THE GOOD GAME: Southwest’s board shakeup, Norfolk’s CEO gone, one Peltz off Wendy’s, and Newsmax’s IPO

Live from the Vanguard Hates You Pavillion, it’s an all-new terrific Tuesday edition of Business Pants. Joined by Analyst-Hole Matt Moscardi! In today’s BLT with spicy carbon disclosure called September 10th, 2024: A Super Nerdy ESG Good Game

Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.

1. Southwest shakes up board but doesn’t fire CEO under pressure from Paul Singer’s activist hedge fund

1. Chairman Gary Kelly (former CEO) will retire next year, but it intends to keep CEO Robert Jordan after a meeting with hedge fund Elliott Investment Management, which has sought a leadership shakeup at the airline including Jordan’s ouster. Southwest said Tuesday that six directors will leave the board in November and it plans to appoint four new ones, who could include candidates put forward by Elliott.

1. Apple Must Pay $14.4 Billion to Ireland in Crackdown On ‘Sweetheart Deals’

1. The European Court of Justice has ordered Apple to pay billions in back taxes to Ireland, in a move that hands a victory to the European Commission against so-called ‘sweetheart deals’ between the country and big tech companies.

1. Norfolk Southern CEO to step down amid misconduct probe, WSJ reports

1. Alan Shaw

1. "‘No one is above the law’”: Google loses long-running EU antitrust battle

1. The European Commission rejected Google’s appeal against a $2.7 billion penalty.

1. Telegram CEO Durov says the messaging app will tackle criticism of how it moderates content

1. Pavel Durov said Telegram had already disabled new media uploads to a stand-alone blogging tool ‘which seems to have been misused by anonymous actors.’

1. Nelson Peltz steps down as chair of Wendy's board, starting a new era for burger chain

1. 30% of lardy influence up for grabs!

2. Remaining power:

1. Nepo-baby Matthew Peltz (22%)

2. 81 year-old Peter May (Wendy’s exec since the 1990s and founding partner of Trian Partners)

3.  new Chairman Art Winkleblack 

1. Boeing reaches tentative labor deal with 25% pay hike and commitment to replace 737 planes

1. The proposed four-year contract was hailed by the union as the best it had ever negotiated. It is also an early win for new Boeing CEO, Robert “Kelly” Ortberg, who is tasked with turning around the struggling planemaker.

1. Starboard proposes that News Corp eliminates dual-class shares

1. "This is clearly not the appropriate governance structure for a public company"

1. Meta oversight board asks firm not to automatically remove pro-Palestinian phrase

1. The board, which operates independently but is funded by the U.S. social media firm, said the phrase "From the river to the sea" has several meanings, and as such its use cannot in itself be deemed to be harmful, violent or discriminatory.

2. “While (the phrase) can be understood by some as encouraging and legitimizing antisemitism and the violent elimination of Israel and its people..."

1. Logitech founder fails in attempt to oust chairperson

1. Logitech International founder Daniel Borel failed in his attempt to oust Chairperson Wendy Becker, having accused her of failing to provide leadership at the maker of computer mice and keyboards.

2. Just under 86% of shareholders voted for the re-election of Becker at the company's AGM, against the wishes of Borel who wanted board member Guy Gecht to replace her.

1. Gecht, who had told the event he would not accept the position of chairperson if elected, meanwhile received support from 14% of shareholders.

3. Borel, one of three people who founded Logitech in 1981 and who still owns a 1.2% stake, said the Swiss-American company had not adjusted rapidly enough to trends like artificial intelligence or the post pandemic environment.

1. Cable news channel Newsmax is planning to go public

1. 85% of banks rely on ESG ratings for financial strategy, reveals CDP report

1. Ex-Volkswagen CEO to finally face trial nine years after ‘dieselgate’ scandal rocked auto industry

1. Martin Winterkorn

1. Vanguard backed no environmental or social measures in 2024 proxy season

1. this is at least a recognizable methodology