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Former AOL executive Stephen M. Swad has become the new chief financial officer at mortgage finance giant Fannie Mae, the company said Wednesday. Swad's succession as finance chief, replacing Robert Blakely, had been planned for some time. Blakely stepped down as its chief financial officer last Friday but remains an executive vice president.
Intuit, the maker of TurboTax software, named a new chief executive on Wednesday and also posted a loss for its fiscal fourth quarter, which is traditionally its weakest. Intuit said that CEO Steve Bennett would step down at the end of December and be replaced by Brad Smith, senior vice president and general manager of Intuit's Small Business Division.
Shareholder advisory service Proxy Governance recommended Wednesday that TXU shareholders vote in favor of a $32 billion, or $69.25 per share, buyout by a group of investors.
Late last year, in his first and last interview with CNBC following the blowup of the cholesterol drug torcetrapib, I asked new Pfizer CEO, Jeff Kindler, how he could go from "selling chicken" at Boston Market (he used to run the chain for McDonald's) to "selling drugs". Based on the subsequent vibe I got, it was clear that some of the Pfizer media relations people at the time didn't like the question.
Pfizer on Wednesday said it named Frank A. D'Amelio, a senior executive of Alcatel-Lucent, as chief financial officer of the drugmaker.
Delta Air Lines' newly named chief executive, Richard Anderson, foresees further consolidation in the airline industry, but said Delta is not about to make a move to acquire Northwest Airlines.
Dubai World, the investment holding firm of the Dubai government, will acquire a 9.5 percent stake in MGM Mirage and 50 percent of the casino operator's CityCenter development project for $5 billion, a source familiar with the situation said Wednesday.
First Magnus Financial, one of the largest independent U.S. mortgage lenders, filed for Chapter 11 bankruptcy protection on Tuesday, the latest home loan provider to collapse as the housing market slumps and credit crisis widens.
Delta Air Lines named former Northwest Airlines Chief Executive Richard Anderson as its new leader on Tuesday.
Saks' CEO Steve Sadove says that he is optimistic about the luxury market and that they're seeing a strong purchase performance from new customers. For the second quarter the high-end department store posted a net loss of $24.6 million, or 17 cents a share, versus a prior-year net loss of $51.9 million, or 38 cents a share.
So I'm sitting in the bagel shop on Saturday morning having my usual breakfast and coffee, when a woman approaches me with a sunny smile and says, "I work at Countrywide and we watch you all the time!" I grimaced, thinking she must hate me. Instead, she said, "Are you OK?" I said, "Yes I'm fine, but, more importantly, how are you?" "Great!" She proceeded to tell me that everyone on the inside knows Countrywide is going to be fine...
After a week of driving the California coast in a Lamborghini, getting back to the office is bringing on a real case of withdrawal. Seriously, after a 5 days of the "Lamborghini life" you get spoiled. It also has me pondering a question I'd like you to answer: What's your dream drive?
The U.S. Securities and Exchange Commission on Friday filed fraud charges against the former chief financial officer of Brocade Communications Systems, saying he disregarded indications other executives were backdating stock options.
At CNBC we use -- among others -- a couple of primary business news wire services -- NewsEdge, part of Thomson, and Relegence, part of AOL.
The Countrywide Investor Relations site is promoting its 2007 Investor Forum. It takes place Sept. 5-6 and includes a "Servicing Tour"at the company's offices in Simi Valley, followed by a day-long panel discussion and Q&A at headquarters in Calabasas. Discussions include a "Servicing Overview -- Managing Through Turbulent Times" and "Bank Integration and Capital Strategies."
A few days ago I blogged about the state of Chrysler and posed a simple question: What do you want to see from Chrysler for you to consider buying a car or truck from the American automaker?
Westpac Banking, Australia's fourth-biggest lender, said on Friday it had appointed Gail Kelly, the head of rival lender St. George Bank, as its new chief executive.
Since I report so much on Rupert Murdoch and News Corp, it seemed only fair to report on his softer side. Despite that fact that Murdoch is known for pushing a conservative agenda in his media outlets, he's promoting what's traditionally been considered a liberal cause -- a campaign against global warming.
Everyone gripes about the fact that there's no privacy online and Web surfers' personal information is exploited. But sometimes our actions online should be transparent -- there needs to be some accountability in this world of Wikis, where users are counted on to police inaccuracies and update news.
Usually when a company announces cost cuts that will help improve cash flow and buoy profits, investors cheer and buy the stock. After the bell yesterday, Amgen revealed it's going to get rid of as many as 2,600 employees, cut its capital expenditures this year and next by nearly $2 billion and close or downsize plants. The measures are being taken to help absorb the blow from plummeting sales of Amgen's anemia drug, Aranesp, which is facing intense safety and reimbursement issues. This morning the stock is trading at a new multi-year low.