Hong Kong-based philanthropist and entrepreneur Yana Peel has been appointed chief executive of the Serpentine Galleries in London. The [Serpentine's] trustees took the unusual decision to choose a fellow trustee to fill the new post. Julia Peyton-Jones, who put the institution on the international map, is stepping down as co-director this month after 25 years at the helm.

Peel will work in partnership with Hans Ulrich Obrist...[who] takes on the new role of artistic director. — The Art Newspaper

Scott Slater has a plan. It is not a popular plan, but he wants to pump 814bn gallons of water from under the Mojave desert to Los Angeles and other drought-stricken communities in southern California, and make more than $2bn doing so...In addition to environmental concerns, others object to a private company being able to make billions from water. Slater says they do not understand the law, which in California states no entity can own water but they can buy, sell and trade the right to use it. — The Guardian

Apple Inc.'s ailing chief executive Steve Jobs is officially stepping down from the helm of the company, an historic shift that hands the reins to chief operating officer Tim Cook. The company said Mr. Jobs submitted his resignation to the board of directors on Wednesday and "strongly recommended" that the board name Mr. Cook as his successor. — online.wsj.com