Podcast
Business Pants
Hosted by Free Float Media Inc. · EN
Whether you love business news or feel like you’re supposed to know it but hate it, Business Pants is business news for humans. Snarky and irreverent, deeply researched and factual, a podcast devoted to market quirks and the humans that make up companies. Investing isn’t a what, it’s a who.
57episodes
Episodes
Newest firstAll episodes
Murdoch and Ellison, Voter choice at Vanguard, and Charlie Kirk and the hopeless man problem
Sep 1201:00:25Tap to summarizeStory of the Week (DR):Lachlan Murdoch Secures Control of Fox and News Corp, Ending Succession FightLachlan Murdoch is confirmed as Rupert Murdoch’s successor, gaining control over the family’s media empire (which includes Fox Corporation and News Corp). Prudence MacLeod, Elisabeth Murdoch, and James Murdoch—three of Rupert’s older children—will each receive about US$1.1 billion. They will sell their holdings in Fox and News Corp and give up beneficial/trust rights in those companies.Apart from full siblings Elisabeth and James Murdoch, Lachlan has three half-siblings, an elder half-sister Prudence, and two younger sisters by his father's third marriage, Grace and Chloe. A new family trust will be set up benefiting Lachlan and Rupert’s younger daughters, Grace and Chloe. That trust will hold controlling voting shares in Fox and News Corp. The three older siblings will no longer be beneficiaries in the trust(s) connected to Fox and News Corp. They also give up any voting rights held via those trusts. Rupert Murdoch, despite handing over the control structure, retains a role as Chairman Emeritus. The new trust arrangement secures Lachlan’s control over the companies through 2050. One of Rupert Murdoch’s concerns was the possibility that the more moderate siblings (Prudence, Elisabeth, James) could shift the political or editorial leanings of Fox/News Corp after he’s gone. The new structure is designed to prevent that.Senators Call for Hearings About JPMorgan’s Ties to Jeffrey EpsteinDemocrats want CEO Jamie Dimon to testify about keeping Epstein as a client until 2013Epstein had dozens of accounts at JPMorgan’s private bank and communicated often with bank executives, connecting them to his wealthy contacts, ties The Wall Street Journal first reported in 2023 to be deeper than understood. Epstein was a JPMorgan client before and after he was convicted of soliciting a minor for prostitution in 2008 and forced to register as a sex offender.Trump Epstein letter and drawing from ‘birthday book’ releasedEric Trump removed from the ALT5 board of directors after discussion with the Nasdaq Stock Market LLCTrump’s second son, Eric Trump, was removed from the ALT5 board of directors. According to the SEC filing, the change was made after discussion with the Nasdaq Stock Market LLC, therefore, the change was in order to comply with Nasdaq’s listing rules.It is still unclear which of the Nasdaq rules caused Eric Trump to be removed. The closest reason would be the rule that requires a majority of board members at listed companies to be independent. However, if Trump didn’t qualify as independent, other members would have also been removed, which was not the case.after discussion with The Nasdaq Stock Market LLC … and in order to comply with Nasdaq’s listing rules.” He is now a board observer: While he was originally announced as a full board member, Eric Trump has been reassigned to observer status — meaning he can attend meetings but doesn’t have voting power.Larry Ellison's $100 billion day reminds us why David Ellison could buy ParamountLarry Ellison, co-founder of Oracle, recently saw his net worth jump by around US$100 billion in a single day due to a spike in Oracle’s stock.Larry’s wealth was a key factor enabling his son, David Ellison, to acquire Paramount.David Ellison’s position is less pressured because his father’s vast wealth gives him a kind of “cushion” — meaning that even if some deals don’t go well, he can withstand the backlash more than many media owners could.Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. DiscoveryThe majority of the planned bid for Warner will be made up of cashA Key to Larry Ellison’s Wealth Creation: Years of Oracle Stock BuybacksOracle has used aggressive stock buybacks over the past 15 years as a major lever to boost shareholder value—and especially to amplify Larry Ellison’s personal wealth. Oracle has aggressively repurchased its own shares over roughly the last 15 years — reducing its outstanding share count by nearly 45%. Because Larry Ellison held roughly the same number of shares, his ownership percentage rose from ~23% to around 41% without buying more stock.This buyback strategy significantly boosted the value of Ellison’s stake — Barron’s estimates that without the buybacks, his stake might have been worth only $215 billion instead of the current ~$387 billion.Ellison didn’t need to purchase additional Oracle shares to increase the value of his investment—he benefited from the shrinking pool of shares and the company’s rising valuation.Vanguard Tries To Get Investors Interested In Proxy Voting MMVanguard’s trying to get millions of its fund investors involved in big corporate decisions—but so far, most people are still tuning out. That’s left folks wondering who really holds sway at America’s largest companies.Vanguard’s campaign faces a classic case of 'rational apathy', where most index fund investors skip shareholder votes because it feels like a hassle with little impact on their own wallets.Even though Vanguard’s Voting Choice program doubled participation to 82,000 people and tripled the dollar value voted to $9 billion, that’s tiny compared to the company’s 50 million investors and $11 trillion in assets.Studies from Duke, Florida, and Columbia universities show just how overwhelming the sheer number of ballot measures can be—making most people pick broad voting policies, like mainstream or anti-ESG, instead of poring over each decision.While reformers hope wider voting can democratize the system, the early results point the other way: individuals often skip votes or side with management, letting company leaders keep their grip. In fact, last year’s Tesla shareholder votes would have failed if Vanguard’s index funds had voted like individuals.Financial Services Committee Examines the Shareholder Proposal Process and Proxy Advisory Firms<p data-rte-preserve-empty="true" style="white-space:pre-wr...
Transcribe →NUGGETS: AI bro on AI crime, Apple chair takes $20m, Conoco CEO’s my bad, Murdoch identifies Australian
Sep 900:34:27Tap to summarizeDAMION1Let’s start with some shameless self-promotion: In our 'So it's theoretically possible you can NOT like someone on the board!' headline of the week. Jim Cramer Likes A Casino CEO Board Member Of AppLovin Corporation“He’s also on the board of AppLovin by the way, which makes me feel like AppLovin’s okay.”In our 'Of course I'm independent, you moron! I've only been on the board since Clinton was President, not like Reagan or something! Not to mention I've barely been chair for like a minute, since Obama was president, and he's still alive! And 20 million dollars is nothing! COO Jeff Williams made 27 million last year, dummy.' headline of the week. Apple’s Chairman of the Board Sold More Than $20 Million in StockIn our 'Hey Ma, I just crashed our car! But if I promise to NOT do it again if you give me a million bucks?! Ask Dad.' headline of the week. The Tesla directors who just proposed giving Elon Musk a trillion dollars say it’s “critical” he stay out of politicsIn our 'A college dropout and a racist walk into a bar...' headline of the week. Hot mic catches Zuckerberg admitting his $600 bn vow to Trump was a guess“Oh gosh, um, I think it is probably gonna be, something like, I don’t know, at least $600 billion through 2028, in the US, yeah.”In our 'The SEC proposes "Interim CEO" to become a permanent C-suite title' headline of the week. CEO Scandals: Viral Outrage Forces Top Executives OutIn our 'Proxy votes: where morality goes to abstain' headline of the week. Korean Pension Fund Balances Profit and Principles in U.S. Proxy Votes In our 'Are you done writing your little 'book' for the day? Here's 10 dollars.' headline of the week. Anthropic agrees to pay authors over $1.5 billion for using their work to train AI, totaling around $3,000 a bookIf you include all realistic hours, an author paid $3,000 per book typically ends up with about $1.20 to $10.00 per hour, depending on how much work the project actually requires.For most full-length books the realistic band is ≈$2–$6 per hour, and for research-heavy projects it can drop to $1–$2/hr. These numbers are before agent commissions, taxes, and out-of-pocket expenses — which would reduce take-home hourly pay further.Net worth: As of September 2025, Forbes estimates Dario Amodei's net worth to be $3.7 billion In our 'In other news, water is still irritatingly wet' headline of the week. Leaked DMs Show Elon Musk Blatantly Lying About Self-Driving Safety In our 'CEO Who Created AI Startup to Cheat on Homework Complains That AI Is Destroying Education' headline of the week. CEO Who Created AI Startup to Cheat on Homework Complains That AI Is Destroying EducationCEO Chungin (Roy) Lee: college dropout“Cluely is building the ultimate conversation AI that gives you the answers you didn’t study for in every conversation, without you even having to ask. We're built for students and professionals.”“We're backed by Andreessen-Horowitz, Jake Paul, and execs from companies like OpenAI (ChatGPT), Cognition, Notion, Dropbox, and Pika.” In our 'Capitalism: now featuring free WiFi!' headline of the week. The 'godfather of AI' says it will create 'massive' unemployment, make the rich richer, and rob people of their dignityGeoffrey Hinton, who won the Nobel Prize for his pioneering work on neural networks: "What's actually going to happen is rich people are going to use AI to replace workers."And finally, The Cigna CEO David Cordani Nuggets pop quiz: Here is the headline: WHO adds GLP-1 weight loss drugs to list of the world's essential medicines for the first time. Here are your Nugget-y options:Cigna CEO Cordani calls them essentially “not our problem.”WHO says GLP-1s are essential; Cordani says they’re essentially a threat to his quarterly bonus.Essential means life-saving to WHO; Cordani asks, "When did Webster's change the definition of 'essential' to ‘profit-killing’?WHO says essential; Cordani says: “my yacht is essential, your pancreas is optional.”WHO says essential medicine; Cordani says essentially: “try kale, it’s cheaper.”MATT1In our '"Out for themselves" sounds bad, how can we make it sound almost, like, medieval and cool?' headline of the week. What Machiavelli and St. Francis can tell us about the motivations of CEOsThere are very high correlations between desire for power and CEO motivationsIn our 'Bully who punched you in the face points way to the hospital' headline of the week. To Help Workers Losing Their Jobs to AI, OpenAI Is Launching a Jobs Platform Run By AIIn our 'Totally my bad guys, I spent the summer on Bob Niblock, our lead independent director's boat - y...
Transcribe →Nestle fires CEO, Trump’s tech dinner, Harvard wins, and Norway not allowed to divest
Sep 501:03:52Tap to summarizeStory of the Week (DR):Nestlé chief executive sacked over affair with junior colleague MMLaurent Freixe dismissed after boardroom inquiry revealed ‘undisclosed romantic relationship’Nestlé chief ‘promoted junior colleague he had affair with’Nestle CEO axed after probe into complaints of favouritism, CFO saysCFO Anna Manz said the relationship between Freixe and the employee, who has not been named, was first examined in an internal investigation following concerns raised via Nestle's internal reporting system, called Speak Up.The matter was investigated by the board, but no evidence was found, she said."And it was at that point that Laurent also made a personal statement stating that there had been no such thing," Manz said, referring to the concerns about Freixe raised by whistleblowers.But complaints continued to be made, Manz said, leading to a second, broader inquiry being launched with help from Swiss lawyers Baer & Karrer.Nestlé fired its scandal-clad CEO without a payout—a ‘really unusual’ move, corporate governance expert saysNell Minow: “That is really unusual. I think that’s actually a badge of success for corporate governance, because that’s something investors have been concerned about for a long time: CEOs being dismissed and somehow getting to stay on.”Who is the board? It’s basically Paul BulckeChair since 2017CEO from 2008-2016Longest-tenured director (2008) by 7 yearsAt the company since 1979Kroger’s ex-CEO won’t have to detail ’embarrassing’ thing he did to get fired, for nowTech CEOs Take Turns Praising Trump at White House Dinner (32% dropout/11% F)Tim Cook (Apple CEO)*Mark Zuckerberg (Meta Emperor) Sundar Pichai (CEO Google CEO)‘I’m glad it’s over.’ Google CEO thanks Trump for antitrust 'resolution'Alphabet this week added $230 billion to its market cap after avoiding a breakup in a landmark antitrust case brought by the U.S. Department of Justice in 2020.Sergey Brin (Google/Alphabet co-founder) Satya Nadella (CEO Microsoft CEO)*Bill Gates (Microsoft Founder) *Sam Altman (CEO OpenAI CEO) *Greg Brockman (Co-founder/President, OpenAI) Safra Catz (Oracle CEO) Sanjay Mehrotra (Micron Technology CEO) Vivek Ranadivé (TIBCO Chair) Shyam Sankar (Palantir CTO) David Limp (CEO Blue Origin) *Alexandr Wang (Meta Chief AI Officer) *Jared Isaacman (Shift4 Payments founder/Chair)Jason Chang (CSBio CEO)Nathalie Dompé (Dompé farmaceutici co-CEO and nepobaby)*Dylan Field (Figma CEO)*John Hering (Lookout founder/Chair)Sunny Madra (Groq COO)Chamath Palihapitiya (CEO Social Capital)Mark Pincus (Zynga founder)David Sacks (PayPal Mafia)Jamie Siminoff (Ring founder)^Lisa Su (AMD CEO)Elon MuskTesla Plans to Pay Elon Musk 1,000 Billion Dollars—More Than Switzerland’s GDP—In a Deal Tied to Sci-Fi-Level GoalsTesla's nearly $1 trillion new pay plan for Musk would expand his voting powerTesla Chairwoman Robyn Denholm said the plan was designed to keep the CEO “motivated and focused on delivering for the company.” Denholm confirmed that the Tesla CEO pay plan, if approved by shareholders, would not put any limit on where and how Musk spends his time or require him to spend any minimum number of hours per week on Tesla business.Musk and Denholm not up for voteESG in Pop Culture:Internet sleuths reveal millionaire CEO is 'jerk' tennis fan who snatched US Open star's hat away from childThe luxury life of the 'most hated man on the internet' who lives in 'village of millionaires' is revealed... as even his own countrymen turn on himAfter Name Mix-Up, Online Rage Is Directed at Wrong C.E.O. in U.S. Open Hat ScandalThe chief executive of the Polish company Drogbruk was captured on video snatching a hat in front of a child. The head of Drog-Bruk, a different firm, is getting attacked. The executives also have similar surnames.Turkish CEO Throws Flower Pot At Employee After Argument, Issues Apology<p data-rte-preserve-empty="true" style="white-spa...
Transcribe →The Stupid Awesome Game: Nestle’s CEO fired, sharks are woke, Tesla’s shareholder proposals
Sep 200:32:15Tap to summarizeHow Are the Very Rich Feeling About New York’s Next Mayor?“The Hamptons is basically in group therapy about the mayoral race.”“Even overpriced lobster salad can’t seem to make people out here feel better,” said Robert Zimmerman, a veteran political fund-raiser who has yet to back anyone in the race.Greg Kraut, the chief executive of KPG Funds, a real estate investment firm, has called Mr. Mamdani’s supporters WHAT “Trust-fund Trotskyites”“iPad insurrectionists”“Moron Millennials.”“LinkedIn Leninists”“Avocado-toast anarchists”Which headline is real?Nestlé Fires CEO Over 'Undisclosed Romantic Relationship'Nestlé on Monday dismissed CEO Laurent Freixe after only a year on the job following "an investigation into an undisclosed romantic relationship with a direct subordinate" that breached its Code of Business Conduct.1"This was a necessary decision," Nestlé Chairman Paul Bulcke said. "Nestlé's values and governance are strong foundations of our company."Freixe, a company veteran, was appointed last year to replace CEO Mark Schneider as the maker of Toll House cookies and Nespresso coffee struggled with slowing sales. The Swiss company tapped Philipp Navratil, the head of Nestlé's Nespresso division, to succeed Freixe.Earlier this year, department store chain Kohl's fired CEO Ashley Buchanan after an investigation found he directed the company to enter a multi-million-dollar agreement with a group that included a personal contact.Nestle: -21% gender influence gap; led by:Paul Bulcke 20%Mark Schneider 17%Renato Fassbind 11% Pablo Isla Alvarez de Tejera 10%Patrick Aebischer 10%Nestlé Fires CEO After Pushing Cost-Cutting Plan That Included Charging for Office CoffeeExecutive Pushed Out Amid Backlash to Marketing Campaign That Accidentally Insulted All of FranceTop Executive Removed Amid Fallout From Supply Chain “Efficiency” That Turned Out to Be Child LaborNestlé Fires CEO After Boardroom Dispute Over Aggressive Cost-Cutting PlanWhich is the real headline about sharks going woke?“Climate change could be causing sharks to develop a taste for kale”“Climate change could be causing sharks to lose interest in humans”“Climate change could be causing sharks to starve because they forgot how to hunt”“Climate change could be causing sharks to develop social anxiety around prey”Climate change could be causing sharks to lose their biteWhich headline is real?Delta Air Lines Boss Issues Apology After Taking First-Class Seat From Child PassengerPolish CEO Piotr Szczerek issues apology for stealing Kamil Majchzrak's hat from US Open fanPiotr Szczerek, founder of paving company Drog-Bruk, has apologised for stealing Kamil Majchrzak's cap from the young fan it was intended for at the US Open.Footage of the Polish CEO ripping the cap out of the boy's hand went viral over the weekend, as did tone-deaf statements attributed to Szczerek that he says were fake."I take full responsibility for my extremely poor judgment and hurtful actions. It was never my intent to steal away a prized memento from the young fan. I became caught up in the heat of the moment and the joy of the victory, and I believed Majchrzak was handing a hat to me to give to my sons, who had previously asked for autographs.“For years, my wife and I have been involved in supporting children and young athletes, but this incident has shown me that a moment of inattention can undo years of work and support. It is a painful but necessary lesson in humility.“Going forward, I will engage even more actively in initiatives that support children and youth, and I will take actions against violence and hate. I believe that only through actions can I rebuild the trust I have lost.”Yeti Coolers Boss Issues Apology for Being Spotted Using an Igloo at Company PicnicCrocs CFO Issues Apology After Referring to Product Line as “Ugly But Profitable”Beyond Meat CEO Apologizes After Being Seen Eating a CheeseburgerMore What Has Been Showing Up in Random Workplace TestsMore Fentanyl Shows Up in Random Workplace TestsThe positive rate for urine tests indicating the presence of the synthetic opioid fentanyl was 1.13% in 2024. That is up from 0.91% in 2023 and double the rate in 2020, according to a recent analysis of more than eight million drug tests by Quest Diagnostics, one of the U.S.’s largest drug-testing labs.“We’re seeing trends that are outside of the norm that we see for other drugs historically,” said Suhash Harwani, senior director of science for workforce-health solutions at Quest Diagnostics.More Adderall Shows Up in Random Workplace TestsMore Kombucha Shows Up in Random Workplace TestsMore Xanax Shows Up in Random Workplace TestsMore Melatonin Shows Up in Random Workplace TestsWhich headline is real?CEO of Japanese drinks giant Suntory resigns “over an unauthorized office sake brewing operation”CEO of Japanese drinks giant Suntory resigns “following questions about executive karaoke competitions”CEO of Japanese drinks giant Suntory resigns “amid concerns about boardroom drinking habits”CEO of Japanese dr...
Transcribe →Intel robbed the US government, the anti-DEI losing trade, the DEI purge, and Bezos feels “icky”
Aug 2900:59:48Tap to summarizeStory of the Week (DR):The Cracker Barrel BSCracker Barrel scraps new logo design, keeps 'Old Timer' after listening to customersRestaurant chain's stock price sank following removal of 'Uncle Herschel' from brandingUncle Herschel wasn’t just a marketing creation, he was a real person. Born Herschel McCartney, he was the younger brother of Cracker Barrel founder Dan Evins’ mother and served as an early goodwill ambassador for the brand. A salesman for Martha White Flour Company for over three decades, Herschel traveled through rural America, building relationships in small-town general stores — the very kinds of places that inspired Cracker Barrel’s original design and ethos.When Cracker Barrel introduced its iconic logo in 1969, the old-timer sitting beside the barrel was long thought by fans to be based on Herschel himself, though the company later clarified that this wasn’t the case.In 2004, the Justice Department (during the George W. Bush administration) sued the chain for discriminating against Black customers. In 2006, they settled a lawsuit involving three of their Illinois restaurants for “discriminatory practices, racially charged language, and inappropriate touching.”Cracker Barrel’s inconvenient fact: all the customers who loved its old logo had stopped going to the restaurantFounder Dan EvinsHis tone was considerably harsher when it came to defending a January 1991 directive to all the company’s restaurants to fire employees “whose sexual preferences fail to demonstrate normal heterosexual values.” Mr. Evins’s explanation for the edict was that gay people made customers in rural areas uncomfortable. As many as 16 openly or suspected gay employees were promptly fired.“They actually put a policy like this in writing, which was, and still is, shocking,” David Smith, a spokesman for the Human Rights Campaign.The New York City Employees Retirement System, which owned more than $6 million of Cracker Barrel shares, led other stock owners in using their votes and other legal means to organize resistance. In March 1991, Mr. Evins apologized and said the policy had been rescinded. But New York and its allies fought until 58 percent of the shareholders in 2002 persuaded Cracker Barrel’s board to vote unanimously to explicitly forbid antigay discrimination in its equal employment policy.In July 2001, shareholders replaced Evins as CEO with Michael A. Woodhouse, who at the time was serving as the company's chief operating officer. Evins maintained his position as chairman of the board.Prior to founding the company, Dan worked for Consolidated Oil, a company founded by his grandfather.Cracker Barrel took down Pride page after rebrand fiascoCompany faced criticism over modernist redesign and support for LGBT causes before stock reboundThe website link for Cracker Barrel’s Pride page, which used to boast that the company was "bringing the porch to Pride," now redirects to its "Culture and Belonging" page.Cracker Barrel previously sponsored the Nashville Pride Parade in 2024 and unveiled a line of rainbow-colored rocking chairs for Pride month. The company also has an LGBTQ employee resource group called the "LGBTQ+ Alliance," along with groups for veterans and other communities.Despite claims it's 'too woke,' Cracker Barrel actually has a fraught LGBTQ+ historyCracker Barrel received a score of zero on the inaugural index in 2002. The chain was criticized in the 1990s for discrimination against gay employees. In 1991, the company adopted a corporate policy stating that any worker who failed to demonstrate "normal heterosexual values" would be fired. Eleven employees were terminated under the rule, leading to boycotts and protests nationwide. Over time, Cracker Barrel’s HRC score improved, reaching 80 in 2021 after the company took several public pro-LGBTQ stances.58 percent of the shareholders in 2002 persuaded Cracker Barrel’s board to vote unanimously to explicitly forbid antigay discrimination in its equal employment policy.Proud Representation: Business Resource Groups: These voluntary, employee-led organizations are open to all employees and provide opportunities to network, develop leadership skills, and serve as cross-functional resources for our teams.AMPT (Advancing Modern Professionals for Tomorrow) aims to connect and empower modern professionals by promoting a community of inclusive, ambitious, and diverse members that unify through the Cracker Barrel to equip our community and leaders for the future. This BRG provides networking, development, and community outreach opportunities that supplement the professional and personal lives of its members.The mission of Be Bold is to cultivate and develop Black Leaders within the Cracker Barrel organization utilizing allyship, mentorship, and education to create a path to continued excellence as well as a vibrant and diverse community.B-Well: Cracker Barrel's Wellness BRG partners with the Benefits Department to improve the employee experience by sponsoring health and wellness activities that nurture employees' physical, emotional, financial, and intellectual well-being. Balance in these areas reduces distractions and allows employees to improve their focus and productivity.HOLA's mission is to promote Hispanic and Latino culture through hiring, developing, and retaining talent within Cracker Barrel. To create a culture of inclusivity and awareness through community outreach.LGBTQ+ Alliance: Supporting Home Office and Field employees to bring their whole selves to work while strengthening Cracker Barrel's relationship to the LGBTQ+ community.NeuroVerse Collective is focused on advocacy and education around Neurodiversity.Our Veteran's BRG, SERVE, is dedicated to advocating for leadership and development opportunities for its members. We foster an environment of networking and volunteerism while focusing on recruitment, retention, and advancement of Veterans at this company.Women’s Connect: Our mission & goal is to inspire the women of Cracker Barrel by empowering, educating and engaging to achieve the strategic initiatives of Cracker Barrel.The anti-DEI purge continues: MMFed emphasizes its commitment to 'independence' as Lisa Cook pledges to sue over Trump's 'illegal' firingWhite House fires CDC director [Susan Monarez] who says RFK Jr. is ‘weaponizing public health’<p data-rte-pre...
Transcribe →Blame game: Tesla’s EU sales plunge, Pepsi climate rollback, Ball CFO leaves, Meta’s renewable buy
May 27, 2025Tap to summarizeDAMIONLet’s start with a softball: Tesla's Europe sales plunge 49% on brand damage, rising competition. Who Do You Blame?ElonLiberals Who Hate ElonTrump 2.0The Tesla board (I’m looking at you Robyn and Kimbal)Apathetic Tesla investorsNobody. Share price is king. MMISS backs Dynavax directors in board fight with Deep Track CapitalDeep Track Capital, which is Dynavax's second largest shareholder with a nearly 15% stake, is pushing on with a proxy fight and wants new directors to prioritize development of the company's hepatitis B vaccine instead of pursuing new acquisitions."Vote for all four management nominees," ISS wrote in a note to clients that was seen by Reuters. "The dissident has failed to present a compelling case that change is necessary at this meeting."Despit that "There has been a stall in momentum" and that "the market has in no way rebuked the company's strategy" even though Dynavax's stock price has fallen 18% over the last 12 months.Who Do you Blame?ISS, for an inability to articulate big ideas with data.Dynavax’s current board knowledge profile: while pretty balance overall with science-y stuff like Medicine and Dentistry (14%); Biology (15%) along with a reasonable amount og Economics and Acounting (12%), the board notably lacks Sales and Marketing (0%).Deep Track Capital nominee probably fits that bill: an experienced drug development and commercialization professional most as interim CEO/COO at Lykos Therapeutics, including overseeing the commercialization of Moderna’s COVID-19 vaccine and marketing and sales at Sanofi PasteurISS, again, for ignoring the presence of 15-year director and Nominating Committee chair Daniel Kisner. Why is this guy allowed to maintain dominance over the selection of new directors?Especially consider the presence of fellow long-tenured director Francis Cano on the committee who is 80 and has served for 16 yearsCano had 29% votes against in 2018, but then only 4% in 2021 and 8% in 2024 The board’s atrocious lack of annual elections. While the company celebrities the appointments of two new directors in early 2025, one of them, Emilio Emini, will not be up for shareholder review until the 2027 AGMCan I blame DeepTrack (14%), BlackRock (17%), Vanguard (7%), and State Street (6%) = 44%PepsiCo Is Pushing Back its Climate Goals. The Company Wants to Talk About ItPepsiCo said Thursday it pushed back by a decade its goal to achieve net-zero emissions from 2040 to 2050, as well as a handful of delays on plastic packaging goals, to name a few of the shiftsJim Andrew, chief sustainability officer, said PepsiCo’s ability to make progress at the rate it would like to “is very very dependent on the systems around us changing.” He added the “world was a very different place” when it was working on these goals in 2020 amid a completely different political and regulatory landscape.Who Do You Blame?Pepsi’s very large board of 15 directorsmost governance experts and research converge around an ideal range of 7 to 11 directors. Which really means 9?Beyond 11, boards often suffer from slower decision-making and diluted accountability.Pepsi’s completely protected class of directorsAccording to MSCI data: no current director has received more than 9% votes against since the 2015 AGM. Average support is over 97%Despite hitting .400 overall (peers hit .581): .396 carbon (vs. 473) and .180 on controversies (vs. 774)The fact that the company is named Pepsico and not Pepsi which is kinda irritatingPepsi’s Gender Influence Gap of -11%In fact, of the top 7 most influential directors, 6 are men with 68% aggregate influenceThe woman is Dina Dublon (11%), the former CFO at JPMorgan Chase, who has been on the board for two decades. I guess her experience as a director on the Westchester Land Trust is not enough to sway the gentlemen.The Land Trust is chaired by Wyndham Hotels director Bruce Churchill, whose experience at DirectTV must really be crucial in the protection of the natural resources of Westchester CountyWhat Makes a Great Board Director? It’s Hard to Define, but It Has Rarely Been More Crucial. Who Do you Blame?The WSJ for still failing to define it appropriately despite being the effing WSJ!Proxy advisory firms, for not having the data that could better inform shareholdersThe SEC/listing exchanges for not requiring data that could better inform shareholdersEvery person in the world who does not use Free Float Analytics data2025 U.S. Proxy Season: Midseason Review Finds Sharp Drop in Shareholder Resolutions on BallotTrump 2.0Darren Woods and ExxonThe anti-ESG shareholder proponents for depressing us with their political theaterApathetic investorsMATTBall CFO to depart after less than 2 years in roleHoward Yu: The departure is not related to any disagreement with the Company on any matter relating to its accounting practices, financial statements, internal controls, or operations.Because...
Transcribe →NUGGETS: “Retiring” DEI, Meta’s masculine energy, meritocracy of Dana White, CEO replaced by CEO, and activist action
Jan 14, 2025Tap to summarizeLive from an DEI-bedazzled ESG Glowstick, it’s an all-new Terrific Tuesday edition of Business Pants. Joined by Analyst-Hole Matt Moscardi! On today's SAT Cheat Sheet called January 14th 2025: BIZ NUGGETS!Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.DAMION1ZuckIn our 'He also said corporations named "Julie" and Samantha” especially suck' headline of the week. Mark Zuckerberg praises benefits of 'masculine energy', calls corporate America 'culturally neutered'*************** In our 'He cautioned any panic by saying AI would only steal jobs from the gays, the blacks, and human women' headline of the week. Zuckerberg Announces Plans to Automate Facebook Coding Jobs With AI***************In our 'Zuck and Musk criticized the action as "something a lady named Julie or Samantha would do" and also said "there is no place in our society for decisions that benefit the greater society"' headline of the week. Mastodon’s founder cedes control, refuses to become next Musk or Zuckerberg***************Eugen RochkoIn our 'In other news, acorn blindsided by oak tree's decision to let it fall to the ground' headline of the week. Meta’s oversight board blindsided by Mark Zuckerberg’s decision to relax hate speech restrictions*************** Tech BrosIn our 'Jeff Bezos sues Business Insider for calling him a 'shadow advisor'' headline of the week. Amazon CEO Andy Jassy has a new 'shadow' advisor. It's one of the most prized roles inside the company.*************** Alex Dunlap, a 17-year veteran of Amazon Web Services, started as Jassy's shadow advisor in late 2024, replacing Eric Rimling, a logistics VP who was Jassy's shadow since January 2023.In our 'But we should still prioritize the fake meritocracy so we don't accidentally hire a black person' headline of the week. OpenAI CEO Sam Altman: The new No. 1 ability you need to succeed—it's not raw intelligence*************** In our 'He also added that he still intends on re-electing Kimbal Musk to the board of Tesla' headline of the week. Steve Bannon vows to demolish Elon Musk’s political influence in a mission he says is ‘personal’*************** MATT1In our 'After we retire black people, we can finally get back to retiring cows for our burgers.' headline of the week. McDonald’s Retires DEI Goal SettingIn our 'I think they meant "retiring"' headline of the week. Is DEI dying? Here's the list of companies that have rolled back the 'woke' policiesIn our 'From the memo edition: "We firmly believe in our deeply held beliefs that exist today, not of yesterday or tomorrow. Those deeply held beliefs right now include retiring DEI, because that is what we currently have moral conviction to do as of this moment."' headline of the week. Meta announces end of DEI programs. Read the internal memoMeta's 2021 sustainability report had DEI as THE MOST CRITICAL ISSUE to both its business and its stakeholders. In our 'We have set two new ambitious goals for 2025 which we call "95 for 25": We aim to improve our tech workforce, which is 73.9% male and 89.7% white or asian and 90.2% straight, to be 95% male and 95% white and asian and 95% straight by 2025. We also aim to improve our user experience for men by altering our algorithm to show American football, tanks, missiles, pubic grooming tips, and women as property as 95% of all posts by 2025.' headline of the week. Mark Zuckerberg says he wants more 'masculine energy' at Meta. So, why don't more men use Facebook?In our 'We are well on our way to achieving one of those goals by the end of January.' headline of the week. Facebook Now Allows Calling Women Personal PropertyIn our 'Ok, let's be honest, these black women ARE the personal property of Mark Zuckerberg, right?' headline of the week. Facebook Is Creating Fake AI-Powered Black Women While Changing Its Rules So It’s Okay to Harass Real OnesIn our ‘Honestly, our biggest problem has been the gays. Did you know white guys can be GAY now? Almost 10% of our company say they’re gay, but Mark and I can't tell which ones are gays and not talented and which are just talented white guys because they look the same. So, in order to figure out who we’re not discriminating against, we have another new target to only hire people who wear a shirt that self-identifies if they’re straight and talented to maintain the meritocracy.' headline of the week. Meta policy chief says decision to end DEI ensures company hires 'the most talented people'In our 'We are well on our way to achieving meritocracy by the end of January.' headline of the week. Mark Zuckerberg Tells Joe Rogan Why He Wanted Dana White On Meta's Board Of Directors“Because I control Facebook, I have the benefit of not having to convince the board to not fire me. Because I’m not worried about losing my job, I get to use my board to get people I want to help solve problems.”In our 'This headline was written by the Christian Post, who's other headlines today include "Franklin Graham weighs in on whether God is judging Hollywood with California fires" and "Mel Gibson says gospels are veryifiable history"' headline of the week. The woke right: Critical theory for white guysDAMION2Stakeholder angerIn our 'A shitty a...
Transcribe →