Hertz CEO Steps Down After Electric Vehicle Venture
Hertz Global Holdings Inc. announces significant leadership change after failed venture into electric vehicles, resulting in substantial financial setbacks. Departure of CEO Stephen Scherr and appointment of Gil West, former COO of General Motors Co.’s Cruise robotaxi unit, as new CEO. Hertz’s foray into electric vehicles led to significant losses, with the company incurring a $245 million charge and reporting its most substantial quarterly loss since the onset of the pandemic.
Former Time Warner CEO Gerald M. Levin Dies at 84
Gerald M. Levin, former CEO of Time Warner, has passed away at 84. He was known for orchestrating the ill-fated merger between Time Warner and America Online, which was widely regarded as one of the most disastrous corporate unions in American history. The merger initially celebrated as a pivotal moment, ultimately became emblematic of the excesses and failures of the dot-com bubble and the pursuit of so-called synergy. Reflecting on Mr. Levin’s legacy, Richard Parsons described him as a visionary with a keen understanding of the evolving digital landscape in the media and entertainment industry.
Under Armour CEO Stephanie Linnartz Steps Down, Founder Kevin Plank Returns as CEO
Under Armour announces CEO Stephanie Linnartz stepping down after just over a year, with founder Kevin Plank returning as chief executive. Mohamed El-Erian to take over as nonexecutive board chair. Linnartz’s expertise in digital sales and loyalty programs was a key factor in her appointment. Both Plank and Linnartz express optimism for the company’s future, reflecting a strategic shift and commitment to growth and success.
Former Manchester City COO Omar Berrada to become new chief executive of Manchester United
Omar Berrada, former COO of Manchester City, is set to become the new CEO of Manchester United in a strategic power play by Sir Jim Ratcliffe. Berrada’s unexpected career trajectory from Barcelona to Manchester reflects his journey, with his move to United described as a bombshell in the football industry.
Retiring Vanguard CEO Shunned Bitcoin ETFs
Retiring CEO of Giant Asset Manager Vanguard shunned Bitcoin ETFs, sparking speculation about the company’s future stance on cryptocurrency under new leadership. Despite the rise of Bitcoin ETFs, Vanguard’s S&P 500 Index ETF has outperformed in attracting new investments, indicating the company may not need to change its approach.
New York Community Bancorp Shares Plummet 18% After Leadership Change and Internal Control Issues
New York Community Bancorp’s shares plunged 18% in after-hours trading due to a leadership change and internal control issues. The bank’s exposure to commercial real estate has added to its recent performance woes, leading to a 53% decline in shares year-to-date.
Huda Kattan Announces Rebranding of Huda Beauty
Huda Kattan, the Dubai-based make-up entrepreneur, announces a rebranding process for Huda Beauty, including a new logo, brand identity, and product portfolio adjustments. The changes come following a shift in the company’s leadership team, with Kattan reclaiming the CEO position and expressing her empowerment in the transformation.
Snowflake CEO Frank Slootman Retires, Stock Plummets
Snowflake CEO Frank Slootman announces retirement, stock plummets 24%. Former Google ad chief Sridhar Ramaswamy to succeed Slootman. Fourth-quarter financial results show 32% year-over-year increase in sales, but operating losses rise. Market reacts to retirement and financial results, signaling new phase of growth and opportunity for Snowflake.
Kellogg’s CEO Sparks Controversy with ‘Cereal for Dinner’ Suggestion
Kellogg’s CEO faces backlash after suggesting families facing financial strain could consider having ‘cereal for dinner’ as a cost-effective option amidst rising grocery prices. His remarks have sparked outrage on social media, with many questioning the practicality of his suggestion given his multimillion-dollar salary. The controversy has reignited discussions around income inequality and the disconnect between corporate executives and the everyday financial challenges faced by many households.
AbbVie Appoints Robert Michael as New CEO, Succeeding Richard Gonzalez
AbbVie, a leading pharmaceutical company, has appointed Robert Michael as its new CEO, succeeding Richard Gonzalez. The leadership change comes as AbbVie navigates biosimilar competition and focuses on the potential of newer immunology drugs. Michael’s extensive experience within AbbVie positions him well for the CEO role, reflecting the company’s commitment to sustaining its position as a leading player in the pharmaceutical landscape.