HBO’s Succession “The Dumpster Fire Pirate Death Ship” (Season 2)

Jun 26, 2023

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0:00 -- Intro.

*Note: you can check out our analysis of Succession's first season in E98 of this podcast (published on May 22nd, 2023).

1:43 -- Start of interview.

4:03 -- Governance challenges to family-owned companies.

5:50 -- On Kendall's car accident and legal implications. Issues of corporate wellness, mental issues and drug-use. *Story on Tyson Foods' CFO.

10:55 -- Waystar’s response to “bear hug” offer from Maysberry. “I saw their plan, but my father's was better.” On disclosure process and vetting of public statements.

17:34-- Impact of explosion of Waystar rocket in Japan (after Roman rushed the launch).

18:45-- On Shiv's prospects as CEO of Waystar.

20:13 -- On the role of the board in the "bear hug," conflicts of interests, and lack of an independent committee of the board.

21:25 -- The Pierce acquisition to block Sandy and Stewy. On the role of third-party advisors (investment banks) and the Jamie Laird character.

27:46 -- On sovereign wealth funds looking to control the news through ATN. On the character of Mark Ravenhead.

33:10 -- The Vaulter shutdown and question on unions.

41:04 -- Revelation of cruise line issues (press report) lead to loss of business opportunities (Pierce, etc.) and loss of key employees (Rhea’s departure). The accounting whistleblower. Rhea, worrying that she’s agreed to be CEO of a “dumpster fire pirate death ship” says, “Either they did know, which is terrible, or they didn’t know, which is an unconscionable lack of control.” (Caremark standard)

47:17 -- The Congressional hearing. How should CEOs and/or management prepare for congressional hearings? "This is not a court house, it's a stage." "Testifying in Congress is much more similar to being on a Sunday morning news show." "The clock is your friend here." "In circumstances like that, sometimes the best answers are yes, no, or I don't recall - as opposed to speechifying about something."

54:35 -- The questionable decision of having a general counsel testify in Congress. On waivers of attorney-client privilege.

1:00:26 -- The "blood sacrifice" offered by Waystar Royco after the Congressional hearing. Caremark standard and the fallacy of "what you don't know can't hurt you" (willful blindness). The NRPI ("No Real Person Involved") notations in shadow logs.

1:09:26 -- Cultural and reputational issues and the way the show connects them to shareholder value. Culture of fear and bullying. Sexual harassment and improper behavior.

Kate O'Leary is the Global Executive Litigation Counsel at General Electric Company.

You can follow Evan on social media at:

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License