By Alan Murray and David Meyer
April 16, 2018

Good morning.

Salesforce CEO Marc Benioff took a star turn on 60 Minutes last night–right after the show’s takedown of Allegiant Air (bottom line: don’t fly it.) Benioff’s topic was gender pay inequality. He told Leslie Stahl how he refused to believe at first that Salesforce had a pay equity problem. “I really felt there is no way this is true. Not possible. We don’t do that kind of thing.” But an internal audit found there was a persistent gap between women and men doing the same job. The company went through its entire 30,000 person work force to eliminate the gap. The cost: about $3 million, with about 10% of women getting a higher pay check.

Benioff says the problem isn’t unique to Salesforce. “I think it is happening everywhere. There is a cultural phenomena where women are paid less than men.” CEOs, he says, can fix that with the push of a button. “There’s no excuse. We have the data.”

Separately, Mastercard will announce later this morning that Michael Froman–the former U.S. Trade Rep. who tirelessly pursued trade agreements between 2013 and 2017 when political support for them was heading south–is joining the company as vice chairman and president of strategic growth, working with CEO Ajay Banga. Among other things, Froman will work with governments around the world on strategic projects ranging from South Africa’s welfare benefits distribution system to touchless payments on the London tube. He also will “drive the company’s financial inclusion and inclusive growth agendas.” We’re hoping to lure him to join us at the CEO Initiative in San Francisco June 25 and 26. Still looking for a few other CEOs who care about the social impact of business to join as well; let me know if you are interested.

More news below.

Alan Murray


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