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Northern Ireland’s McIlroy will return to the Travelers Championship after skipping the 2024 event to “lick my wounds” after just missing out on the US Open at Pinehurst.

McIlroy arrives in Connecticut off the back off a difficult week at this year’s major at Oakmont, where he was visibly frustrated by his game as he narrowly made the cut and told reporters he had earned the right “to do what I want” after skipping media sessions.

After the tournament he admitted he had climbed his “Everest” by completing a career Grand Slam by winning the Masters in April and he was looking forward to scaling “another mountain”.

“The weeks after major championships, sometimes when you’re in contention and trying to win them it can feel quite difficult to go and play the next week,” the 36-year-old said.

“But after a week like I had at Oakmont, where you aren’t quite in the mix but you think you might have found something in your game, you are excited to play again.

“This is the perfect chaser from last week and it’s nice to get out on a golf course where you feel like you can make quite a few brides.”

When asked if one particular shot at the US Open had made him feel more positive about his game, McIlroy said consistency was key and pointed to the fact he made the most shots off the tee in the field at Oakmont.

“f I can see something, or have a feeling, that is very repeatable – on the range is one thing but on the course is another – the proof is in the pudding,” he added.

“Last week I felt I found a feeling, especially off the tee that was repeatable and working well.

“I led strokes off the tee last week which was a big thing for me. I thought I drove the ball well all week.”

PGA Tour commissioner Jay Monahan will step down after nine years in the role when his contract ends in 2026.

Brian Rolapp has been appointed as the tour’s first chief executive and will gradually take over Monahan’s day-to-day responsibilities.

Rolapp has spent more than 20 years with the National Football League (NFL), most recently as chief media and business officer.

“A year ago, I informed our boards that upon completing a decade as commissioner, I would step down from my role at the end of 2026,” Monahan said.

“Since then, we’ve worked together to identify a leader who can build on our momentum and develop a process that ensures a smooth transition.

“We’ve found exactly the right leader in Brian Rolapp, and I’m excited to support him as he transitions from the NFL into his new role leading the PGA Tour.”

Monahan’s last few years as commissioner have been dominated by the ructions in golf caused by the rise of the Saudi-backed LIV Golf circuit.

The 55-year-old was a vocal critic of LIV, but then played a key role in the negotiations that led to an agreement to form a partnership with Saudi Arabia’s Public Investment Fund (PIF), which bankrolls LIV.

The secretive nature of the talks with LIV angered a number of players.

Negotiations aimed at a final agreement between the PGA Tour and LIV are ongoing, and Rolapp is hoping to unify the sport.

“I think the fans have been pretty clear,” Rolapp said. “They want to see the best golfers competing against each other. I agree with that.

“When it comes to the situation with LIV, I think that’s a complex situation that’s probably something I should learn more about before I speak.

“But I will say my focus is on growing the tour, making it better, and really moving on from the position of strength that it has.”

Tiger Woods was part of the PGA Tour CEO search committee which unanimously recommended Rolapp for the role.

“Brian’s appointment is a win for players and fans,” said Woods. “He has a clear respect for the game and our players, and brings a fresh perspective from his experience in the NFL.

“I’m excited about what’s ahead, and confident that with Brian’s leadership we’ll continue to grow the tour in ways that benefit everyone who loves this sport.”

Longtime NFL executive Brian Rolapp has been introduced as the PGA Tour’s first chief executive officer.

While news of that move had leaked last week, another tidbit emerged on Tuesday from the official announcement, as the tour revealed that Commissioner Jay Monahan will step down at the end of next year after transferring his day-to-day responsibilities to Rolapp.

“A year ago, I informed our Boards that upon completing a decade as Commissioner, I would step down from my role at the end of 2026,” Monahan said in a statement released by the PGA Tour. “Since then, we’ve worked together to identify a leader who can build on our momentum and develop a process that ensures a smooth transition. We’ve found exactly the right leader in Brian Rolapp, and I’m excited to support him as he transitions from the NFL into his new role leading the PGA TOUR.”

Monahan, who was named the organization’s fourth commissioner in January 2017, will shift his focus to his roles on the Tour’s policy and enterprises boards during the remainder of his time with the group.

“Commissioner Monahan is an incredible leader, and it has been a pleasure getting to know him throughout the interview process,” Rolapp said in the PGA Tour’s statement. “I greatly appreciate his commitment to making me successful in the role and look forward to working with him in partnership throughout this transition.”

Rolapp has been with the NFL since 2003, most recently serving as its chief media and business officer. Multiple media outlets reported last week that NFL Commissioner Roger Goodell had sent out a company memo regarding Rolapp’s upcoming departure.

“Brian’s appointment is a win for players and fans,” 15-time major championship winner Tiger Woods, a member of the Tour’s search committee that unanimously recommended Rolapp for the job, said in the same statement.“He has a clear respect for the game and our players and brings a fresh perspective from his experience in the NFL. I’m excited about what’s ahead — and confident that with Brian’s leadership, we’ll continue to grow the TOUR in ways that benefit everyone who loves this sport.”

June 13 (UPI) — Tech giant Meta is investing more than $14 billion to acquire a 49% stake in artificial intelligence firm Scale AI, the San Francisco-based company’s CEO confirmed on X.

“As you’ve probably gathered from recent news, opportunities of this magnitude often come at a cost. In this instance, that cost is my departure. It has been the absolute greatest pleasure of my life to serve as you CEO,” co-founder Alexandr Wang wrote on X earlier this week.

Scale Chief Strategy Officer will take over as chief executive, while Wang will move to Meta as part of the deal, which is reportedly worth $14.3 billion.

“As to what’s next for me, I will be leaving Scale to join Meta to work on Meta’s AI efforts along with a few other Scaliens. While it is bittersweet to depart as CEO, I would never leave Scale behind. I’ll stay on as a director on the Board, continuing to support Scale’s mission and long-term vision,” the outgoing CEO wrote on X.

Wang helped co-found Scale AI in 2016.

Meta also confirmed the transaction, which values the data labeling and model evaluation AI company at $29 billion.

“Meta has finalized our strategic partnership and investment in Scale AI. As part of this, we will deepen the work we do together producing data for AI models and Alexandr Wang will join Meta to work on our superintelligence efforts. We will share more about this effort and the great people joining this team in the coming weeks,” Meta said in a statement to TechCrunch.

Meta will not have voting rights, despite its 49% stake in Scale, NBC News reported.

Last year, Scale raised $1 billion from investors, giving the company a $13.8 billion valuation at the time.

Scale has previously provided its training data to Meta, as well as other competitors in the AI space like OpenAI, Microsoft and Google.

Earlier this year, the U.S. Department of Defense awarded the tech firm a multi-million-dollar contract for one of its flagship military programs.

The company’s shares remained unchanged on Friday, trading at $18.50.

Boeing and GE Aerospace are scaling back their public activities following the fatal crash of an Air India jetliner, with the planemaker’s CEO cancelling his trip to the Paris Airshow next week and GE postponing an investor day.

More than 240 people were killed when an Air India Boeing 787 jet bound for London crashed moments after taking off from the city of Ahmedabad on Thursday, authorities said, in the world’s worst aviation disaster in a decade.

Boeing CEO Kelly Ortberg said in a message to staff on Thursday evening that he and Boeing Commercial Airplanes boss Stephanie Pope had cancelled plans to attend the Paris Airshow “so we can be with our team and focus on our customer and the investigation.”

The airshow, which runs from June 16 to June 20 at Le Bourget, is the global aviation industry’s largest trade show, where typically many aircraft orders are placed by airlines.

Ortberg had been due to attend for the first time as Boeing CEO since being appointed to lead the company out of a series of back-to-back safety, industrial and corporate crises.

Aircraft engine maker GE Aerospace, whose engines were in the Boeing 787 plane, had planned an investor day on June 17, coinciding with the show.

GE said the briefing had been cancelled and it would put a team together to go to India and analyse data from the crashed aeroplane.

“GE Aerospace’s senior leadership is focused on supporting our customers and the investigation,” the company said. It said it planned to give a financial update later this month.

Safety experts stressed it was too early to speculate why one of the world’s most modern airliners should crash shortly after takeoff. Accidents in that phase of flight are rare, said Paul Hayes, safety director at UK consultancy Cirium Ascend.

The Indian investigation of the crash is currently focusing on the engine, flaps and landing gear, Reuters reported on Friday, citing an unnamed source, as the country’s regulator ordered safety checks on Air India’s entire Boeing-787 fleet.

Under global aviation rules, India will lead the probe with support from NTSB investigators in the United States, who will, in turn, liaise with Boeing and GE on technical matters.

The reduced attendance plans came as delegates said the crash had cast a sombre mood over the airshow, putting in doubt several order announcements and putting safety back in the spotlight alongside concerns about US tariffs.

The world’s largest aviation trade expo, running from June 16 to 20 in Le Bourget, usually gives aircraft and arms manufacturers a key stage to showcase deals and sets the tone for a global supply chain already under pressure from shortages.

Boeing shares were down Friday, falling 3.8 percent, while GE Aerospace was down 2.4 percent.

Fewer deals

Boeing has cancelled some events and is unlikely to make any commercial order announcements at the show, though it will press ahead with low-key briefings on other topics, delegates said.

One key expected announcement had been a potential order for dozens of Boeing jets, including the 787 from Royal Air Maroc. But the airline plans no announcement at the show, and this will also affect Airbus, which had been expected to sell it some 20 A220s, industry sources said.

None of the companies had any comment on specific deals.

Airbus CEO Guillaume Faury on Friday expressed condolences over the accident, and the world’s largest planemaker was expected to observe a muted tone surrounding what had been expected to be a busy week for orders to meet high demand.

One delegate said business would continue but with fewer of the high-profile news conferences and in-person announcements associated with the industry’s biggest commercial showcase.

Another said some order announcements could be delayed until later in the year as a mark of respect for victims.

“The show will be a lot more sombre, less celebratory,” said a delegate involved in planning one such announcement, speaking anonymously because the plans have not been publicly revealed.

“The show will go ahead as planned, but it will be more subdued and with less cheerleading,” the delegate said.

Netflix Chairman Reed Hastings is joining the board of San Francisco-based artificial intelligence company Anthropic.

Anthropic, valued at $61.5 billion after its most recent funding round in March, is known for its AI chatbot model Claude.

“Anthropic is very optimistic about the AI benefits for humanity, but is also very aware of the economic, social, and safety challenges,” Hastings said. “I’m joining Anthropic’s board because I believe in their approach to AI development, and to help humanity progress.”

Netflix is one of the world’s most prolific producers of movies and TV shows, known for its content recommendation algorithm.

Hollywood is grappling with the implications of generative artificial intelligence, which studios believe could save money and time, but also comes with downsides. Labor groups fear job displacement, and there are also concerns about the use of copyrighted material when training AI models.

Hastings was selected by Anthropic’s Long Term Benefit Trust, which the company describes as “five financially disinterested members” that can select and remove a portion of the board.

The group selected Hastings because of his leadership experience, philanthropic work and “commitment to addressing AI’s societal challenges makes him uniquely qualified to guide Anthropic at this critical juncture in AI development,” said Buddy Shah, chair of Anthropic’s Long Term Benefit Trust, in a statement.

Hastings will join the company’s five-member board, which includes Anthropic Chief Executive Dario Amodei, President Daniela Amodei, investor Yasmin Razavi and Jay Kreps, CEO of Mountain View-based data streaming firm Confluent.

Hastings served as CEO or co-CEO of Netflix for 25 years until 2023. He currently serves on the boards of other organizations including Bloomberg, the financial data and media company.

He has donated money to charter school networks serving low-income U.S. communities and recently gave $50 million to Bowdoin College to establish the Hastings Initiative for AI and Humanity that aims to help the school provide ethical frameworks for AI and examine AI’s impact on work and education.

A LUXURY superyacht owned by the US billionaire who transformed Starbucks into a global brand has been spotted squeezing through a murky Dutch canal.

Howard Schultz’s 254-foot vessel, named Pi, boasts a range of over 4,500 nautical miles and onboard spa facilities, including a glass-bottomed swimming pool.

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The huge yacht, believed to be worth $200m (£150m), can accommodate up to 12 guests in six cabins and a crew of 18 people.

At a staggering 254 feet long and 37 feet wide, Pi ranks as the 183rd biggest yacht in the world, according to Wikipedia’s latest list of motor yachts by length.

The vessel is powered by MTU engines, which make it capable of speeds up to 18 knots.

It features its own helicopter landing pad as well as various onboard luxury spa facilities.

Built by Dutch boat builder Feadship, it was delivered to Schultz at the 2019 Monaco Yacht Show, where it won Best Yacht in Its Class and Motor Yacht of the Year.

Schultz’s net worth surpasses $6b (£4.5b), according to the Bloomberg Billionaires Index.

He built the bulk of his fortune as the CEO of Starbucks, initially leading the company from 1986 to 2000.

Under Schultz, Starbucks grew from a small Seattle-based chain into a global coffee empire.

Schultz returned to the helm during the 2007–2008 financial crisis, after the company faced major store closures in a bid to cut costs.

He remained CEO until 2017, then returned briefly as interim CEO from 2022 to 2023.

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It comes as the superyacht was spotted in Cornwall’s Falmouth harbour in May 2022.

Meanwhile, the luxury Four Seasons hotel franchise recently announced its plans to launch a superyacht cruise ship, dubbed the Four Seasons.

The superyacht promises to be decked with “sea limousines”, luxury restaurants, a cigar room and even a four-story private penthouse suite.

Set to launch in January 2026, the ‘sea hotel’ will sail on over 30 voyages in its first year, cruising through the Bahamas, Caribbean, and Mediterranean.

Seven nights along the rivieras of Cassis, France and Portofino, Italy, for example, will cost north of $25,000 (£18,500).

While reservations for the first voyages opened in January 2024, they are on an invitation-only basis for loyal Four Seasons guests.

The exclusivity is “driven by the need to manage extraordinary demand”, according to the luxury hotel franchise.

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Staff at ITV are said to be growing angrier as the row over cuts on key shows such as Loose Women and Lorraine continues, with insiders fearing a drop in standards

ITV staff fury is growing as the row over sweeping cuts to Loose Women and Lorraine continues to rage. Recriminations are becoming increasingly bitter over the channel’s axing of 220 jobs, with insiders insisting viewers will notice a drop in standards.

Many are blaming chief executive Carolyn McCall for the “death of daytime” and have criticised her for pocketing a massive £4million salary, including bonus, last year. There is also widespread anger that the cost-savings, which will radically change ITV ’s daytime schedule from January, were not delivered by Ms McCall to staff gathered in London’s Television Centre, on Tuesday.

A Good Morning Britain source said: “She could have walked the 400 yards to the studio to explain to folk in person.” But a channel spokeswoman said ITV Studios MD Julian Bellamy personally wanted to deliver the news: “It was really important to him that he shared this news directly in the way he felt appropriate. This is also very much in line with best practice HR given the sensitivity of the situation.”

They said ITV boss Kevin Lygo made the decision to shake-up the schedules. It comes as the channel was rocked by a series of other developments including:

• Claims that standards across Lorraine and Loose Women in particular will go into a “death spiral” leaving viewers short-changed.
• Outrage over stars on shows such as This Morning keeping their well-paid jobs while hundreds are sacked.
• Fears of strikes among heavily unionised GMB studio crew and technicians.

On screen, viewers will see huge changes to the daytime schedule. Lorraine is the worst hit. It will run for 30 weeks, not 50 weeks a year, and will be slashed from an hour to 30 minutes each day.

Loose Women will stay at the same running time but will also be cut to 30 weeks. This Morning will remain the same length and frequency. Meanwhile Good Morning Britain will be extended by 30 minutes, to run from 6am to 9.30am. For the 22 weeks of the year Lorraine is not airing, it will go on until 10am.

A source said: “It’s not a case of viewers seeing less of their shows… it’s impossible to see how the high standards will remain the same. Some staff believe Loose Women and Lorraine in particular will enter a death spiral… it’s just so sad. Just a handful of people will be working on each of those two programmes which has huge ramifications for how they are going forward.”

All the shows are now going to be made under one roof. An insider asked: “If that’s the case, will Loose Women really still have a live audience…will there be the capacity for that? Everyone doubts it, not least because of the manpower needed to oversee it. Also, there is a huge amount of background work which goes into securing guests… in the new climate how does that continue with barely any staff?”

ITV sources insist that they want “minimal change” for viewers. The source said: “It’s early days and we are currently consulting but we don’t want to alienate our viewers and it’s hoped there will be minimal change on screen. Daytime is hugely important to our viewers.”

The Loose Women panel, including Coleen Nolan, GK Barry and Frankie Bridge, are also expected to see shifts dwindle, especially those who live outside London and charge for travel and hotels. Glam squads are also expected to be axed with stars expected to use in-house make-up.

An insider said: “To be honest there is very little sympathy for stars having their glam squads cut among the rank and file staff, in fact there is a lot of anger that on the whole the channel’s biggest stars are all keeping their jobs – and their exorbitant salaries – while others suffer.”

They added: “It’s no secret that stars on This Morning such as Ben Shephard and Cat Deeley are on huge salaries. Many believe they should offer to take cuts, or at least when their contracts are next negotiated.”

On the whole, This Morning is unaffected by the sweeping cuts. It will remain in its 10am-12.30pm slot on weekdays although questions remain over whether standards will be maintained.

The current Good Morning Britain team was particularly hard hit – of the 133 staff who currently make the early-bird magazine show, hosted by Susanna Reid, Richard Madeley and Ed Balls, just 38 will make the move to ITN which will now produce the show.

One source on the show said: “Lots of the studio crew and technicians will be the hardest hit with ITN taking over their roles. A lot of them are unionised and there is a fear among ITV that industrial action could be an option.”

GMB will be re-homed within ITN’s Gray’s Inn Road headquarters in Central London. Staff working on all shows are expected to “carry on as normal” until the plans are formalised.

A source said: “It’s a mutinous atmosphere to say the least and far removed from the happy, cheery image that ITV Daytime usually evokes.” The Mirror revealed this week staff on Lorraine were particularly worried their main host could quit.

Contrary to reports she was happy to see her hours cut “to spend more time with her family”, insiders say she is devastated for the team on the show being decimated. “They are a tight bunch on Lorraine and the agony is palpable,” said one.

READ MORE: Claudia Winkleman-loved brand launches Bank holiday sale including ‘holy grail’ spray

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By Tina Teng

Published on
21/05/2025 – 6:56 GMT+2

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Tesla CEO Elon Musk said he intends to significantly reduce his political spending in future campaigns, during an interview at the Qatar Economic Forum on Tuesday.

Musk reportedly donated more than $250 million (€221 million) to support Donald Trump’s 2024 presidential campaign. When asked whether he would match that level of spending in the 2026 midterm elections, Musk replied, “I think, in terms of political spending, I’m going to do a lot less in the future.”

He was offered the role of head of the Department of Government Efficiency (DOGE), assisting the president in cutting thousands of federal jobs. However, Musk’s political involvement has drawn backlash towards Tesla, including protests and acts of vandalism targeting its showrooms. His support for far-right European parties has also proved controversial, contributing to a steep drop in Tesla’s EV sales across the region.

Speaking at a town hall in Wisconsin in March, Musk commented, “It’s costing me a lot to be in this job,” referring to his role as a special government employee. Trump had also signalled that Musk’s government tenure may be drawing to a close. During Tesla’s Q1 earnings call, Musk stated that the time he spends on DOGE would decrease “significantly” from May onwards. On Tuesday, he reaffirmed that he would remain Tesla’s CEO for at least the next five years.

Tesla shares rebound

Tesla’s share price rose 3.6% intraday before paring gains later in the session. The world’s largest EV maker has seen its stock rebound more than 50% from a year-low in late April, helped by improving market sentiment abroad amid easing US-China trade tensions.

President Trump’s recent Middle East tour further boosted US tech stocks, as he secured deals worth over $1 trillion with three major Gulf states. Musk was among the business leaders accompanying Trump on the trip. However, Tesla’s shares are still down 12% year-to-date as of the market close on 20 May.

Asked about the decline in Tesla’s sales, Musk downplayed the concern. “It’s already turned around,” he said, referring to the share price recovery. “The stock wouldn’t be trading near all-time highs if it was not.”

While acknowledging that Europe remains Tesla’s weakest market, Musk attributed the decline to multiple factors, including tariff shocks and soft EV demand. The company reported a 20% year-on-year decline in EV revenue worldwide in the first quarter.

In April, Tesla’s European sales continued to fall significantly year-on-year: down 46% in Germany, 62% in the UK, and by more than two-thirds in Denmark, the Netherlands, and Sweden. Nevertheless, Musk highlighted stronger performance in other regions, stating, “The sales numbers at this point are strong.”

Robotaxi launch set for Austin

Despite the headwinds, investor optimism remains focused on Tesla’s upcoming Robotaxi programme. Musk confirmed on Tuesday, in an interview with CNBC, that Tesla will launch the fully autonomous vehicle services in Austin by the end of June, as originally planned. He added that Robotaxi will later expand to Los Angeles and San Francisco following its Austin debut.

Musk had earlier stated that unsupervised Full Self-Driving (FSD) technology would roll out in California and Texas by June. The Austin launch will feature the Model Y fitted with a “localised parameter set” optimised for the region.

Elon Musk has claimed a turnaround in Tesla sales after a slump even as Starlink, the internet service provider that he owns, is growing.

Elon Musk has said he is committed to staying on as Tesla’s CEO for at least another five years, weeks after the electric vehicle maker’s chair dismissed reports that the board had approached executive search firms about finding his successor.

Having reasonable control of Tesla was the most important factor in staying on as head of the company, Musk said on Tuesday at an economic forum in Qatar.

“Yes, no doubt about that at all,” Musk said in response to a question on whether he planned to stick around as Tesla CEO.

Earlier this month, Tesla chair Robyn Denholm denied a Wall Street Journal report that said board members had reached out to several executive search firms to find a replacement for Musk.

Musk, who spoke by video at the event in Qatar, said that Tesla had already turned around sales and demand was strong in regions apart from Europe, where the company has faced protests over his political views.

Tesla sales have also slumped in the United States, where there was a nine percent drop in the first three months of 2025, according to the research firm Cox Automotive. That was largely driven by Musk’s political involvement, including leading the US Department of Government Efficiency, which made significant cuts across the federal workforce. As a result, protests ensued and boycotts of Musk-connected businesses unfolded.

Tesla reported a 13 percent drop in first-quarter deliveries. The Tesla chief has said there has been a turnaround.

“We’re now back over a trillion dollars in market cap, so clearly, the market is aware of the situation, so it’s already turned around,” Musk said.

Tesla currently has a market capitalization of $1.08 trillion.

Musk also referred to Chancellor Kathaleen St Jude McCormick, a Delaware judge who stopped a $56bn pay package for Musk, as an “activist who is cosplaying a judge in a Halloween costume”.

Yet he acknowledged his Tesla pay was a part of his consideration about staying with the carmaker, though he also wanted “sufficient voting control” so he “cannot be ousted by activist investors”.

“It’s not a money thing, it’s a reasonable control thing over the future of the company, especially if we’re building millions, potentially billions of humanoid robots,” he added.

This comes as the billionaire said he will spend “a lot less” in political contributions, after pumping $270m into Donald Trump’s successful 2024 US presidential bid.

“In terms of political spending, I’m going to do a lot less in the future,” Musk said, adding that he does not “currently see a reason” to do more.

As of 11am Eastern time (15:00 GMT) Tesla’s stock was up 1.13 percent higher than when the market opened. The stock is down 15 percent for the year.

Starlink grows

Musk also weighed in on the future of the internet service provider Starlink, which he operates. He said that the company might go public at some point in the future, but that there was no rush.

Starlink has expanded rapidly worldwide to operate in more than 70 countries, with a strong focus on further growth in emerging markets such as India.

South Africa’s government plans to offer a workaround of local Black ownership laws to allow Starlink to operate in the country, according to the news agency Bloomberg, which cited three people familiar with the discussions.

The offer would come at a “last-minute” meeting planned for Tuesday night between South African officials and Musk or his representatives, Bloomberg said. South Africa’s President Cyril Ramaphosa and a delegation of government officials arrived in Washington on Monday in a bid to reset strained ties with the US.

May 16 (UPI) — Novo Nordisk announced Friday that CEO Lars Fruergaard Jorgensen is stepping down per mutual agreement with the company.

The company said Friday that Jorgensen will continue as CEO for an unspecified period to smooth the leadership transition.

“A search for Lars Fruergaard Jorgensen’s successor is ongoing, and an announcement will be made in due course. In connection with the change, Lars Rebien Sorensen, chair of the Novo Nordisk Foundation, will join the Novo Nordisk Board, initially as an observer,” Novo Nordisk said in statement,

The company said the changes are being made “in light of the recent market challenges Novo Nordisk has been facing, and the development of the company’s share price since mid-2024.”

Company share prices have declined amid the market challenges and an accelerated CEO succession was decided after “a dialogue” between the Novo Nordisk Foundation Board and the Novo Nordisk Board.

“Novo Nordisk’s strategy remains unchanged, and the Board is confident in the company’s current business plans and its ability to execute on the plans,” Helge Lund, chair of the Novo Nordisk Board, said in a statement.

Rebien joins the Novo Nordisk Board as the result of an agreement between that board and the Novo Nordisk Foundation Board. He will be nominated as a board member in 2026.

“Serving as Novo Nordisk’s CEO for the past eight years has been a privilege and an experience that I will always cherish. I am proud of the results I have helped create together with my leadership team, the Board, and the thousands of employees who work every day to drive change to defeat serious chronic diseases,” Jorgensen said in a statement.

The company said Friday that Jorgenson led Novo Nordisk through “a significant growth journey and transformation.” It said in his eight-year tenure as CEO the company’s profits, share price and sales nearly tripled.

Novo Nordisk is a Danish pharmaceutical company that makes popular weight-loss drugs Ozempic and Wegovy.

Days earlier, Novo Nordisk cut its sales and profit forecast for first time since the launch of Wegovy four years ago.

Wegovy-maker Novo Nordisk has pushed out CEO Lars Fruergaard Jorgensen over concerns the company is losing its first-mover advantage in the highly competitive obesity drug market.

Novo Nordisk announced the decision on Friday.

Days earlier, Novo Nordisk cut its sales and profit forecast for the first time since the launch of Wegovy four years ago, though Jorgensen had predicted a return to growth in its biggest market in the second half of this year.

Novo’s chairman, Helge Lund, tried to reassure analysts and investors on a call that the company’s strategy was intact and the plan for executing it had not changed.

He told the Reuters news agency that discussions to replace Jorgensen had occurred over the past few weeks. Novo said earlier that Jorgensen will remain in his role until a successor is found.

Under Jorgensen’s leadership, Novo Nordisk became a world leader in the weight-loss drug market, with skyrocketing sales of its Wegovy and Ozempic treatments.

Analysts and investors were unconvinced of the need to replace him.

“He was leading the company for eight years and was, in my opinion, extremely successful,” Lukas Leu, a portfolio manager at Bellevue Asset Management, told Reuters.

Danske Bank analyst Carsten Lonborg Madsen was similarly caught off guard.

“The way we know Novo Nordisk is that normally you have patience when you’re on the right track, and then you let things move in the right direction once you have the strategy right,” he said.

“It just feels like there’s something that has gone pretty wrong here,” he said on the call.

Novo’s shares have plunged since hitting a record high in June last year as competition, particularly from US rival Eli Lilly, makes inroads into its market share and as its pipeline of new drugs has failed to impress investors.

“The changes are made in light of the recent market challenges Novo Nordisk has been facing, and the development of the company’s share price since mid-2024,” Novo said in its statement.

Shares down

Jorgensen, at 58, has been CEO since 2017. He said in an interview with Danish broadcaster TV2 that he did not see the decision coming, and was only informed very recently.

Booming sales of Wegovy helped make Novo the most valuable listed company in Europe, worth $615bn at its peak in June last year, but its market value has halved to about $310bn.

Novo Nordisk’s share price fell on the news, trading 0.8 percent lower by 14:01 GMT after being 4 percent higher earlier in the day.

The shares are down 32 percent year-to-date and 59 percent from their all-time high.

Eli Lilly has seen US prescriptions for its Zepbound obesity shot surpass Wegovy since mid-March in its biggest market. Eli Lilly shares were up 2.6 percent after the news.

Camilla Sylvest, Novo’s head of commercial strategy and corporate affairs and a consistent presence alongside CEO Jorgensen, stepped down last month without citing a reason.

Former CEO of Novo Nordisk for 16 years and current chair of the Novo Nordisk Foundation, Lars Rebien Sorensen, will join the board as an observer with immediate effect with the aim of taking a seat at the next annual general meeting, Novo said.

The company is controlled by the Novo Nordisk Foundation through its investment arm, which owns 77 percent of the voting shares.

May 13 (UPI) — UnitedHealth Group announced Tuesday CEO Andrew Witty will step down, citing “personal reasons.”

Witty will leave the role of CEO and be replaced by Stephen J. Hemsley, effective immediately.

“Leading the people of UnitedHealth Group has been a tremendous honor as they work every day to improve the health system and they will continue to inspire me,” Witty said in a statement without providing further details on his decision to step away from the role.

Witty will continue to serve as a senior adviser to Hemsley, who served as CEO of UnitedHealth Group from 2006 to 2017 and will also remain chair of the board, the company said.

“Steve Hemsley brings a combination of strategic vision and deep operational focus that are highly valuable to our company,” UnitedHealth Group lead independent director Michele Hooper said.

Hemsley first joined UnitedHealth Group as CEO in 1997 and then became president in 1999, before being named board chairperson in 2017.

“We are grateful for Andrew’s stewardship of UnitedHealth Group, especially during some of the most challenging times any company has ever faced,” Hemsley said. “The board and I have greatly valued his leadership and compassion as chief executive and as a director and wish him and his family the best.”

UnitedHealthcare, a subsidiary of UnitedHealth Group, named Tim Noel the CEO of its in January after its former CEO Brian Thompson was shot and killed in Manhattan in December 2024. Police arrested Maryland resident Luigi Mangione for allegedly having gunned down Thompson, to which Mangione has since pleaded not guilty and awaits his next hearing in December.

The company reports it has suspended its outlook for 2025 due in part to the higher-than-expected medical costs of several Medicare Advantage beneficiaries, and also because of a rise in care activity that has been widened to include more in the way of benefit offerings than found in the first quarter.

A class action lawsuit was filed against UnitedHealth Group last week “on behalf of persons or entities who purchased publicly traded UnitedHealth securities between December 3, 2024 and April 16, 2025,” which alleges the company violated the Securities Exchange Act of 1934 in regard to its announced 2024 outlook, which the suit purports to have contained false fiscal guidance.

As of 10:18 a.m., UnitedHealth Group stock has dropped 12.97% in price since the opening bell.

May 5 (UPI) — The board of Berkshire Hathaway voted to keep Warren Buffett as its chairman and appointed a new company president and CEO.

On Sunday, board members voted unanimously to name Greg Abel as Berkshire Hathaway’s president and CEO starting Jan. 1 of next year and to keep Buffett as chairman, according to a company release.

Buffett, 94, stunned shareholders with a surprise announcement of his pending retirement during an annual shareholders meeting in Omaha, Neb., on Saturday in front of roughly 20,000 attendees.

“I could be helpful, I believe, in that in certain respects, if we ran into periods of great opportunity or anything,” he said over the weekend.

At the meeting Buffett asked the 12-member board to name Greg Abel, the current vice chairman of non-insurance operations, as its new company president and CEO.

Abel, 62, is also chair of Berkshire Hathaway Energy and since 2021 has been designated as Buffett’s successor.

On Friday, stock shares in Berkshire closed at a record market value of more than $1 trillion.

Buffett, Berkshire Hathaway’s largest shareholder, controlling approximately 31.2% of its voting interest, in February celebrated 60 years at the helm of the global company he helped create in the mid-1950s.

Meanwhile, the billionaire company chief said he believes the American economy will steady itself after the market turmoil created in the wake of the announcement of international tariffs by U.S. President Donald Trump, reiterating his position that tariffs should not be used as “an act of war” with other nations.

‘Oracle of Omaha’ stuns shareholders, but pledges to maintain investments in group and says he will still be ‘hanging around’.

Billionaire investor Warren Buffett has announced that he will retire from leading his Berkshire Hathaway business group at the end of the year.

Buffet told the group’s annual shareholder meeting on Saturday that he would step down as chief executive at the close of 2025, handing over the reins to vice chairman Greg Abel, already known to be his anointed successor.

“I would still hang around and could conceivably be useful in a few cases, but the final word would be what Greg said in operations, in capital deployment, whatever it might be,” said Buffett at the meeting in Omaha, Nebraska.

He added that the board of directors would be “unanimously in favour” of his recommendation.

About an hour later, Abel came out to oversee a formal Berkshire business meeting without Buffett. “I just want to say I couldn’t be more humbled and honoured to be part of Berkshire as we go forward,” he said.

Abel, 62, who has been the group’s vice chairman since 2018, managing non-insurance operations, was named Buffett’s expected successor as chief executive in 2021, but it was always assumed he would not take over until after Buffett’s death.

Previously, 94-year-old Buffett, known as the “The Oracle of Omaha” because of the influence he wields in business and financial circles, has always maintained he has no plans to retire.

His decision to step down caps a remarkable 60-year run during which he transformed Berkshire from a failing textile company into a $1.16 trillion conglomerate with liquid assets of $300bn.

Buffett’s net worth as of Saturday is $168.2bn, according to Forbes magazine’s real-time rich list. On Saturday, he pledged to keep his fortune invested in the company.

“I have no intention – zero – of selling one share of Berkshire Hathaway. I will give it away, eventually,” Buffett said.

“The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine,” he said.

Earlier Saturday, Buffett warned about the dire global consequences of President Donald Trump’s tariffs, saying that “trade should not be a weapon” but “there’s no question that trade can be an act of war.”

Buffett said Trump’s trade policies have raised the risk of global instability by angering the rest of the world.

A former burger chain CEO under federal indictment on gun and fraud charges now faces another accusation: Allegedly spreading “smears” that reached the White House through conservative pundits, leading to the prosecutor who was handling his case getting fired.

The latest claim was leveled by Adam Schleifer, formerly an assistant U.S. attorney in Los Angeles, in a filing last week with the Merit Systems Protection Board, which handles wrongful termination appeals from federal workers.

Schleifer’s filing called his dismissal “unlawful” and alleged it was motivated in part by his prosecution of Andrew Wiederhorn, the former chairman and chief executive of Fat Brands, which owns the Fatburger and Johnny Rockets restaurant chains.

Wiederhorn has maintained his innocence in the criminal cases, and his lawyers declined to comment on Schleifer’s allegations.

Schleifer’s recent filing included a one-line email in March, sent to him “on behalf of President Trump,” notifying him he was being removed from his job.

Schleifer, who had publicly criticized Trump in years past when he was not employed as a prosecutor, claims he was fired for his “engagement in constitutionally protected political activity.”

His firing, first reported by The Times, came an hour after right-wing activist Laura Loomer publicly called for it — a timeline Schleifer cited in his filing.

The claim by the former prosecutor — who declined to comment when reached this week — drew a line between how the events unfolded and his work on the Wiederhorn case.

Wiederhorn was indicted last May on federal charges alleging a $47-million “sham loan” scheme. He was also charged with illegally possessing a firearm and ammunition after being previously convicted of a felony. He has pleaded not guilty in both cases.

In his filing, Schleifer said he was fired on the basis of “smears, which originated with and were promoted by Mr. Wiederhorn, his defense team, and that of his codefendant FAT Brands, Inc.”

Lawyers representing Fat Brands did not respond to a request for comment. The White House and the U.S. Department of Justice did not respond to inquiries.

Who is Andrew Wiederhorn?

Originally from Portland, Ore., Wiederhorn graduated from USC and, at age 21, founded the investment firm Wilshire Credit Corp. Billionaire philanthropist Eli Broad was one of his first financial backers, investing $300 million, according to a 2013 Times article.

In 1990, Wiederhorn moved back to Portland, where he founded investment company Fog Cutter Capital. According to The Times, Wiederhorn was worth an estimated $140 million by the late ‘90s.

In 2000, after Magic Johnson took an interest in Fatburger, Fog Cutter helped finance the change of ownership for the company, then bought a controlling stake three years later for $7 million.

Federal authorities began investigating Wiederhorn in the 2000s, allegedly for taking out shareholder loans without intending to repay them, according to an April government filing in the Central District of California opposing Wiederhorn’s efforts to obtain evidence in the ongoing case.

The recent indictment against Wiederhorn alleged that he caused Wilshire Credit Corp. to issue him approximately $65 million in shareholder loans. Prosecutors have stated they plan to introduce evidence at trial later this year regarding those loans.

“The government investigated those loans in the early 2000s, and ultimately concluded it could not charge Mr. Wiederhorn with any crime because of overwhelming evidence he relied on at least two different tax advisors when reporting the loans on his tax returns and thus lacked the requisite intent to defraud,” Wiederhorn’s attorneys said in a recent pretrial motion.

Wiederhorn ultimately pleaded guilty in 2004 to charges of paying an illegal gratuity to his associate and filing a false tax return. He spent 15 months in prison and paid a $2-million fine.

The day before Wiederhorn‘s plea, Fog Cutter awarded him a $2-million bonus and agreed to keep paying him during his incarceration.

The arrangement prompted New York Times columnist Nicholas Kristof to bestow on Wiederhorn his inaugural “award for greed,” writing: “I can’t think of a board that has ever so disgraced the principles of corporate governance by overpaying a CEO even as he sits in prison.”

Wiederhorn previously told The Times that his attorneys had advised him that his actions were legitimate business deals.

Upon his release from prison in 2005, Wiederhorn became chief executive of Fatburger. He went on a public relations campaign to restore his and his family’s reputations, including an appearance on “Undercover Boss” at a Fatburger restaurant in Mesa, Ariz.

“I’ve always adamantly denied doing anything wrong intentionally,” Wiederhorn told The Times in 2017. “I’m very grateful for it. I felt like I paid the fine. I did the time. I did everything I was supposed to do to make this go away and put it behind me.”

What are the latest charges?

The latest federal investigation into Wiederhorn began around 2021 and involved a dawn raid on his home that December.

Based on an affidavit alleging the CEO had engaged in tax and wire fraud, authorities searched the residence and found a pistol and ammunition in his closet, according to court filings.

Wiederhorn is banned from possessing firearms because of his past conviction. At a court hearing last month, Wiederhorn’s defense team told the judge the gun belonged to one of his sons.

In 2023, Wiederhorn publicly announced he was stepping down as CEO, framing it as a way to “eliminate the distraction” of the ongoing federal probe. Weeks later, according to federal authorities, Wiederhorn “removed every director other than himself” from the board of Fat Brands and “reconstituted” a new board with directors “under his control.” The board now includes three of Wiederhorn’s children.

Last year, in May, a federal grand jury indicted Wiederhorn over an alleged $47-million “sham loan” scheme, which prosecutors say dates to 2010. Authorities accused Wiederhorn of evading millions in taxes by hiding his true income.

Company money — categorized as “shareholder loans” — was allegedly disbursed to Wiederhorn and his family “for their personal benefit,” according to the indictment. Some of that money went toward private-jet travel, ski trips, a Rolls-Royce Phantom and other luxury automobiles, a jewelry collection and a baby grand piano, federal prosecutors say.

According to the indictment, Wiederhorn “had no intention of repaying these sham ‘loans.’ ”

The indictment cited a September 2020 email, in which Wiederhorn said that in addition to his disclosed annual salary of approximately $400,000, he received “$3m-4m of distributions from my company as loans, then periodically the company forgives those loans.”

“Mr. Wiederhorn consulted and followed the advice of world-class professionals in all of his business dealings,” Nicola Hanna, Wiederhorn’s attorney, previously told The Times. “We look forward to making clear in court that this is an unfortunate example of government overreach — and a case with no victims, no losses and no crimes.”

Wiederhorn was allegedly assisted by the company’s former chief financial officer, Rebecca D. Hershinger, and his outside accountant, William J. Amon, who were also charged in the 22-count indictment. Both have pleaded not guilty.

Fat Brands has also been charged.

Brian Hennigan, counsel for Fat Brands Inc., previously told The Times the charges were “unprecedented, unwarranted, unsubstantiated and unjust.”

Who is Adam Schleifer?

Schleifer, whose father is the co-founder and chief executive of Regeneron Pharmaceuticals, started with the U.S. attorney’s office in 2016. He prosecuted drug trafficking and fraud cases before quitting in 2019 to run for an open congressional seat in New York’s 17th District.

During his congressional bid, in which he finished second in the Democratic primary, Schleifer on social media attacked Trump’s tax policies and behavior toward federal investigators.

In one 2020 tweet, Schleifer accused Trump of eroding constitutional integrity “every day with every lie and every act of heedless, narcissistic corruption.”

In his filing last week contesting his firing, Schleifer referred to his postings on social media as “First-Amendment-protected political advocacy.”

According to the filing, it was Wiederhorn’s lawyer Hanna — then serving as U.S. attorney appointed by Trump — who rehired Schleifer in 2020. After his return to the federal prosecutor’s office in L.A., Schleifer was assigned an ongoing investigation of Wiederhorn and others.

In the recent challenge to his firing, Schleifer accused Wiederhorn and his defense team of commissioning a tabloid news article attacking his work and urging officials to remove him from the case and his job as a prosecutor.

Schleifer also alleged in his filing a March 17 meeting held between the U.S. attorney’s office and Wiederhorn’s counsel, including Hanna, in which the latter allegedly “sought Mr. Schleifer’s removal from the cases on the mistaken, unethical, and improper grounds that his and the Office’s work on those cases reflected a ‘woke,’ ‘DEI,’ and ‘Biden’ bias.”

At the meeting, according to the filing, the defense team brought up Schleifer’s critical comments about Trump on social media. Schleifer accused Wiederhorn and his defense team of providing those same social media posts to White House officials and other “tabloid and ‘citizen’ journalists.”

Schleifer alleged he was removed from his position “on the basis of these smears.”

Where do the Wiederhorn cases stand?

Wiederhorn’s securities fraud trial is scheduled for Oct. 28.

His lawyers successfully argued for a continuance in the firearms case, citing the fact that the 9th Circuit Court of Appeals is reviewing a ruling on gun rights for nonviolent convicted felons.

The trial is set for Jan. 20, 2026.

Times staff writers Matt Hamilton and Laura J. Nelson contributed to this report.

May 1 (UPI) — Kohl’s announced Thursday that CEO Ashley Buchanan was terminated for cause after violating company policies related to transactions with vendors.

“An investigation conducted by outside counsel and overseen by the Audit Committee of the Board determined Mr. Buchanan violated company policies by directing the Company to engage in vendor transactions that involved undisclosed conflicts of interest, which the Board determined to be cause,” Kohl’s said in a statement.

Kohl’s did not specify who the vendors were or exactly what the conflict of interest that led to Buchanan’s firing.

Buchanan held the CEO job for just five months.

According to Kohl’s the conflict of interest did not involve any other company personnel. The Kohl’s board also said Buchanan’s firing is “unrelated to the Company’s performance, financial reporting, results of operations.”

“Michael brings over three decades of leadership experience across retail and consumer goods companies, having served as CEO of Eyemart Express and in senior roles at Walmart, L Brands and PepsiCo,” John Schlifske, chair of the Kohl’s Nominating and ESG Committee, said in a statement.

The board appointed Michael Bender to serve as interim CEO, as Schlifske said it has “full confidence” in him.

“Working with our talented leadership team, Board, and thousands of associates, I am committed to continuing the execution of our strategic framework to grow shareholder value,” Bender said.

The Kohl’s board will start a search for a permanent CEO and has hired a search firm to help with the process.

Andrew Karpen, chief executive and founder of independent film distribution company Bleecker Street Media, died Monday of glioblastoma, a rare and aggressive form of brain cancer. He was 59.

Karpen founded the New York City-based Bleecker Street in 2014 with backing from 5-hour Energy founder Manoj Bhargava. In its first few years, Bleecker Street released such films as 2015’s “Trumbo,” starring Bryan Cranston and Helen Mirren, and the Viggo Mortensen-led “Captain Fantastic” in 2016.

Since its founding, Bleecker Street has released more than 75 films, including the 2017 Steven Soderbergh comedy “Logan Lucky,” 2024’s Oscar-nominated “Golda,” comedy-drama “Hard Truths” and, most recently, “The Wedding Banquet,” a remake of the 1993 Ang Lee romantic comedy starring Bowen Yang, Lily Gladstone and Kelly Marie Tran.

“Our industry has lost a giant,” Kent Sanderson, Bleecker Street president and Karpen’s longtime friend, said in a statement. “Andrew taught us all so much, foremost of which is the value of kindness, honesty, and family above all else. His leadership and courage will inspire all of us at Bleecker Street for the rest of our lives, and we are dedicated to continuing his passion for and legacy of championing cinema.”

Karpen began his career at Miramax before moving to Oxygen Media as its senior vice president of finance and planning. He then spent more than a decade at Focus Features, the specialty film arm of NBCUniversal, starting as its chief operating officer responsible for finance, strategic planning and operations before rising to president and then co-chief executive.

He left Focus Features in 2013, after Universal Pictures named a new head of the specialty imprint and relocated its headquarters from New York to the studio lot in California. Universal said at the time that the company asked Karpen to remain with the studio but that he opted to stay in New York with his family.

He is survived by his wife, Pam; sons Josh and Zack; daughter Sloan; and Josh’s wife, Kristen, who is expecting their first child.