Good morning.
The FTC took action to ban noncompete agreements yesterday, arguing they suppress wages and discourage competition. The rule would be a dramatic change in the U.S. business environment—if it survives court challenges from business groups. I’ve criticized Chair Lina Khan for overreach on antitrust issues, but she may be on stronger ground on this. You can read more here.
Separately, I’m counting down my last days at Fortune and want to share a few more of the quotes we’ve received from CEOs about why what we do here is important to them. First up is Julie Sweet, CEO of Accenture, who is our partner in reinventing the Fortune 500 for the age of AI. You can read more about that here.
“In a world where change is the only constant, Fortune serves as an important guide, delivering timely advice and diverse perspectives that help to shape leaders’ understanding of the business environment and provide context for decisions they need to make. Its focus on innovation, diversity, and sustainability not only mirrors Accenture’s values, but also helps to create a more resilient and sustainable future for business and our communities.”
—Julie Sweet, CEO, Accenture
“Fortune is indispensable—for providing non-partisan, intelligent, clear-eyed, and objective coverage of the issues and market participants driving the global economy, and for convening leaders to advance the critical discussions necessary to ensure ethical capitalism thrives in the 21st Century.”
—Stanley Bergman, CEO, Henry Schein
“Fortune’s approach to sharing insights on industry trends and corporate strategies, often through engaging storytelling and the perspectives and experiences of influential leaders, serves as a well-respected platform to stay informed and connected outside of our own business and professional circles.”
—Judy Marks, CEO, Otis
“Fortune drives today’s thought leadership agenda for multinational business executives with its embrace of digital technology, world-class storytelling and collaborative conversations. Fortune offers a powerful global and cultural perspective that engages businesses leaders in meaningful ways that truly help them succeed.”
—Joe Preston, CEO, New Balance
“As a CEO, and now as an investor, board member, advisor and author, I have found that insightful commentary based on fact and derived from real experiences that affect us all and give us what we all seek, learning moments that we in turn can utilize, to be harder to find and even harder to trust. Not so with Fortune—a source of truth and narrative that is compelling to all of us who seek to make true impact in this world.”
—Andrew Liveris, former CEO, Dow
Thanks to all above, and to the great team at Fortune. And if you were wondering what Boeing whistleblower John Barnett said in the testimony he gave before his suicide, read Shawn Tully’s story here.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
TOP NEWS
A hack of the health care system
Physicians, hospitals and other health care providers are still dealing with the consequences of a ransomware attack on Change Healthcare, owned by health care giant United Healthcare. Change processes $1.5 trillion in claims annually. The hack forced physicians and doctors to take extreme measures to keep things running; one is resorting to carrying bags of cash on airplanes to pay employees. Fortune
Cheaper Teslas
Tesla shares rose over 10% in extended trading Tuesday after the EV maker said it would prioritize making more affordable EVs. Tesla’s net profit dropped 55% year-on-year last quarter as a price war in the U.S. and China eats into margins. Tesla also lost its third executive in two weeks, as its longtime vice president of investor relations Martin Viecha announced his resignation during the earnings call. Fortune
Oracle moves its headquarters again
Oracle is building a large campus in Nashville that will eventually become its world headquarters, according to chair Larry Ellison. He said Oracle was moving to be closer to the health care industry. The company last moved its headquarters in 2020, ditching Silicon Valley for Austin, Texas. CNBC
AROUND THE WATERCOOLER
How Logitech used webcams in conference rooms to collect data on how employees use the office by Trey Williams
New York Stock Exchange takes closer look at 24/7 trading—spurred in part by crypto by Jeff John Roberts
Employees are using up their vacation and sick days to avoid their toxic workplace by Paige McGlauflin
BlackRock doubled spending on security for CEO Larry Fink amid growing backlash to ESG investing by Paolo Confino
This edition of CEO Daily was curated by Nicholas Gordon.
This is the web version of CEO Daily, a newsletter of must-read insights from Fortune CEO Alan Murray. Sign up to get it delivered free to your inbox.
