TIAA CEO Thasunda Duckett: "Live your life like a diversified portfolio."
Good morning.
Some takeaways from day two of the Most Powerful Women Summit in Washington, D.C.:
“You should live your life like a diversified portfolio. Write down everything that matters to you, and then allocate your time. Like the stock market, it will have volatility. Sometimes you will have to rebalance. Sometimes you will have to short a stock. But just like an allocated financial portfolio, over time you will outperform in this thing called life.”
—TIAA CEO Thasunda Duckett on work-life balance
“In today’s world, I think purpose is really a competitive advantage for a company. People (at CVS) really want to have an impact on people’s health every single day.”
—CVS Health CEO Karen Lynch
“I believe in public-private partnerships. I’m the most senior ranked person in the administration with any business experience. Government cannot solve these problems without the partnership with business.”
—Commerce Secretary Gina Raimondo
“My father was an investment manager, and he told me everything always reverts to fundamentals. But what are the fundamentals?”
—Nasdaq CEO Adena Friedman on whether the market is in a bubble
“It’s called a she-cession for a reason. We have seen women broadly be more economically stressed than men overall, and that has been especially acute for women of color.”
—Ariel Investments Co-CEO Mellody Hobson
“If something is too cheap, someone is getting hurt”
—Williams Sonoma CEO Laura Alber on monitoring the product supply chain
“We have got 10,000 supply chain professionals, and I don’t think they have slept for three months.”
—Flex CEO Revathi Advaithi on supply chain problems
“It is less about spaces and places and more about the way you build connection through experiences.’
—Accenture CEO Julie Sweet on post-pandemic work
More from the conference here. More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
The stakes have never been higher. Get the jump on the future of sustainability and the businesses leading the fight against climate change, with Fortune’s Path to Zero series. Learn more.
Not enough
The International Energy Agency warned this morning that current net-zero pledges fall way short of those needed to actually achieve net zero by 2050—only 20% of the emissions cuts that we need by 2030 are actually scheduled. What's more, the IEA warned, investment in clean power needs to triple in the next decade if we are to avoid extreme volatility in energy markets. Deutsche Welle
iPhone crunch
Apple will likely cut its 2021 iPhone 13 production targets by around 11% due to a shortage of components. The company may be one of the world's biggest chip buyers, but it can’t avoid the chip crunch that's affecting entire industries. Fortune
Supply chain
Walmart, UPS and FedEx have promised the Biden administration that they will extend their working hours to unblock supply chains. The President will talk to other executives and union officials today. An unnamed official: "The supply chain is essentially in the hands of the private sector so we need the private sector to step up to help solve these problems." Financial Times
Hasbro CEO
Brian Goldner, the Hasbro CEO, has passed away at the age of 58. No cause of death has been disclosed but he was diagnosed with prostate cancer in 2014. Goldner was the one who steered Hasbro's properties, such as Transformers and G.I. Joe, into being big-screen franchises. He also scored lucrative deals for making Disney Princess, Marvel and Star Wars toys, and led the acquisition of Peppa Pig owner Entertainment One. Wall Street Journal
The path towards systemic change How can government organizations activate equity within and outside their own agencies? Deloitte’s government equity activation model explores three primary spheres of influence within the reach of government organizations. Read the report
Chinese vaccines
People who received two shots of the Sinovac or Sinopharm vaccines and who are over 60 should go get a third jab, the WHO has recommended. These Chinese vaccines are some of the world's most commonly deployed, so hundreds of millions of people are supposed to go get these boosters immediately. Fortune
Comparing outbreaks
Why have some countries seen greater drops in COVID deaths after mass vaccination than other countries have? Statistics provide some insights: it might be that it's a good idea to space out the two doses further; focusing on protecting the elderly seems to have been similarly clever; and countries that got vaccinated first may have fared worse against Delta due to falling immunity levels. Fortune
Bitcoin mining
China is no longer the world's biggest cryptocurrency mining destination, thanks to a regulatory crackdown. Its successor? The U.S., which offers low energy prices (in places like Texas, which also offers crypto-friendly policymakers) and lots of renewable energy sources. CNBC
NFT importance
Do you care about NFTs? No? Well you should, according to Kathryn Haun, general partner at Andreessen Horowitz's crypto fund, who told Fortune's Most Powerful Women conference that the concept enabled digital scarcity, and that crypto was "an answer, in many ways, to Big Tech platforms and to centralized tech platforms and a lot of centralized Big Tech companies are starting to wake up to that." Fortune
This edition of CEO Daily was edited by David Meyer.
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