Notable business headlines include the resignation of several top Rivian executives after a tough 2022, LVMH naming new Louis Vuitton CEO amid plans to restructure, and Credit Suisse possibly halving its bonus pool.
- Now to check on some other headlines that we are watching. There are some high-level exits at Rivian as the EV company battles with a slumping share price, missed production targets, and ongoing bottlenecks from supply chain issues. The departures, first reported by the "Wall Street Journal," include the Vise President, overseeing body, engineering, as well as the head of the company's supply chain.
The truck-maker's shares are down almost 80% since its 2021 IPO, which valued the company at the time at over $66 billion. Both Rivian and rival, Tesla, missed 2022 production targets, the former having widespread issues at its plant in Normal, Illinois. And, by the way, those Rivian shares are indeed popping today.
Meanwhile, shares of luxury goods conglomerate, LVMH Moet, hitting a new intraday high after announcing one of its biggest leadership reshuffles in the years. Pietro Bakari, currently CEO of Dior Couture, will take over as head of Louis Vuitton. While Delphine Arnault, daughter of CEO, Bernard Arnault, will take on Bakari's former role.
Now all five of Arnault's children hold senior positions within the company. Europe's most valuable business has been on something of a tear this year. It's up 13% so far. In 2023, was down about 6% last year. The gains now due in no small part to China's reopening.
And Credit Suisse is considering slashing its 2022 bonus pool in half, this according to reporting from "Bloomberg News." The troubled Swiss investment bank has spent the last few years trying to reinvent itself after being plagued by underperforming units and damaging scandals. In October, announced a radical restructuring of its investment banking operation, effectively backing away from Wall Street and focusing more on its lucrative Wealth Management arm.