Tomorrow's Business Today
The PR Man Carries The Can In Woke Fight
Spare a thought for Disney PR man Geoff Morrell, out after just three months on the job.
The corporate affairs chief, formerly of both BP and the Pentagon, said on his exit “it has become clear to me that for a number of reasons it is not the right fit”.
Let’s take him at his word but note that the company has been in PR crisis since he joined in January.
We don’t know that his CEO Bob Chapek chucked him under a bus. We do know whether Chapek is in a bind.
In a piece headlined Taking the Mickey, The Spectator tells us Chapek is “caught in the middle of a vicious fight between Florida’s conservative governor Ron DeSantis and Disney’s LGBTQ+ activists and he’s being pummelled from both sides.”
Disney opposed Florida legislation banning the discussion of sexual orientation and gender identity in classrooms.
In return, DeSantis terminated Disney’s special privileges to in effect run its own government, including having its own police.
But Chapek had been bounced into his decision. His initial stance was an interesting one, to stay out of the way. “Corporate statements do very little to change outcomes or minds,” he said.
Now, that’s an interesting point. Is it true that company positions on, say, LGBT issues make no difference? In which case, why make them?
I feel rather sorry for Disney here, there being no obvious way it could possibly have won.
Maybe its woes will prevent big companies everywhere mobilising on woke issues for fear of a backlash from the government/the customers.
Either way, it’s a headache for PR departments.
Press release of the day
The executive pay issue is getting another airing. This from the High Pay Centre says six out of ten people think CEOs should be paid no more than 10 times the average employee.
Director Luke Hildyard said: “The difference between the actual pay of chief executives and other leading professionals, and what the public thinks would be a fair and proportionate level perhaps reflects the concerning extent to which the lives of those at the top and those of everybody else have become so far removed from each other. That’s probably not a healthy development.”
Stories that will keep rolling
1) What is the way back for Boohoo? Can we remind people which banks floated this business?
2) If the Fed lifts rates by 50 bps, does that mean the Bank of England should follow suit?
3) Is the UK heading for recession, or not?
4) How is Aston Martin going to deal with the cargo load of debt which threatens to de-power the business?