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CEO Daily: Monday, June 15

June 15, 2015, 10:20 AM UTC

Hillary Clinton’s moves on trade this weekend were discouraging to watch. She kept mum prior to the vote on Friday, didn’t mention the topic in her big announcement speech on Saturday, and then came out Sunday backing Nancy Pelosi – who opposed the trade deal — rather than President Obama. Perhaps her goal is to help broker a final deal. But her disingenuous dance on this important issue adds to public confusion and cynicism.


In her announcement speech Saturday, candidate Clinton said: “Advances in technology and the rise of global trade have created whole new areas of economic activity and opened new markets for our exports, but they have also displaced jobs and undercut wages for millions of Americans.” True enough. But as she knows, you can’t stop the latter by blocking the former. “Shared prosperity” has to start with prosperity.


Clinton’s business-minded supporters say her dance is a necessary campaign compromise, and her support for free trade is well established. But here’s the thing: campaigns have consequences. What is said between now and November 2016 will circumscribe what happens afterwards. If Hillary Clinton makes populist pandering the core of her campaign, she’d be hard pressed not to make it a pillar of her presidency.


I’m writing this from Heathrow airport, on my way to FORTUNE’s Most Powerful Women Summit in London. More on that tomorrow.



Alan Murray

Top News

EU-Greece talks dissolve amid default concerns

Debt repayment negotiations between Greece and the country's European Union and IMF lenders broke down without anything resembling a resolution over the weekend. Greek leaders submitted a new bailout plan, but their proposed spending cuts still fall well short of what the country's creditors have requested. Euro zone finance ministers are scheduled to meet on Thursday, as concerns grow over the potential for a Greek default. The country's bailout expires at the end of the month.  Wall Street Journal (subscription required)

Clinton speaks on trade deal

Hillary Clinton, fresh off the official launch of her Democratic presidential bid, finally weighed in on President Obama's trade agenda over the weekend. The former Secretary of State called on Obama to ensure that the bill include better protections for American workers. Clinton also advised Obama to work more closely with Democratic leaders, including House Minority Leader Nancy Pelosi, who voted against the Trans-Pacific Partnership trade deal last week. The Washington Post

'Jurassic World' stomps global box-office record

Jurassic World smashed global box-office records with a $511 million haul in its opening weekend. The film — a reboot of the franchise spawned by the 1993 dinosaur blockbuster Jurassic Park — became the first movie to ever score more than $500 million in global ticket sales in its opening weekend and it came in just behind the record for a domestic opening held by The Avengers, which made $207 million in the U.S. three years ago.   Variety

Prince Alwaleed doesn't want Dorsey as permanent Twitter CEO

Saudi Prince Alwaleed bin Talal, an early Twitter investor, spoke up about the recent management turnover at the social media company where CEO Dick Costolo is stepping down while co-founder and chairman Jack Dorsey will return as interim CEO. Prince Alwaleed said that Twitter needs to find a suitable long-term option for the CEO role and that Dorsey should not be a candidate because the co-founder also needs to devote time to running his other company, mobile payments startup Square.  The Financial Times (subscription required)

Around the Water Cooler

 How do interim CEOs fare?

According to a University of Virginia study, interim CEOs are relatively common, with about 17% of publicly traded companies employing an interim CEO in their succession process. For the most part, though, they don't stick around longer than just one quarter, but the study did find that companies that appoint an interim CEO are actually more likely to see lower returns than companies that immediately install a permanent CEO. However, that might not be terrible news for Twitter, since the study found that companies that install the sitting chairman (like Twitter co-founder Jack Dorsey) as interim CEO see better returns and are less likely to fail.  Harvard Business Review (subscription required)

 Bush to focus on economy in presidential bid

Jeb Bush will officially launch his 2016 presidential bid on Monday, joining an already crowded field of Republican candidates. In his announcement speech, at Miami-Dade College this afternoon, the former governor of Florida will apparently highlight his campaign's focus on further U.S. economic growth, with Bush looking to create as many as 19 million new jobs should he be elected. Bush will continue delivering that message throughout the week at various campaign stops in New Hampshire, Iowa, and South Carolina.   Reuters


 Fashion meets tech in New York

Last Friday, the second-annual Demo Day for the New York Fashion Tech Lab brought together retailers and techies. A handful of startups pitched ideas that looked to improve how fashion and tech work together, from inventory management apps to a platform that mines sales data to improve operations. The Demo Day is part of the Fashion Tech Lab's twelve-week program, which produced an alum last year, design startup Nineteenth Amendment, that recently signed a partnership with Macy's.   Fortune


Chapter 11 for iconic firearms company

Colt Defense, the gunmaker with a legacy dating back nearly two centuries, is set to file for Chapter 11 bankruptcy protection. The company, which plans to continue operating after the filing, has suffered in recent years from weak rifle sales, in particular the loss of a military contract to supply the U.S. Army with the M4 assault rifle.   WSJ


5 things to know this week

The Fed, Greek debt, and tech IPOs — 5 things to watch for this week. Click  here.