Ulta Earnings, Beto O’Rourke, UBS Lawsuit: Broadsheet March 15
Good morning, Broadsheet readers! Women have some misgivings about Beto O’Rourke, UBS faces a lawsuit over sexual harassment, and we learn all about your work wives. See you back here Monday.
• Meet the work wives. Last week, Fortune ran an excerpt from Work Wife: The Power of Female Friendship to Drive Successful Businesses, the new book from Erica Cerulo and Claire Mazur. I was curious to know how many Broadsheet readers have work wives of your own—and let me tell you, many of you do! Thanks to everyone who sent in their stories (and an A+ in Shine Theory for shouting out the women who support you at work). Here's an (edited) sampling of what you had to say:
“Sandy Davis and I are definitely each other’s work wives and it’s been such a powerful relationship for us—personally and professionally. Starting in 2004, we worked side by side in capital markets at Goldman Sachs for about 10 years. Then, in 2015, when we were both looking to do something a little different (and had very young children at home), we moved into a new role in a job-share arrangement. It’s been such an amazing set up for us and has totally reinvigorated our careers. We constantly feel like this is 1+1=3 situation due in large part to our partnership and support of each other.”
-- Emily Baker, co-head of marketing & strategic communications, Technology, Media, Telecom Investment Banking, Goldman Sachs
“I'm a polygamist. I've always had work wives, although until now I never called them that. They know almost as much about my big projects, and my work frustrations, as I do. They give good advice, and agree with me when I am feeling extra fragile... but will point out my blind spots and shortcomings when I need tough love. They will also share intel, when they think it's only fair that I have it. ('Look out, the boss is on a tear about cover sheet on TPS reports.')
I have always maintained those strong professional connections after one of us moves on—kind of a long distance relationship. I think these relationships are very different from bro-mances at work. To me, those seem more transactional, with less emotional investment."
-- Kimberly Koch
“I have been fortunate enough to have a couple work wives throughout my time in the workforce thus far, and count these individuals as dear friends who have helped me navigate my career path. Often times in business, women are pitted against each other with a ‘only the strongest survive’ or ‘every women for herself’ mentality only furthering the catty female stigma in the workplace. Along with help from my work wives, I have learned that the strongest woman is the one helping her female coworkers to succeed.”
-- Rebecca Rawski, manager, Client Experience, IMSA
"I think entrepreneurs and biz owners often need work wives that are outside their own companies. Example: Carrie Goldberg and I are work wives as owners of two feminist "sister law firms" across the Brooklyn Bridge from each other. We talk every day about business ownership, our staff, our cases, etc. I owe a ton of my success (and happiness) to the support this relationship provides."
-- Susan Crumiller, Crumiller P.C.
"A couple of years ago, my company started an employee resource group called Women in Networking. This group has had a huge impact for me and was a way to find my 'work wives.' There are a few in particular who will be life long friends, and my favorite part is that we would have never met without the ERG. One of them was in a corporate HR role and has now moved into communications, another is part of our digital factory initiative, and I’m in finance in a business unit—our paths would never have crossed. They are the main reason I took a chance on a new role and relocated from CA to NC. It was a big risk for me, but I knew going in that I had a built-in network, since one of the women mentioned above is based there."
-- Lindsay Bertell, TE Connectivity
"I started my own communications consulting business three and a half years ago. While having my own company is rewarding and hugely liberating, it can be lonely. But I'm lucky that I have a 'work-wife' who I've known for over a decade. I first met Kathleen Harris at Time Inc., where she was editor of RealSimple.com and I was head of communications. We have different strengths and our skill sets complement one another. We sometimes pitch business together, and it's a huge win to feel like you're in it with someone else. Even when we work independently, I can always call Kathleen to bounce an idea off her, ask her to read an email or to vent. We coach each other on how to deal with clients and what to charge, which is honestly one of the most challenging parts of the consulting world, especially since peers aren't always eager to talk openly about money. We are stronger together, and we always have each other's backs. I truthfully think I might be more tempted to return to corporate America if I didn't feel that I have a partner in this sometimes-crazy, often-stressful freelance world."
-- Amanda Schumacher
ALSO IN THE HEADLINES
• Tragedy in NZ. New Zealand Prime Minister Jacinda Ardern said Friday's mass shootings at mosques in Christchurch, which killed at least 49, marked one of her country's "darkest days." "Many of those who will have been directly affected by this shooting may be migrants to New Zealand, they may even be refugees here. They have chosen to make New Zealand their home, and it is their home," she said. "They are us. The person who has perpetuated this violence against us is not." Guardian
• Lawsuit at UBS. UBS faced criticism earlier this week for cutting bonuses for women who took maternity leave; now the bank has been sued for sexual harassment and discrimination. A London employee says a more senior colleague raped her in 2017, and that UBS failed to protect her after she reported the assault and "acted to her detriment" during an internal investigation. UBS says an independent investigation determined that the bank "made no fundamental errors." Wall Street Journal
• So, about Beto... Well, Beto O'Rourke is officially running for president. The Cut writes about some misgivings among women about his candidacy, including: media coverage of O'Rourke and his charisma compared to more critical coverage of female candidates; the anecdote in a Vanity Fair profile that his son said, "Dad, if you run for president, I'm going to cry all day"—something it's hard to imagine a woman ever sharing without getting crucified; and his 2020 announcement video, which features his wife, Amy O'Rourke, silently gazing at him. In Vox, Laura McGann writes that Beto "is playing to liberal fears about running a woman against Trump." And Ellen Pao summed up some of these worries on Twitter: "Beto is like the board members who tell CEOs to add diversity to the board—but are unwilling to step aside to make room."
• Beauty beats expectations. Ulta Beauty's stock jumped 4% after it reported Q4 earnings yesterday, beating expectations. Are Kylie Jenner and her lip kits to thank? CEO Mary Dillon does say that Ulta "continued to gain significant share across all major categories, particularly with digitally native brands where Ulta Beauty is often the only point of distribution in brick and mortar." Investor's Business Daily
MOVERS AND SHAKERS: Fidji Simo is the new head of the Facebook app, part of sweeping executive changes at the company. Sara Latham, a former Hillary Clinton adviser, was hired by Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, to lead their new communications staff. Monica Poindexter joins Lyft as head of inclusion and diversity. Renault General Secretary Mouna Sepehri will move to an advisory position and leave the executive committee; Sepehri is considered a "loyalist" to Carlos Ghosn, the embattled former chairman of the Renault–Nissan–Mitsubishi alliance. LVMH proposes Iris Knobloch to join its board of directors. Ralph & Russo names Helen David chief growth officer. The Stellar Development Foundation appointed Denelle Dixon executive director and CEO.
IN CASE YOU MISSED IT
• The Linton link. Treasury Secretary Steve Mnuchin is facing scrutiny over his ties to Hollywood—and those ties are largely through his wife, Louise Linton. Mnuchin sold his stake in a production company to Linton before they were married, but now that asset is considered jointly his again. The concerns are coming up as the Office of Government Ethics certifies his 2018 financial disclosure and amid trade talks with China, during which Mnuchin has championed more favorable treatment of American movies in China. In January, Linton went to Sundance to pursue a career as a producer. New York Times
• Dropping like flies. Over in college scandal world, a tough day of consequences for the Loughlin-Giannulli clan. The Hallmark Channel dropped Lori Loughlin, a holiday movie mainstay, and Sephora ended a partnership with her daughter Olivia Jade.
• Today's trailblazer. The next installment of Fortune's Trailblazers video series: AdCouncil president and CEO Lisa Sherman. Sherman tells us about how earlier in her career she hid her sexuality at work—and when she did come out in 1997, it inspired her boss to expand employees' spousal benefits from traditional marriage to domestic partnerships too. Fortune
• Jury's in on J&J. A California jury decided that Johnson & Johnson must pay $29 million over asbestos in its baby powder. The company owes the money to Teresa Leavitt, who'd claimed the baby powder caused her mesothelioma; the jury agreed the substance was a "substantial contributing factor." Johnson & Johnson faces more, similar lawsuits ahead. Associated Press
ON MY RADAR
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The world is burning. These girls are fighting to save it Elle