Proof that Berkshire Hathaway has always been fake frugal

Companies following their own rules

Victoria’s Secret rejects a Brett Blundy

A wrap-up of 150 meeting results over the past 2 weeks

And on the Big Vote, Matt accepts the BlackRock, JP Morgan, Northrop Grumman, Home Depot challenge

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Trade Wire

Top Stories:

Filings since May 1st

The headlines

BERKSHIRE HATHAWAY

Charles C. Chang will succeed Marc D. Hamburg as Berkshire’s CFO

Mr. Chang will be paid an annual cash salary of $8,000,000.

Berkshire will provide Mr. Hamburg (or his spouse, if he predeceases her), with up to 30 flight hours per year on a mid-sized NetJets aircraft for a term starting on June 1, 2026 and ending no later than May 31, 2037.

Berkshire will provide Mr. Hamburg with tax gross-up payments to cover Mr. Hamburg’s imputed tax expenses related to this travel benefit. Berkshire estimates its cost of providing this benefit will be approximately $490,000 per year

EMERSON ELECTRIC

elected Jennifer G. Newstead

3 women!

GENERAL MILLS

Long-tenured director Steve Odland (2004-) stepping down

Dana McNabb named COO, been with the company since 1999 and is also becoming a director

CFO getting a one-time $3.5M equity award while CTO is getting $2.5M

‍ ‍

Down to 2F

Stupid money

Snap Inc (SNAP)

$14.9M golden hello equity award for new CFO Douglas Hott

Dumb stuff

DUCOMMUN

appointed Mark A. Caylor as a Class II Director

to serve for a term expiring at the annual meeting of stockholders in 2029

appointed to serve as a member of the Board’s Audit Committee

Trade Desk

Samantha Jacobson resigning as Chief Strategy Officer but will continue to serve as director

Toll Brothers

new COO Seth J. Ring added to board

OCCIDENTAL PETROLEUM

Vicki Hollub stepping down as CEO, replaced by Richard Jackson

Vicki staying on board, Jackson added 4/30 but not voted on 5/1

PLAINS ALL AMERICAN PIPELINE

appointed Cynthia B. Taylor to board

The former CEO of Oil States International will join the Health, Safety, Environmental and Sustainability Committee

Smart Stuff

WEC ENERGY GROUP

Having reached the applicable retirement age under WEC Energy Group’s Corporate Governance Guidelines, Gale Klappa completed his service as Chairman of the Board on May 7, 2026

COMMERCE BANCSHARES

Benjamin F. Rassieur, III retired due to the mandatory retirement requirements of the Company. Mr. Rassieur had been a Board member since 1997 and was a member and former committee chairman of the Audit and Risk Committee.

TTM TECHNOLOGIES

Director John G. Mayer resigned

Resignation was required due to his attainment of the mandatory retirement age of 75, and the Board was obligated to accept his resignation, per the Company’s Corporate Governance Guidelines

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PROXY CAGE MATCH

Victoria’s Secret rejects activist investor Brett Blundy’s board push

Swatch shareholders reject activist investor's bid for board seat

Steven Wood, whose GreenWood ‌fund owns about 0.5% of Swatch, had challenged the Hayek family's control of Swatch with the backing of proxy advisors Institutional Shareholder Services (ISS) and Glass Lewis.

Swatch said he was not suited to represent shareholders.

They instead elected Swatch nominee Andreas Rickenbacher, a former Swiss politician and current director at BKW and Aebi Schmidt.

Participants in the annual general meeting rejected his appointment to the board, with 79.6% of votes against and 19.2% in favour.

Swatch's dual-class share structure has helped CEO Nick Hayek and Chair Nayla Hayek, children of founder Nicolas Hayek, maintain control: their family owns about a quarter of the equity but more than 40% of voting rights

"For the second time, the shareholders have clearly rejected his election," Swatch said.

Among non-dual class cheaters: support for Wood was at 80%, higher than the 62% in an equivalent bid last ‌year