Financial Reporting
Lululemon CEO Calvin McDonald to Step Down in January Next Year
Lululemon announced on Thursday that CEO Calvin McDonald will step down at the end of January 2026, appointing CFO Meghan Frank and Chief Commercial Officer André Maestrini as interim co-CEOs. The company is seeking a new chief executive as its North American sales decline.
Exxon Mobil CFO Announces Retirement Due to Health Issues
Exxon Mobil announced in a securities filing that Chief Financial Officer Kathryn Mikells will retire on February 1, 2026, due to health issues, and will be succeeded by Neil Hansen, the company's president of global business solutions. Mikells has held the position since 2021 and will assist with the transition before retiring and attend the fourth-quarter earnings call.
Tesla CFO sells over $19 million in stock cumulatively this year
Tesla CFO Vaibhav Taneja sold more shares this week, cashing out $1.1 million, bringing his cumulative sales from January to December 2025 to over $19 million. Taneja became CFO in 2023, and his sales were largely executed under a trading arrangement effective May 1, 2024. Meanwhile, Tesla faces multiple challenges, including declining market share, profit pressure, and increased shareholder attention to CEO compensation plans.
Wayfair CFO emphasizes flexible forecasting to navigate economic uncertainty
Kate Gulliver, Chief Financial Officer of Boston-based furniture retailer Wayfair, noted that amid persistent economic uncertainty, the company's finance team must remain agile, flexibly adjust forecasting processes, and closely integrate with business teams. She emphasized that contribution margin must remain above 15%, while the company is leveraging AI tools to enhance efficiency and plans to continue expanding market share in 2026.
iHeartMedia CFO Steps Down from Chief Financial Officer Duties, Deputy Takes Over
iHeartMedia announced in a securities filing on Monday that Executive Vice President and Deputy Chief Financial Officer Michael McGuinness will be promoted to Chief Financial Officer on January 1, 2025, succeeding Richard Bressler. Bressler, who has served as CFO since 2013 and also as COO since 2015, will continue as President and COO after stepping down from financial duties. McGuinness will report to Bressler. This change contrasts with the recent trend of some companies merging the CFO and COO roles.
Costco CFO: Hot Dog Combo Remains Core Value Anchor Amid Economic Uncertainty
Costco CFO Gary Millerchip stated during the fiscal 2025 fourth-quarter earnings call that despite challenges such as tariffs and inflation, the company still regards the $1.50 hot dog combo as a key product, and revealed that capital expenditures for fiscal 2025 were close to $5.5 billion, higher than the same period last year. He expects capital expenditures to continue growing in 2026, while emphasizing that the company has mitigated tariff impacts through various strategies.
Former Shoe Carnival CFO Kerry Jackson Returns to Lead Finance
Shoe Carnival announced that former CFO Kerry Jackson will resume the role of company CFO on September 28. Jackson served the company for over 20 years, retired in 2023, and returned in June 2025. This appointment comes as the company accelerates the expansion of its Shoe Station brand, with the CEO calling it a "critical moment."
Survey: About One-Third of Capital Expenditure at Major US and European Companies Tied to Sustainability Goals
Risilience's latest survey finds that about 36% of capital expenditure at major US and European companies is aligned with sustainable development goals, with 95% of companies discussing environmental risks on the board's standing agenda. Despite policy reversals at the US federal level, companies are still advancing decarbonization plans, with 52% having established net-zero roadmaps.
Accel Entertainment Appoints Former Kraft Heinz Executive as Chief Financial Officer
Accel Entertainment has appointed Brett Summerer as Chief Financial Officer, effective Monday. Summerer, who previously held executive roles at Kraft Heinz, General Motors, and Verano, will take full responsibility for financial operations and play a key role in strategic planning, business development, and mergers and acquisitions. The company also disclosed his compensation package and recent financing activities.
US Senate report sharply criticizes KPMG, reveals details of Silicon Valley Bank CFO's role
Minority staff of the US Senate Permanent Subcommittee on Investigations this week released a 292-page report sharply criticizing KPMG, one of the Big Four accounting firms, for issuing "unqualified" clean audit opinions for Silicon Valley Bank, Signature Bank, and First Republic Bank before their collapse in 2023. The report also disclosed details of behind-the-scenes discussions between auditors and Silicon Valley Bank's chief financial officer and another bank executive during the tense days before the bank run in March 2023, revealing the close relationship between the auditors and the bank.