WHO DO YOU BLAME: Campbell’s poor people rant, OpenAI sex bears, Kohl’s succession, Walmart HR

Live from The Hyderabad Public School, a private high school in India which features notable alums 1) Microsoft CEO Satya Nadella, 2) Adobe CEO Shantanu Narayen 3) former Mastercard CEO Ajay Banga, 4) Fairfax Financial CEO Prem Watsa, and 5) Procter & Gamble CEO-designate Shailesh Jejurikar, it’s an all-new Terrific Tuesday edition of Business Pants, featuring Analyst-Hole Matt Moscardi! On today's Lead Independent Turkey called November 25th, 2025: the Who Do You Blame? Game!Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.DAMIONCampbell's Places VP on Leave Following Viral 'Poor People' RantMartin Bally, Campbell Soup Company’s vice president and chief information security officer: “"We have s--- for f---ing poor people. Who buys our s---? I don’t buy Campbell’s products barely anymore. Bioengineered meat — I don’t wanna eat a piece of chicken that came from a 3-D printer."He also allegedly made derogatory comments about Indian coworkers and – according to the recording – claimed he sometimes came to work under the influence of marijuana: "F---ing Indians don’t know a f---ing thing," the voice on the recording says. "They couldn’t think for their f---ing selves."The statement follows claims made by former Campbell’s security analyst Robert Garza, who filed a lawsuit in Wayne County Circuit Court alleging that Bally launched into an hour-long tirade during what was meant to be a discussion about Garza’s salary.Campbell’s: “We are proud of the food we make, the people who make it and the high-quality ingredients we use ... The comments on the recording are not only inaccurate—they are patently absurd.Campbell’s also noted that Bally is not involved in food development. “Keep in mind, the alleged comments are made by an IT person, who has nothing to do with how we make our food,” the statement concluded.WHO DO YOU BLAME?The founding families:Voting power: (35%) Mary Alice D. Malone - 18% Bennett Dorrance- 15% Archbold D. van Beuren - 2%Board influence (76%): Mary Alice Dorrance Malone (61%; board member since 1990); Archbold Dorrance van Beuren (9%; wealth management); Bennett Dorrance (6%: bachelor’s degree in art history from Princeton University and a master’s degree in sustainable leadership from Arizona State University); Mary Alice Dorrance Malone Jr (accomplished equestrian, and a luxury fashion entrepreneur) MMInvestors: 11/18/2025 AGMAverage director support 98% (9 over 99%): 43% yes simple majority vote; regenerative agriculture program including pesticide reduction outcomes 11% yes; say on pay 99% yesAn unserious food board of 9 non-family board members:No food: Fabiola R. Arredondo (family investment trust); Howard M. Averill(former Time Warner CFO); Maria Teresa (Tessa) Hilado (former CFO Allergan); Grant Hill (NBA); Sarah Hofstetter (e-commerce sales); Marc B. Lautenbach (global shipping); Chair Keith R. McLoughlin (appliances); Kurt T. Schmidt (weed and pet food); CEO Mick J. Beekhuizen: 13 years with Goldman Sachs in roles including Managing Director in the merchant banking divisionAmerican pop-artist Andy Warhol for somehow making Campbell’s Food company eternally relevant Q3 2025 Gender Diversity IndexLittle Movement on Boardroom Gender Diversity: 30% of Russell 3000 board members are women, a figure that has stayed within a narrow 30% to 30.3% range over the past five quarters.Percentage of Boards with 50% Women: Across the Russell 3000, 6% (175) of boards are composed of at least 50% women, while the remaining 94% (2,736) have less than 50% female representation.New Female Director Appointments Hit Record Low: 22.3% of new directors on Russell 3000 boards are women. This represents the lowest percentage recorded in the study (since Q12017)WHO DO YOU BLAME?The anti-DEI MAGA movementNominating Committees, specifically their Chairs MMPassive Investors (BlackRock, Vanguard, etc)The proxy experts: ISS, Glass Lewis, etc.Previous female board members who retired or died: if they were immortal maybe the numbers would be better?OpenAI announces shopping research tool in latest e-commerce pushOpenAI announced a new tool called “shopping research” that will generate detailed, in-depth shopping guides.The guides include top products, key differences between the products and up-to-date information from reliable retailers, OpenAI said.“With these new abilities, we can have shared prosperity to a degree that seems unimaginable today; in the future, everyone's lives can be better than anyone's life is now.”WHO DO YOU BLAME?The sycophants: open letter sent to the board of directors“We are unable to work for or with people that lack competence, judgement and care for our mission and employees,” the letter continues before demanding that “all current board members resign,” appoint “two new lead independent directors.”signed by a whopping 700 of the ...