CEOs silent millions, DEI dies, Altman’s sorry, Gorman’s Disney problem, Chip Wilson won’t leave
Story of the Week (DR):
Happy (?) May Day MM
May Day 2026: Top CEO pay increased 20 times faster than workers’ pay in 2025
Rivian Sold 42,247 Cars And Paid Its CEO [RJ Scaringe] $403 Million, Or 15 Jim Farleys
Comcast Co-CEO Mike Cavanagh Lands $72 Million Pay Package For 2025
Google co-founder [Sergey Brin] rips California billionaire tax: 'I fled socialism'
ONE-TIME wealth tax: The proposal would impose a 5% tax on net worth above the $1 billion threshold for people who were California residents as of Jan. 1, 2026, with some assets like real estate and certain retirement accounts excluded
~$13B, with certain exclusions this figure could drop to $9B (the approximate value of his real estate empire)
This is the equivalent of $2,500 if you earn $50,000
Ken Griffin slams Mamdani for singling him out as a 'profound lack of judgment,' ripping socialist bent
Bill Ackman to New York City Mayor Mamdani: Don't scare away the billionaires
CEOs got millions after boards ‘neutralized’ the impact of tariffs. Some won't say what it was worth
RTX CEO Christopher Calio: $27.7 million in compensation last year
At its January 2025 board meeting, the compensation committee of RTX pre-authorized the removal of tariff impacts on business metrics related to Calio’s pay months before President Trump announced a set of sweeping Liberation Day tariffs on April 2, 2025 that upended global supply chains. The RTX comp committee said that the tariff-cost impact “should be neutralized” for determining annual bonus payouts because the tariffs were “externally imposed, unpredictable and unrelated to operational execution.”
Calio’s annual bonus hit $5.1 million, an 85% increase over the $2.76 million the company paid him the year before
How much of that growth was attributable to the tariff exclusion, RTX did not disclose
We spoke to over 30 CEOs and business leaders. Here's what worries them most
A world of constant shocks
Supply chains are under strain and getting costlier
Inflation is testing the consumer
AI is an opportunity, but also a threat
Cyber and trust are keeping CEOs up
Energy security is back at the center
The leadership playbook is changing
The 'Dirty Secret' Behind AI Layoffs: Forrester Warns Tech Is Often Non-Existent
Forrester finds most firms citing AI for job cuts lack the systems to back it up, deepening mistrust over how and why people are being let go
Executives are increasingly blaming artificial intelligence for sweeping layoffs even when the technology is barely in place, Forrester has warned, with analyst J.P. Gownder saying that in 'nine out of 10' such cases the AI capability behind those cuts simply does not exist
Meta says it doesn't know its ideal size as it prepares to lay off 10% of its staff
Bed Bath & Beyond CEO: AI will lead to ‘significant reduction in headcount’
Sam Altman says he is 'deeply sorry' for failing to alert police ahead of mass shooting
Sam Altman Issues Grim Apology
Sam Altman is “the face of evil” for not reporting school shooter, says lawyer
Sam Altman apologized to the people of Tumbler Ridge, British Columbia, because OpenAI had flagged and banned the suspect’s ChatGPT account but did not alert police before the mass shooting
April 28, 2026: Our commitment to community safety
“We assume the best of our users, but when we detect that someone is attempting to use our tools to potentially plan or carry out violence, we take action, including revoking access to OpenAI’s services.”
“We use automated detection systems to identify potentially concerning activity at scale.”
“When an account or conversation is flagged, it is assessed in context by trained personnel. These human reviewers are trained on our policies and protocols, and operate within established privacy and security safeguards”
“When conversations indicate an imminent and credible risk of harm to others, we notify law enforcement.”
Zero mention of the Tumbler Ridge massacre, the apology, the lawsuits, etc.
Elon Musk's trial against Sam Altman to reveal the ongoing power struggle for OpenAI
Musk is suing Altman, OpenAI, and Microsoft over the claim that OpenAI abandoned its original nonprofit, “benefit humanity” mission and instead became a profit machine, while OpenAI says Musk is really trying to slow a competitor he helped create
The courtroom tone has been described as unusually messy and theatrical, with the judge reportedly telling both sides to stop acting out on social media
The judge told Musk to cool it on the “robot apocalypse” and “Terminator” talk.
Musk lawyer says OpenAI 'stole a charity,' as trial against AI firm, Sam Altman begins
World's Richest Man, Least Generous? Elon Musk Tops Forbes 'Least Philanthropic' List
Forbes' analysis concludes that Elon Musk has given around $500 million 'directly to those in need' — a sum that sounds enormous in isolation yet, by the magazine's maths, represents just 0.06 per cent of his reported wealth. In other words, for every $1,000 attached to his name on paper, roughly 60 cents has so far gone, in clear line of sight, to people or causes that can be classed as receiving direct help.
Jerome Powell says he will continue to serve as a Fed governor, calls Trump criticism 'unprecedented'
Powell says he’s staying on as a Fed governor after his chair term ends, which blocks Trump from simply creating an empty seat
Powell says the pressure campaign is unprecedented and threatens the Fed’s independence.
Bessent Says Powell Staying On Is ‘Violation’ of All Fed Norms
“It’s highly unusual for someone who says he’s an institutionalist and cares about norms at the Fed. This is a violation of all Federal Reserve norms.”
“I think it is an insult to Kevin Warsh, Miki [Michelle] Bowman and Chris Waller to think that these other Republican nominees do not care about the institution of the Fed and that he alone can maintain the integrity of the Fed.”
Trump Takes a ‘Wrecking Ball’ to Independent Scientific Advisory Board
The DEI death blow: “We Could See the Largest Drop in Black Representation Since the End of Reconstruction”
Much like dual class shares: The erosion of the Voting Rights Act directly dilutes the collective political power of Black communities
Thomas Dartmouth Rice ("The two most popular characters in the world at the present time are [Queen] Victoria and Jim Crow.") received some formal education in his youth, but ceased in his teenage years when he acquired an apprenticeship with a woodcarver named Dodge
Pentagon inks deals with seven AI companies for classified military work
OpenAI, Google, Nvidia and others agreed to ‘any lawful use’ of their tech. Anthropic, feuding with Pentagon over potential AI misuse, was not included
Goodliest of the Week (MM/DR):
DR: France unveils plan to ditch all fossil fuels by 2050
a “first of its kind” plan to phase out coal by 2030, oil by 2045 and gas by 2050 during a global conference aimed at breaking reliance on fossil fuels
MM: War on Social Media:
Greece to ban anonymity on social media DR
I seriously might move to Greece
Meta’s threat to quit New Mexico ‘is showing the world how little it cares about child safety,’ AG says
Assholiest of the Week (MM):
Disney’s spineless chair James Gorman DR
ABC can beat Trump FCC's license threat if owner Disney is willing to fight
The man who was the savior picking the new CEO, when asked what he thinks of the attack on Kimmel and Disney’s ABC (again), said, “It’s the job of the CEO with their team to figure out the right answer and they’ll be guided by the board”, and then declined to say what advice he or the board would give regarding the “Jimmy Kimmel Live!” show.
“We have a terrific new CEO, Josh D’Amaro, he’s world class so I’m sure he’ll rise to the occasion and do what the right thing is.”
Here’s a glow up of Gorman choosing the new CEO:
James P. Gorman, former head of Morgan Stanley, became Disney’s chairman a year ago with succession at the top of his to-do list. The 67-year-old Australia native comes with strong opinions and sterling credentials: He helped stabilize, then revitalize the Wall Street bank during his 14 years in the C-suite, retiring in December 2024 after orchestrating a seamless baton pass.
“I don’t know that there’s anyone who could have navigated these kinds of leadership transitions better than James,” Wharton School Dean Erika H. James said in an interview. “He’s not afraid to do the hard things.”
James was on the board of Morgan Stanley with Gorman
So the board abdicates all responsibility? They bow out? Without Ken Doll Bob Iger around they have no part to play anymore?
“Even after paying off the president last year, ABC is once again under attack by this administration,” Sen. Adam Schiff (D-Calif.) wrote yesterday. “This should be a lesson to all who capitulate to the president: You cannot buy his favor, you can only rent it.”
Even the fucking CATO INSTITUTE weighed in: FCC’s Punitive Review of ABC-Disney’s Broadcast Licenses Shows Need to Protect Free Expression
“Punishing a media organization, no matter what one thinks of their reporting or programming, is an affront to the right of Americans to speak and listen to whatever speech they wish”
AI Overload
Popular pasta sauce brand is launching new device to record conversations
Prego owned by Campbells selling a puck that sits on your dinner table, records the conversation, and offers “conversation prompts”
When a soup company thinks the answer to AI in soup is a fucking device sitting on your table, listening to you, when we’re already surrounded by our tech overlords doing the same thing, we know we’ve jumped the shark
Chip Wilson and the male CEO industrial complex
Lululemon Founder Takes Aim at New CEO Pick, Escalates Proxy Fight
Chip uses “governance” as his main angle of attack without acknowledging that 50% of the board he hates, including the chair, HE HAND PICKED HIMSELF
Wall Street sank the shares more than 13% on the announcement of Heidi O’Neill
Critiqued her tenure at Nike pushing “direct to consumer” - without acknowledging that Nike is a dual class controlled company with the company founder’s nepo baby on the board AND an executive chair (Mark Parker) AND the current CEO (Elliott Hill)
Do you think O’Neill made the decision in a vacuum by herself? She’s an NEO under not one but THREE leaders - and in 2025 she got a massive stock award (11.4m) to keep her around. She also has a babysitter - she was head of Consumer, Product, & Brand, but there was Craig Williams, Chief Commercial Officer
Is this anything but fucking white dude manbaby sexists anymore?
60% female board who just added another woman of color to go above that, +8% gender power gap, 70% female influence - the analytics suggest they are not deferential to the CEO, the only merit director on the board are women
While dude analyst Bill Campbell at Paragon Intel said, “she does not look like the obvious architect of the deeper reset this moment demands,” William Blair analyst Sharon Zackfia said, “She brings a significant breadth of knowledge in women’s performance apparel and her experience accelerating speed-to-market is particularly welcome at lululemon where lead times have ballooned to about 24 months.”
Reading the timeline of interactions, Wilson just sounds like a fucking baby, complaining the board isn’t talking to his people enough, they don’t respond quickly enough, even as every time he doesn’t get his way he publicly says the board sucks but commits to the chair he wants to have “constructive” dialogue. Then the board offers him board seats if he just shuts the fuck up, and he says he won’t agree to shut up but they should give him the board seats anyway.
Headliniest of the Week
DR: Lululemon’s New CEO Is Already in the Hot Seat—and She Hasn’t Even Started
MM: 51% of U.S. employees have cried at the office within the last month, according to a new report
Who Won the Week?
DR: Only Elon Musk can fire Elon Musk from SpaceX, filing shows
MM: Earth - SpaceX ties Musk compensation to Mars colonization goal, which I assume can only mean if Musk himself colonizes Mars he gets paid
Predictions
DR: Billionaires start to introduce their own taxes on “normal” people, like: Sidewalk Wear-and-Tear Tax: charged per step, tracked via mandatory Smart Shoes™ and a Public Bench Depreciation Fee: sitting longer than 90 seconds counts as an “asset strain,” tracked via mandatory Smart Boxer Briefs™
MM: Because Jamie Dimon says bureaucracy sinks companies and the solution may be getting rid of the ‘jerks’ who don’t want to solve it, JPMorgan begins firing the 51% of jerks who cried in the office this month.
