Your Cheddar hosts Kristen Scholer and Jon Steinberg debut Cheddar's new set! Plus, they round up the day's top stories, starting with the Senate passing the tax reform bill. And Stitch Fix beats earnings estimates but still plummets before the open. The Senate's tax bill would be the country's largest tax overhaul since 1986 and would cut the corporate tax rate more than any single bill has before. Plus, Stitch Fix isn't doing so well, despite beating expectations for its first earnings report. the company's shares went into a tailspin on Wednesday, dropping more than 11% and putting a dent in its run-up since its November IPO.

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Nestlé dismisses CEO after he has relationship with a subordinate
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 undoes blockbuster merger after a decade of falling sales
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.
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