WEBVTT - Bloomberg Businessweek Weekend - June 6th, 2020 0:00:02.520 --> 0:00:06.720 This is Bloomberg Business Week from Bloomberg Radio. Hello, I'm 0:00:06.800 --> 0:00:09.440 Jason Kelly and I'm Carol Master. Welcome to the weekend 0:00:09.560 --> 0:00:12.440 edition of Bloomberg Business Week. Over the next couple of hours, 0:00:12.640 --> 0:00:14.360 we're going to bring you some of our most important 0:00:14.360 --> 0:00:17.480 conversations that we had throughout this week. And Jason safe 0:00:17.520 --> 0:00:19.759 to say it definitely has been a somber week. A 0:00:19.840 --> 0:00:22.760 nation once again in crisis. We're still fighting back from 0:00:22.760 --> 0:00:26.560 the coronavirus pandemic, but now we've got another fight against injustice. 0:00:26.920 --> 0:00:30.120 In the aftermath of the death of African American George Floyd, 0:00:30.200 --> 0:00:34.400 protests rising civil unrest. We saw that throughout the week 0:00:34.440 --> 0:00:37.239 around the nation, reminding us once again of the inequalities 0:00:37.640 --> 0:00:39.680 that exist in our society. And we looked at it 0:00:39.680 --> 0:00:42.960 through our Bloomberg Glens right talking with business, nonprofit, public 0:00:43.000 --> 0:00:46.720 sector leaders and how the divide in our society has economic, business, 0:00:46.760 --> 0:00:50.760 market and most importantly societal implications. Well, it's crisis on 0:00:50.840 --> 0:00:52.720 crisis for sure, and I think one of the things 0:00:52.720 --> 0:00:55.640 we learned throughout the course of the week and having 0:00:55.680 --> 0:00:59.920 conversations with CEOs and other leaders, was that you can 0:01:00.240 --> 0:01:03.440 really separate the two and I think what we have 0:01:03.520 --> 0:01:08.560 experienced over the past few months is a culmination, a 0:01:08.760 --> 0:01:13.640 sad culmination in many ways of decades and I think 0:01:13.680 --> 0:01:17.920 some people would argue centuries of injustice and a lot 0:01:17.959 --> 0:01:22.680 of economic elements and economic disparities maybe is a better 0:01:22.680 --> 0:01:25.840 way to say it, that have been exacerbated over the 0:01:25.880 --> 0:01:28.720 past few months and really laid bare, and once you 0:01:28.840 --> 0:01:31.440 see them, it's hard to look away. And there's a 0:01:31.480 --> 0:01:34.200 lot of hope out there. And we talked about it 0:01:34.240 --> 0:01:36.280 with a lot of people that maybe this is the 0:01:36.319 --> 0:01:38.160 moment where we start to make some changes. And one 0:01:38.200 --> 0:01:39.800 of the voices we all agree that we needed to 0:01:39.800 --> 0:01:42.400 hear from was John Hopebriant. He's the founder, chairman, and 0:01:42.480 --> 0:01:46.399 CEO of a nonprofit Operation Hope. He created that in 0:01:46.440 --> 0:01:50.200 the aftermath of a riots. He's still working to help 0:01:50.280 --> 0:01:53.760 the disenfranchised. But he talked to us about reducing inequality, 0:01:53.840 --> 0:01:57.320 reducing the injustices in the United States. We talked to 0:01:57.360 --> 0:02:00.920 some other leaders who are dealing not only with this 0:02:01.040 --> 0:02:03.280 crisis which is right in front of them, but the 0:02:03.320 --> 0:02:06.600 existing health crisis and the economic crisis that has been 0:02:06.640 --> 0:02:11.360 born out owing to the pandemic, the coronavirus pandemic. Tim Ryan. 0:02:11.600 --> 0:02:13.960 We had a thoughtful conversation with him. I think he's 0:02:14.040 --> 0:02:17.240 the chair of p WC based up in Boston. He 0:02:17.280 --> 0:02:20.640 talked to us about not only what he's doing and 0:02:20.680 --> 0:02:25.000 how he is very methodically and I think very thoughtfully 0:02:25.000 --> 0:02:28.880 responded to his employees about what happened with George Floyd 0:02:28.919 --> 0:02:31.680 and the aftermath and the protests there, but also what 0:02:31.840 --> 0:02:35.280 getting back to work looks like, because that also is 0:02:35.320 --> 0:02:39.160 important as we start to get some sense of normalcy, 0:02:39.240 --> 0:02:41.960 even though we know we're never going to be the same. 0:02:42.040 --> 0:02:44.079 And one of the folks who's also thinking a lot 0:02:44.120 --> 0:02:47.280 about that is Candice Lee. She's Vanderbilt University's first female 0:02:47.320 --> 0:02:51.360 athletic director and she's the first female African American to 0:02:51.560 --> 0:02:55.079 lead an athletic department in the SEC, a very important 0:02:55.720 --> 0:02:58.040 conference in the world of sports. So she talked to 0:02:58.120 --> 0:03:01.720 us about her role in basically caring for her athletes. Yes, 0:03:01.840 --> 0:03:04.240 so many important conversations. First of that, we want to 0:03:04.240 --> 0:03:06.960 take you inside the magazine's cover story. It's on how 0:03:07.080 --> 0:03:10.120 radical repression is built into the U. S economy and 0:03:10.160 --> 0:03:13.919 how one fifty years after the Civil War, the color 0:03:14.000 --> 0:03:17.960 of money is still white. It's a provocative and thoughtful story. 0:03:18.120 --> 0:03:21.880 Here's more from economics editor Peter Coy. The truth is 0:03:21.960 --> 0:03:24.880 that the economics profession has had a hard time understanding 0:03:25.000 --> 0:03:29.320 race racial discrimination. If you open a standard textbook that 0:03:29.360 --> 0:03:32.480 will tell you that workers are in the madginal product 0:03:32.560 --> 0:03:36.440 or the labor I value they provide to the the employer, 0:03:37.120 --> 0:03:39.240 it would make no sense to do anything else because 0:03:39.280 --> 0:03:41.200 if you paid somebody less than they were worth, they 0:03:41.240 --> 0:03:44.440 would go someplace else. Of course, that doesn't really describe 0:03:44.440 --> 0:03:48.520 the real world where we do see racial discrimination. So 0:03:49.080 --> 0:03:52.960 economists for decades have been struggling with how to explain it. 0:03:53.680 --> 0:03:57.280 And I go through various theories, but come around to 0:03:57.400 --> 0:04:00.000 the idea that you know, maybe it's nothing more complic 0:04:00.080 --> 0:04:06.720 Cada than the white power structure paying people less because 0:04:06.720 --> 0:04:09.440 they can get away with paying people less, and all 0:04:09.520 --> 0:04:14.600 kinds of other forms of discrimination against African Americans and 0:04:14.640 --> 0:04:19.800 other racial minorities that just persist decade after decade. So 0:04:19.839 --> 0:04:22.680 how do we change things, because, as you put in 0:04:22.720 --> 0:04:25.080 your story, the greatest frustration is that nothing ever seems 0:04:25.120 --> 0:04:28.080 to change. I mean, this is not new as you know. 0:04:28.440 --> 0:04:32.159 You're right, Jason. We talked to um Francis fry At 0:04:32.360 --> 0:04:36.400 at Harvard, and she said, you know, four years we've 0:04:36.400 --> 0:04:40.440 been fighting racism, so you know, and even John Hopebrien 0:04:40.480 --> 0:04:43.200 of Operation Hope, you know, yes, it's terrible what happened 0:04:43.200 --> 0:04:46.719 to George Floyd, but this shouldn't you know, this happens 0:04:46.839 --> 0:04:50.719 a lot. So so what do the economists say, Peter, 0:04:51.240 --> 0:04:53.159 you know, how how do we make a change? What 0:04:53.200 --> 0:04:55.159 do we need in terms of maybe the new school 0:04:55.200 --> 0:04:59.160 of economic thought. I did not write a prescriptive story here, 0:04:59.200 --> 0:05:02.680 as more of an analy political story, like, let's just 0:05:03.360 --> 0:05:05.680 I think the first step is to acknowledge it is 0:05:05.720 --> 0:05:08.640 a problem. Yeah, I think that. I think that that 0:05:08.800 --> 0:05:12.039 actually is a good first step because there are a 0:05:12.040 --> 0:05:15.040 lot of white accept at times like this, when it's 0:05:15.040 --> 0:05:17.839 pretty clear that's something deeply wrong, who will revert to 0:05:17.839 --> 0:05:20.160 the thinking that I think we pretty much put that 0:05:20.200 --> 0:05:24.120 behind us. They may have cordial relations with their neighbors 0:05:24.320 --> 0:05:27.680 or people down the street or at work who are 0:05:27.760 --> 0:05:32.040 of other races. They may see the success of people 0:05:32.080 --> 0:05:35.240 here and there and conclude that the problem is solved. 0:05:35.880 --> 0:05:38.159 You need to stop and say no, it's not. And 0:05:38.600 --> 0:05:41.200 until you do that progress will not be made. And 0:05:41.240 --> 0:05:45.039 that's editor Joel Weber and Economics editor Peter Coy talking 0:05:45.120 --> 0:05:48.400 about that story in the magazine. I have to say, Carol, 0:05:48.520 --> 0:05:51.200 I think both you and I when we read it 0:05:51.279 --> 0:05:54.960 for the first time, probably stopped in our tracks. Because 0:05:55.480 --> 0:06:03.080 Peter is a beautiful writer. He's also someone who captures 0:06:03.080 --> 0:06:07.640 both the science and the art and the emotion effortlessly, 0:06:08.000 --> 0:06:12.240 and I think reading it and understanding it was a 0:06:12.360 --> 0:06:16.280 very powerful exercise, no doubt. He wraps up his story saying, Um, 0:06:16.320 --> 0:06:18.360 these two lines, it just they stuck with me. Whether 0:06:18.400 --> 0:06:21.120 all that anger will move America forward isn't so clear, 0:06:21.120 --> 0:06:23.320 And of course he's talking about the civil unrest. He 0:06:23.360 --> 0:06:25.719 goes on to say, Peter, that is what's clear is 0:06:25.760 --> 0:06:28.640 the need for the power structures of economics and business 0:06:28.720 --> 0:06:31.200 to grapple with life as it's lived, not as a 0:06:31.279 --> 0:06:35.599 textbook specifies. So, you know, economics and theory it's failing 0:06:35.720 --> 0:06:37.360 us at this time, and so we need to kind 0:06:37.360 --> 0:06:40.279 of figure out a different way to really tell the 0:06:40.400 --> 0:06:44.400 story that we're all living. Really provocative and I highly 0:06:44.400 --> 0:06:46.800 recommend it's a must read for everyone you're listening to. 0:06:46.839 --> 0:06:49.320 Bloomberg Business Week. Coming up, we chat with p WC 0:06:49.480 --> 0:06:53.000 chair Tim Ryan on how leaders should be thinking about 0:06:53.240 --> 0:07:02.320 the numerous crises they're facing. This is Bloomberg. You're listening 0:07:02.360 --> 0:07:05.920 to Bloomberg Business Week with Carol Masser and Jason Kelly 0:07:06.160 --> 0:07:08.640 from Bloomberg Radio. Today we're bringing you some of the 0:07:08.640 --> 0:07:12.040 most important, we hope informative conversations we had this week 0:07:12.080 --> 0:07:15.600 on our daily Bloomberg Business Week radio show. It was 0:07:15.600 --> 0:07:18.840 a difficult week, but one where we went deep with 0:07:18.880 --> 0:07:21.040 a lot of people to try and understand not just 0:07:21.080 --> 0:07:23.520 where we are, but where we may be going next. 0:07:23.840 --> 0:07:25.720 And Jason, we spoke with Tim Ryan. He's the tour 0:07:25.800 --> 0:07:29.080 at PwC. He's been having lots of conversations with CEOs 0:07:29.080 --> 0:07:31.679 and leaders all around the country. It was a really 0:07:31.720 --> 0:07:35.360 deep conversation moved and impacted both you and I, and 0:07:35.440 --> 0:07:37.880 he talked about our world that's being tested on multiple 0:07:37.960 --> 0:07:41.000 fronts and how we all need to be drivers have changed. 0:07:41.200 --> 0:07:43.000 I look at it from two perspectives and let me 0:07:43.200 --> 0:07:46.400 let me start up by saying GTBC, NORMI do we 0:07:46.440 --> 0:07:48.560 have all the answers, but we look at it from 0:07:48.600 --> 0:07:51.960 two perspectives. For the last four years, we've been taking 0:07:52.080 --> 0:07:56.200 very aggressive steps to improve our inclusion with inside the 0:07:56.240 --> 0:07:59.120 full walls of p WC, and and it starts at home. 0:07:59.480 --> 0:08:01.440 We all be better and we need to be better, 0:08:02.160 --> 0:08:05.040 and myself and over a thousand executives who are part 0:08:05.080 --> 0:08:08.440 of CEO Actions for diversity Inclusion, we have committed to 0:08:08.480 --> 0:08:12.720 make our organizations better, safer, more aware, and more understanding. 0:08:13.200 --> 0:08:16.240 But as you point out or asking your question, policy 0:08:16.320 --> 0:08:20.320 making also plays an important part. The reality is that 0:08:20.400 --> 0:08:23.600 we need more thoughtful policy at the city, state, and 0:08:23.680 --> 0:08:26.840 federal level to make sure that we get some we 0:08:26.920 --> 0:08:30.160 get at some of the more important parts or equally 0:08:30.160 --> 0:08:34.120 important parts around inclusion if we're to get to a 0:08:34.160 --> 0:08:37.600 better performance at a sustaind level. So, for example, we 0:08:37.640 --> 0:08:40.720 think about the economic inequalities that exists in our country. 0:08:41.400 --> 0:08:44.400 Policy the policy making plays an important role there as well. 0:08:44.880 --> 0:08:47.240 You know, it's interesting tempted to hear your response to 0:08:47.280 --> 0:08:49.720 the to the first question because it does feel like 0:08:49.760 --> 0:08:53.480 we're in a different moment where I dare say, and 0:08:53.520 --> 0:08:57.760 this is no judgment on any of your predecessors or 0:08:57.800 --> 0:09:01.560 any predecessors of current ceo is, but I have a 0:09:01.559 --> 0:09:05.360 hard time believing that in a previous generation of leaders, 0:09:06.160 --> 0:09:11.319 it would be almost acceptable in some ways for a 0:09:11.400 --> 0:09:14.240 leader of your stature to personally respond to all of 0:09:14.280 --> 0:09:16.400 those things. Do you feel like you bear more of 0:09:16.400 --> 0:09:20.520 a responsibility to show a level of transparency and I 0:09:20.600 --> 0:09:25.560 dare say authenticity to a broader spectrum of people. Yeah, 0:09:25.600 --> 0:09:28.440 it's a it's a fair question. I am. I certainly 0:09:28.880 --> 0:09:32.719 sincerely believe I have a responsibility to the fifty five 0:09:33.080 --> 0:09:35.080 people who trust me with their leadership than that. That 0:09:35.240 --> 0:09:38.360 is very personal to me. I was speaking with somebody 0:09:38.360 --> 0:09:40.840 over the weekend, or many many people. In one conversation, 0:09:40.880 --> 0:09:44.240 I asked us, do you think everybody's getting three thousand emails? 0:09:44.480 --> 0:09:47.079 And I honestly don't know the answer. What I am 0:09:47.080 --> 0:09:49.920 proud of is the culture is that people expect to 0:09:49.920 --> 0:09:53.000 have immediate access at PBC to the top and I 0:09:53.040 --> 0:09:56.000 and I take that responsibility very seriously. I think some 0:09:56.120 --> 0:09:57.720 of it's a sign of times. I think some of 0:09:57.720 --> 0:10:00.480 it is the culture of the organization. And when I 0:10:00.559 --> 0:10:03.520 look at those three thousand emails and over and and 0:10:03.559 --> 0:10:06.320 I'm behind today to be clear, because it's the message 0:10:06.360 --> 0:10:09.480 out today. But I think part part of it is 0:10:09.640 --> 0:10:13.080 many thousands just saying thank you, thank you. I shot 0:10:13.080 --> 0:10:15.560 a video on Friday morning and saying how sick I was. 0:10:16.480 --> 0:10:19.120 Part of it is thank you for the commitment and leadership, 0:10:19.520 --> 0:10:24.680 but hundreds were here are suggestions and and and we're 0:10:24.720 --> 0:10:27.800 going through them like we to think that in in 0:10:27.840 --> 0:10:31.640 a world where leadership is looked up to, we don't 0:10:31.640 --> 0:10:33.559 have all the answers. And I think part of it 0:10:33.600 --> 0:10:37.280 is Part of it is we need to get it 0:10:37.320 --> 0:10:39.800 at all levels in an organization. One of our black 0:10:40.160 --> 0:10:42.760 associates I spoke to today, he has three years experience 0:10:42.840 --> 0:10:47.080 with us. He was both um, he was both excited 0:10:47.120 --> 0:10:50.520 but also angry that society is not making more progress, 0:10:50.960 --> 0:10:53.320 is it, Tim, You need to listen to not only 0:10:53.800 --> 0:10:56.280 the views of partners and people in the middle and 0:10:56.360 --> 0:10:58.560 leadership pills, you need to listen to our views as well. 0:10:59.240 --> 0:11:01.920 I think it's I think it's incredibly important that we 0:11:01.960 --> 0:11:04.920 do that. I think today more than ever, well, you know, 0:11:05.200 --> 0:11:08.000 going back to oh Man, you just kind of chills 0:11:08.640 --> 0:11:13.199 my spine. We spoke with John Hopebryant Um Sherman and 0:11:13.240 --> 0:11:17.800 cy of of UM Hope and what's interesting is he 0:11:17.920 --> 0:11:20.920 said he was talking to a lot of young people, Tim, 0:11:21.000 --> 0:11:23.960 who said, you know, because everybody's like please, you know, 0:11:24.200 --> 0:11:28.280 looting doesn't solve anything. But these young people said to him, listen, 0:11:28.720 --> 0:11:31.000 you get to be you have a seat at the table. 0:11:31.480 --> 0:11:33.319 You know you're in the room where it all happens. 0:11:33.440 --> 0:11:35.320 You go to the White House, you talked to c eos. 0:11:36.000 --> 0:11:39.199 For us, our voices aren't heard unless we take these 0:11:39.280 --> 0:11:43.440 drastic actions, and we need to figure out a way 0:11:43.480 --> 0:11:46.640 to make sure everyone is heard. And Tim, I feel 0:11:46.679 --> 0:11:48.760 like we have a lot of conversations about this and 0:11:48.840 --> 0:11:52.000 yet nothing happens. Yeah, I think, I think, Um, it 0:11:52.160 --> 0:11:56.120 is really important for us to understand to our black 0:11:56.160 --> 0:11:59.840 and brown citizens of the United States, what happened last 0:12:00.160 --> 0:12:02.679 day is not new. What happened in Central Park is 0:12:02.720 --> 0:12:06.240 not new. Too many. It feels new because we start 0:12:06.320 --> 0:12:09.640 on a video, but it is not new. And as 0:12:09.679 --> 0:12:12.319 I speak with and I'm not black, I cannot say 0:12:12.320 --> 0:12:15.479 I've walked in people's shoes, but as I've listened to hundreds, 0:12:16.000 --> 0:12:19.000 what they will tell you is that this is not new. 0:12:19.600 --> 0:12:22.120 And four years ago we had shootings in Dallas, we 0:12:22.160 --> 0:12:24.360 had violence in Louisville, two years ago we had volunced 0:12:24.360 --> 0:12:27.160 in Charlottesville. We have it again. And it's incumbent on 0:12:27.200 --> 0:12:29.560 people in my role and other roles to say enough 0:12:29.640 --> 0:12:31.560 is enough, and we're going to fix it, and we 0:12:31.640 --> 0:12:33.760 have to work together to do that. So, Tim, I 0:12:33.760 --> 0:12:35.520 want to talk about the return to work, except one 0:12:35.520 --> 0:12:37.800 more question for you about sort of where we are 0:12:37.840 --> 0:12:41.600 at this particular moment having to do with protests. You've 0:12:41.640 --> 0:12:44.840 got curfews happening at major cities around the country, including 0:12:44.840 --> 0:12:47.240 here in the Tri State area, and I do wonder 0:12:47.280 --> 0:12:51.280 how do you balance sort of the safety of your 0:12:51.320 --> 0:12:54.560 employees with the notion that you want them to be 0:12:54.640 --> 0:12:59.120 able to express themselves at times like this. Yeah, we 0:12:59.640 --> 0:13:02.760 encourage Jarre people to make sure their point of view 0:13:02.880 --> 0:13:07.079 is heard, and protesting is an important part of expressing ourselves. 0:13:07.400 --> 0:13:09.400 We obviously want to make sure they're safe as well, 0:13:09.440 --> 0:13:11.160 so we've encouraged people to do that and use the 0:13:11.280 --> 0:13:14.120 best judgment, and cities where we have had protests, we've 0:13:14.240 --> 0:13:16.960 used are YU wanted security team to make sure we're 0:13:17.040 --> 0:13:19.000 checking out on people that they're safe. If we've had 0:13:19.040 --> 0:13:21.800 a few instances, we simply had to move people because 0:13:21.840 --> 0:13:25.160 they were in very closely affected areas. But freedom of 0:13:25.200 --> 0:13:27.320 speech and the ability to get your views heard both 0:13:27.360 --> 0:13:29.960 internally within the firm and outside is something that we 0:13:30.040 --> 0:13:33.120 think is really important. Obviously, we wanted to be peaceful, 0:13:33.160 --> 0:13:35.640 we want our people to be safe, but getting our 0:13:35.920 --> 0:13:38.960 emotions out and getting our feelings out is important, and 0:13:39.000 --> 0:13:41.480 the numbers really speak to the importance of getting those 0:13:41.559 --> 0:13:44.959 views out and having voices heard. So it is a 0:13:45.080 --> 0:13:47.560 very important part of our nation and the freedom to 0:13:47.640 --> 0:13:50.000 get your view out there and and something we're supportive of. 0:13:50.280 --> 0:13:53.240 That's Tim Ryan. He's a char at p WC. And 0:13:53.520 --> 0:13:56.120 that's just scratching the surface Jason. For a full interview, 0:13:56.400 --> 0:13:58.960 be sure to check out the Business Week Extra podcast. 0:13:59.040 --> 0:14:01.120 We talked about how work will not look like the 0:14:01.120 --> 0:14:03.520 way it was twelve to thirteen weeks ago, and certainly 0:14:03.559 --> 0:14:05.600 not the way it's done today. We really went a 0:14:05.600 --> 0:14:07.960 lot of places with him well, and it was interesting 0:14:08.000 --> 0:14:11.960 to hear his very personal response and the way that 0:14:12.440 --> 0:14:17.600 he is engaging with his employees, even from a remote basis, 0:14:18.080 --> 0:14:20.760 on how they're feeling, how they're doing, how their work 0:14:20.840 --> 0:14:24.160 is going to be different, because you can't really separate 0:14:24.200 --> 0:14:27.280 all of these different things, all of these crises that 0:14:27.400 --> 0:14:30.160 we're facing. Its impacting who we are, how we work, 0:14:30.440 --> 0:14:32.400 and who we want to be. You're listening to Bloomberg 0:14:32.640 --> 0:14:36.360 Week Coming Up Checkers CEO Francis Alan. She tells us 0:14:36.640 --> 0:14:40.160 how the restaurant industry is forever changed name CEO of 0:14:40.240 --> 0:14:43.840 Checkers and Rallies. In February began her job working from home. 0:14:43.920 --> 0:14:53.440 You'll hear her story. This is Bloomberg. You're listening to 0:14:53.560 --> 0:14:57.320 Bloomberg Business Week with Carol Masser and Jason Kelly from 0:14:57.440 --> 0:14:59.840 Bloomberg Radio. We'll bring you some of the most important 0:14:59.840 --> 0:15:02.520 and formative conversations we had on our daily radio show 0:15:02.560 --> 0:15:05.480 throughout the week. Um of course, much of it on 0:15:05.520 --> 0:15:08.240 the news about the civic unrest that we've seen in 0:15:08.280 --> 0:15:10.480 the last week, but we're also still dealing with the 0:15:10.560 --> 0:15:13.520 virus and industries trying to come back. Karl, we caught 0:15:13.600 --> 0:15:15.680 up with Francis Alan. This was a conversation I was 0:15:15.720 --> 0:15:18.560 looking forward to in part because these are restaurants that 0:15:18.800 --> 0:15:20.960 I have frequented throughout my life. She's the CEO of 0:15:21.040 --> 0:15:24.360 Checkers and Rally's. Those are drive through restaurants. These are 0:15:24.400 --> 0:15:28.560 restaurants that have actually done okay through the pandemic, and 0:15:28.680 --> 0:15:32.880 she gave us a window into the restaurant industry how 0:15:32.920 --> 0:15:36.320 it will never be the same post pandemic. It's really 0:15:36.400 --> 0:15:43.160 been so rewarding to UH to work through this crisis 0:15:43.200 --> 0:15:47.080 with with such a dedicated and resilient team of people. 0:15:47.720 --> 0:15:50.560 There's always a silver aligning right and in every crisis, 0:15:50.600 --> 0:15:53.160 and I think, uh, you know, usually it brings out 0:15:53.200 --> 0:15:55.880 the best of people. And I can certainly say that 0:15:55.880 --> 0:15:59.680 that's true for the Checks and Raleigh's whole organization. UM. 0:15:59.800 --> 0:16:04.440 For that, I'll start with the safety. Obviously, when when 0:16:04.480 --> 0:16:08.720 we put a taskforce together to create a response plan, 0:16:08.840 --> 0:16:11.840 we had two priorities. The first priority was the safety 0:16:11.840 --> 0:16:15.080 of our guests and our employees, and the second was 0:16:15.320 --> 0:16:18.040 really to keep our restaurants open so we can continue 0:16:18.080 --> 0:16:22.000 to employ our team members and feed our guests. So 0:16:22.440 --> 0:16:25.560 UM incredibly proud of the of the operations team we 0:16:25.680 --> 0:16:29.200 actually as as well as complying with all of the 0:16:29.360 --> 0:16:34.320 CDC mandates both individual, state and local government requirements, we've 0:16:34.360 --> 0:16:39.600 actually put in fifteen new contact less experiences to protect 0:16:39.680 --> 0:16:44.800 our employees and our guess, everything from UM plexigoth areas 0:16:44.840 --> 0:16:50.560 at the windows, UM cashiers with color coded gloves for 0:16:51.000 --> 0:16:58.479 handling payments, UM praise for handling payments, Infrared thermometers obviously. 0:16:59.120 --> 0:17:03.520 Fortunately you already did fifteen minute hand washing, so UM, 0:17:03.560 --> 0:17:07.760 you know, we already had a very high standard of cleanness. UM. 0:17:07.800 --> 0:17:10.920 You know, cup refills, We've always refilled people's cups. But 0:17:11.000 --> 0:17:13.320 now we'll still do that, but we'll give you a 0:17:13.359 --> 0:17:17.959 fresh cup. So a ton of new UM procedures at 0:17:18.000 --> 0:17:22.159 the restaurant sanitation obviously to keep people safe, on people 0:17:22.240 --> 0:17:26.360 and labor UM. You know, obviously at first priority as 0:17:26.359 --> 0:17:29.800 the employees who show up for work every day, and 0:17:29.840 --> 0:17:32.240 I'm so proud of them and what they've done and 0:17:32.280 --> 0:17:35.600 how they kept going. We're fortunate in that we have 0:17:35.800 --> 0:17:38.639 not had to lay off anybody. We did follow some 0:17:38.760 --> 0:17:41.080 people at this corporate office, but we were able to 0:17:41.119 --> 0:17:44.439 bring them back after thirty days. But we've been looking 0:17:44.480 --> 0:17:47.840 after our team members with sickly with closure pay if 0:17:48.119 --> 0:17:52.000 if the restaurant has to close, and we've also instigated 0:17:52.080 --> 0:17:55.280 a thank you pay for those restaurant team members that 0:17:55.480 --> 0:18:00.200 that have UM stayed with us through throughout their s 0:18:00.320 --> 0:18:03.520 virus UM. I'm very proud to say we also have 0:18:03.720 --> 0:18:07.960 a an employee relief fund. It was actually established in 0:18:08.440 --> 0:18:13.040 thousands five following the days of Hurricane Katrina, and has 0:18:13.080 --> 0:18:17.200 provided more than five hundred thousand dollars and assistant to 0:18:17.720 --> 0:18:21.719 about six hundred employees and their families. And we've expanded 0:18:21.760 --> 0:18:25.880 that to UM to obviously include anybody that can't work 0:18:26.000 --> 0:18:30.040 due to Corona related issues. So a lot of a 0:18:30.040 --> 0:18:35.400 lot of work put together to for our people, keep 0:18:35.400 --> 0:18:37.760 our guests and our employees safe. And then of course 0:18:38.400 --> 0:18:42.000 all the marketing shifts that that we need to needed 0:18:42.080 --> 0:18:48.200 to make, so shifting really into free delivery, meal bundles, um, 0:18:48.440 --> 0:18:51.920 social media and UH and just trying to stay very 0:18:52.040 --> 0:18:54.520 nimble and flexible. And that's for instance, Allen CEO of 0:18:54.560 --> 0:18:57.680 Checkers and Rallies drive in And as you pointed out 0:18:57.720 --> 0:19:00.480 earlier in the show, this is someone who had as 0:19:00.480 --> 0:19:03.920 a rich, deep experience in this business. But she basically 0:19:04.000 --> 0:19:06.080 has like been to headquarters a couple of times, but 0:19:06.240 --> 0:19:09.360 she doesn't really work there yet. She's been working from 0:19:09.359 --> 0:19:15.040 her home in Colorado, managing this massive enterprise remotely and 0:19:15.400 --> 0:19:19.080 thinking about a lot of health and safety issues as 0:19:19.119 --> 0:19:22.840 she thinks about reopening. Well, her perspective is an important one, Jason, 0:19:22.880 --> 0:19:25.520 qus are quick service restaurants, right, She has worked. She 0:19:25.600 --> 0:19:28.199 was CEO of Boston Market, president of Jack in the Box, 0:19:28.280 --> 0:19:32.240 also senior positions at Denny's dunkin Donuts USA. So when 0:19:32.240 --> 0:19:35.320 we want to understand this segment of the restaurant industry, 0:19:35.800 --> 0:19:38.240 she's really a great person to get some insight. One 0:19:38.280 --> 0:19:40.960 of the takeaways more blurring a fast casual and drive 0:19:40.960 --> 0:19:43.400 through restaurants, and she said, you know what, you're gonna 0:19:43.440 --> 0:19:45.760 love this, Jason, get ready for more comfort food on 0:19:45.800 --> 0:19:48.560 the menu. I know. That was actually really good to hear. 0:19:48.560 --> 0:19:51.000 I basically was like, well, what about healthy things? And 0:19:51.040 --> 0:19:53.200 she said, you know what, that's not exactly what people 0:19:53.200 --> 0:19:55.000 want and I should correct that. The guy said a 0:19:55.000 --> 0:19:57.760 few minutes ago, it really isn't about reopening for her, 0:19:57.880 --> 0:20:01.840 It's it's more the idea they never really closed. How 0:20:01.840 --> 0:20:05.520 do they adjust going forward and how does the industry 0:20:05.600 --> 0:20:08.080 around them adjust? That was a really important takeaway too. 0:20:08.320 --> 0:20:10.479 You're listening to Bloomberg Business Week coming up the role 0:20:10.520 --> 0:20:13.840 of sports in the age of COVID nineteen. An wonderful 0:20:13.880 --> 0:20:16.760 interview we caught up with Candice Lee. She is the 0:20:16.800 --> 0:20:21.159 first female athletic director at Vanderbilt University, also first African 0:20:21.200 --> 0:20:24.439 American woman to have an SEC athletic program, and I 0:20:24.480 --> 0:20:26.719 gotta tell you, she says, we all missed sports and 0:20:26.800 --> 0:20:29.840 she's getting ready to try and open up. This is Bloomberg. 0:20:38.560 --> 0:20:42.000 You're listening to Bloomberg Business Week with Carol Masser and 0:20:42.119 --> 0:20:44.840 Jason Kelly from Bloomberg Radio. They were bringing you some 0:20:44.840 --> 0:20:47.400 of the most important and we hope informative conversations we 0:20:47.480 --> 0:20:51.040 had on our daily Bloomberg Business Week radio show. It 0:20:51.200 --> 0:20:54.000 was a week where I felt like everyday, Carol, we 0:20:54.000 --> 0:20:56.639 were trying to get our heads around what was happening 0:20:56.680 --> 0:21:00.640 in the news that day, knowing that what's happening now 0:21:00.840 --> 0:21:03.760 is going to have a profound effect on where we 0:21:03.840 --> 0:21:06.520 are in the coming months and years. And then includes 0:21:06.520 --> 0:21:09.680 an interview with Candice Lee Jason. She's Genderbilt University's first 0:21:09.680 --> 0:21:12.439 female athletic director. What's interesting is when we booked her, 0:21:12.760 --> 0:21:14.639 we thought, Okay, we're gonna talk about what's going on, 0:21:15.080 --> 0:21:17.200 you know in terms of sports at the college level. 0:21:17.440 --> 0:21:19.520 You know, how do you you know, run a program? 0:21:19.920 --> 0:21:21.840 Uh in a world of COVID nineteen And then of 0:21:21.880 --> 0:21:25.440 course that conversation was impacted as well by the news 0:21:25.480 --> 0:21:29.880 out of Minneapolis and the death of George Floyd oh Man. 0:21:30.119 --> 0:21:33.480 Um I thought, what and what what a tragedy that 0:21:33.600 --> 0:21:37.160 could have been and shouldn't have been avoided? And um 0:21:37.200 --> 0:21:40.199 it was heartbreaking. It was very difficult to watch. I 0:21:40.240 --> 0:21:42.880 will admit that I have not been able to watch all. 0:21:42.920 --> 0:21:44.800 I know it's seven or eight minutes long. I have 0:21:44.920 --> 0:21:47.080 not made it through that entire video. I mean I've 0:21:47.119 --> 0:21:52.600 seen I've seen clips, and um it's traumatizing. So I 0:21:52.640 --> 0:21:56.760 would say that, UM. I mean my reaction was the 0:21:56.800 --> 0:21:59.560 reaction of I think so many of us that um 0:21:59.600 --> 0:22:04.600 it was necessary. It was unnecessary. And Candice, you know 0:22:04.960 --> 0:22:08.840 you have a responsibility as so many do to you know, 0:22:08.960 --> 0:22:12.479 young people who are ultimately in your care. You know 0:22:12.560 --> 0:22:18.240 you were catching them at an incredibly important and informative age. 0:22:18.720 --> 0:22:21.680 How do you take what's going on in the country 0:22:21.680 --> 0:22:26.160 and you think about your role being as important as 0:22:26.720 --> 0:22:28.919 it ever was, more important maybe than it ever was. 0:22:29.480 --> 0:22:32.200 As as you think about the the young folks that 0:22:32.200 --> 0:22:35.520 that you're trying to to counsel through all of this. 0:22:35.680 --> 0:22:39.000 We're all thinking about it as parents, I know, and 0:22:39.320 --> 0:22:42.080 obviously you see it through a different lens than I do. 0:22:42.560 --> 0:22:45.000