Financial literacy and stability in the U.S. is surprisingly low. According to the Financial Industry Regulatory Authority, less than 50% of Americans know how much they need to save for retirement and around two-thirds of Americans cannot pass a basic financial literacy test.
For this reason, Carrie Schwab-Pomerantz has dedicated her work as the Chair and President of the Charles Schwab Foundation to increasing literacy education. Carrie joins Cheddar to explain how the Charles Schwab Foundation is partnering with different organizations to push education forward.
The Charles Schwab Foundation is working with The Boys and Girls Club of America to partner with young students, as well as Donors Choose in order to increase access to financial education.
Carrie is also the daughter of Charles Schwab and explains how she has seen the company grow from a start-up, to what it is today.
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
