Good morning, Broadsheet readers! Theresa May made a big mistake, James Comey's testimony has some observers thinking about male privilege, and Fortune's MPW community is gathering in London for our International Summit. I'm headed to the Northside Festival in Williamsburg this morning to interview Ellevest CEO Sallie Krawcheck. If you're there, come by and say hi! Have a lovely weekend.
• London calling. On Monday, Fortune is kicking off its sixth Fortune Most Powerful Women International Summit in London. The two-day confab will include top female leaders in government, philanthropy, education, and the arts, and feature conversations on everything from geopolitical upheaval to the rise of cyber intrusions.
Among those joining us on stage: Carolyn Fairbairn, director-general, Confederation of British Industry; Nicola Mendelsohn, vice president of Facebook’s EMEA region; Inga Beale, CEO of Lloyd's of London; and Tamara Mellon, the Jimmy Choo co-founder who now heads TMellon Enterprises LLC. Naomi Campbell, the supermodel, actress, and businesswoman, and Annie Lennox, singer-songwriter, activist, and philanthropist will also be there.
It is, of course, a bittersweet time to hold a conference in London. On the one hand, the city is still grappling with the horrific terrorist attacks that occurred last week. On the other, hosting the Fortune Most Powerful Women International Summit in London is a small but meaningful reminder of the city’s own power, even as it picks up the painful pieces and carries on. Fortune
ALSO IN THE HEADLINES
• May-ed a mistake. Meanwhile in London, U.K. PM Theresa May's decision to call a snap election has backfired in spectacular fashion. Rather than strengthening her Conservative Party's majority in Parliament, the vote yesterday resulted in a hung Parliament, which weakens her grip on power. The outcome is so catastrophic that May is facing calls to step down. She's pledged to press on for now.Fortune
• Welcome to our world. New York Times gender issues editor Susan Chira writes about how former FBI Director James Comey's testimony about feeling uneasy and hesitant to confront his boss (i.e. the president of the United States) over inappropriate behavior reminded her of something: how women sometimes talk about dealing with sexual harassment. And she's far from the only one who made that connection. New York Times
• End of an era. Alexandra Lebenthal, CEO of boutique Wall Street firm Lebenthal & Co, is stepping down. While she will continue to act as a "managing member" of the team, she and her brother James are relinquishing all control. For more on the fascinating history of the family firm, which was started by Alexandra and James' grandparents, check out this piece by Fortune's Shawn Tully: Fortune
• Uber over it. Yes, more Uber news. The Information has revealed that the company instituted an algorithm-based comp system to determine the lowest pay and stock option packages possible to attract new hires—raising questions about whether female employees were paid less than their male co-workers. Meanwhile, Uber board member Arianna Huffington told CNBC that CEO Travis Kalanick has been meditating...in the office lactation room. Fortune
• Remodeling its valuation. Fortune's Erin Griffith reports that Houzz, the online platform for home remodeling and design services co-founded by Adi Tatarko, is close to finalizing a new $400 million round of funding that values the company at around $4 billion. Fortune
MOVERS AND SHAKERS: Bain & Company has appointed Deborah Lee James, former secretary of the U.S. Air Force, as a special advisor in the firm’s Washington, D.C. office. Erica Baker, an engineer and outspoken advocate for diversity and inclusion in tech, is leaving her job at Slack to become director of engineering at Kickstarter.
IN CASE YOU MISSED IT
• Serena goes solo. Is the sports pay gap the widest gap of all? Forbes' new list of the world's 100 highest-paid athletes contains just a single woman: Serena Williams, at No. 51. Forbes
• Does not compute. A new report prepared by the Institute for Women’s Policy Research finds that, while the number of black women earning college degrees and opening business has spiked, they continue to be underrepresented in elected office, earn less than white men and women, and are twice as likely as white women to be incarcerated. Washington Post
• The jury is out. It's difficult to follow the Bill Cosby trial without thinking of all the high-profile sexual harassment and sexual assault cases that have appeared in business and political headlines in recent months. As this New York Times story puts it: "This is also a trial about how society grapples with the combustible questions of power, predation and due process that complicate he said/she said narratives. The jury is still out." New York Times
• Waters trolls again. Rep. Maxine Waters (D-CA) continues in her self-appointed role as Trump gadfly, responding to Comey's written testimony with the following tweet: "So Comey told Jeff Sessions he didn't want to be alone with Trump. Women across the country can relate." Fortune
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ON MY RADAR
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Fortune's Claire Zillman, on U.K. Prime Minister Theresa May's decision to trigger an election