Good morning, Broadsheet readers! Paolo Confino here, filling in for Emma. General Motors CEO Mary Barra plays the long game on the company’s EV transformation, the death of an Iranian woman sparks mass protests, and Occidental Petroleum CEO Vicki Hollub talks on Warren Buffett’s interest in the energy company.
– The appeal of Buffett. When Vicki Hollub was appointed CEO of Occidental Petroleum in 2016, she became the first woman to lead a US oil and gas company. Now, six years into his tenure, the company is trying to address climate change by transforming itself into a carbon management business that will develop technologies other companies can use to reduce their carbon footprint. “I’m also an environmentalist. I just happen to be the CEO of an oil and gas company,” he said FortuneSusie Gharib’s special correspondent.
Occidental Gas’ sustainability plan includes capturing carbon emissions from drilling sites before they enter the atmosphere, while simultaneously reducing CO2 emissions. Construction on the project is scheduled to begin by the end of this year and is slated to be fully operational by 2024.
Hollub’s leadership caught the eye of billionaire investor Warren Buffett who has been buying shares in the company since 2019 when he provided $10 billion to help finance its acquisition of Anadarko Petroleum. In August, Buffett received approval from the Federal Energy Regulatory Commission to buy up to 50% of Occidental.
“He wants us to be strong in the US [and that] we continue to reduce our debt, restart the dividend—which is part of our core value proposition—and we will buy back shares,” Hollub explained to Gharib. “We have a lot of ways to return value to shareholders and that’s the kind of company he wants.”
Buffett was brief, but clear, in his praise for Hollub in March, telling CNBC, “He’s running the company the right way.”
Hollub stands out not only for her Buffett-backed performance as CEO, but also because she is one of only four women to lead a Fortune 500 energy company. Having a woman lead the decarbonization of the energy industry fossil fuels are particularly important if provided. the gendered impact of climate change. Women have higher levels of poverty than men around the world and as a result, will have less access to sustainable resources and assistance to address the physical and economic damages of natural disasters. caused by climate change, according to a United Nations report.
As CEO, Hollub said he tries to prioritize environmental responsibility and serve as a role model for the company’s 11,600 employees. “When you empower them to do the things they can do, that’s when you get the most out of any organization,” he said. “It’s about trust, and it’s about respect.”
Paolo Confino
[email protected]
@paolo1000_
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ALSO IN THE HEADLINES
– Slow and steady. General Motors’ bold effort to push the electric car market—first announced in 2017—has fallen behind competitors like Ford and Hyundai. But CEO Mary Barra says its slow turnaround is intentional. Bloomberg
– Systemic failure. A new report from the FDA on its investigation into baby formula contamination earlier this year found that several “systemic vulnerabilities,” including inadequate protocols and limited authority over manufacturers, affected the response of agency. The report calls for several improvements such as better technology, more staff and training, updated emergency response systems, and a better understanding of the formula industry. CNN
– Contempt for Iran. Anti-government protests, mainly led by women, erupted in Iran on Monday, following the death of a 22-year-old woman in custody for allegedly violation of the country’s hijab law. New York Times
– Off the table. Backers of Brexit in 2016 argued that the UK’s exit from the European Union would open the door for a free trade agreement with the US But Prime Minister Liz Truss admitted, on her way to the UN General Assembly in New York on Tuesday, that such negotiations with the US are not on his agenda for the short to medium term. Financial Times
MOVERS AND SHAKERS: Lumen Technologies has named Kate Johnsonformer president of Microsoft US, its next president and CEO. Cybersecurity company Cobalt has hired a former IBM and KPMG executive Jerry Allan as it chief sales officer. Ginger Naylor joins Outward Bound as its new CEO. Former CNN senior vice president of content strategy and operations Courtney Coupe joined LinkedIn as the original head of programming. Healthcare SaaS company named GHX Tina Vatanka Murphy, president of its value-based care division, will be its next president and CEO. Formerly ServiceNow vice president of IT strategy and operations Patricia Grant joined Tenable as chief information officer. Travel guide book publisher Lonely Planet has named the former Amazon executive Priyanka Mani as senior vice president of product and design.
IN CASE YOU MISS IT
– Method of leadership. The pandemic puppy boom has ushered in big business for animal health company Zoetis. For CEO Kristin Peck, who took over in January 2020, juggling her CEO appointment and new motherhood at the onset of COVID encouraged her to adopt unique leadership strategies that she says will continue as she manages a majority-millennial and values-driven workforce. “It helped me relate to where my colleagues were and prioritize what was important probably faster than I expected,” Peck said. Fortune
– Get out of the disaster. Shares in British media company and Marie Claire publisher Future fell more than 16%, wiping more than £300 million off the market value after CEO Zillah Byng-Thorne announced her intention to retire in end of 2023. Byng-Thorne joined the company in late 2013 and raised its market value from £30 million to a high of £4.7 billion last year. Guardian
– Caught in the crossfire. Germany is preparing to reactivate coal power plants this winter as it battles energy shortages stemming from Russia’s war against Ukraine. While the decision was a “hard pill to swallow,” in Germany special envoy for global climate action Jennifer Morgan said the country remains committed to phasing out all of its coal-generated power by 2030. Fortune
– Ad spend. Democrats are pouring more money into abortion ad spending than ever before, ahead of November’s midterm elections. So far, they have spent $124 million in ads mentioning abortion, compared to a total of $6 million in 2018. Associated Press
ON MY RADAR
‘How many women were abused to make that Tesla?’ Rolling stone
The psychological toll of being the only woman of color at work Harvard Business Review
Girls are leaving high school basketball, and here’s why Wall Street Journal
A lawyer finds his happily-ever-after as a romance writer New York Times
PARTING WORDS
“The more diversity we have, the more exposure to possible opportunities we have for the next generation.”
–Megan Piphus Peace, Sesame Street’s first Black female puppeteer.
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