Transcript
Hello. Live. from the ESG duplex and sand Santino East Dakota, it's a tardy Monday edition of business pins. Where I feel like we're going a little late. Join is always by our BS correspondent, Matt McCarty. I'm still not bald. Oh, that more shadowing. You you can't get the CEO job and today. No, wait. Oh, yeah, right. No, I can't. I can't. I'm not bald. There are two CEOs succession plans that are currently happening in Corporate America. It is south east quiet, man. Yeah, and it is bald white man. Don't the only two winners don't give away the the headline and today's fund size doll arm. Called, I can't think of any actually, anything more fun size than adults are an adult arm called, November 21st 2022. Sexy story, update, Otherwise known as your daddy is her home for things, giving Matt. Yeah. Oh, here we go. Let's get to it. Give me something. Give me a trend, right? Here you go. All right. First, let's get you all the stories that we're not going to go deep on but, but we really would, if we had a really massive audience and I blame our limited audience for not being massive, we would cover all these in depth. Somebody do you mean if we had any production staff whatsoever? And that's not true. There you go. Elizabeth Holmes. Yeah. Two that's it, 11 years in three months in prison on Friday that seems pretty big. Okay. So railroaded or not Friday, since sentencing of Elizabeth home serves, as a reminder of the danger of showing Blind Faith in promising, Business Leaders with inadequate oversight, do you believe that? Oh yeah, Elizabeth Holmes shows us that not Adam Neumann and Sam. Bankman free. It's Elizabeth Holmes that shows us that sure. Number two story. We're not covering. Iranian World Cup players and fans bravely send a message while European players cave to bigotry. How about that headline? so, The World Cup has kicked off and Qatar. The European players were gonna wear rainbow armbands intended as a statement of support for inclusion and opposition to discrimination, you know, we know why? Yeah. Because they're woke. Uh yeah you can this is really a statement again, human rights issues with lgbtq policies and Qatar. But then, they caved. Because they were threatened with yellow cars. So the players folded, I mean, what are they, all gonna get yellow cards? I mean the whole team. Yellow card can you throw, can we just say that FIFA is the most anti-wolf sports body between the rant? I would, I would put the head NFL a ranted, the other day about, like, stop yelling at Qatar, like cutter a place where they used like migrant workers, who died in the Heat and they didn't disclose it where their censoring things and then they pulled out the the beer deal. The head of FIFA was like shut up about being angry with Qatar just shut up. Meanwhile. In stark contrast to the European players, who abandoned their one love armband, Iran's players refused to sing the national anthem. While on the stand, some fans booed the government Anthem and others saying the Persian National. So the so they're taking a stand that could actually get them killed. Yeah. Yeah, they they're risking their lives. Yeah, not yellow cards. Interesting out of there, out of the World Cup. Next Story, the NAACP Chief slammed Elon musk's garbage pole he called it. I love Summation of the garbage pole and called for advertisers to pause Twitter spending after Trump reinstated. Meanwhile, so that I'm sure everyone has heard this Elon Musk has stupid Pole and Donald Trump barely squeaked by with the yes. So, he's been reinstated to Twitter, I don't want to spend a lot of time because that's, that's how we should run content. Moderation, despite bots on Twitter despite threatening for weeks that we would not do this this way, or putting a Content counsel together that will, that will see that will take these issues seriously, and he came to his own stupid, sorry garbage pole. Meanwhile, Elon Musk reference, the Bible and said he will not allow Sandy Hook. Conspiracy theorist Alex Jones, back on Twitter. So, again, I'm like the Free Speech ISM of this idiot. I do not understand. He was so philosopher. Sam Harris asked if Alex Jones be put back on Twitter and musk responded. With a Bible verse suffer, little children, and forbid them, not to come unto me for of such is the Kingdom of Heaven. Matt, I don't know what the hell is going on. Look, I don't want Trump or Alex Jones on Twitter, but if you're, if you're bringing Free Speech back. Do you bring back the guy who, who started a Insurrection or do you bring back the idiot? Who claimed Sandy Hook is a conspirator or do you bring back tonight? I don't know what I don't. Let's do it. The feds are gonna shut Twitter down. First of all, Twitter's gonna get investigated Tesla. Just announced its 19th recall. No, no, we're above. No, actually, we're above 19 now. Actually slightly behind tagged one, I, yeah. And I think I just tagged two more. Yeah. No, I'm not kidding. Yeah, this is your CEO of Tesla. This is the CEO shareholders are going to sue Elon Musk. He's gonna stop being the CEO Tesla. You can write that. Just write it down in Black Ink. He's not gonna be the CEO test. Love for more than the he's got 300 65 days. That's what he's looking to that because he died of existence, it's left at business pants, you're in trouble. We this is proven fact. And we have proof of that coming up. Oh, I like proof. At cop, 27 and 11th. Our deal comes. Why 11th Hour? Do you understand that? Well 11th, what? Yeah. Because it's the 12th hour is that the 12, the top. It's so, why don't you? So we're just going for the half of the day. No shouldn't be the 23rd hour, it should be the 23rd hour but we're not metric here that cop 27 and 11th. Our deal comes together as a US reverses course on loss and damage. The meeting ended with an agreement, to create a fund to compensate, less wealthy countries. Already suffering, destruction stemming from rising average temperatures but The agreement called the Sharm El Sheikh, implementation plan, only secured tepid language around limiting, the causes of climate change. Namely burning fossil fuels fuels and critical details about how countries are expected to meet their commitments were left. Unresolved Yeah. Who would have thought that after 27 trees, we would have gotten this one, right? Yeah, I gotta tell you. The end of every cop meeting is, you is spun and either direction. It's either good or bad or both. Nobody ever then nothing happens in the real world for the most part, but I will say that it's a good thing. That I think that the biggest power player in that room, was she from the UK, right? Am I right? Oh, he was Okay, okay. And finally, the big business pants story of the day. Yeah. What is this? What is happening? Okay, okay. I didn't have a lot of time to prepare it as the best I could do. Matt, I know, you know, this Ken doll Bob Iger returns as Disney CEO. Replacing bald Bob chapek after a brief tumultuous 10 year how about this quote I'm gonna hand this over to Matt but Oh, first of all, let me just tell you the the dramatic upheaval comes 11 months after I heard left, Disney and days after chip, except he plan to cut costs at the company, okay? Because of swelling costs at Disney Plus Uh, earlier this month, the company's earnings, vastly underperformed wall, Street's expectations, from what I've read. Matt the board called Bob Iger Friday. They they came up with this idea essentially, and probably the two minutes. It took Adidas to dump. Yay, for being an anti-semite, but before I get let you take over. How about this quote from Bob Iger, this is a email to employees that that was sent to CNBC. He said I must it is with an incredible sense of gratitude and humility, and I must admit a bit of Amazement that I write to you this evening with the news that I'm returning to the Walt Disney Company. I mean, I don't know where I don't even know where you want to start with this. But wow, that's all. Wow, I That first of all. Yeah, I have a lot. I so I've I've segmented this into three good. I love segments. Okay. Yeah. The first segment is called Duck Sauce. CEOs. Who actually? I I don't know if you know this but I love Duck Sauce. Correct. You should love Duck Sauce. I don't know what shape it bald Bob isn't alone. So this is this is where we shamelessly, plug board, saber metrics. Oh inboard, saber metrics. We rate the influence every board member has in the boardroom relative to the others as a percentage of a pie. Right. True this is all true. It all actually happens shape was one of a handful of CEOs in the entire world that are bored saber metrics suggests had less influence despite being CEO as someone else on the board and I just say this absolutely validates our product. I'm not kidding you and when you told me this I was very excited. This, no, I'm sorry. The CEO on this board. Didn't even have the most influence in the Border, according to our data here at board saver metrics. And this is excluding when there's like Founders on the board, right? This is just a CEO on the board of regular Zuck boards. What we've what I found this morning was that 15% of us large Mega cap. Companies actually have a CEO on the board without a Founder. Family member on the board and the CEO has less influence to another board member in about 98% of those cases. It's because it's an ex CEO of the same company who's in executive chairperson of that company or vice chair of the company. They hold some powerful role. Chapek was alone because he joins. Chris. Kaminski of McDonald's. Yeah, kimchi. Sure. Charles Sharp of Welsh cargo shark and Damian, your favorite Rosalind Brewer Brewer, all CEOs of their companies. Are you sit on the board and they have less influence? That's what is no weird that the people we gravitate towards and have a lot of Chuckles about 10 are tend to be these statistical Outlaws. I think we're Geniuses, man, I think this is why I call the Duck Sauce. Each other not only lame Ducks, but we both like Duck Sauce. So look. I know not a single ESG firm ever tries to reach out to me on LinkedIn, to poach me away. They never try to hire me for anything, but I'm right now. I'm an ESG genius. And so is Matt, so get over it. Disney was one of 4% of global companies where women had more influence on the board than men love it. I can't believe there are 4% that why does that seem high to me. Well, the reason why it seems hi to you is because when we take away women, founders of the companies of which there are very, very few, of course, only one percent of companies globally have women who have more influence, which is another incredible statistic that you can only get here. And I'll say, this is the last board saber metrics plug. When I go left, he had 26% of the influence of the board. He was worth. On 53% more than bald Bob in the ball in the boardroom of course and then Mark totally anecdotally. Everyone knows this. But we actually have the data to prove this we actually had numbers in markets actually gave it a number two. Today they value Eiger currently trading at plus 10 billion of market cap. Adding one Bob, Iger added 10 billion dollars to the market cap at Disney bald. Bob when he was announced that he was going to step in and CEO that day minus 8 billion of, okay. But but in this, maybe this is a good segue for your next segment. But, but That's sure, that's true today. But how are they are gonna Disney gonna keep this guy alive forever, because there's clearly no other CEO after him and then the company might as well just tank. Go bankrupt after they're just gonna fold themselves up into a neat package. And they throw they do not succeed. A success thing, which brings us to section 2 of what I'm going to tell you, which is called successions successfully. Yeah, exactly what I said, the nominating committee that clearly did a ton of due diligence and asking agar to return includes. Well, Susan Arnold a couple hours, the chair, Amy Chang, Michael Froman and Maria Legacy know. Yeah, so when women occupy 75% of the nominating committee spots and one of those spots goes to the chair who was one of the most powerful women on boards in all of our data and all of us in our own. Yeah and the conversation apparently happened between Susan Arnold and Bob Iger Just it was like a phone call. Like, what back, how does that happen? What? She doesn't even invite the rest of the nomination committee for that one. I who knows? She probably told them later, I'll be busy with their Frozen Whole Foods turkeys. I went through every board member and found that the entire Disney board, which I believe is 9 or 10 people sit on a combined, 13 boards outside of Disney. Okay? And there wasn't one other candidate anywhere. Their gunshot, man, that they could find to be scared. Yeah, they're scared. So what is like is Bob Iger genius? I mean, I don't know. I think, no, I think actually, he's not and I think his quote proves, he's not because he's a, he's even, he's amazed. He's just like what? Well, it's not amazed, that's his humble. Oh, humble brag. Two employees where he's like, thought it was over this time. I'm just I'm, he said like it's with deep humility and gratitude. No, it's not. You spent literally the second you turn the company over to Bald. Bob, you spend the entire time saying he did a shit job. That's true. The entire time. That's true quotes from like three weeks ago. Where he was saying, I wouldn't have done any of the things that that guy did. I mean, well, he would have done them all. Probably exactly why didn't it was a pretty or smile, man. I said something he would have, he's Ken doll Baba. So he just has a way with people which brings me to the awkward part. My name is it called awkward copy editing Department. Really helped you. I didn't actually step down in 2020. And I'm saying that because he didn't leave the board until December of 2021, okay? He sat on the board. For, for like they had that transition period, right? So Eiger is getting credit. As stepping down and handing the reins over to Chase Bank. A full year and a half before he actually leaves and is influence. Void needs to be filled. Okay? So cheap. It really only flies solo for 11 months, that's less than a year. He's away from daddy. Like, he doesn't even, he didn't even he did Barry, he hasn't even done two semesters away from daddy. He's yeah, only one is a semester and a half in one thing's giving one Christmas. Right. He only went he only passed go once. Did he even pass? Go full? Like no one is go yet. He has go. Yes. Go that's sad and he's still I was still getting credit for like landmine avoidance. He still gets credit for. He doesn't have to deal with covid directly. He's like Ben Affleck in Dazed and Confused. He's like he's hanging out in the back of the gym for a full year and a half later talking shit about like all of the you know the high school kids saying if I were there it would be better and then he And then it gets White Horse Credit Now like speculating that that. Okay originally we speculated the Eiger stepdown because he is not going to deal with this covid mess. Exactly. Yeah. Are you? Are you saying that he just, he wrote it out. We just rode the storm out and now he's gone. He's like, okay, I'm back everyone. Stopped paying attention to Bob. Iger when he said he was no longer going to be the seat belts and I was gonna he was going to like, he'll everyone talks about him, avoiding covid. He was strategically there for all of it. Yeah, that's true. But still 11 months ago, his mouth shut he couldn't and his mouth shut. He was on the board and we were plenty of stories that we covered about bald. Bob sort of being angry about about, you know, I hear his presence and trying to fire people who are attached to Bob and trying to set his own path, which makes sense. I mean he's CEO, come on, he's a new CEO. I don't have to like bald Bob, but I do have to say that we are now giving bald Bob, all of the negative returns of the period since I first stepped down. But I grew was there for more than half of it, that is my point. So I go left and December of 2021. The last quarter Iger was on the board. The quarterly earnings was a dollar 68. A share, Disney's earnings per share in September for chapek. This last quarter, that passed was a dollar 72 per share. But what's the problem? The expectations were higher is that the problem, the problem was, the expectations were higher. But the real problem here is either doesn't, doesn't take hasn't taken any Fallout for anything. We're just looking at like, yeah, like oh, that was the Heyday when you were here but this is why we call him Kendall Kendall. What is Ken, who blames Ken doll for anything? Come on. Apparently nobody. So here are my two conclusions that I want to prove me wrong? Ready? Yeah. I woke won the battle for Disney. I don't believe that one keep going. And conclusion. Number two, it needs. We need to build a thank you. Oh, double drum roll. It's all about business pants. We forced out ball, correct? That's what happened. Yeah. I actually believe this is a major win for us. Because it's too weird theories that we have a. I don't know why, maybe this is the Prague Theory, although I have actually countless examples of this off a dig into my records, but if we make fun of you too much, To an uncomfortable extent. Years, your career is going to end, prematurely, right? We predict CEO demise we do. I'm sorry, we do. Well it helps to have it like a number like the Duck Sauce rating where I mean you can find this video is Kim. Chinsky McDonald's CEO. We dump a lot of coming. That's coming, he's coming. Yeah, I don't actually I'm gonna be okay. I know you want to wrap up, you want to go to the mall and I don't know what you want to buy. But are you talking about? I would never go to the mall. I don't have to spend a ton of time in because I'm just kind of tired of giving airtime to like Ron DeSantis and Donald Trump only people. But I don't actually see this as a victory for the anti-walk. I did based on the reporting I've seen this is this seems pretty clearly a matter of everyone hates ball. Bob And there were some serious issues with, you know, earnings and, and, and balance sheets, and all this crap, you know, Disney plus had a great year. Didn't did it? Not it surpassed Netflix, but I, but I think that Bob may be spent too much money to get there and then just everyone hates him because he's a sweaty jerk. I don't know. I don't think this is a win for the anti. I don't want to give them a win for anything. Matt, I'm sorry. Don't have any data about his sweat content, but I do know that your narrative is the correct narrative, which everything that's being reported is senior Executives at Disney basically hated working with bald. Bob, that's seems to be the inside conversation and correct and wrong didn't buy Eiger, say that Disney should have come out more more quickly against don't say, gay didn't get himself say that he did. He second guessing even in that instance saying you're slow to fight. The part of the reason why there was so much blowback was that there was the blowback for chapek, not talking about it. And then, right afterwards, Eiger came out and said he should have done it this way and then it was all over the news again, that like, but it doesn't matter what the real thing is, because the headline out of the National Review today was Disney fires CEO, Bob champion chapek after woke war with Ron, DeSantis well. Okay, the anti-woke are going to walk around. It's actually true, but just not the whole story. It didn't happen. It happened. It happened in a Time sequence. It was after I said the narrative, in fact, no, I get you stories, including the CNBC stories, and the MSNBC Stories, the watch The Washington Post, mention the factors that Disney is under the crosshairs of like being called what corporation, which by, who seven people like Most people don't give a shit. It's the entire staff at New York Post. I know you're listening call us because we actually have the real story and we we already know everything and you don't. So you might want to fill in some holes and call that the way we get them to call. That's my eloquent statement to the New York. Do you have any other thoughts on know you? All right, let's finish this up. That is Damian Ross. I'm at Scotty, we are free float if you like this. Come back tomorrow. We have corporate theater tomorrow, this week's a weirdo theater tomorrow and then we'll wrap up the week on Wednesday. I'm sure gonna be talking about. Who else, Bob Iger ones. We're gonna go some woke Wednesday this week. We actually are starting to bring in guests again. Who we got coming. Got Doug. Chia coming in two weeks, finally. And if you don't know who she is, he's a governance Guru and we he well he's like governance. Tell us how comes full of shit. We are today. Very good. Bye.