Transcript
Same old music. Woo. Come on where you start the show years and years of this music live. From the Jeffrey, sonnenfeld lab of laser focus CEOs. Wow, who smell like champagne and roses. It's an all new. Terrific Tuesday edition of business fans. Joined by analysts whole mattress. Cardi? Hey, in today's, our junah flavored audit committee called June 25th, 2024 Biz nuggets and the data Throwdown. Yeah, you know, it's funny. I actually should have played the music ever and that music doesn't ever end and I shall played it instead, but I was in Arjuna flavor. Well, I think it's kind of like, you know, they have a go, it's I imagine, like a rose, like a nice wine with maybe like a vanilla scent or something, you know, like oh, like like vanilla vodka. Yeah, right. Exactly vanilla. All right. Let's do some nuggets. Let's just actually quite delicious. I'm so happy. I don't know anything else you're up to, but hats off to that. Oh nothing. Matt, our show today is being sponsored by free flow analytics. The only platform measuring board power connections and performance for free. Why is it free? It's, I don't know why it's free. This is why we're homeless basically, that's good to nuggets. That's do it. now, you start us in our Does Uber Eats delivered to UPS trucks. I'll take 25 blizzard in a goddamn air conditioner. Headline of the week yikes yeah some UPS drivers still waiting for air conditioning and trucks is temperatures soar Nationwide. Matt how why how Look, they have to replace the truck. How what did it? Come on. That's, that's hard that they put little fans in, right. The ones that like hang on the I'm sure in our Tesla has officially changed Elon, musk's title, again, really he is no longer CEO or techno King but simply known now as the giant wiper Headline of the week. Wow, the Cyber truck faces another step back as it recalls more than 11,000 Vehicles, over its giant wiper. Oh, I like that. Well, first of all, kudos To you for coming up with a new name for Elon Musk. Not. I think that's the best one ever giant. I really do. I think that's better than all the other names. Speaking of which, in our Tesla's giant wiper, Elon Musk promises. Fully autonomous self writing. Number two pencils. By the first quarter of 2026 headline of the week car, dealerships in North America revert to Penn's and paper after cyber attacks on software provider. Oh, that's the Honestly, it's where we're going. This is why I have been drumming. This stupid, you know, cyber security expert on boards and said of like 17 of your frat buddies. Why not a cyber security expert? How about one person who's ever dealt with cybersecurity in our Boeing CEO, Dave, Calhoun chuckled just like me now. I have no scheduled last day as CEO either. Tell them, I am laser-focused on wandering back and forth from my desk to the coffee machine. Trying to look busy. Headline of the week. Astronauts. From Boeing Starliner were supposed to be in space for eight days. Now they're stuck there with no scheduled return date. Really what what is happening with that? I just like that Boeing is still pushing forward. They're just like, you know, we're a shit show but let's just launched some people into space. Nothing. What could go wrong, man? I don't understand. How are they stuck? How did they, I guess there's something important. That's a leaking shock. I know from a Boeing, you know, and I guess they're, they're not gonna fly back until they fix it. But nobody knows when That's so scary to me. Well, it figured out that one of the directions that's really what matters. Well, I remember climbing trees as a kid, it's always easy to climb up. It's coming down, the difficult that is harder. It is generally harder in our hey Ma Another homeless graduate from the Rhode Island School of Design wants our empty Dr. Pepper cans. Tell Dad Headline of the week. AI. Could kill creative jobs, that shouldn't have been there in the first place. Open ai's CTO says, what shouldn't have been there in? The desert was a quote from the CTO at openai? I love it. That's really fabulous. I love that. There's Arbiters of what? What should yeah Florida's doing that. All right, I'm gonna do a couple. I really phoned it in the week, I'm just gonna lie. in our, We've asked the cleaning lady and that guy under the bridge. Paul from accounting and Aunt Shirley and we're coming up. Empty headline of the week. Boeing CEO search is not going well. Yes, supposedly, a list of people who've already said. No, everyone's just saying no, that's it. This is why you're gonna get a glass Cliff CEO, right? Like, it's wise gonna, absolutely. Absolutely. Because there's gonna last two years, there isn't a, there isn't a male CEO on Earth, who would take this job because they know it's horrible. What about that? Genius, some background of Swami. Well, he's a genius. Oh, we'll get back to him. He wanted to run the country. He could take care of bowing, right. Could it be? He could easily get genius back, just get the astronauts back. Come on first day in. You fire all the women. It's gonna be a party. I mean, what a great, what a great scenario. In our 150% laser focused. Double pinky promise. We won't do it again. Headline of the week. Exxon suit over activist. Investors climb a proposal is dismissed. Oh, that's your Arduino flavor. Yeah, they just missed it. But here's the problem with this. They dismissed it only because our junah double pinky promise to never say anything about climate change again to Exxon. Luckily, for our listeners, I have another joke about it later in the show. Can you remind me? Which part of it wasn't their right to file wasn't there right to keep it going and then when they removed it, they removed their rights to file ever again. Looks like that, that Desiree fixlers math was a bit off because the supposedly, the average price to fight share. The proposals is about what 150,000 dollars, but Exxon spent 20 million dollars on this lawsuit. 20 million dollars. The average price is not 100,000, that's the top and the top end of the. Yes, yes, the price they are guests. Was it so Exxon? Spent a little bit more than that. In our recent surveys, suggest workers prefer an eight-day Work Week headline of the week. Greece is moving some workers towards a Six-Day work. Oh, I don't like the son of us 6. Day work week. I barely fit in five. It's hardly Grease 2. It doesn't sound Pleasant. In our Dana White is also a horrible idea. Headline of the week. Trump says he proposed a migrant League of Fighters to UFC had Dana White. It's not the worst idea I've ever had the whole year. I mean you're right the whole everything over there is the worst idea about that is the worst idea that ever been had. That's a publicly traded company but let's not forget TKO called now, right? They merge with its WWE where they have another horrible leche of a human being. Vince McMahon, Dana, White's running it. Right is not Dana. White is he's the only one remaining because Vince McMahon is so horrible that he basically got fired from his own company. It was like they had to choose between Vince McMahon who sexually assaulted, whoever knows how many people and, and Dana White, who smacked his wife's face terrible party. I mean, that's the choice and they hung out with Trump and they're coming with ideas. Like migrant fighter League's, that's where we're at. And this is how funny anymore after this, I need you to take over and all the meetings will be conducted on mute for all parties headline of the week. Microsoft brags that with the powers of AI. You'll be able to attend three meetings at the same time. Yeah, the head scratcher, should the EU be suing them for some kind of Anti-Trust or because this isn't sound right? Does anybody want to attend one meeting? Why are we attending three? Aren't we in a post meeting? Kind of error. After the pandemic, I thought every piece of advice on Business Insider is how to have less meetings. Yeah, just slack me. Why don't I have to talk to you? All right. Come on. Let's pick up the pace here. Yeah, make it funny again in our Leon hess's son, John. Said. This is one small step for man one. Giant leap for nepo baby man. Headline of the week. Hess CEO to join Goldman Sachs board as independent director are, that's just a great accomplishment. I mean really nice. It's really nice to see first one Heritage, his father's company Hess Oil and now he's the, it's just wonderful. It's just wonderful. I'm so proud of him in our this is a long one, so brace yourself in our wait, So, let me get this straight, you're telling me that the guy who founded the company and controls over 70% of the vote, renewed, his own contract to keep being CEO of his own company that is named after him. And you think this is worthy of an actual news article after you write that story, could you please meet with our new AI HR bot? We just contracted from open AI named the mecca. Downsizing optimization reducer HZ 5000 at 5 p.m. tomorrow headline of the week. Madison Square Garden, entertainment, renews, CEO James Dolan's contract, for three more years. What a crock, a shit that headline is, I mean, come on, Reuters, right here. What are you doing? It's a fabulous. Look that's they're just reporting the facts. That is what happened? Who's renewing, what? I don't understand. I mean why don't we just even need a contract? I don't even get anything. Oh, in our I think we found the next CEO Boeing headlines. Wow, that's good. Because we were looking for the multiples. Yeah. Wendy's says it's AI. Only screws up, 14% of drive through orders, only 14%. That's well, that's Boeing did screw up. 50% of the Starlight. This is incredible way, went up and not down. This is way better. This is better. in our, Middle School. Bullies punishment, dismissed. After victim promises to stop eating lunch at school. Headline of the week. Exxon lawsuit. Dismissed after Arjuna promises to stop filing at firm. That's really what it is. I mean, really? They should just like promised to sell all their shares too. Right. Because they're not. They even a shareholder. The shareholder. They're not. They're gonna promise to stop acting like a shareholder. I don't understand this one. I think they specifically promised not to file carbon shot. Okay, so like that's illegal. Now I would spend, I would do 43 shareholder proposals next year about like the length of inseams in the HR department, And finally in a very inside this is the most Insight joke. I think I've ever told here on the data Queen in our. Did you hear that? Are the data. Queen is vacationing on a remote Japanese island. This week headline of the week. Decades worth of EV battery metals found off. Remote, Japan island. She would actually go right. There is no doubt I couldn't resist. I had said she was in Canada, but I think, no, I know. We're there, instead. All right, I'm gonna wrap these up, come on. In our science is awesome headline of the week. Gilead shot provides total protection from HIV, and trial of young African women. That sounds good. That's awesome. That's definitely good list this week. Yeah, that's that's I don't know where the humor is here, but I love it. In our science is awesome, headline of the other one. We bought this bread in April, it's still looks fine. You know, you know I had that issue with some of our bread at our house. I can't what like the amount of engineering that goes into like something is stupid. All right, this one's long from yeah. Long one from me. Right in our, if not three board seats, how about just one? Or how about we settle on an advisory role of some kind? Or maybe I can just take notes at your next meeting. I have a glass. During the meeting. How about just water? Just take the Disposable cup from this conversation. Good, it's settled. I'm putting out a press release announcing our acquisition of one of your break room paper cups, headline of the week. Vivek ramaswamy meets with BuzzFeed CEO amid push for board seats. Maybe they can pull an x on just sue them and he can promise. Never to talk again. I still like the idea that he's pushing for this. Yeah, I had like 70% of the vote. Does your 50 Watts understands corporate government. He's actually put forth names, a podcaster podcaster. I'm not good on the board, man. I understand like bringing on a podcaster to maybe work at BuzzFeed or produce or, you know, create podcasts for the brand but on the board. Okay. That about us. I don't know why we haven't gotten the call nomin. Or show. I know I'm gonna name Matt, Mascari to the board of BuzzFeed call me. You want intellectual diversity? This is about as low intellect, As It Gets. In our for every vote you cast, we are now offering you the ability to get an ice cream at your expense at a local ice cream establishment of your choosing that you drive to and purchase headline of the week. National Harris poll finds 76%. Retail investors more likely to vote their proxy. If offered a shareholder perk, that's just said to me. I just love. What, what do you what perk do you want? I don't understand that. When I mean, perky is the ability. Is that like when you vote in a, in a regular democratic election, get that sticker that says I voted, is that the perk that's I do we really need that. Like you can't you can't it's not going anywhere. It's like unlike going out to vote at like the local County School. You literally go on your computer and just yeah type in it's it's unbelievable. All right, I'm tired, here's the last one. in our, Man hires self headline of the week, Madison Square Garden, entertainment, renew, CEO James Dolan's contract for. Oh, see here. You Agree and higher self. Oh, that one's from The Wall Street Journal so that they're both, they're both reporting on nonsense like waiters and Wall Street Journal. What are we doing here? Impressed that he got that contract that lasts a little bit of due diligence like do some background you can at least laugh at this Wall Street Journal. I mean what did we talkin' about this is the Bose banana I've never and how many dolans are on that board. I'm Arthur like several dolans and if you're not a Dolan you've worked for the dolans. Isn't it like Patrick Ewing on the board too? Like and you know what, the funny part of all this not if you're a Knicks fan, I'm a self experience. So it's funny to me the Knicks haven't won since 1973. It's probably because the Dolan family owned the Knicks, I mean, a bunch of idiots and bread, but he did. Well, this year, they won a game first year, and that was enough for James Dolan. To approve James Dolan's contract. That's all I'm saying. Good luck. Let's do some data. Yeah, I got something. It's hard to adjust after that music. I, you know, it was it was so hot in my headphones. I was really jazzed up and now it's just like nothing. It's just like. And yes, this is must be how our tuna Capital feels today like just they feel like a big nothing like, well, I did see the quote, from Natasha lamb at our junah that was basically like climate change is a real issue. That was all. I was like, I agree with everything you said just I don't know why we ran away. All right, here's what I did this week and honor of this is my list, I don't know, it's really a list but I don't care because I started not even a list. I looked at an article from CNBC to headline is activist starboard value. Activist investor starboard value sent a letter to Auto desks board Demanding more clarity and accountability around in an internal probe that led to the reassignment of the software company CFO. So Matt, we actually talked about this a bunch in the past starboard wrote that it was Luna sea. That shareholders had not been told which Executives were behind an effort to mislead investors about the company's free, cash flow numbers and they said that either Autodesk Executives withheld, the truth from the board it should be dismissed or the Autodesk board was aware of the financial misreporting and should resign, okay? so, This is what's going on over there. At auto desk. So I kind of I just said to look at Autodesk and create a pop quiz for you man. Look quiz. Quiz is a kind of list, right? And there's some data in here too, at the end. So listen, by the way, I'm just competing with you. So I whatever, I don't know what, I just have to beat your list, that's all I really have to do. So, here we go. It's not that hard today. How many of Auto desks 11, directors are listed with financial expertise in their 2024? Proxy statement because Star Wars is concerned, you know, I mean, And of course, you know, if it's true that the Autodesk executives are lying to the board, then, you know, I guess you can't blame the board, but I don't know how, how many, how many listing rules suggest that at least the audit committee, which is usually three people, they have to have two Financial experts on it at least, right? Like that or one, right? So let me say, let me help you here. First before you get with a definition from the proxy from Autodesk. Oh I like that nominees who have knowledge of financial markets, financing operations and accounting. And financial reporting processes assist us in understanding advising blah, blah, blah. That's really what they're looking for. They're looking for, that's it. But that's, that's pretty specific, right? I mean that's a basically an expertise, right? I don't know. Do I know she'll markets? Financing has roaring Kitty has Financial market knowledge. Not so you're saying the definition is weak here that's a little bit. That's a little bit. Everything they basically said everything you've ever done. If you've ever managed any money of any kind anywhere, okay, so out of 11, how many do you think have the expertise? I mean 10, I mean everybody. You that's the right answer. It's all 11 of them. Yeah, maybe I got including these two made me laugh, including CEO, Andrew and ignostic to hold a BS degree in mechanical, engineering and master's degree in engineering science, and a PhD in Aeronautical, Engineering computer science. That guy's a financial audit Committee Member Ayanna Howard, who was an entrepreneur and expert in robotics human computer interaction in artificial intelligence. How about that? Wow. You know what? I love first of all, those two people are ably qualified to do something else other than be a financial expert but I love that they're on the board. Yes sure, yeah, but just I don't disappoint, I don't. Yeah, I don't really know. Okay, here's the next question. Here's an Here's another pop quiz for Matt. How many of Autodesk 11 directors were previously CFOs? Oh, So this is much more specific. Yeah. According to their buy, usually, you usually have at least two on any board, one who sits on the audit committee, and one who just goes to the meetings and says we shouldn't spend money on that. So I'm going to go too. The answer actually is four, there's four. Wow, this includes Betsy Rafael. The company is former intern CFO and former audit committee chairs. So I mean 4. There's four former CFOs. So I don't, you know, I I don't really know what's going on this third of the board, was a CFO. So I, so what the hell, what is exactly going on? Oh yes, I don't know. But here's my next question, do shareholders, actually care who was on the board of Autodesk? Oh no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, you're correct. Yes, of course. I am allowed, I'll say that. Really, the answer is most likely they don't care because I, I can't, I can't prove causation with this data, but here's this. Here's the, here's the numbers average Support over the past three years for the directors for the board auto desk. Remember this is the last three years. Is 98 percent ninety eight. Wow. Everything's everything's okay. Just to put that into context, the average global percentage for vote for directors is 96%. So they're they're beating the global average for liking us. Yes, I know. So starboard asking the board to resign this is a Bit aggressive. I mean you wouldn't want to offend a direct. I mean there's so many CFOs who are on the sport and financial experts, you don't want to hurt their feelings. And finally, there's a quote from the article that says, the starboard. Also believes the auto desk spends too much on sales and marketing compared with its peers. So, I wanted to look at the the that we have, and we have a new feature here in our data set which is we look at the at the skills and the skills, the skill sets, of course, the knowledge knowledge map of the board members, thousands of companies, thousands 9,000, 10,000 9,000 too many, yeah. So I looked at the data, I want to know if this is true, is there too much emphasis on sales and marketing auto desk? I'll tell you this maybe But it's not, but it's not overwhelming. So I so A compared with its peers. Okay. So Auto I love a good. Maybe I know that this is interesting to me, this is actually surprised me. So Autodesk sales and marketing 5% of non-executive directors and 4% of executive directors. But when you look at its peers pound tier Technologies is 2% and 5% influence number. That's the influence. This is yes. Exactly. Yeah, this is how this number where amount of influence it's a fair amount but but when you look at their peers, it actually is the highest compared to its peers. Palantir technology is two and five percent to salt systems is zero and four workday. Only 1% influence from its non-executive director 5% from its executive. And this same goes with that last scene and rope for technology is all below. I don't know what they're making of this. I just thought I'd point out that we had this data. Here's what to make it starboard must have asked us for our knowledge map or something like they must have hacked our system, any activist investor and I applaud you starboard for what you're doing here. But Any of you, you should reach out to us, we can help you create your narrative. We can help you with your storytelling. We can give you the data to support. We can give you the objective data to support your case. I really you should reach out to us for all of your needs because we're here to help your fight no matter what. And you know what? Unlike all the weirdos, all the people who think that like ESG is a political, you know, with what is a political device or its Satan or the devil. Yeah, well prove to you. The ESG data actually is completely agnostic. I you can use it for whatever, you know, whatever you want to use it for me, say Satan if you want. I mean you'll see that there is you will not smell any politics in our data. It's just dating. I don't understand this, this this, this hysteria ESG data is like socialist, but it's clearly not that. So reach out to us, we'll help you support whatever side you're on. Yeah, that's all like that weed hysteria. What was that like in the 70s? 60s or maybe it's creating too many good rock and roll bands. Yeah, yeah, too. Many talented guitarists. Yeah. All right. I have a basic top five left. Go ahead here. All I did was I actually wanted to figure out who which companies have underutilized nerds. I like that's really. That was it? I just mentioned two nerds at Autodesk. Exactly. So but I wanted to specifically look at math nerds because you could be an engineering nerd, you could be a lot to kinds of nerds but I want to look at math as a knowledge in our knowledge, database does not appear as often as you think it was like I've been spending a lot of time as data. I've rarely see that as being it's just doesn't show up because it's like not many people get like a, you know, a master's in advanced mathematics, right? Like maybe they should maybe they should. So I wanted to say which companies have math experts on the board, but those expert Have no influence. Whether it's basically a gap in power between you've got the Nerds. You just don't care what they have to use the Nerds. You're not using the Nerds. Yeah, underutilizing the Nerds. This is five companies, most of, which are controlled, but I'm gonna give them to you anyway. Here they are. Number five, television, sell television sell like, is that, what is it like, Atari? What is the eight? I think, though. Yeah, I don't, I didn't look. This is why I really wanted it in this this week. No, no list. Sometimes a simple list, it could win, it could win, but I didn't look like this anywhere under the so far minus 14%. So utilization of that 14% that means they have 14% less influence than their, their, their account, whatever Body Count Of The Nerds. There's a bunch of nerds in that room and they have 14% less info. Months. Imagine a invisible plexiglass, like, container around the nerd. So that either, right, so that their voice and their opinion, doesn't really matter at the meeting, it's more like, it's more like if you had a room with 10 people in it and three of them were like super nerds you basically, they like when they spoke their volume all was at like one third volume. I think here, does it? Just somebody hear some squeaking if I spoke in unison, you might hear them, but that's it. I think we should trade mark. This we've talked about the glass ceiling the glass. Cliff, what about the plexiglass box? That's the Box they give women when they join boards, right? Because they don't actually want to hear their input and they don't want them to have influence. So they put a plexiglass box around them. I think it's more of a soundproof box. Okay, come on. Give me a break. All right, with the glass. Yeah, Genki drugstore. Okay. Genki Genki drug stores. Minus 16%, they are under utilizing their nerds 16 by 16%. Number three, Metropolitan Bank, and Trust that seems like a good place for a math nerd. You think you'd want some math there? But no minus 22 percent under utilizing the Nerds. Yeah. Idea Inc, that what do they do? Computer application company that, that needs some nerds imagine, definitely need to add. That's what that's all I'm saying. Mine is 24%. Oh, this is, this means you have a bunch of nerds in the room and they have 24% less influence than the number of people in the room. I don't think you did this for this show, but I would be interested to see what percentage of these people you're talking about. Are either women or people of color. I want to. I wonder if it correlates at all, I like that. That's that's a follow-up. And finally At minus 66%. Oh, Boeing know, I wish close lat. Am airlines group, I'll say There it is, minus 66%. Okay, that's That's pretty big nerd underutilization. That's a strange that's a pretty good. Pretty big. I will say my list took so much more effort than yours and so many different ways but I think I prefer your list. I like this, I like a math nerd. Well I would have liked to have looked up one of the companies in advance to give you some more information but still I like, where you're starting here. I like this idea of, first of all, I love making fun of nerds. I mean, that's a good thing, right? Like, like, Exxon did with our junah, right? I mean a nerd, but secondly, I like, I like focusing in on different skills, expertise, it's not, this is done. Not enough. Just counting how marginalized somebody I like that too. That's really what I meant to. I could count to a billion for us for how marginalized we are in our own industry. Maybe my house, I'm gonna go home and be marginalized about 15 minutes. That's all we got. That's his Much more than anyone scurti. We are free float. We are looking to get on BuzzFeed eventual podcast platform. That what are you listening for BuzzFeed? We're ready for you until until then we'll be back on Thursday with a proxy countdown. We're covering snowflakes. Oh snowflake. Yeah, I started the liberal kind. I started the research of snowflake yesterday. What a beautiful collection of interconnected people, like, it's incredible. It's a Wonderful, bro. Hug and and then on Friday, we're gonna wrap the week, but we're doing it all without Ari this week. So we're gonna have already told you on a remote island Gathering Metals until then goodbye.