January 22, 2020

Good morning, Broadsheet readers! The Wing finds a new investor to take over WeWork’s stake, Fortune talks to Sen. Kelly Loeffler, and we reconsider what ‘ready’ means. Have a wonderful Wednesday.

– Redefining ‘readiness.’ A recurring theme of the World Economic Forum’s annual meeting in Davos, Switzerland is gender diversity. After all, just 24% of the summit’s participants are women, a stark reflection of who leads the world’s governments and companies. It’s a trend among the gathering of business elite that’s hard to ignore (try as some might).

So it’s no surprise that the topic popped up in a Bloomberg interview of SAP co-CEO Jennifer Morgan, who took on her role late last year. When asked what it takes to “walk the walk” on public commitment to diversity, she said business leaders need to “disrupt the traditional definition of ‘ready.’”

She cited her own experience as an example. When she was named president of SAP North America, she was promoted up two levels, “and that, in traditional terms, meant‚ well, I wasn’t ready,” she said. “[A]t the time, a lot of people thought, ‘Oh my gosh, the business is in turmoil! Is this the right decision?'”

In the end, she says: “It worked out ok.”

Morgan went on to become the first American woman named to SAP’s executive board as president of the Americas and Asia in 2017; in October, she and Christian Klein were appointed co-CEOs when long-time chief executive Bill McDermott stepped down.

That ‘readiness’ question rang a bell for me since it came up again and again last year when I spoke with women in banking about why no major U.S. bank has ever had a female CEO; it seems that the phrase ‘not ready’ is code word for ‘different than who we’ve picked in the past.’

At the same time, Morgan credited male sponsors—sponsors not just mentors—who championed her and gave her opportunities to learn and make mistakes earlier in her career. She named SAP chair Hasso Plattner in particular. She says he didn’t dwell on her gender in naming her to the co-CEO job. In fact, she didn’t know the appointment made her the first female CEO of a DAX-listed company until she was asked about it in an interview. That he never mentioned the distinction, she said, “spoke volumes to me.”

Claire Zillman
[email protected]
@clairezillman

Today’s Broadsheet was produced by Emma Hinchliffe.

ALSO IN THE HEADLINES

- The Wing says goodbye to WeWork. As WeWork imploded, one question that was asked was what would become of its stake in co-working competitor The Wing. Now, the women's workspace has found a new investor to replace WeWork. GV (formerly Google Ventures) will buy out WeWork's stake, alongside Sequoia Capital and NEA. GV partner Jessica Verrilli (a #Angels co-founder ) will replace WeWork chief legal officer Jennifer Berrent—who had been named in a pregnancy discrimination suit against WeWork; the company said it would "vigorously defend itself" against the claim—on The Wing's board of directors. (The Wing also announced it's added writer/actor Mindy Kaling to its stable of celeb backers.) Read the Fortune exclusive here: Fortune

- A troubling analogy. Quibi CEO Meg Whitman, according to a report in The Information, at an all-hands meeting for the soon-to-launch short-form streaming video company "lashed out" at the media, comparing reporters who "develop rapport" with sources at the company to "sexual predators" who "groom" underage victims. Quibi says the story is "materially inaccurate." The Information

- Field firsts. Sports milestones! Alyssa Nakken, a former softball star at Sacramento State, will be the first female full-time assistant in Major League Baseball history as a member of the San Francisco Giants coaching staff. With the 49ers going to the Super Bowl, offensive assistant Katie Sowers will be the first female and the first openly LGBT assistant coach in a Super Bowl game. And Oregon point guard Sabrina Ionescu is transforming women's college basketball.

- New in town. Fortune's Shawn Tully interviews new Georgia Sen. Kelly Loeffler. She discusses the last time she ran for office in eighth grade (she was appointed to the open Senate seat), her prior career in business and fintech, and why she believes "socialism does not work." Fortune

MOVERS AND SHAKERS: Nicole Sandford, a retired partner with Deloitte, joins Ellig Group as EVP, global board advisory services leader.

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IN CASE YOU MISSED IT

- Cabinet culling. In early February, U.K. Prime Minister Boris Johnson is expected to slim down his 23-member cabinet. The problem? It will likely be women who get the axe. Seven of the 23 cabinet members are women, and four could be cut: business secretary Andrea Leadsom, international trade secretary Liz Truss, work and pensions secretary Therese Coffey, and environment secretary Theresa Villiers. Plus, Jess Phillips dropped out of the race for Labour leader. Financial Times

- Birthday present. The Trump Administration's Agriculture Department last week proposed a rule that would undo the school lunch nutrition standards championed by former First Lady Michelle Obama. (And on her birthday, no less!). Schools would again have more leeway to decide what counts as a snack and how many fruits and vegetables to offer students. New York Times

- Fighting for citizenship. As protests engulf India over Prime Minister Narendra Modi's citizenship law that many believe discriminates against Muslims, women are leading the resistance. It's unlike any protest ever seen in India. "In my whole life, this is the first time I have taken part in any political movement. Before this I was a housewife, I never left the house," one 82-year-old woman named Bilkis said. "How can I sit by knowing that my children might be thrown out of this country which is their home?” Guardian

- Docu-drama. Oprah Winfrey gave an interview on CBS This Morning (anchored by Gayle King) about her decision to pull out of a planned documentary about women who accused media mogul Russell Simmons of rape (he has denied all allegations). "I unequivocally say that I did not pull out because of Russell," as had been reported by the New York Times, Winfrey said. "This is not a victory lap for him." The filmmakers have described the sudden withdrawal of support and object to Winfrey's characterization that the documentary had holes in its reporting.

ON MY RADAR

Whatever happened to ____? Longreads

'Nobody likes him, nobody wants to work with him.' Hillary Clinton critiques Bernie Sanders in new documentary Time

Grammys CEO says she was ousted after reporting sexual harassment and gender discrimination Fortune

30 Weinstein accusers on what justice looks like Vanity Fair

PARTING WORDS

"It is about grit and determination and spirit."

-Bollywood star Deepika Padukone on her new movie Chhapaak about the survivors of acid attacks

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