Catching Up With Female Leaders at Fortune Global Forum
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Good morning, Broadsheet readers! Men and women have different views on retirement, Kylie Jenner sells a 51% stake in her cosmetics brand, and we check in with the female leaders gracing the stage of Fortune Global Forum. Have a terrific Tuesday.
- Going Global. Our annual Fortune Global Forum got underway in Paris yesterday. For those of us who could not be in the City of Lights to hear the dynamite first day speaker lineup in person (why no, I'm not bitter to be here in frigid NYC—why do you ask?), a few highlights:
Accenture CEO Julie Sweet shared some lessons from her first three months on the job, including accepting that running a $43 billion company means being "in Shanghai on a Thursday, London on Friday, and in bed at home by Friday night." What else has she learned? CEOs must weigh their words with the utmost caution: She recently gave some light constructive criticism to a team in one Accenture office only to have employees take it far harder than she'd expected. "A comment is no longer a comment," said Sweet. "You have to be really careful about what you say and the questions you ask."
Anne Rigail, CEO of Air France, talked about the rise of "flight shame" (or "flygskam" in Greta Thunberg's Sweden) over the environmental cost of air travel. The movement doesn't surprise her, she said, given that she already has "three activists" at home: her husband and two kids. Interestingly, Rigail told the crowd at the Fortune Global Forum Most Powerful Women breakfast that the movement to take more sustainable forms of travel is really only putting pressure on European airlines right now, not those based in the U.S. or Asia.
Not surprisingly, international affairs and global threats were also on the day's agenda. Kay Bailey Hutchison, the U.S. ambassador to NATO, insisted that the U.S. still has "Ukraine’s back"—despite the allegations that the White House withheld military aid to the country to gain political leverage. She also pushed back on French President Macron's claim that the United States' waning commitment to NATO is driving the alliance to “brain death," saying: "Right now America is the foundation of NATO. We do spend the money. We do identify our risks, and then we take the pains and we put the muscle behind assessing the risk and protecting against the risk.”
Finally, Shoshana Zuboff, professor emerita at Harvard Business School, came out taking big swings at Big Tech. Zuboff, whose recent book, The Age of Surveillance Capitalism, takes a hard look at the ways tech companies harvest and use our personal data, called for two regulatory measures to be instituted by world governments. First, she said, companies must not be allowed to hoover up people's personal experiences "without our knowledge, without our consent or right to combat." Second, Zuboff called for a ban on markets that "trade in human futures." These are markets where participants, like marketers, bid on digital products, like targeted ads, that are designed to "coax, tune, and herd our behavior," predicting, influencing, and intervening in people's lives.
Day 2 of FGF kicked off this morning and concludes at 6 p.m. local time. To catch the final day's sessions, tune into our livestream here.
Today's Broadsheet was produced by Emma Hinchliffe.
ALSO IN THE HEADLINES
- Businessperson of the Year. Fortune chose 20 business leaders to make up 2019's Businessperson of the Year list: executives who set audacious goals, overcame impossible odds, and found creative solutions. Fortescue Metals Group CEO Elizabeth Gaines comes in at No. 2 for her company's spectacular performance (a stock return of 90%) since she took over in 2018. Synchrony Financial CEO Margaret Keane, Progressive CEO Tricia Griffith, Yum China CEO Joey Wat, and Accenture CEO Julie Sweet (hello again!) round out the list. Fortune
- Peace and quiet. How do men and women think about retirement? Men use words like "hobbies" and "relax" to describe the period. Women instead say "peace," "calm," and "time"—likely because they enter retirement after a midlife full of caregiving responsibilities. Wall Street Journal
- Voices of the future. Vice is looking at the people who will influence the next decade. Take a look at profiles of Rep. Katie Porter and her battle against Wall Street, writer and author of the Shitty Media Men list Moira Donegan, microsolderer Jessa Jones, who recovers data from iPhones that Apple won't fix (including a phone used as evidence in a hate crime), and Denise Ho, the Cantopop star who's now a leader of pro-democracy protests in Hong Kong.
- Trading out. Bloomberg takes a sobering look at the revolving door of women on trading floors, pushed out by persistent and exhausting bias. A remarkable finding: Two women highlighted in a story three years ago on the rise of female currency traders have both since left the industry. Bloomberg
MOVERS AND SHAKERS: Chase Consumer Banking CEO Thasunda Duckett joins Nike's board of directors. Mina Chang, the State Department staffer accused of fabricating her resume, resigned from her position as deputy assistant secretary in the State Department’s Bureau of Conflict and Stability Operations. ServiceNow hired Ingram Micro's Gina Mastantuono as CFO.
IN CASE YOU MISSED IT
- Koty Kosmetics. Cosmetics giant Coty bought a 51% stake in Kylie Jenner's Kylie Cosmetics for $600 million. The deal gives Coty majority ownership of the brand that made Jenner a billionaire and values the company at $1.2 billion. Coty's brands include CoverGirl and MaxFactor, and the company itself is controlled by JAB Holding Company, which owns Panera Bread and Krispy Kreme. Fortune
- March on La Paz. Thousands of indigenous Bolivians yesterday protested the government of interim President Jeanine Añez. Her team includes only one indigenous person (indigenous groups make up the majority of the population in Bolivia) and she's accused of racism, which she denies. Wall Street Journal
- Soccer strike. It's not just the U.S. Women's National Team. About 200 players from the Spanish Women’s First Division agreed to strike as yearlong talks stalled over their pay, injury leave, and maternity policy. Eight games are canceled. CNBC
- The Konmari consumer method. Even though Marie Kondo advises you to get rid of things that don't spark joy, that doesn't mean you can't buy things that do! Kondo launched an e-commerce shop that will sell about 150 home and lifestyle items. "The ultimate goal with my method," Kondo tells Fortune, "is for people to really hone their sensitivity to what sparks joy for them so they can make a considered, cautious purchase." Fortune
ON MY RADAR
The secret feminist history of Shakespeare and Company New York Review of Books
Taylor Swift cleared to perform old songs at AMAs after label backs down Guardian
The first sisters to become U.S. Army generals Boston Globe
Prince Andrew loses corporate support over Epstein case Financial Times
-Dr. Christine Blasey Ford on coming forward last year. She made rare public remarks accepting an award from the ACLU of Southern California on Sunday.
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