Cross-Industry CEOs Endorse Kamala Harris Over Donald Trump

Former CEOs Speak Out: Why We're Supporting Kamala Harris, Not Donald Trump

A significant number of Americans mistakenly believe that the CEOs of America's largest corporations overwhelmingly support Donald Trump. This perception, however, is far from accurate. The silence of many currently serving CEOs stems from a practical concern: publicly opposing a powerful figure like Trump could alienate employees and customers, and potentially invite retaliation. The perceived risks significantly outweigh any individual benefit of speaking out. Their public silence, therefore, shouldn't be misinterpreted as endorsement or even indifference.

We, a group of former CEOs who led some of the nation's largest publicly traded companies, are in a position to speak more freely. Our ongoing engagement with current CEOs assures us that our views reflect the prevailing sentiment within the business community. As Election Day approaches, we believe it’s crucial to share our perspective. With the economy at the forefront of this election, the opinions of those who employ a vast majority of Americans hold considerable weight.

Why We Oppose Donald Trump

Unlike billionaire entrepreneurs or hedge fund managers, most CEOs of major corporations have ascended through the ranks of large organizations. Their leadership styles are typically characterized by collaboration, integrity, global perspective, and open-mindedness. These qualities make them fundamentally at odds with Donald Trump's leadership approach.

Our concerns are particularly acute this year. Trump's first term, while initially including some qualified individuals in his cabinet such as Gary Cohn, Rex Tillerson, and Generals John Kelly, James Mattis, and Mark Milley, who prioritized public service, would appear, in contrast, to set the stage for a potentially far more concerning second term. A second Trump term would likely begin with a cabinet largely composed of election deniers, operating under the shadow of a Supreme Court ruling granting him immunity. This presents a deeply unsettling prospect for leaders of major corporations.

Trump's increasingly extreme anti-business rhetoric further fuels our opposition. His proposal for universal 10% tariffs on all imports from all countries would severely harm businesses and consumers, driving up prices across the board. His suggested curtailment of the Federal Reserve's independence is equally alarming. No CEO welcomes the prospect of a politicized Federal Reserve manipulating monetary policy to satisfy the whims of the president, leading to potentially destabilizing economic swings.

Why We Support Kamala Harris

While our individual political affiliations vary, we have united in our decision to support Kamala Harris in this election. We believe that a majority of current CEOs share this sentiment.

Our experience leading some of the nation's largest companies gives us a unique perspective on the current economic landscape. Contrary to Trump's portrayal of an economic "disaster," the American economy has demonstrably thrived. We've witnessed strong economic growth, record-high stock market valuations, robust wage growth for employees, and record-low unemployment. These positive trends are reflected in key economic indicators: approximately 3% real GDP growth, inflation (CPI) around 2%, and real incomes exceeding inflation with a steady growth rate of 5.1%. The World Bank's recognition of the U.S. economy as a primary driver of its improved global growth outlook this year underscores this positive economic picture.

We believe that a second Trump term would severely harm the U.S. economy and the business environment. An environment marked by increasing challenges to the rule of law, economic instability, stifled free trade due to the fear of unpredictable retaliation, and further societal division is not conducive to a thriving economy.

Alexis de Tocqueville's observations nearly two centuries ago on the importance of social capital remain strikingly relevant. He emphasized the crucial role of community trust and neighborly cooperation in underpinning American society. He also highlighted how respect for the rule of law, as opposed to the whims of rulers, is fundamental to our market economy and social harmony.

For business leaders, social capital is as critical as financial capital. The U.S. economy and its companies are currently the envy of the world. This unparalleled prosperity, however, hinges on the societal trust, cohesion, and collaboration that have historically fueled American economic success. We firmly believe that Kamala Harris is the candidate best positioned to protect and enhance this prosperity, ensuring the continued success of the American economy, its businesses, and its workers.

The individuals who authored this statement are: