Hedge funds and C-suites: Trump-backed Digital World nabs new CFO | Pro Recap

By Davit Kirakosyan

Investing.com -- Here is your Pro Recap of the biggest news out of hedge funds and company top brass you may have missed this week.

Trump-backed SPAC Digital World Acquisition appoints new CFO

Katherine Chiles was appointed as the CFO of Digital World Acquisition (NASDAQ:DWAC), a blank-check company that is set to merge with the media and technology firm of former U.S. President Donald Trump.

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This follows the removal of former CEO Patrick Orlando in March due to the company's exceptional challenges, leading to the selection of a new management team. Chiles previously worked as a senior financial analyst for payment solutions provider Total System Services (NYSE:TSS) and has experience with ING Americas.

In October 2021, Trump's newly formed media company, Trump Media & Technology Group, announced a deal to go public by merging with Digital World. However, investigations by the Justice Department and Securities and Exchange Commission have delayed the deal, casting doubt on the merger's prospects.

Harley-Davidson CFO steps down to join Hasbro

Harley-Davidson's (NYSE:HOG) finance head, Gina Goetter, will step down at the end of April and join Hasbro (NASDAQ:HAS) as CFO, effective May 18, 2023. The company's VP-Treasurer, David Viney, will be the interim CFO until a replacement is found.

Bank of America lowered the price target on Harley-Davidson stock to $55 from $65 but mentioned that the move reflects a broader role and compensation opportunity for Goetter and is not likely related to any issues at the company.

Meanwhile, UBS noted that Harley-Davidson's Q1 retail sales in the U.S. may decline close to 20%, indicating a worsening retail environment, despite the company's offer of low-interest rates to borrowers.

Cutera terminates Chairman and CEO, shares plunge

Cutera (NASDAQ:CUTR) shares dropped more than 28% on Wednesday after the company terminated both its Chairman and CEO, Daniel Plants and David Mowry, for cause. The decision followed joint and unanimous recommendations from a special committee comprising all members of the Board’s Governance and Corporate Responsibility Committee and the majority of the members of the Board of Directors.

The company appointed Sheila Hopkins as Interim CEO and Janet Widmann as Independent Chair of the Board and is currently searching for a permanent CEO.

Shares closed nearly 5% lower for the week.

Alibaba shares plunge on Softbank stake sale report

Alibaba (HK:9988) (NYSE:BABA) shares dropped nearly 6% on Wednesday after Financial Times reported that SoftBank (TYO:9984) intends to sell nearly its entire stake in China’s e-commerce giant, as it struggles with a severe rout in its technology investments.

The reported impending sale, which comes after Softbank offloaded about $7.2 billion worth of Alibaba shares this year and a record $29B in 2022, will cut its share in Alibaba to just 3.8%.

Shares closed nearly 8% lower for the week.