Nestlé names longtime leader as new CEO

After an impressive eight-year run, Nestlé's CEO Mark Schneider is stepping down, passing the baton to seasoned Nestlé veteran Laurent Freixe. With over three decades at the company and most recently leading the Latin America unit as EVP and CEO, Freixe is set to take the helm on September 1. Nestlé announced Schneider's decision to exit both his CEO role and board membership, marking a significant leadership change for the Swiss giant.

Peloton’s comeback 

Peloton saw its first sales increase in nine quarters, with a slight 0.2% bump to $643.6 million in the fourth quarter, thanks to cutting costs and focusing on profits. The company's losses also shrank to $30.5 million, a big improvement from last year’s $241.8 million loss. After former CEO Barry McCarthy stepped down earlier this year, the company has been led by two board members. Investors were pleased with the progress, pushing Peloton's shares up by 40%.

General Motors’ Cruise and Uber join forces

General Motors’ Cruise has joined forces with Uber to offer driverless rides starting next year. This partnership aims to breathe new life into Cruise's robotaxi ambitions after setbacks from a serious accident last year that led to the departure of its CEO. Uber, having shelved its own self-driving project following a fatal 2018 crash, is now leveraging collaborations with developers like Cruise and Google’s Waymo to stay in the autonomous vehicle game.

Sources: Cnbc.com