CEO

Warner Bros. Discovery is in poor shape — so much so that Chief Executive David Zaslav has decided to unwind the 2022 merger he orchestrated by splitting the company in two.

But Zaslav himself is doing just fine, to the chagrin of shareholders.

In a rare searing rebuke, investors recently cast a symbolic vote disapproving of Zaslav’s 2024 compensation package, which rose 4% to $51.9 million compared with the year before.

The package, approved by the company’s board of directors, ensured that Zaslav remained one of the nation’s highest-paid corporate leaders. Proxy advisory firm Institutional Shareholder Services, known as ISS, described the company’s executive compensation packages as “an unmitigated pay-for-performance misalignment.”

The situation renewed scrutiny of the compensation levels for leaders of the top entertainment companies, which remain high compared with peers in other industries.

Although 2024 was a bad year for Hollywood, it was a very good year for some of the industry’s top executives, according to a survey of data by Equilar, which studies executive pay, for The Times.

The median compensation for those executives for 2024 was $33.9 million, up 7% from 2023, Equilar said. That’s about double the median compensation of CEOs at S&P 500 companies, which was $17.1 million last year.

The compensation data include stock options, base salaries, bonuses and other perks for CEOs from Netflix, Fox Corp., Roku, Lions Gate Entertainment Corp., AMC Networks, Comcast, Warner Bros. Discovery and the Walt Disney Co.

Paramount was excluded from the median data because of a change from one CEO to three in April 2024.

“The compensation packages remain somewhat out of whack based on the good old days where the margins were substantially higher,” said Evan Shapiro, a former NBCUniversal executive who now runs his own company. “The Hollywood era got used to very specific — some would argue irrational — pay packages and never readjusted itself when the business went haywire.”

Pay packages increased for Netflix co-CEOs Ted Sarandos and Greg Peters, reflecting the streaming giant’s strong performance. The value of Sarandos’ pay package went up 24% to $61.9 million, while Peters’ went up 50% to $60.3 million.

Other executives whose compensation increased included Bob Bakish, who was ousted as CEO of Paramount in April 2024. He had a package worth $86.96 million in 2024 (which included his roughly $69 million severance), up 178% from $31.3 million a year earlier.

Disney chief Bob Iger, who spent 2024 mounting a turnaround for the Burbank-based company, earned $41.1 million, up 30% from the previous year. During the year, Disney had renewed strength at the box office and achieved streaming profitability after years of losses.

Fox Corp.’s CEO Lachlan Murdoch’s total pay rose 9% to $23.8 million, while Roku CEO Anthony Wood got a bump of 37% to $27.7 million.

Others got a pay cut. Comcast CEO Brian Roberts’ 2024 compensation declined 5% to $33.9 million, primarily due to a lower cash bonus. AMC Networks CEO Kristin Dolan had a 40% drop to $8.7 million last year related to a $6.8-million equity award she received in 2023 tied to her promotion to CEO.

Lionsgate CEO Jon Feltheimer earned $18.2 million in the company’s fiscal 2024 year, down 15% compared with $21.5 million from fiscal 2023.

For 2024, the highest-paid chief executives among publicly traded media and entertainment companies compiled by Equilar for The Times were Bakish, Zaslav, Sarandos, Peters and Iger.

Most of the companies declined to comment or referred The Times to proxy statements filed with the U.S. Securities and Exchange Commission. Fox Corp. did not return a request for comment.

The increase in pay reflects a broader trend at publicly traded companies. Compensation is increasing as companies try to align pay with performance by handing out large stock awards, said Amit Batish, senior director of content for Equilar. Certain awards such as stock options typically benefit executives only if the stock goes up.

Some executives are also adding security perks after the killing of UnitedHealthcare CEO Brian Thompson last year, he said.

Several Hollywood executives had pay packages last year that were worth substantially more than the median, Equilar said. With so much change and disruption happening in the entertainment business and plenty of competition for skilled leadership, companies believe they need to pay up to hold on to executive talent.

“Especially in the entertainment industry that’s constantly evolving, with streaming services taking over, there’s constant fluctuations in the market, so companies are looking to find ways to keep their executives on board and motivated,” Batish said.

Sky-high executive compensation has resurfaced debate about a subject that has been simmering since even before the 2023 strikes led by writers and actors — the widening pay gap between executives and workers.

Many entertainment workers have left Southern California due to the lack of work, as more productions are moving out of the area due to increased costs. Disney, Warner Bros. Discovery, NBCUniversal and Paramount have continued to lay off employees. Some entertainment workers struggling to find jobs have adopted the saying “Persist to ’26,” replacing last year’s “Survive ‘til ’25.”

“Any survey of executive pay, generally there’s a disconnect between what people see in their own checking accounts and when they see what executives, particularly for top Fortune 500 companies, earned,” said David Smith, a professor of economics at the Pepperdine Graziadio Business School. “There’s often discontent with the chasm between the rank and file and CEOs.”

Zaslav became a symbol of that ire in 2021 when his compensation package was valued at $246.6 million, which included stock options tied to the merger. The value of his 2024 compensation was much lower at $51.9 million, but still higher than other executives such as Disney’s Iger.

Following the nonbinding shareholder “say on pay” vote, Warner Bros. Discovery pledged to address shareholder concerns. Those changes are expected to lower Zaslav’s future payouts. Similarly, Disney and Netflix in recent years have been hit with negative shareholder votes on the pay, leading to adjustments.

Zaslav’s target annual cash bonus opportunity will shrink from $22 million to $6 million after splitting Warner Bros. Discovery in two, separating studios and streaming services from linear cable networks, the company said. Zaslav’s base salary would remain $3 million.

“We structured the new compensation packages to address shareholders’ feedback by fostering pay-for-performance alignment,” Warner Bros. Discovery board chair Samuel A. Di Piazza Jr. said in a statement.

While Warner Bros. Discovery worked on retiring $4.4 billion in debt through cost-cutting and launched its streaming service Max (which is being rebranded back to HBO Max) in 70 markets last year, the company also had some fumbles, including losing the NBA on its TV networks.

“It appears the board may have been out-negotiated,” said Lloyd Greif, chief executive of Los Angeles investment bank Greif & Co. “They created incentives that did not directly translate into a higher stock price, or higher revenue and EBITDA growth” — referring to earnings before interest, taxes, depreciation and amortization. “So,” he added, “you have to look at the results and say, the board blew the call.”

The company’s compensation committee said it took into account Zaslav’s performance across different goals including revenue, cash flow, enhancing the motion picture slate, cost controls, launching Max globally and securing talent.

Warner Bros. Discovery’s revenue in 2024 fell 5% to $39.3 billion, compared with 2023. Adjusted earnings excluding certain items fell 11% during that same time period. The stock price declined about 7% in 2024.

“It just sends a very bad message to your teams,” said Paul Verna, vice president of content at research firm Emarketer, adding that leaders should inspire their teams amid challenges facing the industry. “It’s very hard to do that when you’re firing thousands of people but not really absorbing any pain yourself in your own compensation.”

The committee saw the loss of the NBA U.S. TV rights as a positive, saying it resulted in a “more efficient long-term relationship with the league,” according to the company’s proxy filing.

When the compensation committee evaluated those figures, it took out costs related to a joint venture called Venu Sports that was meant to launch in 2024 but was scrapped, as well as new sports rights programming and packages.

That irked some groups, including ISS, though some executive compensation experts said it is not uncommon for companies to factor out some costs deemed to be out of the executive’s control.

The reverberations of the shareholder vote continue.

It could cause the board to put pressure on the compensation committee to improve its performance or activist shareholders to target the company for a proxy contest, Lawrence Cunningham, director of the University of Delaware’s Weinberg Center for Corporate Governance, wrote in an email to The Times.

“Shareholder votes on pay, even when non-binding, send a signal that can be important,” Cunningham wrote. “A 60% no vote is huge.”

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.

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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.