Food: PepsiCo’s CEO to Exit
PepsiCo’s Indra Nooyi will leave the company this fall after 12 years at the helm, said Jennifer Calfas in Money.com. As “one of few women of color to head a major company,” she presides over a corporation with $63.5 billion in revenue, the biggest food-and-beverage company in the Fortune 500. Nooyi’s departure this October will leave just 23 female CEOs at S&P 500 companies, that’s down from 32 in 2017, a decline of more than 25 percent. Women also make up only about a fifth of board members at the big companies that compose the S&P 500 index.
Media: Conspiracy theorist banned by more outlets
Right-wing conspiracy theorist Alex Jones had most of the programming related to his Infowars site removed from Apple, Facebook, YouTube, LinkedIn, and Spotify this week, said Elizabeth Williamson in The New York Times. Apple’s decision to remove Jones’ podcasts on hate-speech grounds led rival platforms to also take action. The move “drastically reduces the audience for Infowars, which sells diet supplements and survivalist gear through a radio broadcast, videos, and online stories spreading bizarre conspiracy theories and misinformation.” Jones said he was being silenced by a plot involving Democrats, China, “globalists,” and “corporatists.”
Lawsuits: Questions over Wilbur Ross’ fortune
President Trump’s commerce secretary faces lawsuits from former top executives of his investment firm, WL Ross & Co., said Dan Alexander in Forbes. Wilbur Ross, who is estimated to be worth $700 million, is alleged to have siphoned money from clients in excess fees and “robbed” his former executives of money due to them. While the sums involved are “a few million here and a few million there,” all told the allegedly improper payments may come to more than $120 million. Ross agreed to a confidential settlement in one lawsuit two weeks ago, just before the start of a trial. Ross has denied the Forbes story.
Tariffs: Steel industry flexes muscles over exemptions
“Two of America’s biggest steel manufacturers—both with deep ties to administration officials—have successfully objected to hundreds of requests by American companies” for a break from tariffs, said Jim Tankersley in The New York Times. Charlotte-based Nucor and Pittsburgh’s United States Steel argued similar products “are readily available” locally. The industry has a conspicuous influence in Trump’s business-friendly White House, particularly “given the high stakes for thousands of American companies that depend on foreign metals.”