A former Google executive, Mo Gawdat, warns that AI will eliminate most jobs, including those of CEOs and government leaders, and criticizes the optimistic narratives about AI creating new opportunities, emphasizing that capitalism and human greed are driving its destructive potential. He advocates for replacing immoral leaders with AI to foster a better future, while also highlighting the need for global AI regulation to manage its risks.
A former Google executive warns that AI will not only displace workers but also threaten to replace CEOs and world leaders, driven by capitalist motives, and emphasizes the need for AI regulation to prevent misuse and ensure moral leadership in the future.
Research firm LightShed suggests Apple should replace Tim Cook as CEO due to its lagging AI development and product innovation, but Cook is expected to remain in position for now, with the board loyal to him and considering future roles like chairman. Despite current struggles, Cook's long-term influence at Apple may grow, and the company recognizes the need for change to stay competitive.
Under Armour's founder, Kevin Plank, has replaced CEO Stephanie Linnartz after just 13 months, taking back the reins despite stepping down in 2020. Linnartz, a former Marriott executive, had plans to revitalize the struggling athleticwear company by focusing on athleisure and expanding its retail footprint. However, she was let go before her vision could come to life. Plank's return raises questions about the company's future, especially given its previous scandals and stalled sales.
New York Community Bancorp (NYCB) shares fell 13.8% to a 28-year low after the lender replaced its CEO and disclosed "material weaknesses" in internal controls related to a loan review. The bank had previously posted a surprise fourth-quarter loss due to higher provisions tied to commercial real estate exposure and cut its dividend. The stock's slump has raised concerns about customer loyalty and deposit stability, while short-sellers have profited from the decline. NYCB's struggles are part of broader worries about the commercial real estate sector, impacting investor sentiment towards regional banking.
New York Community Bancorp's stock plummets over 20% after replacing CEO Thomas Cangemi due to "material weaknesses" in internal controls related to internal loan review. The bank, with over $116 billion in assets, is reviewing recent financial reporting. Alessandro DiNello will succeed Cangemi as CEO, while several firms cut price targets on NYCB shares. The broader markets remained higher despite the disclosures, which come ahead of the anniversary of the collapse of Silicon Valley Bank last March.
Snowflake's CEO Frank Slootman has announced his immediate retirement, contradicting previous denials of impending departure. The company's stock plummeted by over 20% following the news. Slootman's replacement is Sridhar Ramaswamy, a former Google ad exec.
