Boeing CEO defends safety efforts, says he is not pressuring workers
I'm pressuring the team to do it right," Ortberg said at a U.S. Senate Commerce Committee hearing, adding that he was hopeful the company could resume producing 38 Boeing 737 MAX planes per month later this year and then surpass that, but was not committing to a date. "I suspect it will be sometime this year," Ortberg said. He said airlines are frustrated by delivery delays but support the approach. "They know we've got to do this right." "We've made drastic changes to our internal process to ensure that this will never happen again," Ortberg said. Separately, Boeing is in discussions with the U.S. Department of Justice to reach a revised plea agreement in a criminal fraud case stemming from the planemaker's alleged misrepresentations to regulators about a key system on the 737 MAX, company CEO Kelly Ortberg said.
Proxy adviser ISS recommends against Pfizer executive pay proposal
Institutional Shareholder Services has recommended Pfizer investors reject a proposal on executive compensation at its upcoming annual meeting, citing concerns about certain changes made to long-term awards to its CEO and others. The modifications, including repeated changes to Pfizer's cash flow targets, and a lack of clarity about certain pipeline goals are concerning and undermine a "pay-for-performance philosophy", ISS said. Annual incentives for executives are tied to achieving three financial goals, and payouts can be 30 percentage points higher or lower based on pipeline and ESG-related goals achieved, ISS said. "For the seventh consecutive year, the target goal for the cash flow metric was set lower than actual results from the prior year," the firm said in its report.
ConocoPhillips eyes sale of Oklahoma assets worth over $1 billion, sources say
ConocoPhillips is exploring the sale of oil and gas assets in Oklahoma that it inherited from its $22.5 billion takeover of Marathon Oil last year, people familiar with the matter said. The energy producer has hired investment bank Moelis to run the sale process for the assets, the sources said, adding that the talks are at an early stage and a deal is not guaranteed. The assets, which comprise operations in the Anadarko basin that spans about 300,000 net acres, are expected to fetch a price of more than $1 billion, the sources said, requesting anonymity as the deliberations are confidential. The Anadarko assets produce around 39,000 barrels of oil equivalent per day, of which about half is natural gas, two of the sources said.
US FDA misses deadline for decision on Novavax's COVID-19 vaccine
The U.S. Food and Drug Administration has missed its deadline for making a decision on traditional approval for Novavax's COVID-19 vaccine, the company told Reuters. The delay comes on the heels of the FDA's top vaccine scientist Peter Marks' exit from the agency, which will be effective April 5. Marks, who played a key role in developing COVID-19 vaccines during U.S. President Donald Trump's first term, was forced to resign, according to media reports. His departure led to a selloff in drugmakers' stocks on Monday and some analysts said it could put pressure on companies that currently have therapies under regulatory review. The regulator had set an April 1 deadline to decide on the vaccine, the company told Reuters in an emailed statement. "As of today, we continue to wait on action from the agency and have not yet received an official decision from the U.S. FDA," Novavax said.
Domino's partners with DoorDash in US stores to lure customers
A new partnership between Domino's and DoorDash means that uniformed Domino's drivers will deliver pizzas ordered through the DoorDash app, the pizza company said. Neither company disclosed the terms of the tie-up. Being listed on the DoorDash app means it will be easier for Domino's to reach new customers accustomed to ordering through the DoorDash app, and Chief Executive Officer Joe Jordan said in a prepared statement the company expects to gain new customers particularly in rural and suburban areas. Jordan said third-party delivery platforms are a "$1 billion opportunity" for the pizza company.
Meta signs multi-year partnership with UFC
Meta has signed a multi-year deal to become the first "official fan technology partner" of Ultimate Fighting Championship (UFC), whose CEO was elected to the Facebook-parent's board in January. Under the deal, Meta will provide UFC fans a deeper immersive experience through its services, with its text-based platform, Threads, becoming the league's official social media partner, UFC said in a statement. Meta will have its branding featured in UFC's Octagon ring for pay- per-view and "Fight Night" events, along with numerous broadcast features and creative in-arena fan experiences. Meta CEO Mark Zuckerberg has developed a relationship with UFC chief executive Dana White in recent years as a mixed martial arts enthusiast and recreational fighter.
