The University of Arizona is implementing a financial plan to address an ongoing budget deficit, which includes the resignation of the CFO, Lisa Rulney, and the enactment of hiring and compensation freezes. The university will also reduce financial aid for out-of-state students and defer raises. President Robert C. Robbins presented the plan, which aims to address overspending and poor budget controls, and includes measures such as freezing international travel, restricting purchases, and deferring nonessential capital projects. The university will eliminate the tuition guarantee for new students starting in fall 2025. The plan also involves reorganizing administrative services and implementing a centralized planning model.
Lucid Group Inc.'s chief financial officer, Sherry House, has resigned from the luxury electric vehicle maker, adding to the company's challenges in increasing production. Gagan Dhingra, the current vice president of accounting and principal accounting officer, will serve as interim CFO while the company searches for a permanent replacement. Lucid's stock fell 3.9% following the announcement, contributing to a year of volatility for the company, which has faced production setbacks and a decline in stock value.
The MSG Sphere in Las Vegas reported a loss of $98.4 million for the latest financial quarter, following the resignation of its chief financial officer, Gautam Ranj. The loss was announced shortly after the venue's opening and was not attributed to any disagreement with auditors or management. The company's CEO, James Dolan, expressed confidence in the venue's long-term value and stated that they are in discussions with artists for future residencies. The Sphere's exterior LED system and massive screen have garnered attention through promotional deals and the successful U2 residency.
