Cargill names new CEO, Tesla recalls more EVs, Simon & Schuster walks away from Penguin deal

Yahoo Finance’s Julie Hyman breaks down business stories to watch, including Cargill appointing Brian Sikes CEO, Tesla recalling 321,000 U.S. vehicles over rear light issues, and Simon & Schuster letting its deal with Penguin collapse after a court ruled against it.

Video transcript

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JULIE HYMAN: Let's get down to business now-- a look at some of the other headlines we're watching in business and beyond. Minnesota-based agricultural giant Cargill is appointing a new CEO. Brian Sikes, the current chief operating officer and 31-year company veteran, will helm in the company starting in January. He'll be the 10th CEO in the company's 157-year history. Current CEO David McLennan will take over the role of executive chair on Cargill's board, ahead of the company's customary retirement age of 65. Cargill, by the way, is the nation's largest privately held company.

Tesla recalling more than 321,000 vehicles in the United States after some of its tail lights failed to illuminate. That's according to a filing made public on Saturday. The tail light-related recall affects some 2023 Model 3s and 2020 through '23 Model Y vehicles. Tesla says it will deploy an over-the-air update to correct the rear light issue and said it has no reports of any crashes or injuries related to the recall.

This follows the car manufacturer's Friday recall of roughly 30,000 Model Xs due to an airbag issue, which the company says was also fixed via an over-the-air update. I guess recall doesn't always mean recall in this day and age.

And book-publishing powerhouse Simon & Schuster will let its $2.2 billion sale to Penguin Random House collapse. That's according to reports citing people close to the deal. Penguin's owner, Bertelsmann, was unable to convince Simon & Schuster's current owner, Paramount Global, to launch an appeal and extend the deal contract before expiration. That's after the acquisition was blocked on antitrust grounds. Now the deal's collapse opens the door for a new suitor. Penguin's owner will owe Paramount a $200 million breakup fee as a result of that transaction falling apart. Soz.