How did the group that worked on the Project Greenlight report identify the top execution risks, and how did it lay out a roadmap for addressing each?

What we did was convene about an hour-and-a-half’s time and openly debated until we got to a point where we agreed on the most material and critical areas of risk. You can imagine we started with a laundry list, because the CFO Alliance population of almost 10,000 or more is very diverse…At the end of the day, we identified four execution risks that most often stall plans, or stall action. [According to the report, these are geopolitical and regulatory disruption, technology and AI adoption, talent and team capabilities, and stakeholder alignment and governance.]

I want to focus on one specific risk: AI adoption. What would you say are the keys to identifying where an organization should be investing its money, but also how to track the ROI?

A year ago at this time, I would tell you that nine out of 10 of our members were saying, ‘We agree, it’s time to lean in, and it’s time to have the right discussions. Let’s bring in cross-functional leaders and cross-level leaders, and let’s make sure we are demonstrating comfort, and make sure that we’re demonstrating through our own actions, an embrace.’ Let me fast forward to where we are in 2025. These discussions need to be about enterprise value and performance. They need to be about, ‘How would this impact our business?’

I’m going to be very specific as to what the discussions need to be and are, because our members are using the following framework around AI. “What’s the specific opportunity or pain point that we are attempting to address…when it comes to AI? Why does it matter now? What’s blocking our progress that we’re even having this discussion? What’s one condition, and if we solve for this, what would be different by X date, and how would we know it helped us?” Those questions they’re using in every conversation, so they can tie it back to value.

What have been the biggest recurring topics in your conversations with CFOs from the past two or three months?

There are three key areas of focus: What type of leader do I want to be in ’26? How do I best stand up the highest performing finance function? And that includes accounting, treasury, FP&A, and capital markets or strategy functions. And then, from an enterprise standpoint, am I really at the forefront of understanding how technology and AI may disrupt our position in our industry, or our industry or business as a whole?

Standing up a high-performing finance function and team [is] more complex than ever before. I’m tired of the bashing of accounting…No one can do their job in finance without a strong accounting function. We’re done complaining about it; we’re going to do something about it. We’re going to try to make accounting sexy again by embracing the AI factor and bringing critical thinking into the accounting skill set.

This report was originally published by CFO Brew.



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Ford takes $19.5 billion hit, scraps some EV ambitions in pivot to more hybrid and gas models

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The Dearborn, Michigan-based automaker will make a series of changes to its line of vehicles and production facilities to focus on producing affordable vehicles that better align with customer desires, it announced Monday.

The company will also scrap production of certain larger EVs—including the F-150 Lightning, which it will retool as an electric vehicle with a gas-powered generator—as well as redouble development of smaller, lower-cost cars, including a midsize pickup truck in 2027.

“This is a customer-driven shift to create a stronger, more resilient and more profitable Ford,” Ford president and CEO Jim Farley said in a press release. “The operating reality has changed, and we are redeploying capital into higher-return growth opportunities: Ford Pro, our market-leading trucks and vans, hybrids and high-margin opportunities like our new battery energy storage business.”

As EV demand trends downward, particularly following the end of the federal tax credit in September, Ford had struggled to sustain demand for its Model E line. Farley warned in September the end of the tax credit would throttle EV demand, cutting sales to 5% of total auto volume from roughly 10% to 12% at the time. Earlier this month, the automaker reported it sold 164,925 vehicles in November, a 0.9% year-over-year decline, with EV sales tumbling 61% to 4,247. With $3.6 billion in losses in the first three quarters of this year alone, Ford’s Model E division has lost more than $13 billion in less than three years.

In addition to regulatory challenges, Ford attributed the need to produce smaller, more affordable EVs as well as gas and hybrid vehicles, to battery prices remaining stubbornly high and an affordability crisis shaking consumer brand loyalty. The company said on Monday it would launch five new “affordable” vehicles by the end of the decade, four of which would be assembled domestically. The automaker intends to have 50% of its global vehicle volumes be hybrids, extended-range EVs, and full EVs, by 2030, up from 17% this year.

As a result of the changes to its production focus, Ford will also repurpose some of its facilities, including revamping its Tennessee Electric Vehicle Center into the Tennessee Truck Plant, which will no longer produce EVs, but rather manufacture the new Built Ford Tough truck models beginning in 2029. Its Ohio plant will similarly assemble new gas and hybrid cars in 2029.

Ford said it will employ thousands of workers in the next few years to staff its American plants. After concluding production for the 2025 F-150 Lightning model, Ford will redeploy one-third of that workforce to production on a gas and hybrid model of the F-150.

Ford will book $19.5 billion in charges, most of which will occur in 2026, as a result of the pivot, including an $8.5 billion asset write-down for its Model E division. The automaker raised its EBIT guidance for 2025 to about $7 billion, up from $6 billion, and it reaffirmed its adjusted free cash flow range of between $2 billion and $3 billion.

Ford has struggled to get returns from its ever-growing investment in its EV models, even as it continues to toy with strategy changes. Monday’s announcement follows Ford’s decision in August to invest $2 billion in retooling a Kentucky factory in order to manufacture EVs, as well as rejig its production process to a “universal EV platform” to lower the cost of its models.

Ford said it expects its Model E to be profitable by 2029; in early 2023, it predicted profitability by 2026.

At the time of the Kentucky factory announcement, analysts were hesitant to laud the company, warning that if Ford did not make a compelling product, its billions of dollars poured into factory changes and fresh vehicle production would be for nought, particularly as EV demand stays hot and cold.

“If the vehicles don’t appeal due to being EVs, then billions will be wasted,” Morningstar equity strategist David Whiston told Fortunein August. “That’s why you need a great product, great range, and lower battery cost and vehicle manufacturing techniques.”

He added, “The challenge is, do you have a great product or not? [It’s] hard to get excited about a vehicle you can’t see yet.”



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Trump vows to fight ‘fraud’ in SNAP benefits for 42 million Americans

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President Donald Trump ’s administration is talking tough about SNAP, saying the government’s biggest food aid program is riddled with fraud that must be stopped.

His appointees are looking at Supplemental Nutrition Assistance Program from an enforcement perspective, seeing fraud as a major and expensive problem, perpetrated by organized criminal organizations, individual recipients and retailers willing to break the laws for profit.

“We know there are instances of fraud committed by our friends and neighbors, but also transnational crime rings,” Jennifer Tiller, a senior advisor to U.S. Agriculture Secretary Brooke Rollins, said in an interview.

Some experts agree that SNAP fraud is a major problem. But there is little publicly available data showing the extent of it, and others who study the program are skeptical about the scale.

“It you’re spending $100 billion on anything, you’re going to have some leakage,” said Christopher Bosso, a professor of public policy and politics at Northeastern University who published a book on SNAP.

The administration leans into fraud allegations

Of the $100 billion spent on SNAP a year, about $94 billion goes to benefits and the rest to administrative costs.

About 42 million people — or 1 in 8 Americans — receive SNAP benefits averaging about $190 per person per month. The number of recipients is in the same ballpark as the number of people in poverty — 36 million by the traditional measure and 43 million under a more nuanced one also used by the federal government.

Under federal law, most households must report their income and basic information every four to six months and be fully recertified for SNAP at least every 12 months.

The Trump administration has demanded that states turn over data on individual SNAP recipients including Social Security numbers, dates of birth and immigration status as part of its effort to root out fraud.

States with Republican governors, plus North Carolina, have complied. Most led by Democrats are pushing back in court, arguing that providing the data would violate recipients’ privacy.

The USDA says that from the records that have been shared, it found 186,000 deceased people — about 1% of participants in those states — receiving benefits and about 500,000 people — about 2.7% — receiving benefits in more than one jurisdiction.

The USDA has not made public detailed reports on the data and has not broken down the estimates by type of alleged fraud. The department also hasn’t answered questions about what portion of any improperly awarded benefits was actually spent and how much sat unclaimed on EBT cards after recipients moved or died.

The department estimated in a letter to the states that have refused to turn over data that the nationwide total combining fraud and undetected errors could be $9 billion a year or more. Democratic-led states responded in a letter last week that states already have systems to catch wrongdoing and that USDA isn’t explaining how it’s crunching the numbers.

Program participants can be perpetrators or victims of fraud

There are a lot of forms of wrongdoing.

SNAP benefits are put on EBT cards that recipients swipe in stores like debit cards. Organized crime groups put skimmers on EBT readers to get information used to make copies of the benefit cards and steal the allotments of recipients — or to use stolen identity information to apply for benefits for fictitious people. A Romanian man who was in the U.S. illegally pleaded guilty last year to skimming cards in California. Authorities say he took more than 36,000 numbers over three years.

A USDA employee pleaded guilty this year to accepting bribes in exchange for providing registration numbers for EBT card readers placed illegally in several New York delis. Authorities said more than $30 million passed through those terminals.

And three people were charged this year in Franklin County, Ohio, accused of using stolen benefits to order big quantities of energy drinks and candy — apparently to resell it.

Mark Haskins, who worked on USDA investigations from 2013 until leaving the department in August as branch chief of a special investigations unit, said there have been cases of retailers running similar operations. Several states are barring using SNAP for some junk food products with policies that kick in as soon as Jan. 1.

Haskins also says some legitimate recipients buy non-grocery items with SNAP benefits by persuading a store employee to ring up the wrong item — generally one that costs more than what’s being bought — or to sell benefit cards. He said he thinks those forms of fraud are more costly than the ones run by organized criminal groups.

Haskins and Haywood Talcove, CEO of LexisNexis Risk Solutions Government, which helps create fraud prevention strategies, both believe fraud costs significantly more than the USDA’s $9 billion estimate.

“The system is corrupt. It doesn’t need a fix here and there, it needs a complete overhaul,” said Haskins, who would like to see fewer retailers in the network and participants having to reapply, even if that makes it harder for qualified people to access benefits.

Advocates and researchers see a different system

The USDA last published a report on SNAP fraud in 2021. It covered what happened in from 2015 through 2017 and found that about 1.6% of benefits were stolen from recipients’ accounts.

The government replaced benefits that were stolen between Oct. 1, 2022 and Dec. 20, 2024. The value of replaced benefits over that time was $323 million — or about 24 cents for every $100 in SNAP benefits, though that’s believed to be an undercount.

It’s reports like those that lead advocates and academics who research SNAP to see fraud, while troublesome, as less than the massive problem the USDA makes it out to be.

Dartmouth College economist Patricia Anderson, who studies food insecurity, said in an email that the maximum benefits for a family of four are about $1,000 a month. “It really takes organized crime that is either stealing from the EBT cards or creating a lot of fake recipients out of whole cloth before the gain for the fraudster really starts to be worth it,” she said.

Jamal Brown, a 41-year-old food stamp participant who lives in Camden, New Jersey, said he’s witnessed people selling benefits to bodegas to get cash. And he’s had his benefits stolen by a skimmer.

He also said he had to deal with benefits being cut off after being told he missed an interview to recertify his need when a county welfare worker didn’t call him as planned.

“It’s always something that goes wrong,” Brown said, “unfortunately.”



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