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DealBook Conference 2019: Live Updates DealBook Conference 2019: Live Updates
(32 minutes later)
Welcome to the live coverage of “Playing for the Long Term,” DealBook’s annual conference that gets underway Wednesday morning in New York.
Some of the biggest newsmakers at the intersection of business and policy will join me, Andrew Ross Sorkin, onstage for candid conversations focused on the hot-button issues of our time: inequality and corporate America’s role in society, the challenges of Silicon Valley’s scale, the streaming wars, the upcoming presidential election, the trade war with China, the future of I.P.O.s, the influence of “influencers” and the crisis at Boeing, among other things. Communicating with employees is a bit like building your savings in a bank account, said Alex Gorsky, the chief executive of Johnson & Johnson: you make contributions over time and you develop a reservoir of trust, because “someday you’re likely going to need to make a withdrawal.”
Stay tuned to this page to keep up with the news that emerges from the conference. But first, let me guide you through some of the biggest names that you can expect to hear from over the course of the day. The topic of trust came up repeatedly as Mr. Gorsky spoke with Andrew Ross Sorkin at the DealBook conference in New York today. The 133-year-old Johnson & Johnson brand is under pressure as the company faces more than 100,000 lawsuits over the safety and marketing of products like opioids, transvaginal pelvic mesh implants and the antipsychotic drug Risperdal. More than 15,000 people have sued the company over its talc products, and 33,000 bottles of its baby powder were recently recalled over concerns about asbestos contamination.
Mr. Gorsky has frequently stressed the safety of Johnson & Johnson’s baby powder. On Wednesday, he said that in some cases, “it’s important to take a stand.”
“When you find yourself in a situation where perhaps your products didn’t live up to the expectations, then you need to manage that, you need to deal with it in a way that’s appropriate for all stakeholders, and I think we’ve got a track record of trying to do our very best in those circumstances,” he said. “But there are other cases where, frankly, the data, the science or the headline doesn’t reflect the underlying reality.”
— Tiffany Hsu
Alex Gorsky, the chief executive of Johnson & Johnson, and Ginni Rometty, the chief executive of I.B.M., addressed their work with the Business Roundtable, a group of top executives who made waves in August by announcing that their mission had changed — from focusing solely on profit-making to a broader effort to benefit “customers, employees, suppliers, communities and shareholders.”
Critics have said that the Business Roundtable’s new “stakeholder” stance is little more than political pandering to changing public attitudes.
“None of us agree with that, obviously,” Ms. Rometty said. She added that including more stakeholders and nurturing their trust is a matter of long-term self-interest for corporations.
“Society gives us a license to operate,” she said.
— Steve Lohr
Some of the biggest newsmakers at the intersection of business and policy are joining Andrew Ross Sorkin for “Playing for the Long Term,” DealBook’s annual conference that is underway in New York today. The candid conversations onstage will focus on the hot-button issues of our time: inequality and corporate America’s role in society, the challenges of Silicon Valley’s scale, the streaming wars, the upcoming presidential election, the trade war with China, the future of I.P.O.s, the influence of “influencers” and the crisis at Boeing, among other things.
Here are some of those you can expect to hear from over the course of the day:
Dennis Muilenburg, the chief executive of Boeing, is in the midst of one of the biggest crises the company has ever faced. He will be asked about the decisions that led up to the crashes of the company’s 737 Max jets, whether he can regain the trust of regulators and the public, and what happens next.Dennis Muilenburg, the chief executive of Boeing, is in the midst of one of the biggest crises the company has ever faced. He will be asked about the decisions that led up to the crashes of the company’s 737 Max jets, whether he can regain the trust of regulators and the public, and what happens next.
Dara Khosrowshahi, the chief executive of Uber, has helped manage the company through a tumultuous transition from the founder’s ousting to its recent initial public offering. But investors are now demanding profits over growth, so we’ll talk about the shifting landscape in Silicon Valley and the revaluing of its so-called unicorns.Dara Khosrowshahi, the chief executive of Uber, has helped manage the company through a tumultuous transition from the founder’s ousting to its recent initial public offering. But investors are now demanding profits over growth, so we’ll talk about the shifting landscape in Silicon Valley and the revaluing of its so-called unicorns.
Kris Jenner and Kim Kardashian West have, perhaps singularly, created the idea of influencers in marketing and demonstrated the power of individual brands on social media. We’ll dive into how their empire was created and what it means.Kris Jenner and Kim Kardashian West have, perhaps singularly, created the idea of influencers in marketing and demonstrated the power of individual brands on social media. We’ll dive into how their empire was created and what it means.
Bill Gates, the software pioneer-turned-philanthropist, will discuss how he plans to use his fortune to combat what he thinks may be our biggest challenge: climate change. I’ll also talk to him about the raging political debate that surrounds wealth, inequality and capitalism.Bill Gates, the software pioneer-turned-philanthropist, will discuss how he plans to use his fortune to combat what he thinks may be our biggest challenge: climate change. I’ll also talk to him about the raging political debate that surrounds wealth, inequality and capitalism.
Reed Hastings, the chief executive of Netflix, is at the center of the streaming wars, with Apple offering its own service last week and Disney’s starting next week. We’ll ask the man who was once scoffed at by the big media companies how the competition is going to change the industry.Reed Hastings, the chief executive of Netflix, is at the center of the streaming wars, with Apple offering its own service last week and Disney’s starting next week. We’ll ask the man who was once scoffed at by the big media companies how the competition is going to change the industry.
— Andrew Ross Sorkin
9:05 a.m.: Capitalism 3.0 — Redefining Purpose. Ginni Rometty, chairman, president and chief executive of I.B.M. and Alex Gorsky, chairman and chief executive of Johnson & Johnson.9:05 a.m.: Capitalism 3.0 — Redefining Purpose. Ginni Rometty, chairman, president and chief executive of I.B.M. and Alex Gorsky, chairman and chief executive of Johnson & Johnson.
9:35 a.m.: Navigating Turbulence. Dennis A. Muilenburg, president and chief executive of Boeing.9:35 a.m.: Navigating Turbulence. Dennis A. Muilenburg, president and chief executive of Boeing.
10 a.m.: Rules of the Game. Makan Delrahim, assistant attorney general, antitrust division, Department of Justice.10 a.m.: Rules of the Game. Makan Delrahim, assistant attorney general, antitrust division, Department of Justice.
10:55 a.m.: The Road Ahead. Dara Khosrowshahi, chief executive of Uber.10:55 a.m.: The Road Ahead. Dara Khosrowshahi, chief executive of Uber.
11:25 a.m.: Blinding Bias. Stephanie Lampkin, founder and chief executive of Blendoor.11:25 a.m.: Blinding Bias. Stephanie Lampkin, founder and chief executive of Blendoor.
11:35 a.m.: The Next Trip. Brian Chesky, co-founder and chief executive of Airbnb.11:35 a.m.: The Next Trip. Brian Chesky, co-founder and chief executive of Airbnb.
1:15 p.m.: The Influencers. Kris Jenner, chief executive of Jenner Communications, and Kim Kardashian West, entrepreneur, beauty mogul and producer.1:15 p.m.: The Influencers. Kris Jenner, chief executive of Jenner Communications, and Kim Kardashian West, entrepreneur, beauty mogul and producer.
1:45 p.m.: A Father’s Mission. Manuel Oliver, founder of ChangetheRef.org.1:45 p.m.: A Father’s Mission. Manuel Oliver, founder of ChangetheRef.org.
1:55 p.m.: @Kevin Adds a Comment. Kevin Systrom, co-founder of Instagram.1:55 p.m.: @Kevin Adds a Comment. Kevin Systrom, co-founder of Instagram.
2:20 p.m.: Every Voice Counts. Valerie Jarrett, chairwoman of When We All Vote.2:20 p.m.: Every Voice Counts. Valerie Jarrett, chairwoman of When We All Vote.
3:20 p.m.: The Currency of Trust. David Marcus, the head of Facebook’s Calibra.3:20 p.m.: The Currency of Trust. David Marcus, the head of Facebook’s Calibra.
3:45 p.m.: Bill Gates One-on-One. Bill Gates, co-chairman of Bill & Melinda Gates Foundation.3:45 p.m.: Bill Gates One-on-One. Bill Gates, co-chairman of Bill & Melinda Gates Foundation.
4:35 p.m.: The Tastemaker. Gwyneth Paltrow, founder and chief executive of Goop.4:35 p.m.: The Tastemaker. Gwyneth Paltrow, founder and chief executive of Goop.
5 p.m.: Season One: The Streaming Wars. Reed Hastings, founder and chief executive of Netflix.5 p.m.: Season One: The Streaming Wars. Reed Hastings, founder and chief executive of Netflix.
5:30 p.m.: Hillary Clinton in Conversation. Hillary Clinton, former first lady, senator, secretary of state and presidential candidate.5:30 p.m.: Hillary Clinton in Conversation. Hillary Clinton, former first lady, senator, secretary of state and presidential candidate.