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Home Depot’s latest deal signals a strategic shift in M&A

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Good morning. Retailer Home Depot has been in business for nearly 50 years, and its disciplined approach to dealmaking has contributed to its solid growth.

That’s the topic my colleague Phil Wahba explores in a new Fortune article. Home Depot, No. 24 on the Fortune 500, announced this week that one of its business units is acquiring building-products distributor GMS (Gypsum Management and Supply) for about $4.3 billion, prevailing in a bidding war. The deal follows Home Depot’s $18 billion acquisition last year of SRS Distribution (which is the entity actually buying GMS)—the largest acquisition in the company’s history.

According to Wahba, these acquisitions mark a shift in Home Depot’s strategy. In the first quarter of the current fiscal year, sales at U.S. stores open at least a year rose just 0.2%, highlighting the need for change.

“Home Depot is widely viewed as one of the most successful retailers of the last 20 years, one that has deftly leveraged a hot housing market that led to more people renovating their homes,” Wahba writes. The company now anticipates that future growth will not come solely from its 2,000 big-box stores serving DIY customers, but increasingly from large orders placed by professionals for more complex projects, such as roof repairs.

GMS, based in Georgia, operates a network of about 320 distribution centers offering wallboard, ceilings, steel framing, and other construction materials. It also runs roughly 100 tool sales, rental, and service centers for residential and commercial contractors—“all things Home Depot covets,” according to Wahba.

Home Depot has long been thoughtful about its M&A strategy, Wahba notes, a discipline that has helped it outperform archrival Lowe’s in sales growth. You can read the complete article here.

Home Depot isn’t the only major U.S. company active in M&A this year. For example, tech giant HPE (Hewlett Packard Enterprise) announced on Wednesday the acquisition of Juniper Networks for approximately $14 billion. “This strategic transaction accelerates our transformation to a higher-margin, higher-growth portfolio and positions HPE for long-term, profitable revenue expansion,” HPE CFO Marie Myers stated in a LinkedIn post.

The Americas led global M&A with $908 billion in deal value in the first half of 2025 (61% of the total), up from $722 billion (55%) the previous year, according to PwC’s mid-year M&A update.

Meanwhile, Bain & Company reports that some companies are not allowing tariffs—or the changed economic world order they represent—to derail M&A activity.

With disciplined dealmaking and a focus on long-term growth, many companies are positioning themselves to thrive.

The next CFO Daily will be in your inbox on Monday. Enjoy the July Fourth holiday.

Sheryl Estrada
sheryl.estrada@fortune.com

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Fortune 500 Power Moves

Jesus “Jay” Malave was appointed EVP and CFO of Boeing (No. 63), effective Aug. 15. Brian West, who served as Boeing CFO for the last four years, will become a senior advisor to Boeing President and CEO Kelly Ortberg. Malave was most recently CFO of Lockheed Martin and before that held the positions of SVP and CFO at L3Harris Technologies. He spent more than 20 years at United Technologies Corporation, including serving as vice president and CFO of Carrier Corporation when it was an operating unit of UTC, and vice president and CFO at UTC Aerospace Systems.

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shiftssee the most recent edition

More notable moves this week

Brian Musfeldt was appointed CFO of Stem, Inc. (NYSE: STEM), an AI-driven clean energy software and services provider, effective July 17. Musfeldt succeeds Doran Hole, who is stepping down as CFO and EVP to pursue other interests. Musfeldt returns to Stem after serving as CFO of AlsoEnergy from 2017 to 2023, where he was instrumental in AlsoEnergy’s sale to Stem in 2022. He has nearly 30 years of experience, which also includes serving as CFO of ikeGPS, a platform technology company.

Andrea Courtois was appointed SVP and CFO of Kirkland’s, Inc., a specialty retailer of home décor and furnishings, effective July 21. Courtois will succeed Mike Madden, who plans to pursue other opportunities but will remain in an advisory position until Aug. 15. Courtois brings over 20 years of financial expertise. She most recently served as VP of financial planning and analysis at Francesca’s, following tenures in financial leadership roles at La Senza, Lane Bryant, and Lands’ End.

Brad Dahms was named CFO of Jade Biosciences, Inc. (Nasdaq: JBIO), a biotechnology company. Dahms was most recently CFO and chief business officer of IDRx, a clinical-stage oncology company. Before that, he served as CFO of Theseus Pharmaceuticals, where he guided the company’s initial public offering and sale to Concentra Biosciences. He began his career in health care investment banking, holding roles at Cantor Fitzgerald, RBC Capital Markets, and J.P. Morgan.

Pierre Revol was appointed CFO of FrontView REIT, Inc. (NYSE: FVR), effective July 21. Revol brings more than 20 years of experience. Most recently, he served as SVP of Capital Markets at CyrusOne. Before that, Revol served as SVP of corporate finance and investor relations at Spirit Realty Capital, Inc., formerly a publicly traded net-lease REIT.

Marc Grasso was appointed CFO of Kyverna Therapeutics, Inc. (Nasdaq: KYTX), a clinical-stage biopharmaceutical company, effective June 30. Grasso brings more than 25 years of experience to the company. He succeeds Ryan Jones, who will move to a strategic advisor role. Most recently, Grasso served as CFO of Alector, Inc. Before that, he held the position of CFO and chief business officer of Kura Oncology.

Big Deal

Debt burden grows for rated U.S. corporations in Q1, according to S&P Global Market Intelligence data. Total debt made up a larger share of shareholder equity in the first quarter compared to the previous quarter for both nonfinancial U.S. investment-grade and non-investment-grade companies.

The debt-to-equity ratio for the median nonfinancial investment-grade company increased by 131 basis points quarter over quarter, reaching 85.10%. Investment-grade companies are defined as those rated BBB- or higher by S&P Global Ratings. The rise in debt-to-equity was less pronounced for non-investment-grade companies, with the median ratio edging up to 117.6% from 117.5%.

Going deeper

Here are four Fortune weekend reads:

The Mooch’s second act: Anthony Scaramucci’s improbable quest to transcend Trump and transform America” by Jeff John Roberts 

Tesla’s sales recovery hinges on low-cost car running behind schedule—‘without a new model, things will only get worse’” by Christiaan Hetzner

Barclays names Anne Marie Darling, who retired from Goldman Sachs in 2024, as co-COO by Luisa Beltran

Mastering AI at work: a practical guide to using ChatGPT, Gemini, Claude, and more” by Preston Fore

Overheard

“2025 so far has been an inflection year within enterprise generative AI as true adoption has begun by going from idea to scale.”

—Wedbush Securities tech analysts wrote in an industry note on Tuesday.



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Gen Z grads are now being given ‘resilience’ training at PwC U.K. to toughen up for the job

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Gen Z is often branded a “lazy” generation of workers with no ambition to climb the corporate ladder. But PwC U.K. says the real challenge isn’t motivation—it’s resilience. These young professionals are eager to succeed in their own way, but the pandemic may have left them with gaps in essential skills. So the “Big Four” consulting firm is taking matters into its own hands with “resilience” training for fresh-faced hires. 

“Quite often we are struck that the graduates [who] join us—who are meeting all the cognitive tests we’ve set—they don’t always have the resilience,” Phillippa O’Connor, chief people officer at PwC U.K., recently toldThe Sunday Times. “They don’t always have the human skills that we want to deploy onto the client work we pass them towards.”

“We’ve really doubled down, particularly [with] this year’s graduates,” O’Connor continued. “We’re doing a whole load of separate training in their first six months with us, really about resilience, really about some of those communication skills.”

The executive described resilience as the ability to handle day-to-day work dynamics—especially pressure, criticism, or sticky situations. That skill, she said, is particularly crucial in a deal-making environment, where managing challenges is a “core” part of the job.

According to O’Connor, many younger workers simply didn’t get the chance to build that muscle during the pandemic, when lockdowns disrupted education and early workplace experiences that would normally help develop it.

But by offering this special training, PwC is ensuring the talent that fills its 1,300 open U.K. graduate jobs this year—which received around 47,000 applications—are well-equipped to succeed. 

Fortune reached out to PwC for comment. 

Companies are offering Gen Z special training 

PwC’s “resilience” training is just one example of how employers have been stepping up to ensure Gen Z is primed to succeed in the workforce. 

In 2023, fellow “Big Four” consulting giant KPMGsupplied extra instruction to its Gen Z hires. The business provided training for its graduate talent, out of concern they were struggling to adapt to professional life—particualry when it came to “soft skills,” how to give presentations, work in a team, and manage projects. 

The chief people officer of $1.5 billion data protection start-up Cohesity, Rebecca Adams, has also pushed for inter-generational cohesiveness. 

Earlier this year the executive led the charge to skill bosses in managing the young professionals, citing that Gen Z responds to feedback differently: “They want to know why, how—they want constant feedback.” On the flipside, she described having to teach “basic things” to young staffers that would mind-boggle their Gen X counterparts. 

“How do I manage my calendar? You actually have to accept the meeting request,” Adams explained toFortune in September. “You can’t just walk out of the meeting that you’re in because you have another one while it’s still going on.”

Charitable organizations are also stepping up to solve Gen Z’s professional pitfalls. Radical Hope is a nonprofit helping equip college students with essential skills including communication, interpersonal dexterity, and emotional intelligence. It began as a pilot program at New York University back in 2020, after experts noted “elevated anxiety, stress, and depression” among students within the previous years—and has spread to 75 college campuses so far.  

Liz Feld, the CEO of Radical Hope, hopes the Gen Z trainees will become adept in the skills “we all got growing up at the kitchen table.” Even the little things, like small talk, can be a challenge for the young hopefuls striving to one day succeed in the workplace. 

“They won’t ask someone, ‘Do you want to go to the dining hall and grab dinner, you want to go grab a beer, you want to go for a walk, you want to get a coffee?’” Feld told Fortune, adding that if someone says “no,” their confidence is crushed. “They internalize the whole thing. The face-to-face rejection is what they’re afraid of.”



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Meetings are not work, says Southwest Airlines CEO—he’s blocking his calendar every afternoon, Wednesday to Friday

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Business leaders are raising the alarm: meetings have taken over, and real work is being left behind. And Southwest Airlines CEO Bob Jordan is the latest to speak out on the phenomenon—arguing that many leaders mistake constant meetings for leadership.

“When you first start, it’s easy to confuse busyness and going to meetings with leadership,” Jordan said last week on a panel of CEOs at The New York Times DealBook Summit. “…Because what we all find, I’m sure, is there’s no time to ‘work’ and you confuse going to meetings with the work.”

Over the years, Jordan’s solution has been increasingly straightforward: protect his time. For 2026, his goal is to keep his calendar completely clear every Wednesday, Thursday, and Friday afternoon—blocking anyone from booking meetings during those hours.

While he acknowledges that approach might sound “crazy” to some executives, he said CEOs are hired to do work only they can do—and that rarely happens when they are trapped in back-to-back meetings. 

“It’s so that you can work on things you need to work on. You can think about what’s important right now. You can call people you need to talk to,” Jordan added.

The approach may be paying off. Despite a rocky year for the airline industry, Southwest posted a surprise profit in its most recent quarterly earnings report. Year-to-date, its stock price is up about 23%.

Fortune reached out to Southwest Airlines for further comment.

Meetings have become the bane of existence for employees and employers alike

Jordan isn’t alone in his frustration. Meetings have become a shared pain point for both workers and executives.

During the pandemic, meetings took on an almost emotional-support role—an attempted substitute for in-person interaction amid lockdowns. With no need to wait for a free conference room, calendars quickly filled up.

But now, nearly 80% of people say they’re drowning in so many meetings and calls that they barely have time to get any real work done, according to a 2024 Atlassian study which surveyed 5,000 workers across four continents. About 72% of the time, meetings are deemed ineffective.

That backlash has prompted a growing number of executives to aggressively prune—or outright eliminate—meetings from corporate schedules, sometimes carving out entirely meeting-free days. Still, some experts warn that getting rid of meetings altogether is a strategy that could risk removing any sense of belonging with the organization and backfire in the long term.

“Meetings don’t need to be banished completely; it’s just the ineffective, time-wasting ones that do,” Ben Thompson, CEO and cofounder of Employment Hero, previously told Fortune.

How Nvidia and JPMorgan Chase tackle meeting overload

Other CEOs have adopted their own unconventional approaches.

Nvidia’s CEO Jensen Huang, for instance, does not have one-on-one meetings with his more than 50 direct reports. Doing so, he has said, would not only overwhelm his schedule but also slow the broader team’s capacity to address challenges, work effectively, and maintain transparency.

“Our company was designed for agility—for information to flow as quickly as possible. For people to be empowered by what they are able to do, not what they know,” Huang said at Stanford University last year.

At JPMorgan Chase, CEO Jamie Dimon has taken a more blunt approach. In his annual letter to shareholders released last spring, he urged employees to rethink whether meetings are worth having at all.

“Here’s another example of what slows us down: meetings. Kill meetings,” he wrote. “But when they do happen, they have to start on time and end on time – and someone’s got to lead them. There should also be a purpose to every meeting and always a follow-up list.”

Efficiency has become an even higher priority as JPMorgan has pushed employees back into the office five days a week. Meetings, Dimon has emphasized, should command full attention.

“None of this nodding off, none of this reading my mail,” Dimon echoed at Fortune’s Most Powerful Women Summit in October. “If you have an iPad in front of me and it looks like you’re reading your email or getting notifications, I tell you to close the damn thing. It’s disrespectful.”



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Bittensor just halved its supply. Here’s what that means

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Early on Monday, the supply of new cryptocurrency tied to Bittensor—a decentralized network of AI projects—dropped by half. The halving was the first the currency has experienced and came about by design, reflecting how Bittensor shares the same anti-inflationary architecture as Bitcoin. The event also serves a milestone for one of the most novel and ambitious cryptocurrencies to launch in years.

Currently, Bittensor has a market capitalization of $2.7 billion, according to the crypto analytics site CoinGecko. That pales in comparison to Bitcoin but is number 50 on the list of most popular cryptocurrencies. It also enjoys the backing of influential crypto billionaire Barry Silbert. At a time when AI is dominating the economy and the political discourse, Bittensor offers the promise of a decentralized alternative to Big Tech—provided it can keep picking up traction in the crypto world and beyond, and if its price holds up following the new drop in supply.

Here’s an overview of exactly what Bittensor is, who’s betting on its success, and what some crypto prognosticators say will come next after its halving:

What is Bittensor?

Founded by Jacob Steeves, a former Google engineer, in 2019, Bittensor is designed to repurpose the mechanics of Bitcoin for AI. In the world of Bitcoin, owners of fleets of computer servers leverage their processing power to process and secure cryptocurrency transactions. This is called Bitcoin mining.

Similarly, Steeves devised a system where fleets of computers compete to process AI computations. In exchange for their processing power, these “miners” receive Bittensor’s cryptocurrency, TAO. In aggregate, Bittensor is like a decentralized server farm for AI. “How did we create a supercomputer that is bigger than any government or corporation can create with a centralized entity?” Steeves said to Fortune in 2024.

Who’s betting on Bittensor?

Bittensor isn’t the most easily understood tech, but the protocol has had some serious backers. In 2024, the crypto venture capitalist Polychain held around $200 million of the cryptocurrency, another crypto VC Dao5 held $50 million, and the crypto conglomerate Digital Currency Group had around $100 million

Barry Silbert, the billionaire founder of Digital Currency Group, is such a believer in Bittensor that he’s founded his own startup called Yuma that’s dedicated to the cryptocurrency. “It is the thing that I’ve gotten most excited about since Bitcoin,” he said.

When did Bittensor halve and what will come next?

On Monday at 8:30 a.m. New York time, Bittensor reduced the amount of daily tokens it issues from 7,200 to 3,600. Like Bitcoin, the supply of Bittensor’s cryptocurrency is capped at 21 million.

In a research note, analysts at Grayscale, a crypto ETF issuer and a subsidiary of Barry Silbert’s Digital Currency Group, said that the halving could be a “positive catalyst for price.” Just a week before, the ETF issuer announced that trading in the U.S. had begun for a vehicle that gives investors exposure to Bittensor.

Sami Kassab, managing partner at Unsupervised Capital, a hedge fund dedicated to Bittensor, was similarly optimistic. “Halvings aren’t complicated. Historically, halvings have been bullish because there’s simply less inventory hitting the market, “ he said. “The same logic applies to TAO.”

Still, over the past 24 hours, the price of Bittensor’s cryptocurrency has dropped about TK% to $TK. That doesn’t mean the halving was a bust since the market often prices in such events ahead of time and, in the case Bitcoin, has often spurred subsequent booms. When Bitcoin last halved in April 2024, its price hovered around $65,000 shortly afterwards. But, by the end of the year, the world’s largest cryptocurrency had rocketed to above $100,000. 

This is Bittensor’s first halving. Its next will follow in late 2029, according to current projections.



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