All articles tagged with #management reshuffle
Nestle has dismissed CEO Laurent Freixe after an investigation revealed he failed to disclose a romantic relationship with a subordinate, breaching company policies. Philipp Navratil has been appointed as his successor. The move comes amid ongoing management changes in the industry and reflects Nestle's commitment to governance and values.
Boeing's CEO, David Calhoun, will step down at the end of 2024 as part of a major management reshuffle, while Stan Deal, head of the commercial planes division, will retire immediately. The company's chairman, Larry Kellner, will not stand for re-election. This comes as Boeing grapples with safety crises, including a recent incident involving a Max 9 plane. The Federal Aviation Administration has grounded similar planes and imposed limits on Boeing's production increase, while an audit found lapses in Boeing's Max production.
Alibaba Group CEO Eddie Wu is set to lead the company's Taobao and Tmall e-commerce business, replacing Trudy Dai in the latest management reshuffle. Dai, one of Alibaba's co-founders, will assist in establishing an asset management company. This move follows Wu's appointment as CEO of Alibaba in September, and he has been serving as the chairman of Taobao and Tmall Group since May 2023.
Citigroup employees are anticipating announcements regarding management changes and layoffs on Monday as part of the bank's ongoing reorganization. Last month, Citigroup announced plans to reduce management layers and streamline decision-making. The scale of the layoffs is still unknown, but support staff in compliance, risk management, and technology may be at risk.
Citigroup employees are anticipating an announcement regarding management changes and layoffs on Monday as part of the bank's ongoing reorganization. The scale of the layoffs is still unknown, but last month, Citigroup revealed plans to reduce management layers and eliminate functional roles and committees. Support staff in compliance, risk management, and technology may be at risk of being laid off.
JD.com reported Q1 FY23 revenue growth of 1.4% YoY to $35.4 billion, beating the consensus of $34.6 billion. Non-GAAP net income per ADS of $0.69 beat the consensus of $0.51. CFO Sandy Ran Xu was named CEO and director, succeeding Lei Xu, who will retire for personal reasons. JD.com shares traded higher by 4.22% at $36.55 in the premarket session.
Volkswagen Group CEO Oliver Blume is set to fire the top three executives at the group’s Cariad software development division after it exceeded its budget and failed to meet goals. Peter Bosch will replace Dirk Hiligenberg as CEO of Cariad in June, while two other members of the division’s top management will also be replaced. Additionally, Porsche’s software chief Sajjad Khan will join the board of Cariad. The new CEO will restructure Cariad and expand the group’s partnership with Intel’s Mobileye for developing automated driving systems. No decisions have been made regarding personnel, with the vehicle software development division remaining integral to VW Group’s strategy.