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Tesla neglect, Musk’s hurt feelings, anti-woke boohoos, and Ben & Jerry’s mission governance
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Introduction
LIVE from a bottomless pit of CEO pay, it’s a Business Pants Friday Show here at March 21st Studios, featuring AnalystHole Matt Moscardi. On today’s weekly wrap up: Nelson Peltz hates woke ice cream, Self-hating Cybertrucks, and anti-ESG manbabies
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):
‘Incompetent:’ Jamie Dimon unloads on proxy advisor ISS
Jamie Dimon said Glass Lewis and Institutional Shareholder Services (ISS) should be “gone and dead and done with”, as he also launched an attack on those who pay for their services.
In an interview with Semafor at Blackrock’s retirement summit, Mr Dimon said: “Anyone who gives them money – shame on you.”
Unilever hit ‘new levels of oppressiveness,’ Ben & Jerry’s claims as its CEO was sacked over social activism
Ice cream maker Ben & Jerry’s has accused its parent company of firing its CEO David Stever over his support of the brand’s progressive politics.
On Tuesday, the Vermont-based brand filed an amended complaint in U.S. District Court for the Southern District of New York, alleging that Unilever “has repeatedly threatened Ben & Jerry’s personnel, including CEO David Stever, should they fail to comply with Unilever’s efforts to silence the Social Mission.”
Ben & Jerry’s said Unilever informed its board on March 3 that it was removing and replacing Ben & Jerry’s CEO David Stever. Ben & Jerry’s said that violated its merger agreement with Unilever, which states that any decisions regarding a CEO’s removal must come after a consultation with an advisory committee from Ben & Jerry’s board.
“empowered to protect and defend Ben & Jerry's brand equity and integrity”
White man David Stever, 4 women of color (one who is the chair), and two black men. In Vermont? Are they trolling us?!?! I guess it can be done. Unilever board member Nelson Peltz is still trying to find a white actor for Black Panther
Unilever has not publicly disclosed a reason for Stever’s firing
The ice cream company has a unique corporate structure that was meant to protect its activist mission, even after its 2000 sale to Unilever:
Independent Board of Directors: Unlike most Unilever-owned brands, Ben & Jerry’s has an independent board specifically tasked with preserving the company’s social mission.
Merger Agreement Protections: The 2000 acquisition agreement required consultation with the board for key leadership decisions, including hiring or firing the CEO.
Social Mission Oversight: The board exists to prevent