Family businesses are often left out of the conversation when it comes to economic recovery and growth, says José Liberti, a clinical professor of finance at the Kellogg School of Management...

• External consultants are helping UBS create a potential merger deal between the two largest Swiss banks, Credit Suisse and UBS.
• It would be the biggest deal since UBS merged with Basler Bankverein in 1997.
• UBS and Credit Suisse told Business Insider that they don’t comment on “market rumors and speculations...

• In SEC paperwork to go public, secretive data company Palantir revealed its CEO Alexander Karp made $12 million last year and had a travel stipend of $600,000.
• Karp also was compensated for nearly $1 million for "the person use of chartered aircraft."
• Palantir filed IPO paperwork the day after a slew of unicorn-status enterprise tech startups filed to go public...

• Tesla's postponed annual meeting and "battery day" presentation is set for September 22.
• Both events will be livestreamed online, with a select few investors being chosen to attend in-person.
• Shareholders can apply to be picked at random in order to attend...

Tesla said Tuesday that it was pursuing a five-for-one stock split following a massive rally in its share price this year...

• New WarnerMedia CEO Jason Kilar is shaking up the company's leadership ranks in a major reorganization that will see three top execs depart the company.
• The key departures include Bob Greenblatt, chairman of WarnerMedia Entertainment and Direct-to-Consumer; Kevin Reilly, HBO Max's content chief and president of TNT, TBS, and TruTV; and Keith Cocozza, executive vice president, corporate marketing and communications...

• Ford announced on Tuesday that CEO Jim Hackett will retire October 1 and be replaced by current COO Jim Farley.
• Ford remains a family business, overseen by Bill Ford, the company's chairman and great-grandson of founder Henry Ford.
• The carmaker's share price has been in decline for years, through three different CEOs. The Ford family still controls the company — and relies on the stock...

• Coty Inc. is getting its third new CEO this year: longtime L'Oreal veteran Sue Nabi.
• Nabi served as president of both L'Oreal and Lancome and also founded the skincare business Orveda.
• She replaces Peter Harf, who will stay on as the brand's executive chairman.
• Visit Business Insider's homepage for more stories.

• Tesla is paying CEO Elon Musk $1 million to insure its board against lawsuits for up to $100 million, SEC filings revealed on Tuesday.
• Tesla announced in April Musk would be personally insuring its board because it said it couldn't find a reasonable quote from an insurance company.
• Investor adviser PIRC on Tuesday separately recommended Tesla shareholders vote Musk out as CEO over his prospective $55.8 billion bonus pay package...

• A Tesla shareholder has proposed that the company spend money on advertising for the first time in its history.
• Investors will vote on the matter in July at the company's annual meeting, but it's not likely to pass.
• Even without ads, Tesla is worth more than most other traditional automakers and demand has largely outpaced production...

• WeWork's board is set to vote on Friday to add two temporary independent directors to the SoftBank-controlled board.
• The duo, who bring deep business and legal expertise, would decide whether the current lawsuit against SoftBank can continue.
• A pair of current board members – the only non-SoftBank-affiliated directors – contested the additions in court on Wednesday, arguing that the process would hurt WeWork's minority shareholders...

• Facebook is holding its annual shareholder meeting on Wednesday.
• Due to the pandemic, the meeting will be virtual for the first time.
• Shareholders are calling for Zuckerberg to relinquish his position as board chair and appoint an independent figure to the role.
• But Zuckerberg's total control of the company through his shares makes the proposal certain to fail.
• Facebook has talked about the importance of independent oversight in other areas, but Zuckerberg has the final say...

• Dr Moncef Slaoui, a former pharma executive, was announced last week as a lead figure in President Donald Trump's push for a coronavirus vaccine.
• Slaoui resigned as a director of the company Moderna — which is trialing one vaccine — to take the position.
• However, he continues to hold stock options worth more than $10 million in Moderna, which has seen its stock price skyrocket in recent months...

Facebook's board of directors has formed a formal privacy committee, as required under the company's settlement with federal regulators after the Cambridge Analytica scandal...

• Sycamore Partners will not acquire a majority stake in Victoria's Secret, according to a statement from L Brands on Monday.
• The private equity firm had valued the lingerie brand at $1.1 billion in February, and planned to acquire a majority stake.
• In April, Sycamore filed suit against L Brands, arguing that Victoria's Secret's response to the coronavirus pandemic had constituted a breach of contract...

• Tesla said Tuesday that CEO Elon Musk is insuring company directors, citing high premiums from insurance companies.
• The billionaire pledged 54% of his stake in Tesla to make the offering, up from 40% in 2018.
• No stranger to high insurance costs, Tesla last year launched an insurance offering for owners in California.

• Former T-Mobile CEO John Legere has resigned from the company's board of directors on Friday, according to an SEC report filed by T-Mobile.
• The abrupt announcement will cut short the remainder of Legere's time in the company by more than a month, as Legere was set to continue as a member of the board until June 4...

• Tesla announced Thursday that it is appointing Hiro Mizuno to its board of directors.
• Mizuno was most recently the chief investment officer of Japan's $1.5 trillion government pension fund, the largest such retirement pool in the world.
• The former investment banker's appointment as a director could mark an end to a tumultuous year-and-a-half for Elon Musk's board of directors...

• Shake Shack is returning the $10 million US government loan it received as part of the coronavirus stimulus package after facing criticism for taking money meant for struggling small businesses.
• Less than two weeks after the Paycheck Protection Program was introduced, the government department in charge ran out of money, and small business owners complained about being frozen out of the package...

• Airbnb is facing a big challenge thanks to the coronavirus pandemic, which has led to a deep decline in the travel industry.
• The crisis poses a big test for CEO Brian Chesky, who's largely a self-taught manager and has little experience to draw from in terms of guiding a big company through an economic crisis.
• Fortunately for Chesky, Airbnb's board is comprised of seasoned executives who have led companies through similar challenges...

• Zoom is reportedly being sued by one of its own shareholders for allegedly hiding security flaws in its app.
• Bloomberg reports that shareholder Michael Drieu filed a class-action lawsuit Tuesday in a San Francisco federal court, claiming revelations about Zoom's deficiencies affected its stock price.
• The videoconferencing service has come under fire this month over multiple security-related issues, despite seeing a surge in use amid the coronavirus crisis...

• Jamie Dimon's annual letter to JPMorgan Chase shareholders was published Monday.
• While it focused primarily on the coronavirus pandemic's effect on the financial institution, it also included a section about the company's diversity and inclusion efforts.
• The section acknowledges a 2019 report by the New York Times alleging racial discrimination at the bank...

• On an investor call on Thursday, Marriott announced that it will suspend the salaries of its CEO and Executive Chairman for the remainder of 2020 to cut costs amid global hotel closings and low occupancies due to the coronavirus pandemic.
• Marriott will also reduce the salaries of top executives by 50%.
• Marriott expects to furlough tens of thousands of employees in the coming weeks, Craig Karmin reported for the Wall Street Journal.

Best Buy said Tuesday that its CEO, Corie Barry, will remain in her role following an investigation into allegations that she had an inappropriate relationship with a fellow executive...