Trump-Backed SPAC Digital World Appoints New CFO While Hasbro and Cutera Make Key Executive Changes

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Digital World Acquisition (DWAC), a special purpose acquisition company (SPAC) backed by former US President Donald Trump, has appointed Katherine Chiles as its chief financial officer (CFO). DWAC plans to merge with Trump's media and technology firm, Trump Media & Technology Group. Chiles, who was previously a senior financial analyst at payment solutions provider Total System Services, was selected as the CFO following the removal of former CEO Patrick Orlando in March. Despite the merger delay due to ongoing investigations by the Justice Department and Securities and Exchange Commission, Chiles' appointment suggests that DWAC is still pushing ahead with the deal.

Gina Goetter, Harley-Davidson's finance head, has resigned from the motorcycle manufacturer and will become the chief financial officer of toymaker Hasbro effective from May 18, 2023. David Viney, Harley-Davidson's VP-Treasurer, will act as interim CFO until a replacement is found. Goetter's departure comes as UBS predicts Harley-Davidson's Q1 retail sales in the US may decline by nearly 20%, indicating a worsening retail environment despite the company's offer of low-interest rates to borrowers. Bank of America has lowered its price target on Harley-Davidson stock to $55 from $65 but claims this is related to Goetter's new position rather than any issues at the company.

Shares of Cutera, a medical aesthetics device manufacturer, fell more than 28% after the company terminated its chairman and CEO, Daniel Plants and David Mowry, for cause. The decision was based on 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. Cutera has appointed Sheila Hopkins as interim CEO and Janet Widmann as independent chair of the board while searching for a permanent CEO. Shares in Cutera closed nearly 5% lower for the week.

Alibaba shares fell nearly 6% after reports that SoftBank intends to sell nearly all its shares in the Chinese e-commerce giant. The impending sale comes after SoftBank sold about $7.2 billion worth of Alibaba shares this year and a record $29 billion in 2022, cutting its stake in the company to just 3.8%. The news has been viewed as another blow to Alibaba, which is already grappling with antitrust and regulatory pressures in China. Alibaba's shares closed nearly 8% lower for the week.

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