A Complete List of CEOs Who Have Left Trump’s Manufacturing Council, So Far

By Benjamin Rains, Zacks Investment Research


President Donald Trump’s power to polarize continued after the weekend’s tragic events in Charlottesville, Va.—and his subsequent remarks—caused the president to become further isolated from some members of the business community on Tuesday.

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Scott Paul, President of the Alliance for American Manufacturing, stepped down from President Trump’s American Manufacturing Council on Tuesday. Paul is the latest member of a group of chief executives from some of the biggest U.S. companies in manufacturing-based businesses to resign from the council, which grew from the president’s early Manufacturing Jobs Initiative.

Paul took to Twitter Inc (NYSE:TWTR) on Tuesday morning to officially announce his move.

The head of the Alliance for American Manufacturing’s resignation from President Trump’s council to promote American manufacturing jobs is hardly what the president would have hoped for.

Paul followed a recent wave of high profile CEO’s who separated themselves from the president after the weekend’s deadly white supremacist rally. But many, including the CEOs who left the council, cited President Trump’s seemingly noncommittal rebuke of the white supremacist.

Merck & Co., Inc. (MRK)

Merck & Co., Inc. (NYSE:MRK) CEO Kenneth Frazier—one of the few African American CEOs in the Fortune 500—was the first major council member to step down on Monday.

“America’s leaders must honor our fundamental values by clearly rejecting expressions of hatred, bigotry and group supremacy, which run counter to the American ideal that all people are created equal,” Frazier said.

Intel Corporation (INTC)

Intel Corporation (NASDAQ:INTC) CEO Brian Krzanich and Under Armour Inc (NYSE:UAA) CEO Kevin Plank both also stepped down from the council on Monday.

“Earlier today, I tendered my resignation from the American Manufacturing Council,” Krzanich said in a blog post. “I resigned to call attention to the serious harm our divided political climate is causing to critical issues, including the serious need to address the decline of American manufacturing. Politics and political agendas have sidelined the important mission of rebuilding America’s manufacturing base.”

Krzanich Tweeted the following just hours before the official resignation was posted.

Under Armour Inc (UAA)

Under Armour’s Kevin Plank, who has caught flack from UA athlete’s including Stephen Curry for his initial support of President Trump and the council, also took to Twitter to post his reasons for leaving.

“I am appreciative of the opportunity to have served, but have decided to step down from the council,” Plank said. “I love our country and our company and will continue to focus my efforts on inspiring every person that they can do anything through the power of sport which promotes unity, diversity and inclusion.”

Trump’s Response

President Trump was quick to respond on Twitter to the recent resignations.

Poor Performance

Under Armour stock took a big hit on Tuesday. Shares of the struggling sportswear company sank 4.14% in afternoon trading after it touched a new 52-week low of $17.90 a share earlier. Dick’s Sporting Goods Inc (NYSE:DKS) saw its stock price crash today, and Under Armour has large exposure at the chain.

Shares of Intel are down around 1% for the year and also dipped 1.29% on Tuesday. Merck stock has risen so far this year, but much less than the Dow Industrial Average. Shares of Merck hovered flat before seeing a marginal loss.

What Companies Are Left?

Despite the recent resignations, 19 chief executives currently comprise the American Manufacturing Council, including Dow Chemical Co (NYSE:DOW), General Electric Company (NYSE:GE), Boeing Co (NYSE:BA), and other big names.

Of the original 28 companies that were asked to join President Trump’s manufacturing council, five have now stepped down. The first major executive to part ways was Tesla Inc’s (NASDAQ:TSLA) Elon Musk, who left the council earlier this year after President Trump announced that the U.S. would withdraw from the Paris climate agreement.

The four other executives who parted ways with the council left because they are no longer in their positions. This list includes former Ford F CEO, Mark Fields.

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Article printed from InvestorPlace Media, https://investorplace.com/2017/08/a-complete-list-of-ceos-who-have-left-trump-manufacturing-council-so-far-ggsyn/.

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