Appointments and Executive Changes

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      Powell, Fed Chair, Will Likely Face Heavy Pressure From Trump

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      The chair of the Federal Reserve made clear he would not resign, even under pressure. But pressure from the White House is likely, market watchers say.Jay Powell, the Fed chair, with President Trump during more tranquil times in 2017.Carlos Barria/ReutersPowell pushes back Jay Powell and the Fed may have pulled off the improbable soft landing in taming inflation while not crashing the economy into recession, proving many a Wall Street naysayer wrong.But an even bigger wildcard looms in another Donald Trump presidency — what Trump 2.0 might mean for interest rates, Fed independence and the Fed chair’s own job.That tension burst into the open at the Fed’s news conference on Thursday. The usually dry event had moments of high drama that nearly overshadowed the decision to cut the benchmark lending rate by a quarter percentage point. Powell delivered a forceful “no” when asked by Victoria Guida of Politico if he would consider resigning if Trump asked.He delivered a more emphatic response when pressed by another reporter on whether the president had the legal authority to fire him. “Not permitted under the law,” Powell said.Trump has made waves by saying that a president should have a say in rates policy. And suggestions have circulated from inside the president-elect’s camp that he would sideline Powell if re-elected — something Trump flirted with during his first term after appointing Powell in 2017.The S&P 500 advanced as the news conference wore on, closing at another record, and Treasury bonds also rallied.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How FTC Chair Lina Khan Became an Election Hot Topic

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      The Federal Trade Commission chair drew increasing political vitriol as the presidential vote neared. Her political future hangs in the balance.In the run-up to the election, Lina Khan, chair of the Federal Trade Commission, was called a dope, partisan and unhelpful by Democrats and Republicans. Democratic donors including the billionaires Reid Hoffman, Barry Diller and Mark Cuban called for her ouster from the agency. Last week, a report from the Republican-led House Judiciary Committee accused her of having a far-left agenda and weaponizing the agency.Ms. Khan “will be fired soon,” Elon Musk, the owner of X and a supporter of former President Donald J. Trump, wrote on his platform on Thursday.Few government officials elicited such intense bipartisan attention ahead of the election, making speculation regarding the future of Ms. Khan — nominated in 2021 by President Biden — one of the most avid parlor games in Washington.The fixation on Ms. Khan, 35, is uncommon for a leader at the long-under-the-radar F.T.C., which regulates companies that subvert competition and deceive consumers. It reflects the high stakes of the Biden administration’s wide-ranging program to dampen the power of America’s biggest corporations — which either presidential candidate could reverse if victorious.Scrutiny from the F.T.C. and the Justice Department has led to the collapse of billions of dollars in recent corporate deals. Lawsuits filed by the agencies could break up big American brands like Google, Amazon and the parent company of Ticketmaster. Ms. Khan has argued to regulate artificial intelligence, ordered companies to make it easier to cancel online subscriptions and banned noncompete agreements, which stop workers from taking a job with a rival employer.The backlash from the business world and its Washington allies has been fierce — and it ramped up before the vote.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      After Turmoil, Royal Danish Ballet Taps Veteran Dancer as Leader

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      Amy Watson will helm the storied company as it grapples with the sudden departure of its previous artistic director and accusations of abuse at its school.For months, the Royal Danish Ballet, one of the world’s premier dance troupes, has been in turmoil. Accusations of abuse have shaken its 253-year-old school. Then, last week, the company said its star artistic director, Nikolaj Hübbe, was abruptly resigning after 16 years.Now the Royal Danish Ballet hopes to turn the page on those troubles. The company announced on Thursday that Amy Watson, a California-born dancer who joined the troupe in 2000, would serve as its next artistic director.“This theater gave me a second homeland and a wonderful career that I could have never dreamed of,” said Watson, 43. “I want to serve in the highest capacity for the theater and to give back.”Watson, whose tenure begins on Friday, succeeds Hübbe, 57, a Copenhagen native who has been a fixture at the troupe for years. He started training at its school when he was 10 and was a principal dancer by age 20. He later was an acclaimed principal dancer at New York City Ballet for 16 years.Since 2008, Hübbe has run the company, famous for its rich choreographic legacy rooted in the repertory of the 19th-century Danish master August Bournonville. Hübbe oversaw new productions of classics like “Swan Lake” and “Giselle,” and expanded the company’s range, bringing in works by living choreographers, including Christopher Wheeldon, Alexei Ratmansky, Yuri Possokhov and Wayne McGregor. He also worked to attract new audiences with more casual and intimate offerings.During his tenure, the company faced difficulties, including budget cuts, union fights and allegations of drug abuse in the company. Last year, the organization began an inquiry into conditions at its school amid reports that children had experienced psychological and physical abuse. Some former students said they had developed eating disorders after being told at a young age that they were too heavy to dance.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Vietnam Revives Power-Sharing Arrangement With New President

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      The move restores a “four pillar” government structure that divides top-level duties to avoid the rise of a single strongman.Vietnam’s National Assembly approved a new president on Monday, restoring a power-sharing arrangement among four high-level leaders that has defined the country’s approach to Communist government for decades.The assembly’s announcement that Luong Cuong, a Vietnamese Army general, would be president calms speculation about the country’s top leader, To Lam, and whether he would try to retain the presidency after rising to become general secretary of the Communist Party in August.Under the country’s “four pillar” structure, established in part to avoid the rise of a single strongman, decision-making roles are split among the general secretary, president, prime minister and head of the National Assembly.Vietnam’s president typically oversees the military and usually comes from within its ranks. But from 2018 to 2021, Nguyen Phu Trong, who was general secretary from 2011 until his death in 2024, also served as president.Mr. Lam had been named president in May and initially held both roles. As minister of public security before that, he helped lead an anti-corruption campaign that pushed out several high-level figures, including two presidents and three deputy prime ministers.It was unclear whether he would seek to keep two positions and consolidate power ahead of the National Party Congress scheduled for 2026, when the country’s next leaders will be chosen.In a speech opening the assembly’s session on Monday, Mr. Lam praised his Communist Party colleagues for reaching an agreement at a moment when “the global and regional situation has had many complex developments, with unprecedented and unpredictable issues, posing many significant challenges to the task of building and defending the nation.”“The passing of comrade general secretary Nguyen Phu Trong is a great loss, leaving deep sorrow among the people and soldiers across the country,” he said. “In this context, our party has shown steadfast resolve, maintaining a unified bloc in will and action, quickly consolidating the leadership of the party and state with high consensus.”In his own introductory speech, Mr. Cuong promised to “resolutely and persistently safeguard national independence, sovereignty, unity and territorial integrity.”Analysts said a return to Vietnam’s four-pillars arrangement could help minimize political infighting as another generation of leaders seek to fulfill Vietnam’s long-held ambitions of becoming a wealthy nation with high-end manufacturing and a larger role on the world stage.“This could help mitigate factional tensions by ensuring that the military has a prominent role in the nation’s leadership,” said Nguyen Khac Giang, a visiting fellow at the ISEAS-Yusof Ishak Institute, a research organization in Singapore.He added, “This will help stabilize the system after a period of significant turbulence.” More

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      CVS Ousts Karen Lynch as C.E.O. and Shares Fall

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      Shares of the health care conglomerate dropped after the sudden departure of Karen Lynch and a downbeat update on the state of the company’s finances.CVS Health abruptly ousted its chief executive, Karen S. Lynch, on Friday as the pharmacy and health care conglomerate struggled with sluggish growth and faced pressure from investors.The company appointed David Joyner, the head of CVS Caremark, its successful unit overseeing prescription drug benefits, as the new chief. The management change was accompanied by a dour financial update, with the company scrapping its previous forecasts because of “elevated medical cost pressures.” Shares of CVS fell sharply in early trading.The company’s earnings have disappointed investors in recent quarters, in part because of rising costs at Aetna, the company’s insurance arm. Activist investors have pushed the company for changes, prompting CVS to explore breaking itself up, potentially by separating its pharmacy business from its insurance unit.CVS employs about 300,000 people. Its sprawling portfolio includes the branded pharmacy chain, with more than 9,000 retail locations; Aetna, which it acquired in 2018, which has nearly 40 million policyholders and other customers; Caremark, the country’s largest pharmacy benefit manager, hired by employers and governments to oversee prescription drug benefits; and Oak Street Health, which runs more than 200 primary care centers for Medicare recipients.Ms. Lynch took over as the group’s chief executive in February 2021, after running Aetna. “I don’t want people to think about CVS Health as just that drugstore,” she told The New York Times in 2022. “I want them to think about it being a health care company.”Roger Farah, the chairman of CVS Health, said in a statement on Friday that “the board believes this is the right time to make a change.” He added that Mr. Joyner’s “deep understanding of our integrated business” would help steer the company through its challenges.During his tenure at Caremark, which he rejoined in 2023 after a few years away from the company, Mr. Joyner faced increased scrutiny of pharmacy benefit managers. He appeared at a Congressional hearing this summer, facing questions from lawmakers about the role of pharmacy benefit managers in rising drug costs for millions of Americans.This month, CVS said it would cut almost 3,000 jobs, mostly corporate employees. Its rival chains are also under pressure to cut costs: This week, Walgreens said it would close about 1,200 stores over the next three years.Shares of CVS, which dropped 7 percent on Friday, have fallen more than 25 percent this year. More