In Brief: Dobbie moves aside at Cupid; McMillon heads to Wal-Mart; 7digital plans reverse takeover of UBC Media; Nasdaq tops 4,000

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The chief executive of the online dating firm Cupid is to step down. Bill Dobbie will move to a non-executive role at the Aim-listed company from next month.

He is to be replaced as chief executive by Phil Gripton, the head of Cupid’s dating services division. In July Cupid was cleared of using fake profiles, but staff were warned to identify themselves more clearly.

Doug McMillon named as next CEO of Wal-Mart

Wal-Mart has named the head of its international division, Doug McMillon, to replace Mike Duke as chief executive from 1 February. Mr Duke is retiring from the the world’s largest retailer after five years at the helm. Mr McMillon, 47, will take charge after the holiday shopping season.

7digital plans reverse takeover of UBC Media

Music platform 7digital will debut on the stock market next year as plans for a reverse takeover of UBC Media were confirmed. The new business will have five million users and operate in 42 countries. To help fund the deal UBC has lent 7digital £1m, convertible into shares.

Nasdaq tops 4,000 for first time in 13 years

The hi-tech dominated Nasdaq index pierced through the psychologically important level of 4,000 after the opening bell yesterday, a level not seen since September 2000. The Dow Jones also extended its record rally. The US stock market closes on Thursday for Thanksgiving Day.