In his final public appearance as chairman of the Federal Reserve, Ben Bernanke took a moment to reflect on the 2008 financial crisis and compared it to a very bad car crash.During an interview at the Brookings Institute, he recalls some "very intense periods" during the crisis, similar to trying to keep a car from going over a bridge after a collision.
Rounding out his Cabinet, President Barack Obama intends to nominate Maria Contreras-Sweet, the founder of a Latino-owned community bank in Los Angeles and a former California cabinet secretary, to be head of the Small Business Administration.
The Massachusetts textile mill that helped billionaire Warren Buffett launch his investment empire, but which he also called one of his biggest blunders, is being torn down. Roland Letendre, the current owner of the Berkshire Hathaway mill in New Bedford, started demolishing the structure on Monday after efforts to sell the property failed.
Sergio Marchionne will lead a merged Chrysler and Fiat at least for three more years, Fiat's chairman said Monday. Speaking to reporters after the unveiling of a new midsize Chrysler car at the Detroit auto show, John Elkann told reporters that he has a deal with Marchionne to stay at least through 2016.
Responding to a question about being an inspiration to women, Barra said she hopes her engineering credentials make her a role model for young people. "With my technical background — I'm an electrical engineer — and I can motivate young women or young men to pursue a career in science," she said.
Mulally ended months of speculation that had already clouded the debut of the new Mustang last month and threatened to overshadow next week's widely expected unveiling of a new F-150, plus the launch of 23 new vehicles this year. Mulally wouldn't say whether he had talked to Microsoft about the CEO job, but said the speculation had been a distraction for Ford.
Microsoft expects to finish its search for CEO Steve Ballmer's replacement by early next year. Board director John Thompson, who heads the company's executive search committee, said so in a blog post Tuesday. Ballmer said in August he would retire within 12 months.
Google's $12.4 billion purchase of Motorola Mobility was widely seen as a way for Google to acquire patents to defend its Android operating system from intellectual property lawsuits. Yet Motorola hasn't given up on making phones. In August, it started selling the Moto X, the first smartphone assembled in the United States.
General Motors product development chief Mary Barra has been named the company's new CEO, the first female head of a U.S. car company.Barra, 51, will replace Dan Akerson on Jan. 15. Barra currently holds what many say is the most important job in the company — senior vice president for global product development.
Wal-Mart Stores is promoting David Cheesewright to president and CEO of its international business. The 51-year-old Cheesewright succeeds Doug McMillon, who last month was named the next president and CEO of the world's biggest retailer. McMillon succeeds Mike Duke.
General Motor Corp. says Bob Socia, the president of GM China, will retire on Jan. 1. The company said Friday Matthew Tsien will replace Socia. Tsien, 53, is in charge of planning and program management for GM China and GM Consolidated International Operations and Strategic Alliances for China.
Finance Minister Pierre Moscovici said Wednesday that the pension for Philippe Varin was "inappropriate," especially in light of recent layoffs, the company's financial troubles and falling sales during Varin's four years as chief executive.
Struggling French carmaker PSA Peugeot Citroen says a former executive at rival Renault will lead the company when its current chairman steps down. The company said Monday that Carlos Tavares, who was Renault's chief operating officer, will join PSA's managing board in January. He will replace the current board chairman, Philippe Varin, at some point next year.
BlackBerry's interim chief executive has shaken up BlackBerry's management team in a move seen as prelude to him taking the top job himself. Chief Operating Officer Kristian Tear and Chief Marketing Officer Frank Boulben, both hired by recently ousted CEO Thorsten Heins, will leave the struggling smartphone maker.
Wal-Mart Stores CEO and President Mike Duke plans to step down Feb. 1. The company says Doug McMillon, head of international operations, will succeed him.Duke, 63, who had been with Wal-Mart since 1995, had been at the helm since February 2009. Duke will stay on as chairman.
Heather Zichal admits her job is unfinished. The architect of President Barack Obama's climate-change plan, Zichal left the White House last week after five years as a top adviser on energy and climate change.
In addition to a $1 million base salary and $2 million performance bonus, the Waterloo, Ontario, company will give him 13 million BlackBerry restricted share units, worth $85 million based on the current stock price, that will vest over five years.
Chrysler Group has named a new head of its Chrysler brand. The company said Monday that Al Gardner has been appointed president and CEO of the Chrysler brand. Gardner is a 27-year veteran of Chrysler who most recently served as head of the company's Southeast Business Center.
A troubled dietary supplement maker in Virginia will start next year off with a new leader after its chief executive announced his resignation, a shakeup that comes as the company faced a securities probe, shareholder lawsuits and a scandal involving Virginia's governor.
Dennis Williams has been the UAW's secretary-treasurer for the last three years. Williams, a Marine Corps veteran, joined the union in 1977 as a welder with J.I. Case in Rock Island, Ill. He joined the union's national organizing department in 1988 and has negotiated contracts with Mitsubishi, Caterpillar and other companies.
Mays led development of designs that helped to turn Ford from a money-losing company with mostly boring products in 2006 to a company with coveted designs today. As group vice president and chief creative officer for design, he led development of the Ford Fusion, Focus, Fiesta, Taurus, Mustang and F-150, the statement said.
William C. Lowe had a bold idea: IBM should develop a personal computer that could be mass marketed, expanding the company's reach beyond businesses and into people's homes. That was in 1980. One year later, the IBM 5150 personal computer was selling out at stores such as Sears and ComputerLand for $1,565, not including a monitor.
Ghosn attributed the weaker than expected performance to a variety of troubles, chief among them weakness in many emerging markets and painfully expensive recalls. He announced a management reshuffle that will make the company's chief operating officer, Toshiyuki Shiga, a vice chairman and appoint three other executives as COOs.
The chief executive of Israeli company Teva Pharmaceuticals Ltd. has resigned following a public uproar over a contentious restructuring plan set to cut thousands of jobs worldwide.A statement Wednesday from Teva said says its board of directors and CEO Jeremy Levin had agreed for him to step down.
Electric car maker Tesla Motors has hired Apple Inc.'s chief Mac engineer to lead new vehicle development.Doug Field led the development of new products in his five years at Apple, including the MacBook Air, MacBook Pro and iMac.