Episodes

  • Costco vs. racist investors, tech bro victimhood, Altman cries, and Zuck sucks up

    Costco vs. racist investors, tech bro victimhood, Altman cries, and Zuck sucks up
    Jan 8 2025
    Live from an ESG-flavored 2025, it’s an all-new Wacky Wednesday edition of Business Pants. Joined by Analyst-Hole Matt Moscardi! On today's Costco lovefest called January 8th 2025: Headlines We Missed since the end of December and the new comic book superhero named Costco!Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.DAMION1Shit We Missed (in no particular order):Tech BrosZuckDana White, UFC CEO and Trump ally, to join Meta's board of directorsZuckerberg Announces New Measures to Increase Hate Speech on FacebookMark Zuckerberg's Meta is moving moderators out of California to combat concerns about bias and censorship“Huge problems” with axing fact-checkers, Meta oversight board saysCo-chair Helle Thorning-Schmidt said she is "very concerned" about how parent company Meta's decision to ditch fact-checkers will affect minority groups: "We are seeing many instances where hate speech can lead to real-life harm, so we will be watching that space very carefully," she added.Meta Drops Rules Protecting LGBTQ Community as Part of Content Moderation OverhaulThe changes included allowing users to share “allegations of mental illness or abnormality when based on gender or sexual orientation, given political and religious discourse about transgenderism and homosexuality.”Meta replaces policy chief Nick Clegg with former Republican staffer Joel Kaplan ahead of Trump inaugurationSamSam Altman Explodes at Board Members Who Fired Him"And all those people that I feel like really fucked me and fucked the company were gone, and now I had to clean up their mess," adding that he was "fucking depressed and tired.""And it felt so unfair," the billionaire told Bloomberg. "It was just a crazy thing to have to go through and then have no time to recover, because the house was on fire."The board’s primary fiduciary duty was not to maintain shareholder value or profits, but rather to stay true to OpenAI's mission of creating safe artificial general intelligence (AGI) that benefits humanity.Helen Toner: the director of strategy at Georgetown’s Center for Security and Emerging Technology.Tasha McCauley: an adjunct senior management scientist at think tank RAND Corporation. McCauley was also on the advisory board of the Centre for Effective Altruism. In 2017 she signed the Asilomar AI Principles on ethical AI development alongside Altman, OpenAI co-founder Ilya Sutskever, and former board member Elon MuskOpenAI CEO Sam Altman denies sexual abuse allegations made by his sister in lawsuitMuskMaga v Musk: Trump camp divided in bitter fight over immigration policyElon Musk Endorses Nazi-Linked German Party, Even Though It Opposed Tesla’s GigafactoryTech Bro Wealth12 US billionaires gained almost $1 trillion in wealth in 2024 as the stock market delivered another year of massive returnsNYT Report Says Jensen Huang, The CEO Of Nvidia And The 10th-Richest Person In The U.S., Trying To Allegedly Avoid $8 Billion In TaxesMark Zuckerberg says he doesn't have a Hawaiian doomsday bunker, just a 'little shelter.' It's bigger than most houses.You could live next door to Jeff Bezos on 'Billionaire Bunker' island for $200 millionMusk urges Bezos to throw an ‘epic wedding’ after Amazon founder blasts report of $600 million nuptials as ‘completely false’Elon Musk takes aim at MacKenzie Scott again for giving billions to liberal causes, calling the gifts 'concerning'How Jensen Huang and 3 Nvidia Board Members Became BillionairesMark Zuckerberg sported a $900,000 piece of wrist candy as he announced the end of fact-checking on MetaDEI/ESG Flip-FloppingWhen an anti-DEI activist took a swing at Costco, the board hit backA Costco shareholder proposal brought by conservative activist The National Center for Public Policy Research asked the company to probe its diversity, equity and inclusion policies, with an eye toward eliminating them.The thrust of the proposal is that certain DEI initiatives could open Costco up to financial risks over discrimination lawsuits from employees who are “white, Asian, male or straight.”The company’s board of directors unanimously urged shareholders to reject the proposal and made the case that Costco’s success depends on establishing a racially diverse, inclusive workplace: “We believe that our diversity, equity and inclusion efforts are legally appropriate, and nothing in the (Center for Public Policy Research) proposal demonstrates otherwise,” the board’s statement said.The statement went on to rebuke the Center for Public Policy Research, saying that they and others were the ones responsible for inflicting financial and legal burdens on companies. “The proponent’s broader agenda is not reducing the risk for the Company but abolition of diversity programs,” the board said.Costco board member defends DEI practices, rebukes companies scrapping policiesJeff Raikes, co-founder of the Raikes ...
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    51 mins
  • 2024 News of the Year

    2024 News of the Year
    Dec 20 2024
    IntroductionLIVE from your ESG Hanukkah Jesus Bush, it’s a Business Pants Friday Show here at December 20th Studios, featuring AnalystHole Matt Moscardi. On today’s YEARLY wrap up: Everything.Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.Story of the Year (DR):Exxon Sues Two ESG Investors [Follow This, Arjuna Capital] MMJudge voids Elon Musk's "unfathomable" $56 billion Tesla pay packageBoeingBoeing CEO says it was 100% his own decision to resignBoeing CEO's tearful apologyBoeing pleads guilty to fraud in fatal 737 Max crashes, fined $243.6 millionBoeing names Robert ‘Kelly’ Ortberg as new president and CEOBoeing factory workers strike for first time since 2008 after overwhelmingly rejecting contractTrump’s victory adds record $64bn to wealth of richest top 10The Murder of Brian Thompson, UnitedHealthcare C.E.O. DRGoodliest of the Year (MM/DR):DR: 2,000 senior women win “biggest victory possible” in landmark climate caseMore than 2,000 older Swiss women have won a landmark European case proving that government climate inaction violates human rights.The European Court of Human Rights (ECHR) ruled Tuesday that Switzerland had not acted urgently to achieve climate targets, leading victims, who are mostly in their 70s, to suffer physically and emotionally while potentially placed at risk of dying.The women, part of a group called KlimaSeniorinnen (Senior Women for Climate Protection), filed the lawsuit nine years ago. DR: Minnesota capital St. Paul makes history as first large U.S. city with all-female councilDR: Delta paying $1.4 billion in profit sharing payments to employeesDR: 42% of shareholders vote against BlackRock CEO Larry Fink's payMM: Stakeholders rule: U.S. bans noncompete agreements for nearly all jobs: MM“30 million people, or one in five American workers are bound by noncompetes. It will take effect later this year, except for existing noncompetes that companies have with senior executives ‘on the grounds that these agreements are more likely to have been negotiated.’”MM: Women > men: First NCAA women’s basketball championship surpasses men’s viewership: DR“Iowa-South Carolina game averaged 19 million viewers, 24M in the final 15 minutes. Men’s averaged 15 million. Year of renegotiating for women’s basketball.”MM: Porn figures it out: A Pornhub Chatbot Stopped Millions From Searching for Child Abuse VideosMeanwhile… “Google’s Search AI Recommends Changing Your Car’s Blinker Fluid, Which Is a Made Up Thing That Does Not Exist.”Researchers Call for "Child-Safe AI" After Alexa Tells Little Girl to Stick Penny in Wall SocketGoogle’s Gemini Chatbot Explodes at User, Calling Them "Stain on the Universe" and Begging Them To "Please Die"Meta's AI Refuses to Show Asian Men With White WomenMM: Study: Playing Dungeons & Dragons helps autistic players in social interactions Assholiest of the YEAR (MM):Sam AltmanSam Altman will return to OpenAI's board with three new directors“Our primary fiduciary duty is to humanity.” - So let’s summarize - we have a board with Bret Taylor (ex Twitter chair, Salesforce founder, worked at Google, worked at Facebook and created the like button), Larry Summers (grumpy grandpa Harvard who thinks women are unable to compete with men and was master of Harvard when Zuck founded Facebook), Adam D’Angelo (founder of Quora, former CTO of Facebook), Sue DH (who was on board of Facebook), Fidji Simo (who lead monetization at Facebook), and the only NON FB alums Sam Altman (the master and founder) and Nicole Seligman (who oversaw one of the largest hacks in history and has a history on boards of CBS/Viacom under dictators)...Proxy voters DRDisney Shareholders Are Selling Their Proxy Votes Online - IndieWireA share of Disney is currently hovering at $118.Buying the vote is currently valued at $0.20.The current economic value to shareholder right value multiple is 590:1McDonald's CEO Kempczinski to assume role of board chairmanMiles White named Lead Independent DirectorDirector since 2009 (15 years)Connected to 58% of the CURRENT boardHas nearly 40 loops back to board members in the last 7 years aloneWas on the board for the disaster that was Steve EasterbrookMiles is part of the Boeing American Board Other board history:LIDsThere are 284 US large caps out of just over 600 with CEO/Chair combo, founder, or executive chair and a Lead Independent Director on the board - that’s 47% of US large cap boardsAt 59% the LID has 10+ years of tenureAt 29% BOTH the executive AND the LID have more than 10 years of tenure - as in they worked together for a decadeAppointments, not electionsNumber of new directors appointed from 6/1/23 to 6/1/24: 1,875Average time between appointment and election: ~4 monthsThomas Gayner was added to the Coca Cola board and served 10 full months before he got a vote from investors - and they voted 39.1% AGAINST SEC ...
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    1 hr and 10 mins
  • Walmart’s award, E.L.F.’s award, and the real top 100 methodology

    Walmart’s award, E.L.F.’s award, and the real top 100 methodology
    Dec 17 2024
    Live from an ESG-scented 100% cotton unisex onesie, it’s an all-new Terrific Tuesday edition of Business Pants. Joined by Analyst-Hole Matt Moscardi! On today's anti-anti-DEI lovefest called December 17th 2024: Random ESG Headlines That I Care About Because Somebody Has To Care About Something and Changing the Methodology for Fortune 100 Most Powerful Executives!Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.DAMION1Random ESG Headlines That I Care About Because Somebody Has To Care About Something:Walmart is the 2024 Yahoo Finance Company of the YearThe legacy retailer, once seen as slow to adopt technology as Amazon (AMZN) rose to the forefront, has quietly invested in everything from artificial intelligence and augmented reality to same-day delivery and cheap groceries. The combo punch has led to nearly four quarters of record earnings — and a title as Yahoo Finance's annual Company of the Year award winner.A committee of Yahoo Finance editorial leaders selected Walmart because of its strong year of sales and profits, financial outperformance relative to key rivals like Target (TGT), and a stock price that has reached fresh records in 2024.Another unknown is the impact of Walmart's Nov. 26 decision to scale back its DEI work amid right-wing pressure. The decision came a few days after our interviews with McMillon and Rainey, at which time Walmart had already secured its Yahoo Finance Company of the Year recognition.In a Dec. 2 phone call with Yahoo Finance, Walmart's chief people officer, Donna Morris, defended the company's choice:"We are the exact same company today as we were last week, and we will continue to be the same company," Morris said. "We act with integrity, we serve our customers and our members, and we strive for excellence. So our values are absolutely not changing.""Our values are absolutely not changing, the specific initiatives or terms, they change over time," she continued. The company started moving to "belonging" in early 2023, though Morris said the move wasn't due to pressure from any specific group."When you talk about diversity, equity, inclusion, all in part, there can be communities, and often the largest communities, that step back and say, 'Geez, I'm not sure if I'm even actually included'," Morris explained of the decision.After Floyd's murder, a "majority" of companies felt the need to boost their DEI efforts, but now they are reevaluating. "What we observed and felt was really important is that everyone was part of that work, and that's why we really made the shift," Morris said.‘A huge regression’: Walmart’s DEI rollback incites new racial equity pushA year after the murder of George Floyd, Doug McMillon, CEO of Walmart had a warning for corporate America. The death of Floyd triggered a wave of protest over systemic racism and was “not an isolated event. We have a long history of racism, and we see unacceptable events continue.”Walmart and other large US corporations made pledges to address inequities within their business, ones many feared would be dropped once the focus on Floyd’s killing and its aftermath faded. “We can’t let that be the case,” he wrote, outlining how the company was releasing its “diversity metrics twice a year” and calling on companies to “continue to address systemic racism and the structural inequities that are rooted in this nation’s history of slavery and that persist today”.Times have changed. Last month Walmart became the latest corporation to cave to a rightwing campaign against diversity, equity and inclusion (DEI) initiatives, announcing it would stop using the term DEI altogether, drop DEI trainings, no longer consider race and gender as a means to improve diversity when making offers to suppliers and would not renew a racial equity center committed to addressing “the root causes of gaps in outcomes experienced by Black and African American people”.The union-backed Walmart workers group United for Respect has tried to introduce a shareholder proposal at Walmart’s past two annual shareholder meetings for a third-party independent racial equity audit of the corporation.The racial equity shareholder proposal has come up short of the 20% support it would need for Walmart to discuss it, receiving 18% in 2023 and just over 15% in 2024. Hightower said she planned on reintroducing it at the 2025 annual shareholder meeting in Arkansas.Why Tarang Amin, CEO of E.l.f. Beauty, is Modern CEO of the YearModern CEO set out to recognize an executive who embodies the traits and values we’ve been covering in this newsletter for the last two years: inclusion, accessibility, humility, and innovationEarlier this year, E.l.f. proclaimed its commitment to diversity when it launched “Change the Board Game,” a campaign to encourage corporate board diversity. “I’m proud to say that our board has 78% women and 44% diverse ...
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    45 mins
  • Witty’s op-ed, billionaire permitting, Murdoch loses

    Witty’s op-ed, billionaire permitting, Murdoch loses
    Dec 13 2024
    IntroductionLIVE from your ESG-powered Vitamix A3500 Ascent Series Smart Blender, it’s a Business Pants Friday Show here at December 13th Studios, featuring AnalystHole Matt Moscardi. On today’s weekly wrap up: Ongoing NEO murder stuff, Rupert Murdoch fails to screw over 75% of his children, God eats McDonald’s, and hot sauce is going wokeOur show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.Story of the Week (DR):NEO shooter, continued MMUnitedHealth Group CEO addresses Brian Thompson death, says healthcare system is 'flawed'“a brilliant, kind man who was working to make health care better for everyone”No proof of that, of course“When a colleague proposed a new idea to Brian, he would always ask, “Would you want this for your own family?” If not, end of discussion.”Also, really?“His dad spent more than 40 years unloading trucks at grain elevators. B.T., as we knew him, worked farm jobs as a kid and fished at a gravel pit with his brother.“See, he’s one of youFoxbusiness and foxnews is referring to Luigi as “ivy league graduate Luigi Mangione”“The ideas he advocated were aimed at making health care more affordable, more transparent, more intuitive, more compassionate — and more human. That’s Brian’s legacy, one that we will carry forward by continuing our work to make the health system work better for everyone.”His other legacy is TSC of $30M over past 3 years and roughly $40M in equity“we also are struggling to make sense of this unconscionable act and the vitriol that has been directed at our colleagues who have been barraged by threats. No employees — be they the people who answer customer calls or nurses who visit patients in their homes — should have to fear for their and their loved ones’ safety.”Amazing deflection because people are clearly angry at the… EXECUTIVESBut maybe he DOES understand the vitriol:“We know the health system does not work as well as it should, and we understand people’s frustrations with it.”“Clearly, we are not there yet. We understand and share the desire to build a health care system that works better for everyone.”“Health care is both intensely personal and very complicated, and the reasons behind coverage decisions are not well understood. We share some of the responsibility for that.”“No one would design a system like the one we have. … Our mission is to help make it work better.”It’s true, that’s basically their hollow mission statement. And I suppose massive profit helps with that goal?UnitedHealth Group annual gross profit for 2023 was $90.958B, a 14.24% increase from 2022.UnitedHealth Group annual gross profit for 2022 was $79.617B, a 14.31% increase from 2021.UnitedHealth Group annual gross profit for 2021 was $69.652B, a 3.96% increase from 2020.There’s also this part of their mission statement: “We dedicate ourselves to this every day for our members by being there for what matters in moments big and small — from their earliest days, to their working years and through retirement.”Which doesn’t exactly gel with: UnitedHealthcare's claim denial rate is 32%, which is higher than the industry average of around 17%UnitedHealthcare CEO shooting suspect arrested; charged with murderLuigi Mangione wasn't a UnitedHealthcare member, may have targeted company because of size and influence: NYPDUnitedHealth Group CEO says slain exec Brian Thompson was ‘one of the good guys’ in leaked memo to 400,000 employeesFormer Aetna CEO says he’d eliminate employer-sponsored insurance to fix the U.S. healthcare industry in wake of UnitedHealthcare shootingUnitedHealthcare CEO’s death is being mocked on LinkedIn—a move that could hurt careers, says HR expertRupert Murdoch Fails in Bid to Change Family Trust A Nevada commissioner has ruled against Rupert Murdoch's legal attempt to alter his family trust so that his eldest son, Lachlan Murdoch, will control the family's media and business empire when he diesBarring a successful appeal, the decision ensures Murdoch's media empire will be left equally to his four oldest children, who are not all ideologically aligned with the conservative views of Rupert and Lachlan.Notably, James Murdoch — once considered a contender to take over the family business — resigned from the board of News Corp. in 2020, citing disagreements over editorial content published by the Wall Street Journal and the New York Post.U.S. appeals court tosses Nasdaq diversity rules for company boardsThe conservative-majority New Orleans-based 5th U.S. Circuit Court of Appeals ruled the Securities and Exchange Commission did not have the power to approve the rule that required companies to ensure women and minority directors were on their boards or provide an explanation of why this was not the case.It was implemented after George Floyd's killing pushed companies to address racial inequality and...
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    56 mins
  • Health care fallout, plus the 100 Most Powerful People in Business dissected

    Health care fallout, plus the 100 Most Powerful People in Business dissected
    Dec 10 2024
    All the NEO Murderer updates:Luigi Mangione/Brian ThompsonMangione attended elite schoolsBA/MS PennGilman School, an elite all-boys preparatory school in Baltimore: In his valedictorian speech, Mangione praised classmates for "challenging the world"Mangione comes from a wealthy and influential Baltimore familyMangione is one of 37 grandchildren of the late Nick Mangione Sr., a prominent multimillionaire real-estate developer in Baltimore who died in 2008Members of the Mangione family own the Turf Valley Resort in Ellicott City, Maryland, and Hayfields Country Club in Hunt Valley, MarylandHe favorably reviewed the Unabomber Manifesto: Ted Kaczynski's "Industrial Society and Its Future""He was a violent individual — rightfully imprisoned — who maimed innocent people," Mangione wrote. "While these actions tend to be characterized as those of a crazy luddite, however, they are more accurately seen as those of an extreme political revolutionary.""'Violence never solved anything' is a statement uttered by cowards and predators,'" Mangione quoted.He founded an app and worked in techHe was arrested while on his laptop at a McDonald's, the police saidThe complaint said that when asked for identification, Mangione gave police officers a New Jersey driver's license with the name "Mark Rosario." When asked why he lied, Mangione replied, "I clearly shouldn't have," the complaint said.Police in Pennsylvania also found a three-page, handwritten “manifesto” taking aim at the health care industry for prioritizing profits over patient care by two law enforcement officials, according to the New York Times.Some reactionsCEO killing, rage over insurance plunges UnitedHealth into crisisBrian Thompson’s death has become a symbol of revenge over denied medical bills and lack of access to necessary care, an issue that some UnitedHealth employees say they’re growing increasingly anxious about.The vitriol following the shooting sparked a reckoning among some UnitedHealth employees. Much of the public animosity was aimed at the way insurance companies prevent Americans from getting the care their doctors prescribe. Some employees grappled with the idea that their paychecks were padded in part by the practice of denying care.Witty, in a video to staff last week, attempted to address the rage but failed to change the narrative for some workers. “As you’ve seen, people are writing things we simply don’t recognize, are aggressive, inappropriate and disrespectful,” he said, urging employees to ignore the media. “There’s no value in engaging.”But:Before the investor day last week was cut short, Witty used some of his time on stage to acknowledge the widespread dissatisfaction with his industry. “You only have to walk into a room with five people to hear four stories of frustration. ‘I couldn’t find a doctor, I didn’t know where to go. It’s too difficult to understand,’” he said in a room full of financial analysts and investors.The culture at the top was shaped for years by veterans of the defunct accounting firm Arthur Andersen, where Chairman and former CEO Stephen Hemsley once worked. A previous CEO, William McGuire, unceremoniously left the company and settled with the Securities and Exchange Commission over backdating stock options that regulators alleged enriched him and other executives.In recent years, a series of acquisitions have consolidated UnitedHealth’s position so much that when a cyberattack took out its Change Healthcare subsidiary, doctors offices and hospitals across the country were paralyzed. That market dominance has come under review by the Department of Justice, Bloomberg News has reported. Members of Congress who have called for a breakup of the conglomerate.Thompson was one of a handful of executives who sold UnitedHealth shares after the company learned it was under investigation by the DOJ, but before that information was shared with the public, Bloomberg reported. The company’s stock fell when the DOJ investigation was reported. Thompson sold $15.1 million worth of shares, according to Bloomberg calculations.Market insanity: rage of insurer causes murder of NEO, up 1%. Social media outpour of rage over insurers because of NEO murder, down 8.5%1-star McDonald’s reviews and sympathetic merch: Companies try to stop online support for CEO killer suspectTed Cruz Accuses Luigi Mangione of Being a 'Leftist' Despite Social Media Posts Praising Tucker Carlson and Decrying the 'Woke Mind Virus'After thousands celebrated UnitedHealthcare CEO Brian Thompson's killing, now even top internet sleuths are not willing to help in investigation; what's the reason?“This sparking of online praise for the killing or the killer is shocking in nature”“some are talking about Thompson being one of those responsible for the fragile state of the US Healthcare industry, which is shocking as, during other cases netizens usually post videos, condolencesFrom the Indian English-language...
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    1 hr and 4 mins
  • An NEO murder, Musk’s pay re-re-reversal, a woke lawsuit for BLK, and corporate cowardice

    An NEO murder, Musk’s pay re-re-reversal, a woke lawsuit for BLK, and corporate cowardice
    Dec 6 2024
    IntroductionLIVE from your ESG bath salts inhaler kit, it’s a Business Pants Friday Show here at December 6th Studios, featuring AnalystHole Matt Moscardi. On today’s weekly wrap up: Murder, Black women fighting back, Investor cowards, and the darkest reason imaginable for a CEO pay cutOur show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.Story of the Week (DR):The Murder of Brian Thompson, UnitedHealthcare C.E.O. DRMr. Thompson was on his way to an investors’ gathering when he was killed by a masked shooter who fled on an electric bike, the police said.UnitedHealth CEO's killing unleashes social media rage against insurersAfter UnitedHealthcare CEO Shooting, Americans Express Frustration With Health Insurance IndustryKilling of UnitedHealthcare CEO prompts flurry of stories on social media over denied insurance claimsBullet casings found at the scene appear to have had the words “delay” and “deny” on them: Those words may have been a message related to “Delay, Deny, Defend,” the title of a book that discusses how health insurance companies avoid paying patients’ claims. The book, by Jay M. Feinman, a professor emeritus at Rutgers Law School, was published in 2010.Murdered Insurance CEO Had Deployed an AI to Automatically Deny Benefits for Sick PeopleSlain UnitedHealthcare CEO Was Accused Of Insider Trading Amid DOJ ProbeSocial media swoons over alleged UnitedHealthcare CEO killer amid investigationBrian Thompson didn't seem to have a bodyguard, and that surprises corporate-security consultants'A wake up call': C-suite security comes into focus after UnitedHealthcare CEO's deathZero pay targets related to customers or patients: mostly revenue, operating income, cash flow from operations, EPS, return on equity Intel CEO Pat Gelsinger ousted by board after disastrous performanceIntel CFO David Zinsner and Intel products CEO MJ Holthaus were named interim co-CEOs. Frank Yeary will serve as interim executive chair.Intel has started evaluating a handful of outsiders, including former board member Lip-Bu Tan, for the role of chief executiveIntel's board is mostly evaluating outsider candidates for the role and has also approached Marvell Technology CEO Matt MurphyFormer ASML CEO Eric Meurice and Microchip interim CEO Steve Sanghi will join Intel’s board effective immediately.Gelsinger had 20% influenceNext four directors had combined 45%, including YearyStellantis CEO Carlos Tavares abruptly quits as US Jeep, Ram sales falterInfluence:Tavares 16%Chair John Elkann 13%Senior Independent Director Henri de Castries 20%Tesla CEO Elon Musk loses bid to get $56 billion pay package reinstatedA Delaware judge upheld her January ruling in a case brought by shareholders that said the process leading to approval of the pay package was “deeply flawed.”In January, Chancellor Kathaleen McCormick voided the pay plan, ruling that Musk had individually “controlled Tesla” and dictated the terms of his compensation to a board that didn’t fairly negotiate. She called the process leading to approval of that pay plan “deeply flawed.”“Even if a stockholder vote could have a ratifying effect, it could not do so here,” McCormick wrote in her opinion Monday. “Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable.” Goodliest of the Week (MM/DR):DR: Namibia Elects Its First-Ever Female Leader MMVice President Netumbo Nandi-Ndaitwah was a member of the country's underground independence movement in the 1970s.DR: North Carolina Town Sues Duke Energy Over Climate ChangeCarrboro accused Duke, one the nation’s largest utility companies, of ignoring data about climate change while increasing use of fossil fuels.Carrboro Mayor Barbara FousheeMM: Mattel sued over 'Wicked' dolls with porn website linkWho goes to the website URL in fine print on the back of a box?Also, did you actually go to the website? There’s no nudity on the page you land on! Winning porn! XBIZ awards for best supporting acting, best all sex scene, best editing, best art direction, best art direction, best screenplay… Some dolls with the misprint on the packaging have sold for more than $100 on eBay.One "Singing Glinda" doll sold for $450 on the shopping site.Assholiest of the Week (MM):Investor governance analysts DRThis is going to sound crass, but… The murdered UNH executive is the CEO of a single division, NOT the company - he’s not on the board, but the media makes it sound like the CEO is dead. He’s not.If you looked at the board, you’d realize the acting CEO Andrew Witty isn’t even the most influential - executive chair Stephen HelmsleyThe assassin - we can say assassin at this point, right? - had more data on the people that run the company than virtually every governance analyst I’ve ever met, and I was ...
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    54 mins
  • A Portrait in Corporate Patriotism with Greg Penner of Walmart, plus a game that gives thanks

    A Portrait in Corporate Patriotism with Greg Penner of Walmart, plus a game that gives thanks
    Nov 26 2024
    The Business Pants Thanksgiving Special Game!Let’s take a trip through history:Dark agesWalmart pulls back on DEI efforts, removes some LBGTQ merchandise from websiteThe nation’s largest employer, which has about 1.6 million U.S. workers, joined a growing list of companies that have stepped back from diversity, equity and inclusion efforts after feeling the heat from conservative activists.In a statement, Walmart said it is “willing to change alongside our associates and customers who represent all of America.”“We’ve been on a journey and know we aren’t perfect, but every decision comes from a place of wanting to foster a sense of belonging, to open doors to opportunities for all our associates, customers and suppliers and to be a Walmart for everyone,” the statement said.Among the changes, Walmart will no longer allow third-party sellers to sell some LGBTQ-themed items on Walmart’s website, including items marketed to transgender youth like chest binders, company spokeswoman Molly Blakeman said.She said it also recently decided to stop sharing data with the Human Rights Campaign, a nonprofit that tracks companies’ LGBTQ policies, or with other similar organizations.Additionally, the big-box retailer is winding down the Center for Racial Equity, a nonprofit that Walmart started in 2020 after George Floyd’s murder sparked protests across the country. At the time, Walmart and the company’s foundation pledged $100 million over five years to fight systemic racism and create the center.Over the past year, the company has phased out supplier diversity programs, which gave preferential financing to some groups, such as women and minorities, after the Supreme Court decision striking down affirmative action.It’s also moved away from using the term “diversity, equity and inclusion” or DEI in company documents, employee titles and employee resource groups. For example, its former chief diversity officer role is now called the chief belonging officer.Luddites UniteRansomware attack leaves Starbucks using pens and paper to track employee hoursNYC's Underground Steam System May Be Key to a Greener FutureSome 100 miles of steam pipes snake below Manhattan, delivering low-carbon vapor to some big-name customers. More buildings could soon tap in.DrugsKohl's CEO to depart after less than two years at the helmKohl's CEO Tom Kingsbury will step down after less than two years at the helm, paving the way for former Walmart executive Ashley Buchanan to take on the role as the department store chain looks to execute a turnaround.Kohl's said Buchanan improved profitability at Michaels Companies, a specialty retailer of arts and crafts supplies, where he has been the CEO since 2020, and grew its digital business while simplifying its merchandise strategy.Prior to Michaels, Buchanan was at retailer Walmart for 13 years, where he held a number of executive roles including chief merchandising and chief operating officer for Walmart U.S. e-Commerce.‘Drill, baby, drill’ is unlikely under Trump, Exxon saysOil and gas producers in the US will not raise output significantly in the coming years despite calls from President-Elect Donald Trump to “drill, baby, drill,” said Exxon Mobil Corp.’s Upstream President Liam Mallon.McDonald's gets into gift-giving with limited-time 2-toy Happy MealThe company said it will sell "Pet Simulator Happy Meals" featuring two toys at participating restaurants across the country beginning Tuesday. One of the toys will be gift-wrapped, the fast-food chain said."We hope this special Happy Meal inspires kids to share during this season of giving," McDonald’s executive Jennifer Healan said in a statement. "Whether they choose to give their extra toy to a family member, make a friend smile, or show kindness to a neighbor, it’s all about helping kids feel the joy of giving this holiday season."McDonald's to invest more than $100 million to speed up recovery after E. coli outbreakMeta, TikTok, Google slam Australia’s under-16 social media banUnder the proposed law, Australians under 16 years of age will be prohibited from setting up accounts on all major social media sites including Facebook, Instagram, Snapchat and Reddit, even if they obtain parental permission. The social media giants will be responsible for policing the ban, under threat of fines of up to 50 million Australian dollars ($32.5 million).Tech firms urge caution and more research(!):TikTok ANZ’s director of public policy Ella Woods-Joyce described the legislation as “rushed”Meta said the social media ban “overlooks the practical reality of age assurance technology.”Both Meta and Google said it was important for Australia to wait until a national trial of age verification technology was completed before passing the bill. “In the absence of such results, neither industry nor Australians will understand the nature or scale of age assurance required by the Bill nor the impact of such measures ...
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    41 mins
  • FRIDAY WRAP: WWE government, Jaguar and the non-US anti-woke movement, airline CEO blowhards

    FRIDAY WRAP: WWE government, Jaguar and the non-US anti-woke movement, airline CEO blowhards
    Nov 22 2024
    IntroductionLIVE from Vanguard’s "Mirror Voting Policy", it’s a Business Pants Friday Show here at November 22nd Studios, featuring AnalystHole Matt Moscardi. On today’s weekly wrap up: DEI and Meritocracy Shark Jumping, no more Jaguars for blue-collar America, A-Holey (or is it A-Holy) investors, Will the real Elon Shady please stand up?Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.Story of the Week (DR):DOJ says Google must sell Chrome to crack open its search monopolyThe Department of Justice says that Google must divest the Chrome web browser to restore competition to the online search market, and it left the door open to requiring the company to spin out Android, too.Stop & Shop cybersecurity issue empties shelves before ThanksgivingTrump's new administration should 'not tolerate' the level of cyber attacks coming from Russia and China, Microsoft president saysThe AI Effect: Amazon Sees Nearly 1 Billion Cyber Threats a DayNews Corp Shareholders Reject Activist Bid to End Dual-Class Share StructureAn advisory, nonbinding stockholder proposal requesting that the Board take the necessary steps to adopt a recapitalization plan that would eliminate the Company’s dual-class capital structure failed to pass as follows:35% FORSubtract Rupert’s shares: 64% FORThe Murdoch family controls 41% of company votes, despite having a 14% stake in the company.Has Meritocracy jumped the shark? Linda McMahon, President-elect Donald Trump's pick for education secretary: Trump's education secretary nominee once said she had an education degree. She doesn't. MMThe billionaire professional wrestling mogul served on the Connecticut Board of Education for a year starting in 2009At the confirmation hearing in 2009, she said education was her passion and that her work as CEO of the WWE taught her "firsthand the skills Connecticut students need to obtain through education to be successful."Stepped down for this:McMahon is now facing fresh scrutiny for incorrectly claiming in a vetting questionnaire before being nominated to serve on the state Board of Education in early 2009 that she had earned a degree in education from East Carolina University in 1969; it was actually in French.Member of board of trustees for Sacred Heart University in Connecticut (2004-2017)McMahon also co-founded the conservative research group America First Policy Institute in April 2021, which says its mission is to "provide sound research and carefully crafted policy recommendations to advance the America First agenda"Leadership Team: 15 white people/0 PoC9 women: 7 blond and 2 brunettesTrump’s Education Secretary Pick Named in Sexual Abuse LawsuitA recent lawsuit alleges Linda McMahon knowingly enabled the sexual exploitation of children by a World Wrestling Entertainment (WWE) employee as early as the 1980s.Work Advice: I’m uncomfortable with our CEO invoking Jesus in meetingsReader: I’m a mid-level executive for a publicly traded company. I’ve been here four years, and I hope to stay until I retire about 10 years from now.However, I feel increasingly uncomfortable when my CEO, a devout Christian whose family has owned the company since its founding a century ago, begins each meeting or company event with a Christian prayer. These are innocuous prayers that revolve around the health and safety of employees, their families, and our clients. But they always end the same way: “In Christ’s name, amen.” I’m frequently the only one in the room who doesn’t bow my head.Goodliest of the Week (MM/DR):DR: Anti-woke shark jumping? MMJaguar dubbed 'Bud Light 2.0' after releasing modernist rebranding ad with androgynous models, no carsJaguar Rebrand Sparks Confusion, Angers Anti-‘Woke’ Critics—Including Elon Musk And Andrew TateTexas AG opens investigation into advertising group that Elon Musk sued for 'boycotting' XPro-family Volvo ad celebrated on social media following Jaguar rebrand backlashTexas governor orders state agencies to sell China assetsVolvo Car AB top shareholder: Eric Li (via Zhejiang Geely Holding Group Co., Ltd.) - 79%Jaguar Land Rover Automotive PLC top shareholder: Tata Motors Limited (which is controlled by Tata Sons Limited)DR: Bluesky CEO Jay Graber says X rival is ‘billionaire proof’“The billionaire proof is in the way everything is designed, and so if someone bought or if the Bluesky company went down, everything is open source,” Graber said. “What happened to Twitter couldn’t happen to us in the same ways, because you would always have the option to immediately move without having to start over.”Assholiest of the Week (MM):News Corp investors36% of non Murdoch investors wanted to stick with dual class structureIf we assume the top two investors that aren’t Murdochs - Independent Franchise Partners and SOF Ltd (who was founded by a Murdoch friend) - vote with the Murdochs, 17% of non Murdoch ...
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    56 mins