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Good morning! Mastercard will settle a pay discrimination suit for $26 million, the Fortune 500 loses a female CEO, and senators grill Trump defense pick Pete Hegseth.
– On defense. Pete Hegseth testified before the Senate Committee on Armed Services yesterday in his bid to become Donald Trump’s secretary of defense. Hegseth’s nomination is among the most controversial of Trump’s picks, thanks to Hegseth’s record of a drinking problem, past allegations of sexual assault and infidelity (which he’s denied), and views on women in the military.
At the Capitol yesterday, Hegseth was grilled by Democratic senators about all of the above. Sen. Tim Kaine (D-Va.) pressed the 44-year-old Army veteran and former Fox News anchor about his history of drinking to the point of incapacitation at work events, about an affair that resulted in a child—and about an encounter two months after that child’s birth, which a woman told police was sexual assault. According to a police report, the woman said that Hegseth took her phone, blocked the door to his hotel room, and assaulted her. Although she went to the police, Hegseth wasn’t charged with a crime. He paid the woman a sum, his lawyer has said, out of fear she would file a lawsuit and threaten his career. Hegseth has denied these allegations, as he continued to do yesterday, calling them all “anonymous smears.”
Female senators pressed the nominee further on other parts of his history—namely, his outspoken and recent views on women in the military, which he has shared in his books and in the media; he said on a podcast last year that women “straight up” shouldn’t serve in combat roles and has questioned the qualifications of women who do serve in those roles. (The military’s ban on women in combat was lifted a decade ago.) Sen. Kirsten Gillibrand (D-N.Y.) called Hegseth’s past statements “so hurtful” to service members, morale, and discipline. While Hegseth said he “respect[s] every single female service member that has put on the uniform past and present,” Sen. Jeanne Shaheen (D-N.H.) questioned his “eleventh-hour conversion.”
 Trump defense nominee Pete Hegseth was grilled by senators about his views on women in the military. Andrew Harnik/Getty Images Sen. Joni Ernst (R-Iowa) had raised concerns about Hegseth’s stance on women in combat and was seen as a critical vote for his confirmation. She used her time to hear his commitments that “women will have access to ground combat roles.” Last night, the Republican senator said she would support his nomination. That means it will likely advance to the full Senate, and increases the likelihood of his confirmation.
Of all of Trump’s nominees, Hegseth comes with the most baggage. The closest he came to admitting fault throughout this hearing was to say he was “not a perfect person,” although he added that he was “redeemed by my lord and savior Jesus.”
Hearings for other controversial cabinet picks—like Robert F. Kennedy Jr. and Tulsi Gabbard—are set to be held later. Coming up this week are hearings for homeland secretary pick Kristi Noem and attorney general Pam Bondi, who replaced Matt Gaetz after sexual misconduct scandals scuttled his nomination.
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Nina Ajemian. Subscribe here.
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- Pay up. Mastercard agreed to settle a pay discrimination lawsuit for $26 million. The suit alleged that the company underpaid thousands of female, Black, and Hispanic employees; the company denied allegations and did not admit to wrongdoing. New York Times
- Out of the running. Jennifer Piepszak has taken herself out of the running as a candidate to succeed Jamie Dimon as JPMorgan CEO. The executive seen as a key candidate for the role will instead become COO; the bank's spokesperson confirmed that Piepszak “does not want to be considered for the CEO position at this time.” Marianne Lake remains a candidate for the job. Bloomberg
- Powering down.The Fortune 500 lost another female CEO, with Lynn Good announcing her retirement as chair and CEO of Duke Energy (No. 148). Good, who ranked No. 31 on Fortune’s Most Powerful Women list in 2024, held the position for over 11 years and was at the energy company for almost 20 years. Axios
- Missing in action. Michelle Obama will not attend Donald Trump’s inauguration on Jan. 20; she also missed former President Jimmy Carter’s funeral last week. AP
- In remission. Kate Middleton, Princess of Wales, is in remission from cancer: “It is a relief to now be in remission and I remain focused on recovery.” She shared her diagnosis last March, and in September shared that she finished chemotherapy. NBC
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Purpose Brands, a health, wellness, and fitness brands portfolio, named Lauren Cody brand president, Orangetheory Fitness. She is the cofounder of Mosaic Caregiving Solutions and has held executive positions at Panera Bread, McDonald’s, and more.
Greentown Labs, a climatetech company, named Naheed Malik CFO. She was previously an advisor and VP of corporate finance at American Tower Corporation.
Endogenex, a type 2 diabetes therapies developer, appointed Krissy Wright as chief financial officer. Previously, she was CFO at Cleerly.
Daydream, an AI-powered shopping platform, named Maria Belousova chief technology officer. Most recently, she was chief digital officer at Indigo.
InvoiceCloud, a digital payment platform, appointed Alice Palmer as chief marketing officer. Previously, she was CMO at Vercara.
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“We still need a laser focus on women’s issues and gender equality, but we also need to continue to work to make sure...that people understand why this matters.”
— Jennifer Klein, director of Biden’s White House Gender Policy Council, looks ahead
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