Sep 27, 2018

Energy giants see C-suite makeovers

Former Daimler CEO Dieter Zetsche. Photo: Martina Holmberg/picture alliance via Getty Images

The changing of the guard at auto giant Daimler is the latest C-suite move at auto and energy giants that will help shape the future of both industries.

Driving the news: Daimler yesterday said that CEO Dieter Zetsche will step aside for current development head Ola Källenius, who the Wall Street Journal notes has been "leading the car maker’s push into electric vehicles and self-driving cars."

The big picture: The move comes after rival Volkswagen, the world's largest automaker, announced a new CEO at a time when it's also expanding its EV program.

  • And in the oil industry, U.S. behemoths ExxonMobil and Chevron have farily new bosses who are taking a different tack on climate change than their predecessors — a topic we covered here.
  • The oil industry's most powerful trade group, the American Petroleum Institute, also has a new leader in Mike Sommers, who took over recently.
  • Uber has a rather new CEO in Dara Khosrowshahi, who is running the company at a time when some experts fear the explosive growth of ride-hailing will boost carbon emissions (more on that below).

My thought bubble: A big question is whether there will be a bankshot effect that alters the Beltway posture of powerful auto and oil industry trade groups, which often oppose or seek to scale back climate regulations.

  • One longstanding K Street dynamic is that trade associations sometimes stake out positions that are essentially to the right of some big members' views or practices.

Go deeper

Sanders: "While this campaign is coming to an end, our movement is not"

Addressing his supporters via livestream after suspending his campaign, Bernie Sanders congratulated Joe Biden on his presumptive victory in the 2020 Democratic presidential primary while making clear that his fight for progressive ideas will not end with his candidacy.

What he's saying: "While this campaign is coming to an end, our movement is not. Dr. Martin Luther King Jr. reminded us that 'the arc of the moral universe is long, but it bends towards justice.' The fight for justice is what our campaign has been about. The fight for justice is what our movement remains about."

Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restrictions, which were put in place following the bank’s customer abuse scandals.

Why it matters: The Fed’s only reason for lifting the cap is so Wells Fargo can dole out more loans to struggling small businesses as part of the government’s coronavirus aid package. Earlier this week, the bank said it could only lend a total of $10 billion, thanks to Fed restrictions that it can’t grow its assets beyond $1.95 trillion.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 1,450,343 — Total deaths: 83,568 — Total recoveries: 308,617Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 399,979 — Total deaths: 12,912 — Total recoveries: 22,539Map.
  3. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
  5. Public health latest: Surgeon General Jerome Adams highlighted the disproportionate impact the illness is having on African-American communities.
  6. World latest: Indians look to Taiwan amid China's coronavirus missteps
  7. 🚌 Public transit: Systems across the country are experiencing ridership collapse, squeezed funding streams and slow recovery from the pandemic.
  8. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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