Business briefing

The daily business briefing: June 10, 2022

Disney ousts content chief Peter Rice, prosecutors move on Wells Fargo, and more

1

Disney abruptly fires chief content officer

In a major executive shake-up, Disney on Thursday abruptly fired its chief content officer, Peter Rice. CEO Bob Chapek reportedly let Rice go after summoning him to his office and alerting him he was no longer a fit at the company. Rice, who was apparently unaware the firing was coming, will be succeeded by Dana Walden, effective immediately. The Disney board notably issued a statement in support of Chapek.

2

Federal prosecutors reportedly open Wells Fargo criminal investigation

Federal prosecutors in New York have reportedly opened a criminal investigation into allegations that Wells Fargo broke federal laws by carrying out fake interviews of minority and female job candidates. A civil rights unit inside the criminal division of the Manhattan U.S. attorney's office is said to be conducting the investigation, which concerns allegations from a whistleblower and others that bank managers were interviewing what the company deemed "diverse" applicants for roles that had already been filled. It is not clear what charges prosecutors are considering.

3

Poll: Most Americans expect inflation to worsen over next year

Two-thirds of Americans believe inflation will worsen over the next 12 months, while 21 percent expect it to improve and 12 percent believe it will stay the same, a Washington Post-George Mason University poll found. Almost 9 in 10 respondents said they've been hunting for cheaper products and about 75 percent said they're cutting back on restaurants and entertainment due to higher prices. But Americans could ultimately worsen the problem by changing their behavior, analysts warn. "People's expectations of inflation are rising," said Stanford University economist John Taylor. "The concern I have is that if people are saying, 'Inflation is picking up, let's buy now,' that increases inflation even more."

4

Biden administration details vaccination plan for kids under 5

The White House on Thursday shared details of its COVID-19 vaccination plan for children under 5, the last age group in the nation without access to the life-saving shots. The announcement arrived ahead of next week's meeting of Food and Drug Administration vaccine advisers, who will discuss emergency use authorization of the Moderna and Pfizer COVID vaccines for children younger than 5 and 4 years old, respectively. The administration says it is preparing for "all scenarios, including for the first vaccinations to start as early as the week of June 20."

5

Workers rescued after falling into chocolate tank at candy factory

Two employees were rescued Thursday after falling into a chocolate-filled tank at a Mars Wrigley factory in Pennsylvania. It was not immediately clear how the workers fell into the tank. Both individuals were taken to the hospital after the incident, one in an ambulance and the other in a helicopter, though no injuries have been disclosed. "We can confirm both people have been taken offsite for further evaluation," Mars Wrigley said in a statement. "We're extremely grateful for the quick work of the first responders."

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