Good morning, CFOs. Automaker GM projects profit of between $8.2 billion and $10.1 billion for full year; Kohl’s fires CEO for “highly unusual” business deal with romantic partner; plus, our weekly highlights.

Tariffs will wipe out up to a quarter of General Motors’ net profit for the year, the company said Thursday.

The country’s largest automaker said it faces $4 billion to $5 billion in tariff-related costs this year, which it aims to partially offset by pulling back on spending and increasing production at its U.S. factories.

GM said it now expected its full-year net profit to be between $8.2 billion and $10.1 billion, down from a prior projection of $11.2 billion to $12.5 billion. The company reported its first-quarter earnings on Tuesday, but postponed its full-year guidance until after President Trump announced his revised tariff structure.

📆 Earnings

• AES
• Apollo Global Management
• Cboe Global Markets
• Chevron
• Cigna Group
• DuPont
• Exxon Mobil
• Franklin Resources
• T. Rowe Price Group

📈 Economic Indicators

The Bureau of Labor Statistics releases the jobs report for April.

Kohl’s fired chief executive Ashley Buchanan after it discovered he had instructed the retailer to enter into a “highly unusual” business deal involving a woman with whom he has had a romantic relationship, according to people familiar with the situation.

Buchanan met the woman, Chandra Holt, when they were both working at Walmart several years ago, the people said. Buchanan went on to run crafts chain Michaels and took over as Kohl’s CEO in November. Holt went on to become the CEO of Bed Bath & Beyond. She is now a consultant and the founder of Incredibrew, a coffee brand infused with vitamins and minerals.

Buchanan declined to comment. “I’ve known Ashley Buchanan for 10 years, but I have not received any compensation for my Incredibrew business from Kohl’s,” Holt told The Wall Street Journal.

A Kohl’s board investigation found that Buchanan violated the company’s code of conduct in two instances with a vendor with whom he had a personal relationship and whom it didn’t name, according to a regulatory filing.

• Apple sales surged in the January to March quarter as people moved quickly to buy smartphones and other devices before new U.S. tariffs were announced in April. The company also said most of its devices shipped into the U.S. in the June quarter will originate in India and Vietnam.
• Amazon.com reported strong quarterly earnings that weren’t affected by new tariffs on Chinese imports.

📰 Other headlines

• Meta, Microsoft Earnings Help Ease Fears of Tariff Hit to Magnificent Seven
• Airbnb Revenue Rises, but Sees Bookings-Growth Slowdown in Second Quarter
• DOJ Files Complaint Against Aetna, eHealth, Others, Alleging Medicare Advantage Kickbacks
• McDonald’s U.S. Sales Decline in Shaky Economy
• Apple Violated Antitrust Ruling, Judge Finds
• CVS Beats Wall Street Expectations, Plans to Withdraw From ACA Business
• Goldman Sachs Removes Mentions of ‘Black’ From Flagship Diversity Pledge
• Warren Buffett, Mum So Far on the Trade War, Steps Up to the Mic
• Greg Ip: Forget GDP. It’s the Jobs Report That Matters.
• Exclusive: Kimberly-Clark to Invest $2 Billion in U.S. Manufacturing Sites

• Carbon-removal credits are one of the few ways companies can decarbonize, but so far demand has remained limited to just a handful of buyers.
• Getting a startup on its feet after a cyberattack can cost a fortune. More often than not, investors get stuck with the bill.
• Tariff uncertainty and geopolitical turbulence have boosted interest in private-credit investment.
• Brands like Mastercard and PepsiCo are shaking up their Pride spending, with some citing political pressure and economic uncertainty.

Travel + Leisure Co., the Orlando-based resort and timeshare operator, named Erik Hoag its new CFO. Hoag is set to start on May 19 and succeed Mike Hug, who plans to retire after 26 years, the company said Thursday. Hoag, 52 years old, joins from Fidelity National Information Services where he was chief integration officer starting in 2023. Travel + Leisure plans to pay Hoag a base salary of $650,000, plus an incentive and equity package. Hug made a salary of $669,547 in 2024, with a total compensation of about $4.7 million.

—Katherine Hamilton contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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