Dec 5, 2019

United CEO Oscar Munoz to step down in 2020

United CEO Oscar Munoz. Photo: Justin Sullivan/Getty Images

United Airlines CEO Oscar Munoz will step down in May, transitioning into the role of executive chairman, CNBC reports.

What's next: The airline's current president, Scott Kirby, will take over as CEO, ending industry speculation that he might jump ship to American Airlines. His ascension had been expected on Wall Street, as Kirby was hired by Munoz in 2016 improve United's performance and profits.

Go deeper: CEO confidence sinks to lowest level since 2016

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The CEO's boss

Illustration: Aïda Amer/Axios. Photos: Justin Sullivan/Getty and Saul Loe/Getty

Being a CEO used to mean something very clear: You were the top dog, answerable only to the collective will of a board of directors. Today's CEOs, by contrast, are often deep down in the org chart, fireable by a boss who in turn is fireable by an even higher-up boss.

The big picture: Regional heads, heads of subsidiaries, heads of business lines — all of them now lay claim to the CEO title. Mark O’Donovan, for instance, is the CEO of Chase Auto, a subsidiary of Chase Manhattan Bank that is itself a subsidiary of JPMorgan Chase.

Go deeperArrowDec 5, 2019

As economy booms, Wall Street bonuses shrink

llustration: Aïda Amer/Axios

Brace yourself: New York city officials estimate the pool of money allocated to bonus payouts by Wall Street firms will shrink by at least 9% this year — to about $25 billion from the $27.5 billion doled out in 2018.

Why it matters: A surging stock market and low unemployment rate don’t mean that bonuses in the securities industry will keep growing and growing.

Go deeperArrowDec 12, 2019

CEO optimism drops for 7th straight quarter

JPMorgan CEO Jamie Dimon. Photo: Mark Wilson/Getty Images

A closely-watched index of CEO hiring, sales and spending plans declined again, according to a survey of some of the biggest corporations in the U.S. by Business Roundtable, their trade group.

Why it matters: The survey has shown declining optimism for almost two years. As we get closer to the 2020 election, the record-high CEO optimism levels that peaked during Trump’s presidency have now vanished — largely thanks to trade war uncertainty.

Go deeperArrowDec 11, 2019