The Broadsheet: June 6th

EVERYONE'S TALKING

• The Fortune 21. The 2016 Fortune 500 list, released this morning, includes just 21 companies with women at the helm—compared to 24 last year and in 2014. Or, to put it another way, women now hold a paltry 4.2% of CEO positions in America's 500 biggest companies. Why the drop in numbers? Some female chiefs left office: DuPont's Ellen Kullman and TJX's Carol Meyrowitz both stepped down earlier this year. Others, including Gracia Martore, former CEO of Gannett Company, dropped off because of company changes. When Gannett spun off its publishing business last year, Martore became chief of the resulting company, TEGNA, which is not large enough to qualify for the 500. There are two new female faces on the list, however: Occidental Petroleum's Vicki Hollub and Veritiv's Mary Laschinger.  Fortune

ALSO IN THE HEADLINES

• FLOTUS on Trump. First Lady Michelle Obama, who rarely makes political statements, took a thinly-veiled swipe at Donald Trump on Friday. In a commencement speech at New York's City College, she said that in America, "we don't build up walls to keep people out." Telegraph

• Strike 1 for U.S. Soccer. A federal judge ruled on Friday that the U.S. women’s soccer team cannot strike ahead of this summer’s Olympics. The would-be strike (which can still happen at the end of the year) has to do with a complaint filed by five players in March accusing the U.S. Soccer Federation of wage discrimination. Fortune

• Clinton on the cusp. Yesterday's Puerto Rico Democratic primary win brings Hillary Clinton's delegate count to 2355—just 28 short of the number required to secure her party's nomination. New York Times

• Ruth's Google-versary. It's been a little over a year since Ruth Porat, Morgan Stanley's former CFO, shocked Wall Street by moving to Silicon Valley and becoming Google's financial chief. Fortune's Leena Rao looks at Porat's impact on the company so far. (Hint: Google shares are up 30% since she took the job).  Fortune

• What about the 1%? Theranos, which last month said it would be voiding tens of thousands of test results, now says it stands by 99% of its work product. A representative of the Elizabeth Holmes-run blood-testing startup says it has corrected less than 1% of its results and does not plan to issue any more updates. Bloomberg

• Second City's second act. Second City, the storied improv organization that produced stars like Bill Murray, Tina Fey, and Steve Carrell, has quietly expanded beyond comedy clubs and stages. These days, much of the company’s business comes from helping corporate clients with things like increasing sales effectiveness, building stronger teams and—increasingly—improving diversity and inclusion. Fortune

• Ellen's empire. Ellen DeGeneres last month unveiled her new digital platform, Ellen Digital Network. Fortune looks at how this new endeavor fits in with the talk show queen's other pursuits. Fortune

MOVERS AND SHAKERS: Veteran Fortune editors Pattie Sellers and Nina Easton are inaugurating a live edition of the business podcast Monday Morning Radio today at 11:30 EST. Lion Biotechnologies' board of directors has named Maria Fardis the company's next president and CEO. Software engineer and advocate for women in tech Tracy Chou is leaving Pinterest. Women Who Code, led by CEO Alaina Percival, is entering into Y Combinator. It's the second non-profit to ever be accepted into the tech accelerator.

MPW INSIDER MONDAYS

Each week, Fortune asks our Insider Network — an online community of prominent people in business and beyond — for career and leadership advice. Here's some of the best of what we heard last week.

• Get unstuck. This is how to avoid getting stuck in a job you hate, writes Sharon Ritchey, chief operating officer of AXA US. Fortune

• No no-nos. Mary Beech, CMO of Kate Spade & Co., has some pointers on how to say "no" to ideas without killing creativity. Fortune

• Would you rather? It's better to be liked than respected as a leader, says Kristin Kaufman, founder and president of Alignment Inc. Here's why. Fortune

IN CASE YOU MISSED IT

• Think outside the (Birch)box. Birchbox, the beauty subscription service co-founded by Katia Beauchamp and Hayley Barna in 2010, has been quietly growing up—or trying to grow up—into a more traditional retailer, having opened its first brick-and-mortar store in the summer of 2014. Here's what the startup darling has been up to in the two years since that happened. Bloomberg

• Women-omics 101. Tyler Cowen, an economics professor at George Mason University, writes that while leisure time has gone up for men since World War II, women are actually working more—and are the ones supporting economic growth in the U.S. New York Times

• Not ready to retire. Women are in far worse shape than their male counterparts when it comes to retirement—largely due to the gender wage gap. Because women make less over our lifetimes and thus have lower pensions, we are 80% more likely than men to be in poverty at age 65 and older. New York Times

• Mr. Miss Universe. Meet the fascinating Jeff Lee, a "professional beautiful woman coach" whose life revolves around preparing pageant queens for the (formerly Trump-owned) Miss Universe competition. "Lee lives like he, too, is competing in an unending pageant prelim," reads this GQ profile. "He takes selfies frequently, 'as an instructional thing.' He records himself on conference calls to improve his voice control. He calls it self-calibration." GQ

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QUOTE

It's the changing of the guard.

Tennis legend Billie Jean King, commenting on Serena Williams' loss to Garbine Muguruza at this weekend's French Open