Top executives are delighted about the Supreme Court’s DACA decision
This is the web version of CEO Daily. To get it delivered to your inbox, sign up here.
Top executives had another reason to speak out yesterday, after a Supreme Court decision that leaves in place the Obama-era immigration program known as Deferred Action for Childhood Arrivals, or DACA. “The 478 Dreamers at Apple are members of our collective family…We’re glad for today’s decision,” said Apple’s Tim Cook. “Today’s SCOTUS decision is a victory for the country,” tweeted Microsoft President Brad Smith. And IBM Executive Chair Ginni Rometty told a virtual gathering of Fortune’s Most Powerful Women: “It’s a great day for the world.”
Rometty also made some predictions about how the world of work will change in the post-COVID era:
“I think very clearly there will be a hybrid work model in the future. There is a role for being in an office. Innovation and culture suffer otherwise. What we envision is: Does the office become an innovation hub? Our real estate assumptions profoundly change.”
Separately, since it’s Friday, some feedback. Tuesday’s post and podcast on GM’s Mary Barra brought in diverse responses:
“This is why Mary Barra is my choice for VP.”
“It is all well and good that she is pushing for more equality and justice, but she is neither a politician nor head of a non-profit. She is the CEO of GM and a very cursory review of GM’s performance shows she has not succeeded in the 6 years she has had the helm.”
And on Dow CEO Jim Fitterling’s commitment to the environment, I received this:
“’What targets and timeline have you been provided that will allow you to maximize your earnings under your current compensation plan as it relates to the sustainability plan?’” – That’s the question I would have loved to have you ask the Dow CEO.”
More news below.
Many companies have made splashy announcements about Juneteenth company holidays, but the way they treat their black employees when they return on Monday matters just as much, if not more. Fortune has compiled stories from black employees across industries that reveal what their experiences in corporate America are like. It’s clear: No matter what companies are doing to take a stand against racial inequality right now, there is much more work to be done.
President Trump has threatened a "complete decoupling" of the U.S. and Chinese economies—a repudiation of U.S. Trade Representative Robert Lighthizer's assertion that full decoupling was not "a reasonable policy option." "Perhaps I didn't make myself clear," Trump tweeted, "but the U.S. certainly does maintain a policy option, under various conditions, of a complete decoupling from China. Thank you!" The markets have, so far, not reacted noticeably. Fortune
Facebook has removed some of President Trump's re-election campaign posts and ads because they included a Nazi symbol: specifically, an inverted red triangle that the Nazis used to designate political prisoners in concentration camps. The Trump campaign claims the symbol is used by Antifa, a loose, leaderless movement that the president often rails against—that would be ironic, given that "Antifa" is short for "anti-fascist". Wall Street Journal
Shares in the controversial German fintech firm Wirecard continue to plummet after an E&Y audit showed it's missing $2.1 billion. The cash was supposedly being held by two banks in the Philippines, both of which say Wirecard actually isn't a client or depositor—one claims a "rogue employee" falsified documents. The company's stock price has fallen more than 70% since Wednesday's close, before the audit's results were announced. Bloomberg
U.S. airlines' quest to get passengers to wear face masks is gathering pace. American Airlines on Wednesday banned Brandon Straka—a conservative activist who got thrown off an American flight Wednesday for refused to mask up—from using its services until the face coverings are no longer required. The carrier said: "We expect customers who choose to fly with us to comply with these policies, and if necessary, we will deny future travel for customers who refuse to do so." Fortune
If you were to assemble the people who could help you truly understand health care and how it’s affected businesses today, who would you pick? Here’s a few on Fortune’s list:
—The CEOs and presidents of healthcare giants Johnson & Johnson, Moderna, Novartis, Aetna
—co-discoverer of CRISPR-Cas9 Dr. Jennifer Doudna
—Dean of Stanford Medicine Dr. Lloyd Minor
—chief medical officers from IBM, Verily, Google Health
—healthcare venture capitalists like Sue Siegel
—Thrive Global CEO Arianna Huffington
—CEO of REFORM Alliance Van Jones
—NBA Commissioner Adam Silver
Hear from them and more at Fortune Brainstorm Health, our virtual health-care conference on July 7-8. As a newsletter subscriber, you’re invited to use this code—BSH20HALF—and get half off.
AROUND THE WATER COOLER
"I have spent most of my professional career staying relatively quiet about how race has impacted my life, because it is a deeply personal topic," Cadre CEO Ryan Williams writes for Fortune, in a call for sustained, structural investments in underserved communities. "But in the past few weeks, I’ve realized that my role provides me a platform to share my experiences, personalize the pain witnessed by so many, and be a voice for change." Fortune
The management and executive boards of Germany's biggest companies are almost exclusively white (and overwhelmingly male). And the fact that this is still the case, after many years of talking about more diversity, is partly down to a lack of data—Germans are very loath to talk about race, and do not collect the racial information that experts say is needed to demonstrate the problem. Fortune
Amy Klobuchar has taken herself out of consideration to be Joe Biden's running mate, because she thinks the Democrats should rather run alongside a woman of color. "This is a historic moment, and America must seize on this moment," she said last night. "And I truly believe as, I actually told the vice president last night when I called him, that I think this is a moment to put a woman of color on that ticket." CNN
The U.K., France, Italy and Spain have urged the U.S. to accept the need for a "digital tax" on Big Tech. The digital tax concept involved forcing large online multinationals such as Google and Facebook to pay tax locally on the revenues they earn in each country. The U.S. just walked away from multilateral talks on the matter, but the European letter said "the current Covid-19 crisis has confirmed the need to deliver a fair and consistent allocation of profit made by multinationals operating without—or with little—physical taxable presence." BBC
This edition of CEO Daily was edited by David Meyer.