Good morning, CFOs. The CFO of Elon Musk’s AI company leaves; Macy’s CEO Tony Spring is working to turn the retailer around; and Unilever plans on “refreshing” the top leaders.

The chief financial officer of xAI has left the company, people familiar with the matter said, the latest high-profile departure from Elon Musk’s artificial intelligence company.

Mike Liberatore had been the company’s CFO since April and left around the end of July, the people said. The reasons for his departure couldn’t be learned.

The former Airbnb executive had been involved with the company’s fundraising efforts, including a $5 billion debt sale that Morgan Stanley helped orchestrate in June. In connection with the debt, the company also raised $5 billion in equity. SpaceX contributed almost half of the total equity raised, a rare move from Musk’s space-exploration company, which rarely makes outside investments.

Liberatore has also overseen some of xAI’s data center expansion in the greater Memphis area. He signed off on the purchase of an easement for transmission lines running near a defunct power plant in northern Mississippi in the middle of July, according to property records.

📆 Earnings

• Broadcom
• Lululemon Athletica

📈 Economic Indicators

ADP releases its National Employment Report for August.

ISM releases its Services PMI for August.

Tony Spring’s turnaround plan for Macy’s is centered on the idea that little things can make a big difference. The CEO’s strategy is starting to work.

Macy’s Wednesday reported quarterly sales growth for the first time in three years, excluding newly opened or closed locations. The news sent the company’s shares up about 19% in Wednesday trading.

“We are seeing some green shoots,” Spring said in an interview. “We are celebrating the progress but our ambition is to do much better.”

📈 Earnings wrapup

• Salesforce Shares Slip as Investors Fret Over Light AI Returns
• American Eagle Credits Sydney Sweeney Ads for ‘Brand and Business Reset’
• Campbell’s Expects Dropoff in 2026 Earnings as Tariffs Hit Soup Cans
• Hewlett Packard Enterprise Is All In on Networks After Juniper Acquisition
• Figma Second-Quarter Revenue Jumps as Businesses Spend More on Design
• Dollar Tree Shares Fall as Tariffs Dampen Near-Term Outlook
• Luxury Sneaker Maker Golden Goose is Ready to Revive IPO When Markets Allow, CFO Says
• Ford Sales Rise in August, Led by EVs

📰 Other headlines

• The Year’s Buzziest Deals Are Corporate Breakups
• Amazon Pauses Delivery Fleet Redeployments After Outcry Over Repair Costs
• Google Ruling Shows Antitrust Tools Struggle to Keep Up With Tech Markets
• Unilever Plans on ‘Refreshing’ Top Leaders Amid Broad Restructuring
• ConocoPhillips Is Latest U.S. Oil Producer to Announce Major Layoffs
• Bank of England’s Bailey Sees More Doubt About Timing of Next Rate Cut
• Deutsche Bank Intends to Continue Growing on Its Own, Chief Executive Says
• How Jet Lag Cost the Global Face of Japan Inc. His Job

Snowflake, the cloud data company, said it appointed Brian Robins as CFO, effective Sept. 22. Mike Scarpelli is retiring as the company’s finance chief that day. Scarpelli will stay a Snowflake employee for a period of time and then take on an advisory role at Snowflake. Robins has served as CFO of GitLab since October 2020.

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