Bob Iger Ousts a Marvel Antagonist

The big question hanging over the hearing: Can C.E.O.s be trusted to treat workers fairly? Mr. Schultz was adamant that they can. He pointed to the staff benefits Starbucks provides, including health care, stock grants and paid sick leave. And he noted that the average wage for hourly workers at the company was $17.50, and that total compensation, including benefits, approached $27 an hour. “Respectfully, that’s more than the minimum wage of every senator that’s represented a state on this committee, including Chairman Bernie Sanders.”

About his wealth: “Yes, I have billions of dollars — I earned it,” he said. “No one gave it to me. And I’ve shared it constantly with the people of Starbucks.”

Why UBS gave up on Ralph Hamers

UBS’s decision to bring back its former C.E.O., Sergio Ermotti, after its takeover of Credit Suisse was largely put down to his experience in investment banking and steering the financial giant after the 2008 financial crisis.

One theory is that Swiss authorities preferred a Swiss banker to oversee the deal. Another is that UBS’s board and its chairman, Colm Kelleher, had lost confidence in Ralph Hamers, the Dutch banker who succeeded Mr. Ermotti in 2020, to manage such a big and complicated transaction. According to The Financial Times, Mr. Kelleher had sought to mentor Mr. Hamers, but worries were amplified by Mr. Hamers’s stuttering performance in a call with analysts after the deal was announced last week:

Kelleher initially took Hamers under his wing and attempted to brush up his communications skills. Hamers was banned from using his favorite buzzwords such as “purpose” and “ecosystems” in their weekly meetings together.

The pair set about trying to convince international shareholders to invest and close UBS’s valuation gap on its U.S. peers.

Kelleher had been willing to give Hamers time to prove he was capable of leading the business and carrying out its growth strategy. But when UBS aborted the Wealthfront acquisition in September, questions began to be asked about Hamers’s authority within the bank.

Article source: https://www.nytimes.com/2023/03/30/business/dealbook/bob-iger-layoffs-marvel-ike-perlmutter.html