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FCC chairman orders DEI investigation into Disney, ABC

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The head of the Federal Communications Commission ordered an investigation into Walt Disney Co. and its ABC network over their diversity, equity and inclusion practices, broadening his examination of media and telecom companies for perceived discriminatory biases. 

FCC Chairman Brendan Carr directed the agency’s Enforcement Bureau to “ensure that Disney and ABC have not been violating FCC equal employment opportunity regulations by promoting invidious forms of DEI discrimination.” 

Carr specifically called out policies at Disney including its “Reimagine Tomorrow” initiative designed to advance its DEI mission and inclusion standards across ABC that require “50% of regular and recurring characters” be drawn from “underrepresented groups,” according to a letter Carr wrote to Disney Chief Executive Officer Bob Iger and posted on X on Friday. 

“Disney started out a century ago as an iconic American company,” Carr wrote. “But then something changed. Disney has now been embroiled in rounds of controversy surrounding its DEI policies.”

Since being appointed by President Donald Trump earlier this year, Carr has sent similar letters to Verizon Communications Inc. and Comcast Corp. He recently told Bloomberg that a company’s DEI practices would affect its chances of receiving merger approval.

Carr noted that Disney has recently walked back some of its DEI initiatives but said “significant concerns remain.” Earlier this year Disney said it would end the Reimagine Tomorrow program that Carr called out. The company is also removing diversity from the criteria for determining manager compensation. 

“We are reviewing the Federal Communications Commission’s letter, and we look forward to engaging with the commission to answer its questions,” a spokesperson for Disney said.

Disney’s modern remake of Snow White and the Seven Dwarfs hit theaters earlier this month under a deluge of criticism, including over casting an actress of Colombian heritage as the title character and the re-imagining of the seven dwarfs.

This story was originally featured on Fortune.com



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Europe has caught a workplace absenteeism bug costing it billions of euros

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Meet the 3 CFOs who made Fortune’s new Next to Lead list

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Good morning. What does it take to ascend to executive leadership roles at America’s largest corporations? The inaugural Fortune Next to Lead: The 25 Most Powerful Rising Executives in the Fortune 500, released this morning, highlights high-performing trailblazers.

Top leaders at Fortune 500 companies in roles such as CEO, CFO, COO, president, and executive vice president representing industries including tech, retail, health care, and energy have earned a spot on the list. Fortune evaluated candidates through in-depth reporting and insights from executive search firms, recruiters, management consulting firms, current and former CEOs, and board members. 

Among the factors of assessment are leaders that drive exceptional financial outcomes, including revenue growth, profitability, or increased market share. That’s certainly something CFOs know a lot about. 

Here are the three finance chiefs at Fortune 500 companies who earned a spot on the list:

Eimear Bonner, VP and CFO at Chevron 

At Chevron Corp., Eimear Bonner is responsible for global audit and investor relations, as well as tax, treasury, and financial operations. Since joining the company in 1998, she has held several key leadership roles, including general director of Tengizchevroil LLP in Kazakhstan and chief technology officer, a position in which Bonner made history at Chevron as its first woman CTO.

Rejji Hayes, EVP and CFO at CMS Energy

Rejji Hayes has held the role of EVP and CFO at CMS Energy and its principal subsidiary, Consumers Energy, since 2017. Previously, he served as EVP and CFO of ITC Holdings Corp., where he co-led the strategic review that resulted in the company’s sale to Fortis. During his tenure, ITC’s market capitalization grew by approximately $2.3 billion. Hayes serves on the board of Fortive, chairing the audit committee.

Gina Mastantuono, CFO at ServiceNow 

As CFO, Gina Mastantuono leads accounting, investor relations, real estate, and global impact strategy at the workflow automation platform. She was previously EVP and CFO at Ingram Micro, an IT products and services company, and has held senior roles at Revlon. Mastantuono sits on the board of Roblox.

You can view the complete Fortune Next to Lead: The 25 Most Powerful Rising Executives in the Fortune 500 here. In addition, you can sign up for the Fortune Next to Lead weekly newsletter by Ruth Umoh, which offers a look into the careers of rising stars of the corporate world.

Sheryl Estrada
sheryl.estrada@fortune.com

This story was originally featured on Fortune.com



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South Koreans will soon vote for a new president, after courts uphold Yoon Suk Yeol’s impeachment for his martial law disaster

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South Korea’s Constitutional Court on Friday upheld President Yoon Suk Yeol’s impeachment over his disastrous martial law declaration, voting unanimously to strip him of office for violating the constitution.

Yoon, 64, was suspended by lawmakers over his Dec. 3 attempt to subvert civilian rule, which saw armed soldiers deployed to parliament. He was also arrested on insurrection charges as part of a separate criminal case.

His removal triggers fresh presidential elections, which must be held within 60 days.

“Given the serious negative impact and far-reaching consequences of the respondent’s constitutional violations… (We) dismiss respondent President Yoon Suk Yeol,” said acting court President Moon Hyung-bae.

The decision was unanimous by all eight of the court’s judges, who have been given additional security protection by police with tensions high and pro-Yoon supporters rallying in the streets.

Yoon’s actions “violate the core principles of the rule of law and democratic governance, thereby undermining the constitutional order itself and posing a grave threat to the stability of the democratic republic,” the judges said in their ruling.

Yoon’s decision to send armed soldiers to parliament in a bid to prevent lawmakers from voting down his decree “violated the political neutrality of the armed forces and the duty of supreme command.”

He deployed troops for “political purposes”, the judges said, which “caused soldiers who had served the country with the mission of ensuring national security and defending the country to confront ordinary citizens.”

“In the end, the respondent’s unconstitutional and illegal acts are a betrayal of the people’s trust and constitute a serious violation of the law that cannot be tolerated from the perspective of protecting the Constitution,” the judges ruled.

Impeached

Yoon is the second South Korean leader to be impeached by the court after Park Geun-hye in 2017.

After weeks of tense hearings, judges spent more than a month deliberating the case, all while public unrest swelled.

Police raised the alert to the highest possible level Friday, enabling the deployment of their entire force. Officers encircled the courthouse with a ring of vehicles and stationed special operations teams in the vicinity.

Anti-Yoon protesters cried, cheered and screamed as the verdict was announced. Some jumped and shook each other’s hands in joy, while others hugged people and cried.

Outside Yoon’s residence, his supporters shouted and swore, with some bursting into tears as the verdict was announced.

Yoon, who defended his attempt to subvert civilian rule as necessary to root out “anti-state forces”, still commands the backing of extreme supporters.

At least two staunch Yoon supporters—one in his 70s and the other in his 50s—have died after self-immolating in protest of the controversial leader’s impeachment.

Embassies—including the American, French, Russian and Chinese—have warned citizens to avoid mass gatherings in connection with Friday’s verdict.

The decision shows “first and foremost the resilience of South Korean democracy,” Byunghwan Son, professor at George Mason University, told AFP.

“The very fact that the system did not collapse suggests that the Korean democracy can survive even the worst challenge against it—a coup attempt.”

‘Highly unlikely’ to reinstate

South Korea has spent the four months since Yoon declared martial law without an effective head of state, as the opposition impeached Yoon’s stand-in—only for him to be later reinstated by a court ruling.

The leadership vacuum came during a series of crises and headwinds, including an aviation disaster and the deadliest wildfires in the country’s history.

This week, South Korea was slammed with 25 percent tariffs on exports to key ally the United States after President Donald Trump unveiled global, so-called reciprocal levies.

Since December, South Korea has been “partially paralysed—it has been without a legitimate president and has been challenged by natural disasters and the political disaster called Trump,” Vladimir Tikhonov, Korean Studies professor at the University of Oslo, told AFP.

Yoon also faces a separate criminal trial on charges of insurrection over the martial law bid.

This story was originally featured on Fortune.com



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