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Professionals on the Move – April 8, 2024

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Professionals on the Move is a collection of brief staffing, promotion and leadership announcements from around the profession.

Nick Florio Joins UHY to Expand Staffing Practice

UHY LLP recently announced that Nick Florio has been hired as Co-Leader of the firm’s Staffing Practice in its Northeast region. Based in UHY’s New York office, Florio advises clients on a range of public accounting issues across staffing, wealth management and M&A, among other specialties.

With over 35 years of experience providing accounting services for public and private companies, Florio has successfully guided clients through all facets of strategic planning to help them make critical decisions while ensuring transactions are tax efficient and seamless. His background also includes extensive knowledge and experience in business valuations and due diligence. 

Prior to joining UHY, Florio was a senior partner at a top 25 accounting firm, where he served as part of the firm’s Executive Committee for over 25 years.

Florio is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants and is a licensed CPA in the state of New York. He holds a BBA in accounting from Pace University.

For more information about UHY, please visit www.uhy-us.com.

Avantax Welcomes Financial Advisors Heidi and Nicholas Irwin, Longtime Fixtures of the Lockhart, Texas, Community

Avantax® Inc., a leader in tax-focused financial planning and wealth management, recently welcomed Heidi and Nicholas Irwin, married advisors who transferred to Avantax after many years of affiliation with Edward Jones, where the couple report having managed more than $250 million in total client assets, as of March 20, 2024*. The couple joins current Avantax affiliate Alliance Wealth Strategies LLC.

Heidi Irwin joined her father’s financial planning practice in 2014, decades after he started it in the Central Texas town of Lockhart, known as “The Barbecue Capital of Texas.” Nicholas joined the family business in 2020. The couple chose to transfer to Avantax because they were attracted to the flexibility of the independent financial advisor model and having access to, and the support of, experts in the Avantax Home Office, especially to provide clients with solutions for complex cases.

Having been part of a family-owned business for many years, personal relationships are key to Heidi and Nic, and they said they’ve seen that reflected in the culture of the Avantax Community.

Nic Irwin said his passion for supporting financial planning with investment research and data analytics fits well with Avantax’s emphasis on tax-intelligent planning.

Crowe welcomes and celebrates 52 new partners and principals

Crowe LLP, a public accounting, consulting and technology firm, has elected the following 52 new partners and principals to the partnership, effective today.

“On behalf of our management committee, our Board, our partners and the entire firm, I am very proud to congratulate each one of our new partners on this momentous career achievement,” said Crowe CEO Mark Baer.

Audit Tax Consulting Enterprise
Tomas Birriel Michelle Blackstock Jessica Boilard Kathryn Bostick John Chen Connor Doyle Patrick Higgins Ben Ilnicki Christa Jaganath Kevin Kerswick Justin Kuo Jenna Liao Allison Minnis Brennan Nagle Megan Rangen Kate Rudner Elizabeth Sav Chad Schenkel Jeffrey Schermerhorn Vikas Sharma Erin Twitchell Brandon Barrientos Cary Black Matt Brown Tim Daum Andrew Eisinger Holly Hinz-Martin Helen Ho Brandon Holland Mike Keil Chris Kobylewski Bonnie Laughlin Nila Loveall Matt Marek Jennifer McMahan Leah McQueeney Elizabeth Preng Kaylee Prescott Zach Robbins Eric Bunner​ Jay Fogelson​ Glendon Haney​ Tom Hoffman​ Maria Mora​ Bo Qiu Jacob Rivkin​ Kristen Sharpe​ Morgan Strobel​ Lauren Beslow (Firm Risk Management) David Feinberg (Finance) Rachael Gibson (Talent Solutions) Doug Knoch (Office of Corporate Development)

KPMG U.S. Chair and CEO Paul Knopp to Helm CAQ’s Governing Board 

Paul Knopp, KPMG U.S. Chair and CEO, has been elected Chair of the CAQ’s Governing Board, effective April 1, 2024. 

The CAQ’s Governing Board is comprised of a variety of leaders representing the financial reporting ecosystem, including chief executive officers from some of the largest public company audit firms, the American Institute of CPAs, as well as independent board members from investor, board member and issuer communities. The Governing Board oversees the CAQ’s strategic agenda and activities. 

Knopp succeeds Tim Ryan, US Senior Partner at PwC. “Tim has been instrumental in leading the CAQ to help address some of the most important issues impacting our profession, from the talent pipeline to helping the profession lead the way in emerging areas of corporate reporting like climate and cybersecurity,” said Lindsay.  
 

Mazars in the US Hires Ryan McLaughlin as Partner

Mazars, a leading audit, tax and advisory firm in the US, recently announced that Ryan McLaughlin has joined as an Audit Partner in the Long Island Office. With over 16 years of experience working in accounting, audit and business advisory with both private and publicly held clients, Ryan will contribute to growth across multiple service lines, particularly in the Long Island market. 

Throughout his career, Ryan has led audit teams serving the needs of clients across varied industries, including pharmaceutical, retail and consumer products, manufacturing and distribution, software and technology, and professional services.

Ryan joins the firm from BDO, where he began his career and was appointed to Partner in 2021. In addition to his client work, he was involved in nearly every aspect of BDO’s people development programs and seeks to continue his mentorship efforts with Mazars team members at all levels.

Ryan received a Bachelor of Business Administration (BBA) in Accounting from Siena College (NY) and is a member of the American Institute of Certified Public Accountants and the New York Society of Certified Public Accountants.

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Technology

Reddit CEO Steve Huffman Unveils Monetization Strategy for 2025

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Reddit CEO Steve Huffman Unveils Monetization Strategy

In a strategic move to diversify revenue streams and enhance user engagement, Reddit CEO Steve Huffman has unveiled plans to introduce paid subscriptions for select subreddit content by the end of 2025. This initiative aims to offer exclusive, subscriber-only content within certain communities while maintaining the platform’s foundational free access.

During a recent “Ask Me Anything” session, Huffman described the paid content model as a “work in progress,” emphasizing its significance as one of the “new, key features” slated for rollout this year. He reassured users that the introduction of paid subreddits would not compromise the availability and growth of free content on the platform. This approach seeks to balance monetization efforts with Reddit’s commitment to open access, ensuring that the core user experience remains intact.

In addition to paid subscriptions, Reddit is exploring the development of marketplace features within subreddits. This would enable users to conduct transactions directly on the platform, facilitating the buying and selling of goods and services without the need for third-party platforms. Such a marketplace could significantly enhance user interactions and create new monetization avenues for both Reddit and its users. However, Huffman noted that this aspect of monetization is still under development and may take time to fully implement.

These strategic initiatives come in the wake of Reddit’s financial performance in 2024, where the company reported a net loss, prompting a reevaluation of its monetization strategies. Despite the financial setback, Reddit experienced a 39% increase in daily active unique visitors, totaling 101.7 million users. This growth, although slightly below market estimates, underscores the platform’s expanding user base and the potential for monetization through diversified offerings.

Reddit’s foray into paid content and on-platform transactions reflects a broader trend among social media platforms seeking sustainable revenue models beyond traditional advertising. By introducing exclusive content and facilitating user-driven commerce, Reddit aims to enhance user engagement, attract new audiences, and provide content creators with opportunities to monetize their contributions. As these plans unfold, the platform will need to navigate potential challenges, including user reception and the integration of new features, to successfully balance monetization with its community-driven ethos.

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Economics

E-Waste Management Solutions and the Circular Economy

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E-Waste Management Solutions and the Circular Economy

The rapid evolution of technology has brought tremendous benefits to modern society, but it has also created a pressing issue: electronic waste (e-waste). E-waste includes discarded electronics such as smartphones, laptops, and appliances, often containing hazardous materials that pose environmental risks. Managing e-waste effectively is essential to reduce pollution, conserve resources, and create sustainable economic models. The circular economy offers a promising framework for addressing this challenge by emphasizing reuse, recycling, and resource efficiency.


Understanding E-Waste: A Growing Concern

According to the Global E-Waste Monitor, over 53 million metric tons of e-waste were generated worldwide in 2020, with only 17.4% being recycled. This highlights the inefficiency of current waste management systems. E-waste contains valuable materials such as gold, silver, and rare earth elements, alongside harmful substances like lead and mercury, making proper disposal and recycling crucial.

The improper handling of e-waste not only causes environmental damage but also wastes resources that could be reused. Transitioning to a circular economy provides a pathway to sustainably manage these issues.


Key E-Waste Management Solutions

  1. Recycling and Material Recovery
    Recycling is the cornerstone of e-waste management. Advanced recycling techniques, such as hydrometallurgy and pyrometallurgy, allow for the recovery of precious metals and other materials from discarded electronics. Specialized recycling facilities can efficiently process e-waste, extracting valuable components while safely disposing of toxic materials.
  2. Refurbishment and Reuse
    Refurbishing old electronics for resale or donation extends the lifespan of devices, reducing the need for new production and minimizing waste. Companies like Dell and Apple have implemented trade-in programs, refurbishing returned products to resell them or harvest usable parts.
  3. Producer Responsibility Programs
    Extended Producer Responsibility (EPR) policies hold manufacturers accountable for the end-of-life management of their products. By designing devices with recyclability in mind and providing take-back programs, producers can reduce waste and contribute to the circular economy.
  4. Public Awareness Campaigns
    Educating consumers about proper e-waste disposal is critical. Many people are unaware of e-waste collection points or the environmental impact of improper disposal. Awareness campaigns can encourage responsible behaviors and increase participation in recycling initiatives.

The Circular Economy Approach

The circular economy redefines traditional linear economic models, where products are made, used, and discarded. Instead, it focuses on creating closed-loop systems where resources are reused, remanufactured, and recycled.

  1. Design for Longevity
    Designing electronics with durability, repairability, and recyclability in mind is a key principle of the circular economy. Modular designs, such as Fairphone’s smartphones, allow users to easily replace components, reducing e-waste.
  2. Urban Mining
    Urban mining refers to extracting valuable materials from discarded electronics rather than mining natural resources. This approach reduces environmental damage and conserves finite resources.
  3. Resource Sharing
    Sharing platforms, such as rental services for electronic devices, reduce the need for individual ownership, promoting more efficient resource use.

Challenges in E-Waste Management

Despite advancements, challenges persist. Informal recycling sectors in developing countries often operate without proper safety measures, leading to health and environmental hazards. Additionally, high costs and limited access to recycling facilities impede progress.

Governments, industries, and consumers must collaborate to create effective policies and invest in infrastructure to address these challenges.


Conclusion

E-waste management and the circular economy are intrinsically linked in the quest for sustainable development. By embracing innovative recycling techniques, promoting product reuse, and fostering a culture of shared responsibility, we can transform e-waste from a liability into an opportunity.

Adopting the circular economy on a global scale has the potential to significantly reduce e-waste, conserve resources, and create a more sustainable future. With continued effort and innovation, a cleaner, greener world is within reach.

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Economics

Renewable Energy Tech and Advancements in Storage Solutions

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Renewable Energy Tech and Advancements in Storage Solutions

The global push for sustainable energy has spotlighted renewable energy technologies and advanced storage solutions. These innovations are pivotal in reducing reliance on fossil fuels, mitigating climate change, and ensuring a reliable energy supply. From solar panels and wind turbines to cutting-edge battery storage systems, the renewable energy sector has made remarkable progress. This article explores the latest advancements in renewable energy technologies and the evolution of energy storage solutions.


Advances in Renewable Energy Technologies

  1. Solar Power Innovations
    Solar energy remains a cornerstone of the renewable energy sector. Advances in photovoltaic (PV) technology, such as bifacial solar panels, have significantly increased efficiency. These panels capture sunlight from both sides, generating more power from the same area. Additionally, thin-film solar cells, made from lightweight and flexible materials, are expanding the applications of solar power in urban areas and portable devices.
  2. Wind Energy Developments
    Wind turbines have become taller and more efficient, capturing wind at higher altitudes where it is stronger and more consistent. Offshore wind farms are also gaining traction, with floating wind turbines enabling installations in deeper waters. These advancements increase energy output while reducing land use and visual impact.
  3. Hydropower and Marine Energy
    Hydropower is evolving to include smaller, modular units that can be deployed in remote areas with minimal environmental disruption. Marine energy, including wave and tidal power, is also gaining momentum. These technologies harness the consistent energy of ocean currents, providing a reliable renewable energy source.

The Role of Advanced Energy Storage Solutions

Renewable energy sources like solar and wind are inherently intermittent, producing energy only when the sun shines or the wind blows. Energy storage solutions bridge this gap, ensuring a stable and reliable energy supply.

  1. Lithium-Ion Batteries
    Lithium-ion batteries dominate the energy storage landscape due to their high energy density and declining costs. They are widely used in electric vehicles (EVs), residential solar systems, and grid-scale storage solutions. Innovations like solid-state batteries, which replace liquid electrolytes with solid materials, promise enhanced safety and efficiency.
  2. Flow Batteries
    Flow batteries are gaining attention for their scalability and long-duration storage capabilities. These batteries use liquid electrolytes stored in external tanks, allowing for easy scaling to meet energy demands. They are ideal for grid applications and large-scale renewable energy projects.
  3. Hydrogen Energy Storage
    Hydrogen is emerging as a versatile energy storage medium. Surplus renewable energy can be used to produce green hydrogen through electrolysis, which can then be stored and converted back into electricity or used as fuel. Hydrogen’s potential extends to industrial applications, heavy transport, and long-term energy storage.
  4. Thermal Energy Storage
    Thermal energy storage systems store heat or cold for later use, often in buildings or industrial processes. Concentrated solar power (CSP) plants use molten salt to store thermal energy, enabling electricity generation even after sunset.

Impact of Smart Grids and IoT

The integration of renewable energy and storage solutions is further enhanced by smart grid technology. Smart grids use IoT devices and AI-driven analytics to manage energy distribution efficiently. They enable real-time monitoring, demand response, and integration of distributed energy resources, ensuring optimal utilization of renewable energy and storage systems.


Challenges and Future Outlook

While renewable energy and storage technologies have made significant strides, challenges remain. High upfront costs, material shortages, and recycling concerns must be addressed for widespread adoption. However, continuous innovation, policy support, and global collaboration are driving the sector forward.

Emerging technologies like perovskite solar cells, next-generation batteries, and artificial intelligence-driven energy management systems hold the promise of a cleaner, more sustainable energy future.


Conclusion

Renewable energy technologies and advanced storage solutions are transforming the global energy landscape. From efficient solar panels and wind turbines to scalable batteries and hydrogen storage, these innovations are key to achieving energy independence and combating climate change. By investing in these technologies and integrating them with smart energy systems, we can create a resilient, sustainable energy infrastructure for generations to come.

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