Latest news with #CEOdeparture
Reuters
15-07-2025
- Business
- Reuters
StanChart's China securities unit CEO departs 16 months after launch, sources say
HONG KONG, July 15 (Reuters) - The chief executive of Standard Chartered's (STAN.L), opens new tab China securities unit has left the firm - a departure that comes about 16 months after the launch of the business, two sources with knowledge of the matter said. Grace Geng, the unit's first CEO, left this month, they added. Reuters was not able to learn if a replacement for Geng has been appointed. Geng did not immediately respond to a request for comment. Asia-focused StanChart also did not respond to a request for comment. Geng was formerly with Morgan Stanley's China securities arm for a decade before she joined StanChart in 2021. The Bejing-based unit employs 52 full-time staff who are licensed by the Securities Association of China, registration records showed.
Yahoo
11-07-2025
- Automotive
- Yahoo
Why Lucid Stock Skidded to a 30.1% Decline in the First Half of 2025
Shares of Luxury EV maker Lucid sank in 2024 and failed to recover in the first half of 2025. The departure of the company's CEO, as well as EV-unfriendly legislation in Washington, unsettled both retail investors and analysts. Despite the stock's poor performance, there's still a lot to like about the company's prospects. 10 stocks we like better than Lucid Group › After plummeting 28.3% in 2024, Lucid (NASDAQ: LCID) investors were very much looking forward to ringing in 2025, hoping that the luxury electric vehicle (EV) maker would recover from the previous year's decline. But those hopes were dashed through the first half of 2025. According to data provided by S&P Global Market Intelligence, shares of Lucid dropped 30.1% through the first six months of 2025. While Lucid reported strong fourth-quarter 2024 financial results in late February, it wasn't enough to overshadow the company's announcement that its CEO was stepping down. In addition to rattling the nerves of Main Street investors, analysts on Wall Street recognized the development as a concern. Bank of America, for example, slashed its price target to $1 from $3 on the belief that the CEO's departure was "much more consequential than understood by the market." After rolling through March and April, Lucid stock encountered resistance again in May. Early in the month, the company reported Q1 2025 financial results that jump-started a sell-off in Lucid stock. Booking $235 million on the top line for the first quarter of the year, Lucid fell short of analysts' expectations that it would generate revenue of $246.2 million. News out of Washington, D.C., further shook investors' resolve during the month. Addressing the treatment of the $5,700 federal EV tax credit in the upcoming legislation, Speaker of the House, Rep. Mike Johnson, commented, "I think there is a better chance we kill it than save it," according to reporting from Bloomberg. Between Rep. Johnson's commentary and President Trump's overall lack of enthusiasm for EVs, investors continued to sell Lucid stock through June as momentum built for the One, Big Beautiful Bill (now law, as of July 4) -- and the likelihood that the federal EV tax credit would disappear grew. In the early days of the back half of 2025, Lucid stock has been driving higher thanks to the company's report that it produced and delivered 3,863 vehicles and 3,309 vehicles, respectively, notably better than the 2,110 vehicles it produced and 2,394 vehicles it delivered during this period in 2024. While it was a rocky road through the first half of the year, the company is still young, and it's common for the stocks of companies still early on in their developments to experience volatility. Despite the recent ups and downs, there's still a lot to like about Lucid, and prospective investors shouldn't be dissuaded for kicking the tires further on Lucid stock to see if it's right for them. Before you buy stock in Lucid Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Lucid Group wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,432!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,005,854!* Now, it's worth noting Stock Advisor's total average return is 1,049% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 7, 2025 Bank of America is an advertising partner of Motley Fool Money. Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America. The Motley Fool has a disclosure policy. Why Lucid Stock Skidded to a 30.1% Decline in the First Half of 2025 was originally published by The Motley Fool Sign in to access your portfolio
The Australian
02-07-2025
- Business
- The Australian
Domino's Pizza CEO quits as Hungry Jacks boss takes over
Domino's Pizza has lost its chief executive after seven months, leaving its company restructure and share price in disarray as investors worry about the future direction of the pizza chain. The news triggered a 17 per cent share price drop on Wednesday morning, after falling 40 per cent over the last year as earnings sour and a long line of executive departures, including two CEOs in the space of seven months. The shock departure of the CEO and concerns were heightened as to the future direction of the pizza chain and its much-needed revitalised strategy to revive its flagging sales and profitability. Domino's dropped the bombshell on the market before it opened on Wednesday that Mark van Dyck – who only joined as CEO in November to replace long-serving boss Don Meij – had told the board he intended to leave the company, with his departure to take effect on December 23. He has also stepped down from Domino's as a director, effective immediately. No explanation for his sudden reason to depart the pizza maker was given, other than a short statement from Mr van Dyck that he was privileged to lead Domino's through a 'transformative period'. Domino's chairman, billionaire and its largest shareholder Jack Cowin told The Australian on Wednesday morning that the Domino's business was travelling fine and was meeting its consensus forecasts, but that this was simply a 'management change' as CEO Mr van Dyck was looking for something different 'at this stage of his life'. 'Well, he just decided that at this stage of his life in six months time he would like to move on,' Mr Cowin told The Australian. The billionaire founder of Hungry Jack's, Domino's chairman and its largest shareholder, told The Australian Mr van Dyck had first joined Domino's as a consultant and then stepped into the CEO role when its former boss Don Meij left in November. 'He was brought in to do some specific things, which he has done, like set up the strategy, closed some stores that were losing money and he's done that and so the question is do you now move into a new stage of execution of some of the ideas that we want to work on. 'The business continues and there is no great drama here.' Domino's didn't issued a trading update with the announcement of its CEO quitting, but Mr Cowin confirmed to The Australian the pizza company was meeting consensus forecasts. The Australian contacted former CEO Mr Meij who is currently in Denver, US, for a business trip. He told The Australian he was unaware of the news of Mr van Dyck stepping down or what had happened at his former company. He declined to comment on the matter. Mr Meij left the company late last year after 22 years as CEO but in the wake of a string of profit downgrades and a collapsing share price. When Mr van Dyck was appointed as CEO in November he began knocking the company into shape which saw a string of executives depart, including the sister of Mr Meij, new executives hired and work begun on resetting the company which included the closure of 205 underperforming stores across Japan, Europe and Australia/New Zealand. But now Domino's must start again with a new CEO, when they are found, and a new strategy to lift the pizza maker out of the earnings doldrums. Taking the reins as interim CEO for the moment, will be Domino's chairman, largest shareholder, Mr Cowin, who will assume the role as executive chair as a global search begins for a CEO of Domino's whose pizza chains stretch from Australia and New Zealand to Japan, Germany and the Netherlands. The shock departure with no explanation will cause heartburn among investors who held out hope in Mr van Dyck and his stated plans when he joined about how he would set the former market darling company back on its growth trajectory after a tumultuous time on the market. 'It has been a privilege to lead Domino's through a transformative period,' Mr van Dyck said. 'With a clear strategy and strong team in place, I believe the time will be right at the end of this calendar year to hand over to the next CEO. My focus in the months ahead will be on supporting a smooth transition.' There has been a slew of management changes at Domino's recently including recent departures of its Australia/New Zealand boss, resignations and reshuffles at its European and Japanese arms and the announced resignation of its previous CFO in February. Now it will rack up three CEO's in a year. Mr Cowin, who has spent more than five decades in the global quick-service restaurant sector, including being one of the founders of KFC in Australia, the founder of Hungry Jack's, and leading Domino's expansion into Europe and Asia, thanked the outgoing CEO. 'Mark has made a valuable contribution to Domino's during a period of significant operational reset. With the strategic foundations now firmly in place, this transition enables a new CEO to take Domino's to its next stage of growth. I look forward to supporting the executive team during this important phase.' In February at its half-year results Domino's then new CEO Mr van Dyck said he believed Domino's still has huge opportunities in Japan, a $105bn fast-food market, but conceded the pizza chain grew too fast there and opened too many stores in the same prefecture, with heavy discounting diminishing the quality of pizza in the eyes of diners. Only three months into the role at the time, Mr van Dyck slammed the brakes on Domino's breakneck expansion under its former CEO Mr Meij, who took the Australia-based fast food business to Asia and Europe by buying and opening thousands of stores. Eli Greenblat Senior Business Reporter Eli Greenblat is a senior business reporter at The Australian and leads coverage for the paper on the retail and beverages industries as well as covering issues related to supermarket regulation and competition, consumer behaviour, shopping, online retail and food and grocery suppliers. He has previously written for The Age, Sydney Morning Herald and the Australian Financial Review. Retail Former Super Retail chair Sally Pitkin for the first time has officially personally denied the string of scandalous and salacious allegations made against her by twin whistleblowers, adding a new twist to the corporate saga. Companies For years, big investors have been calling out the rising influence of geopolitics on shares. The problem is no one knows how to quantify this.
