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With Tony Fadell out of the picture, what's next for Nest? | Recode Daily: June 6, 2016

Fadell's replacement has a home security background.

Nest co-founder and ex-CEO Tony Fadell
Nest co-founder and ex-CEO Tony Fadell
Kimberly White/Getty Images

.Tony Fadell is out as CEO of the Alphabet-owned connected device maker Nest after two years of struggling to ship new products and grow revenue. His replacement is ex-Motorola guy Marwan Fawaz, a low-key exec with a more technical background and experience with home security devices.
[Mark Bergen | Recode]

.The biggest tech IPO this year will likely be Line, the Japan-based messaging service, which aims to raise between $1 billion and $2 billion this summer, at a valuation between $5 billion and $6 billion.
[Yuji Nakamura | Bloomberg]

.The student loan crisis is the new home loan crisis, the Wall Street Journal argues persuasively. Education debt has quadrupled since 2000 to $1.2 trillion today. But "millions of students [are] worse off for having gone to school. Many never learned new skills because they dropped out — and now carry debt they are unwilling or unable to repay."
[Josh Mitchell | The Wall Street Journal]

.Former Microsoft executive Steven Sinofsky sums up last week's Code Conference with two words: Artificial intelligence. Or machine learning. Or deep simulation. Whatever you want to call it, "today’s use of AI is not hype, but reality."
[Steven Sinofsky | Recode]

.The heat is getting turned up on online lenders: The startup Vouch (which raised funding from Silicon Valley heavies Greylock, First Round Capital and Data Collective) is shutting down, and New York state regulators have sent letters of inquiry to some of the biggest players in the space.
[Rolfe Winkler and Telis Demos]

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This article originally appeared on Recode.net.

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