Branson and Lloyd replaced at Virgin Hyperloop; Defy Media Folds; Grovo Learning acquired by Cornerstone OnDemand
Virgin Hyperloop One announced Nov. 8 that former New York City transit chief Jay Walder, has been appointed as its new CEO, the Business Journal reports. The downtown L.A. company, which is developing a high-speed magnetic levitation transport system, also appointed Sultan Ahmed bin Sulayem, head of Dubai shipping firm DPWorld, and one of the largest investors in Hyperloop One, to its board.
Human resources management software firm Cornerstone OnDemand, based in Santa Monica, announced Nov. 7 it acquired Manhattan-based workplace education company Grovo Learning for $24 million cash. The Business Journal reports Grovo Learning, which distributes career training platforms, has more than 300 clients including Hulu and Wells Fargo & Co.
Defy Media, based in Beverly Hills and known for digital brands such as Clevver and Smosh, will lay off roughly 80 employees and shut down its production offices, Deadline reports. Though Defy Media’s brands attract nearly 75 million subscribers on YouTube Inc. and raised $70 million in venture funds in 2016, the company has faced troubles including competition from other emerging digital brands and a $300,000 lawsuit filed by online news source Topix in June.