via racism to climate change, CEOs keep turning on Trump

The CEOs of which quit Trump's business councils

The election of a businessman to the White House fueled a wave of optimism among America’s CEOs. at This specific point some of those same business leaders are turning on President Trump.

On Monday, Kenneth Frazier, the CEO of Merck (MRK), joined the growing list of executives who feel compelled by Trump’s words as well as policies to take a stand against him.

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Frazier, one of the country’s most prominent black business leaders, quit Trump’s manufacturing council to “take a stand against intolerance as well as extremism.”

of which appeared to be a reference to Trump’s statement over the weekend blaming the deadly violence in Charlottesville, Virginia, on “many sides” after neo-Nazis as well as white nationalists clashed with counter-protesters.

Trump lashed out at Frazier within minutes, saying the resignation might give him “more time to LOWER RIPOFF DRUG PRICES!”

Related: Trump lashes out at black CEO who quits council

Then, on Monday afternoon, Trump specifically called out the KKK as well as neo-Nazis. By then almost two days had passed since the president’s first remarks on Charlottesville — as well as some of the nation’s most prominent business leaders had filled the gap with denunciations of racism.

Business leaders have spoken against Trump before. In January, his ban on travel via certain Muslim-majority countries drew criticism via Amazon (AMZN, Tech30) CEO Jeff Bezos, Starbucks (SBUX) boss Howard Schultz, Netflix (NFLX, Tech30) CEO Reed Hastings, Apple’s (AAPL, Tech30) Tim Cook as well as many, many others.

In June, Tesla (TSLA) CEO Elon Musk as well as Disney’s (DIS) Bob Iger quit Trump’s business council in protest of his decision to withdraw the United States via the Paris climate accord.

Related: Intel CEO is actually the latest to leave Trump’s manufacturing council

On Monday night, the CEOs of Under Armour (UA) as well as Intel (INTC, Tech30) followed Frazier as well as quit Trump’s manufacturing council.

“Under Armour engages in innovation as well as sports, not politics,” said the sports brand’s CEO, Kevin Plank.

“We should honor — not attack — those who have stood up for equality as well as different cherished American values,” said Intel chief Brian Krzanich, while lamenting “the serious harm our divided political climate is actually causing to critical issues.”

Related: Under Armour CEO quits Trump’s manufacturing council

On immigration, racism as well as climate change, CEOs have sought to provide the moral leadership they perceive to be lacking via the White House.

“America’s leaders must honor our fundamental values by clearly rejecting expressions of hatred, bigotry as well as group supremacy,” Frazier said in his statement on Monday.

Goldman Sachs (GS) CEO Lloyd Blankfein referenced such a leadership void in June when he fired off his first-ever tweet to criticize Trump’s retreat via the Paris climate agreement.

“Today’s decision is actually a setback for the environment as well as for the U.S.’s leadership position within the earth,” he said at the time.

Top CEOs to Trump: You're wrong on climate change

Jeffrey Sonnenfeld, a Yale School of Management professor who leads the university’s annual CEO summit, said business leaders are stepping up as trust in public officials declines.

“They recognize of which they are some of the most trusted voices in society right at This specific point,” Sonnenfeld told sy88pgw. “of which’s absolutely critical of which they use of which platform.”

Sonnenfeld said he received emails via more than a dozen leading CEOs on Monday reacting to Frazier’s statement — as well as especially Trump’s broadside.

Related: CEOs outraged after Charlottesville – as well as three quit Trump council

“This specific has actually hit a nerve — attacking This specific great CEO,” Sonnenfeld said.

Business Roundtable, a powerful lobby group of CEOs of which advocate for tax reform, put out a statement condemning the violence in Virginia. The organization is actually chaired by JPMorgan CEO Jamie Dimon.

“America’s business leaders are shocked at the violence of which took place in Charlottesville, as well as we mourn the unnecessary loss of life. Racism has no place in our businesses, our communities or our country,” the statement said.

Related: CEOs condemn racism after Charlottesville

Sonnenfeld predicted more corporate leaders “across sectors as well as across party” will come out against Trump.

of which’s a stunning reversal considering the euphoria among business leaders following Trump’s election. A JPMorgan Chase survey published in February found of which 76% of executives believed the completely new administration might help their businesses. Just 12% said they expected of which to hurt.

The stock market soared as Wall Street cheered the administration’s economic agenda. While stocks keep rising, market analysts say the recent gains have been driven more by corporate profits as well as economic growth than Trump’s policies.

At the same time, CEOs have become frustrated with Trump’s inability to get his tax, infrastructure, health care or deregulation plans through Congress.

A stunning 50% of the CEOs, executives, government officials as well as academics surveyed at the Yale CEO Summit in June gave Trump an “F” for his first 130 days in office. Just 1% gave him an “A.”

sy88pgw (completely new York) First published August 14, 2017: 1:51 PM ET


via racism to climate change, CEOs keep turning on Trump

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