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The Case Against Bill Ackman and Elon Musk’s Anti-DEI Stance
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Conservative activist Edward Blum has taken aim against corporate diversity initiatives. PHOTO: JOSE LUIS MAGANA/ASSOCIATED PRESS
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Good morning, CFOs. Minority, veteran and women-focused business advocacy groups are urging companies to invest in diversity initiatives that are under legal attack and face fierce opposition from Bill Ackman and Elon Musk.
The group, which includes the U.S. Black Chambers, National Urban League, National LGBT Chamber of Commerce and National Veteran-Owned Business Association, said investments in diversity initiatives were essential to business success and the U.S. economy.
“We believe it is imperative that CEOs and other company leaders are able to make strategic decisions for their companies without threats of frivolous lawsuits and political pressure, and we will be here with support, every step of the way,” the coalition said in a letter published Wednesday.
Conservative activists’ success in challenging affirmative action in college admissions gave momentum to efforts to stop diversity, equity and inclusion efforts, known as DEI, in companies, arguing they are tantamount to race and sex discrimination. Corporate America has since been reassessing diversity initiatives.
Editor’s Note: Some readers might get this email on a delay because of technical difficulties that we are working to fix. This email was sent at 7 a.m.
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Content from: DELOITTE
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Decentralized Finance May Transform How Money Is Managed
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As blockchain, digital assets, and tokenization gain attention and traction, the global economy is ebbing closer to disruptive transformation in how assets are created, bought, sold, stored, and exchanged. Keep Reading ›
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🗓️ Earnings
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Apollo Global Management
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Hershey
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Philip Morris International
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T. Rowe Price Group
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Unilever
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Companies’ Pension Funding Increased in January
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The estimated funding level of pension plans sponsored by S&P 1500 companies increased by 1 percentage point in January to 108% as a result of an increase in discount rates and equity markets, according to consulting firm Mercer LLC.
As of the end of January, the plans’ estimated aggregate surplus increased by $7 billion, to $125 billion, compared with a $118 billion surplus at the end of December, Mercer says.
“Interest rates clawed back slightly after falling off to end 2023 as the market awaits the Fed's next move on interest rates,” says Mercer partner Matt McDaniel.
—Jennifer Williams
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March 5-6, 2024 | New York, New York
Request an invitation | Participants and program
The era of cheap money is behind us and CFOs must now grapple with how to operate in a high interest rate environment, how fast to invest in artificial intelligence, and how to manage geopolitical tensions and thorny labor relations. With U.S. elections on the horizon, the CFO Network will discuss–through both newsmaking interviews and peer-to-peer discussions–how finance executives are reading the markets, driving the push for greater corporate efficiency and managing the pushback on ESG and DEI. Join WSJ journalists and some of the biggest names in corporate finance to discuss, debate and make headlines.
Confirmed speakers include:
Martin Small, Senior Managing Director, Global Head of Corporate Strategy and CFO, BlackRock
Bori Cox, CFO, Consumer and Community Banking, JPMorgan Chase
Paul Ryan, Vice Chairman, Teneo; 54th Speaker of the House
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What Else Matters to CFOs Today
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Disney CEO Bob Iger PHOTO: MICHAEL M. SANTIAGO/GETTY IMAGES
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Disney answered its critics, including a bevy of activist investors, with a quarterly earnings report that shows strong momentum, particularly in streaming and sports.
The entertainment giant reported earnings for the December quarter that beat Wall Street’s expectations for several key metrics, including two crucial measures of success in its streaming business: a relatively stable base of global Disney+ subscribers and shrinking direct-to-consumer operating losses.
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Uber Technologies posted its first full-year profit as a public company last year and projected continued growth in the first quarter of 2024, marking the end of an era in which the ride-sharing and food-delivery company gave priority to growth over profits.
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CVS Health posted solid fourth-quarter earnings, but it downgraded its projected results for 2024 as medical-cost increases hit the Medicare insurance business.
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ILLUSTRATION BY THOMAS R. LECHLEITER/WSJ. PHOTO: ISTOCK
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LiveOne, a Beverly Hills, Calif.-based music, entertainment and technology platform, named Aaron Sullivan CFO, removing the interim tag he has carried since the end of 2021. Sullivan, who joined LiveOne as vice president and controller in March 2019, stepped in as interim finance chief after Michael Quartieri left to become chief financial officer of Dave & Buster's Entertainment.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams-Alvarez, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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