I’ve hosted Yale CEO Summits before– but few have taken place in such fraught circumstances as our most recent 150th Yale CEO Summit this week or with such remarkable results.
The day after Luigi Mangione was indicted for murder, 200 top American CEOs came together, under heavily armed protection, in a bold statement of defiance of the populist fringes, not frightened away or intimidated for standing up for leadership and American character. They gathered at the Ziegfield Ballroom in New York, 32 steps away from where UnitedHealth CEO Brian Thompson was murdered in broad daylight by Mangione.
Despite warnings from their boards and from their own security teams not to attend public CEO gatherings right now, they came. Not even far-left protesters chanting for their assassination outside our venue could keep these CEOs away, nor could the “wanted” posters or the “playing cards” with their faces on them circulating on social media.
But even beyond the symbolism of CEOs coming together steps away from where Thompson was murdered, this CEO Summit took place against the backdrop of President-elect Trump’s return to office. Most CEOs of the nation’s largest companies did not support Trump’s candidacy, with only one Fortune 100 CEO having donated to Trump; nevertheless, CEOs rightly understand that the election is over—and that it is time to unify and come together, because it is in the interests of the American public as well as their own shareholders and stakeholders, to help President Trump be as successful as he can be.
Despite criticisms from the far left, CEOs, including those from positions across the ideological spectrum, view it as their patriotic duty to meet with Trump now, engage constructively, and help steer presidential policies in useful directions, especially given their own mixed reaction to some of Trump’s policy proposals.
In particular, following a spirited discussion with including some who had just met Trump at Mar-a-Lago, 69% of these CEOs surveyed believe that Trump’s nomination of RFK Jr. to oversee Health & Human Services could pose a threat to public health and the pharmaceutical business, and expressed a desire to help inform the president-elect about how the pharma industry has improved public health and extended the average lifespan of American citizens to record levels.
At the same time, 56% of CEOs surveyed believe that Trump’s proposed tax cut from 21% to 15% will encourage greater reshoring and domestic manufacturing activity, and 53% of CEOs surveyed expressed support for Trump’s use of tariffs as a bargaining chip.
Paradoxically, though 53% of CEOs support Trump’s tariff threats, few CEOs are excited about the potential impact of Trump’s proposed tariffs on their own companies. Fifty-five percent of respondents answered that they are worried about the impact of Trump’s tariffs on their own company, compared to only 12% who answered that they are excited about the impact of tariffs on their company, and 34% who were indifferent. But at the same time, CEOs don’t seem to believe Trump will actually follow through on all his tariffs threats, as 64% of CEOs responded that they are not shifting supply chains yet in anticipation of any potential tariffs.
We were surprised by the number of issues which the group generally agreed on and the spirit of constructive candor and engagement embodied by the group and near-unanimous optimism for moving forward. Virtually all participants agreed on the continuing strength of the American economy, one of the best economies anyone has seen in their lifetimes—with 77% of CEOs answering that they believe America’s best days are ahead of us. They also agreed that the CEOs visiting Mar-a-Lago are being responsible in pursuing the best interests of not only their own shareholders and the nation at large.
CEOs largely did the same in 2016: though many did not support Trump in that campaign either, they were eager to help him, and the nation, as the incoming president. Many participants expressed the hope that Trump does not relapse into the divide-and-conquer bullying that drove business leaders away. The genuine leadership modeled by these CEOs, and the spirit of constructive, collaborative engagement across divisions captured at our recent Yale CEO Summit, reflects why American business leaders are still some of the most admired leaders across American society, no matter what extremist fringes may say. At a time when business leaders are increasingly under attack, CEOs, and American capitalism provide a compass of centrist, reasonable, genuine leadership, which ought to be a source of celebration and inspiration.
