Top Adidas Investor Will Ask Execs To Turn Over Kanye West Misconduct Probe Details
May 9, 2023 2:39 pm
Tags: “turn, ask, details, execs, investor, joshwho, kanye, Media, misconduct, News, over, probe, top adidas, west, will, ZeroHedge
Categories: JoshWho News news media US News ZeroHedge
As criticism from shareholders about its failed partnership with a former US rapper mounts, Adidas faces pressure from Germany’s third-largest asset manager to reveal its investigation into how it handled accusations of misconduct against Kanye West.
According to Financial Times, Janne Werning, head of ESG at Union Investment, will request the German sportswear maker to disclose the results of its internal investigation over inappropriate behavior by its former business partner Kayne West, also known as “Ye,” who was terminated last year over antisemitic remarks.
Werning wants results of the investigation “here and now,” emphasizing that shareholders are entitled to know about the company’s handling of misconduct allegations. There are reports Adidas executives turned a blind eye to inappropriate behavior by Ye at meetings. In one such instance, the rapper allegedly played pornography in a meeting and even showed a private picture of his ex-wife Kim Kardashian.
Last November, Rolling Stone published a report about former employees who had written a letter to senior execs to inform them of Ye’s “problematic behavior” and endured “years of verbal abuse, vulgar tirades, and bullying attacks.”
At the same time, Union Investment penned a letter to Adidas execs asking them when they were first aware of misconduct allegations against Ye. It was only then the company launched an independent investigation into the allegations.
The partnership’s collapse left Addidas with a $1.3 billion pile of unsold Yeezy brand shoes and other items. The company warned it could post the first net loss in three decades.
Shares of the company trading in Germany slid 72% from late 2021 to October 2022. Some losses have been clawed back in recent months.
And just recently, Adidas shareholders launched a class-action lawsuit alleging execs knew about the potential harm that the “personal behavior” of Ye but failed to warn investors.
Also, Ye’s brand contributed an estimated $1.8 billion in annual revenue for the company, about 7% of total revenue. And why Addidas execs decide to bet a large chunk of revenue on the Yeezy brand is beyond our comprehension.
FT noted Union Investment is expected to demand answers about the Ye probe at the annual shareholder meeting on Thursday.
- Mapping The Migration Of The World’s Millionaires In 2023 September 22, 2023
- Swiss Parliament Approves Burqa Ban, Imposes Steep Fine September 22, 2023
- India Suspends Visas For Canadians, Denounces Terrorist “Safe Haven” September 22, 2023
- Seattle Reverses Course, Makes Public Drug Use Arrestable Crime September 21, 2023
- US Wants Saudi Defense Pact Modeled After South Korea, Japan Deals September 21, 2023
- America’s First ‘Shroom Clinic’ Opens In Oregon September 21, 2023
- On The Idiotic Notion That It’s Brave To Support Nuclear Brinkmanship In Ukraine September 21, 2023
- Eric Clapton Helps RFK Jr. Raise $2.2 Million At Los Angeles Fundraiser September 21, 2023
- Olive Garden Owner Warns: “Decline In Fine Dining” As Wealthy Americans Trade Down To Cheap Booze September 21, 2023
- Musk’s SpaceX Countersues DOJ, Says Case Over Refusal To Hire Refugees Is Unconstitutional September 21, 2023
- “Large Number Of Issues Settled”: Strikes At Australian LNG Plants Might End As Early As Friday September 21, 2023
- Bitcoin Vs Ethereum: A Culture War Rooted In First Principles September 21, 2023
- Hollywood Writers Strike Could Be Over As Soon As Today September 21, 2023
- BOE Surprises Markets By Keeping Rates Unchanged For The First Time In Two Years September 21, 2023
- This Is The Worst Global Food Crisis In Modern History, And It Is About To Go To An Entirely New Level September 21, 2023
- Rebooted Clinton Global Initiative Licks Chops Over Ukraine ‘Humanitarian’ Aid September 21, 2023
- Negotiations Break Down Between Chevron And Australian LNG Workers September 21, 2023
- Backfire: World’s Fourth Largest Iron Ore Producer Stops Purchasing Carbon Offsets September 21, 2023
- Syria On The Verge Of Collapse? September 21, 2023
- Escobar: Russia, North Korea Stage ‘Strategic Coup’ Against Western Hegemony September 20, 2023
- ApexSMS - 23,246,481 breached accounts September 21, 2023In May 2019, news broke of a massive SMS spam operation known as "ApexSMS" which was discovered after a MongoDB instance of the same name was found exposed without a password. The incident leaked over 80M records with 23M unique email addresses alongside names, phone numbers and carriers, geographic locations (state and country), genders and […]
- dBforums - 363,468 breached accounts September 20, 2023In July 2016, a data breach of the now defunct database forum "dBforums" appeared for sale alongside several others hacked from the parent company, Penton. The breach of the vBulletin based forum contained 363k unique email addresses alongside usernames, IP addresses, dates of birth and salted MD5 password hashes.
- MalindoAir - 4,328,232 breached accounts September 14, 2023In early 2019, the Malaysian airline Malindo Air suffered a data breach that exposed tens of millions of customer records. Containing 4.3M unique email addresses, the breach also exposed extensive personal information including names, dates of birth, genders, physical addresses, phone numbers and passport details. The data was later extensively shared on popular hacking forums.
- Viva Air - 932,232 breached accounts September 11, 2023In March 2022, the now defunct Columbian airline Viva Air suffered a data breach and subsequent ransomware attack. Among a trove of other ransomed data, the incident exposed a log of 2.6M transactions with 932k unique email addresses, physical and IP addresses, names, phone numbers and partial credit card data (last 4 digits).
- Dymocks - 836,120 breached accounts September 8, 2023In September 2023, the Australian book retailer Dymocks announced a data breach. The data dated back to June 2023 and contained 1.2M records with 836k unique email addresses. The breach also exposed names, dates of birth, genders, phone numbers and physical addresses.
- Phished Data via CERT Poland - 67,943 breached accounts August 31, 2023In August 2023, CERT Poland observed a phishing campaign that collected credentials from 68k victims. The campaign collected email addresses and passwords via a phishing email masquerading as a purchase order confirmation. CERT Poland identified a further 202 other phishing campaigns operating on the same C2 server, which has now been dismantled.
- Pampling - 383,468 breached accounts August 31, 2023In January 2020, the online clothing retailer Pampling suffered a data breach that exposed 383k unique customer email addresses. The data was later shared on a popular hacking forum and also included names, usernames and unsalted MD5 password hashes.
- PlayCyberGames - 3,681,753 breached accounts August 31, 2023In August 2023, PlayCyberGames which "allows users to play any games with LAN function or games using IP address" suffered a data breach which exposed 3.7M customer records. The data included email addresses, usernames and MD5 password hashes with a constant value in the "salt" field. PlayCyberGames did not respond to multiple attempts to disclose […]
- SevenRooms - 1,205,385 breached accounts August 24, 2023In December 2022, over 400GB of data belonging to restaurant customer management platform SevenRooms was posted for sale to a popular hacking forum. The data included 1.2M unique email addresses alongside names and purchases. SevenRooms advised that the breach was due to unauthorised access of "a file transfer interface of a third-party vendor".
- Duolingo - 2,676,696 breached accounts August 23, 2023In August 2023, 2.6M records of data scraped from Duolingo were broadly distributed on a popular hacking forum. Obtained by enumerating a vulnerable API, the data had earlier appeared for sale in January 2023 and contained email addresses, names, the languages being learned, XP (experience points), and other data related to learning progress on Duolingo. […]