There’s less turnover in the C-suite if last year was any indication.
The average executive tenure was 4.9 years, up slightly from 4.5 years in 2023, according to research from executive search company Spencer Stuart. The longer tenure is a sign that businesses are recovering from the shakeup caused by the Covid-19 pandemic, says the firm’s Ed Stadolnik.
There’s also been a significant increase in diversity leadership positions. The data only covers 2024, so it doesn’t reflect changes prompted by the Trump Administration’s anti-DEI stance. Still, the figures suggest companies view such initiatives as critical to long-term success.
FIRST UP
Nvidia reported robust earnings across the board, bringing in $39.3 billion in revenue in its fourth fiscal quarter, the company’s first report since the debut of the less tech-intensive DeepSeek AI model from China. Still, it was the weakest top and bottom line growth for the company since the quarter that ended April 2023, and shares traded slightly lower in after-hours.
President Donald Trump on Wednesday signed an executive order that broadens DOGE’s power and puts a freeze on the use of federal credit cards for the next 30 days. The order, which excludes cards with charges related to disaster relief, seeks to transform federal spending on contracts, grants and loans to ensure accountability from government employees, according to its text.
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BUSINESS + FINANCE
New Department of Agriculture Secretary Brooke Rollins announced an investment of up to $1 billion to combat rising egg prices, as bird flu hurts the nation’s poultry supply. Half of the money will go to helping poultry producers “implement gold-standard biosecurity measures”—$400 million will be used as additional financial relief to farmers whose flocks have been impacted, and $100 million will be used for researching the use of vaccines and therapeutics for laying chickens.
WEALTH + ENTREPRENEURSHIP
Kuok Meng Wei, whose grandfather Robert Kuok is Malaysia’s richest man, is leading his family into AI data centers, which he calls “the hottest industry we’ve seen for decades.” Last October, the group’s privately held unit K2 Strategic opened a 60 megawatt data center at the 700-acre Sedenak Tech Park, one of a dozen digital hubs multiplying across the state of Johor, which has drawn some of the biggest data center players from around the world.
SPORTS + ENTERTAINMENT
Actor Gene Hackman and his wife Betsy Arakawa were found dead at their residence in New Mexico along with their dog, local law enforcement authorities said early Thursday. While details have not yet been disclosed about the cause of the couple’s deaths, police have said foul play was not suspected. Hackman, 95, was nominated for five Academy Awards during his career, winning two for his roles in The French Connection and Unforgiven.
SCIENCE + HEALTHCARE
A meeting of the FDA’s vaccine advisory committee to discuss the next season’s flu vaccine has reportedly been canceled, the second such disruption of a meeting involving vaccine policy experts since prominent vaccine skeptic Robert F. Kennedy Jr took over as the Health and Human Services secretary earlier this month. A member of the FDA’s Vaccine and Related Biological Products Advisory Committee told the New York Times that no reason had been given for the meeting’s cancellation.
WORLD
Controversial “manosphere” social media influencer Andrew Tate and his brother Tristan left Romania—where they have been charged with rape and human trafficking—early Thursday and are on their way to the U.S., after a travel ban on them was lifted by local authorities. The Tates’ lawyer told CNN the brothers were headed to Florida, with the departure coming days after a report that the Trump Administration was pressuring Romania to lift the pair’s travel restrictions.
President Donald Trump posted a bizarre, AI-generated video depicting his apparent plans for real estate development in Gaza, featuring Elon Musk, a shirtless Trump and Israeli Prime Minister Benjamin Netanyahu vacationing at a “Trump Gaza” resort in the Palestinian territory. The video, which he posted on Truth Social, comes after Trump proposed earlier this month that the U.S. could take over Gaza and turn it into “the Riviera of the Middle East.”
TRAVEL + LIFESTYLE
Runway incursions at U.S. airports have made headlines recently, but they’re actually happening less often than in the past. Defined as incidents “involving the incorrect presence of an aircraft, vehicle, or person” on a runway, there were 1,474 runway incursions in the U.S. in 2024—down 17% from 2023, according to the FAA. The vast majority involve private and corporate flights, not commercial passenger jets.
TRENDS + EXPLAINERS
The House narrowly approved a Republican budget plan Tuesday that includes massive tax cuts and additional border wall funding, but it’s merely a framework that tasks the relevant House committees with drafting spending plans for the areas of government they oversee. Their approved topline cuts cannot be achieved without slashing Medicaid or reducing spending on the Supplemental Assistance Nutrition Program, which provides food assistance for low-income Americans.
Elon Musk and GOP lawmakers have ramped up attacks in recent days on judges issuing unfavorable rulings against the White House, claiming they’re “corrupt” and should be removed from office, but federal rules and Republicans’ narrow majority in Congress mean any impeachment efforts are likely to fail. The House only needs a simple majority to impeach a judge, but that judge can’t be removed from office without a two-thirds majority in the Senate.
DAILY COVER STORY
Inside The Largest Black-Owned Bank In America
TOPLINE Nearly 20 years after Hurricane Katrina devastated New Orleans, the scars are still visible. But one beacon of hope is Liberty Bank, the largest Black-owned bank in America.
Founded in 1972, Liberty has grown from $2 million in assets to more than $1 billion. According to the Federal Deposit Insurance Corporation (FDIC), the bank has $948 million in deposits, making it the largest bank for Black Americans by asset size. Liberty serves 11 states, and, as president and CEO Alden McDonald Jr. notes proudly, has been profitable for 47 of its 52 years. The bank has achieved this by focusing on lending to underserved communities and, like all banks, generating revenue from fees and interest.
Known as Minority Depository Institutions (MDIs) or Community Development Financial Institutions (CDFIs), Black banks—like their Hispanic and Asian counterparts—fall under federal oversight and play a vital role in many neighborhoods. Historically, Black banks have financed small businesses, churches, and individuals who have traditionally faced discrimination from larger banks.
Currently, there are 23 Black banks in America, down from 46 in 2001, but their combined assets have increased from $5 billion to $9 billion over the past quarter century. The FDIC categorizes these banks based on their leadership structure and equity. Washington, D.C.-based City First Bank, a Black-led institution, leads with assets of $1.3 billion, primarily due to a merger with Broadway Financial in 2021. Liberty follows closely behind with $1.1 billion.
“Most Black banks are still surviving today,” McDonald says. But few have thrived like Liberty Bank.
WHY IT MATTERS Alden and his son Todd are working to repair the relationship between Black Americans and commercial banks. “We have more networking and more contacts for more things than any other type of industry,” Alden says. “When you need something, you pick up the phone. If we don’t know, we know somebody else who will know.”
MORE ForbesBLK 50 2024
FACTS + COMMENTS
Breast cancer cases are expected to rise by 38% worldwide over the next 25 years, according to analysis by the World Health Organization. Age, family history, alcohol intake and physical activity are all factors that influence breast cancer risk:
68%: The potential rise in deaths from the disease over the next quarter century
More than 350,000: The number of U.S. cases expected in 2050, if current demographic trends continue, compared to nearly 275,000 in 2022
56%: The share of women diagnosed with breast cancer in the world’s least developed countries who die from their disease, compared with around 17% in most developed countries
STRATEGY + SUCCESS
For years, the assumption was that career growth equated to moving up the ladder to a coveted leadership role. But not everyone wants to become a manager. Look for other ways to take charge, such as employee resource groups, and talk to your boss about your desired path. While you don’t have to follow someone’s exact career path, try to network with people in the roles that you do want.
VIDEO
QUIZ
The Academy Awards will air this Sunday, but not all winners in history have accepted their awards. A screenwriter for which 1935 film was the first to reject an Oscar?
A. Gone With The Wind
B. The Informer
C. The Wizard of Oz
D. It Happened One Night
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.