How CEOs across America feel about Trump — and what they think he’ll do to their businesses

Donald Trump

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President Donald Trump

The election of Donald Trump has had reverberations around corporate America.

The president has a profound influence on the way companies do business and their bottom line. He is also prone to mentioning specific companies in Tweets and campaign speeches, sending share prices up or down in the process.

We used Sentieo, an equity-research platform, to search recent company-earning calls for mentions of Trump and the new administration.

Scroll through below to see what senior executives at companies across various industries are saying about the president’s stance on trade, taxes, and array of other issues.

Chuck Robbins, CEO at Cisco Systems – ‘I think the administration of President Trump understands that the US economy and the global economy are very intertwined.’

In response to a question asked at a Goldman Sachs Technology and Internet Conference on February 16 about whether Cisco would increase production in the US, Chuck Robbins, Cisco’s CEO, said:

We currently manufacture in 13 countries I think including the US by the way. So we never completely moved out of the US and I think it’s almost a quarter of our revenue. We still manufacture here in the United States, but … I think the administration of President Trump understands that the US economy and the global economy are very intertwined and that they are dependent upon trade. Now he clearly believes that we need fair trade and I think that will be the outcome, but I think that any of those I think will end up being good for us and we could continue to adapt how we — our supply chain to the extent we should, which is what we’ve done for the last two decades. So we’re staying very close to it though.

Jim Roberts, CEO and President at Granite Construction – ‘Promises to rebuild America’s infrastructure are great, but we remain cautiously aware of how slowly Congress acts.’

During an earnings call on February 17, Granite Construction President and CEO, Jim Roberts, commented on President Trump’s infrastructure promises.

“Although rhetoric from the Trump administration remains extremely constructive, it remains too soon to estimate the timing or magnitude of incremental investment, without more detail. Promises to rebuild America’s infrastructure are great, but we remain cautiously aware of how slowly Congress acts.”

Masayoshi Son, Chairman and CEO at SoftBank Group – ‘Deregulation is going to take place in many ways in the US and the President himself is saying that in public.’

During an earnings call on February 7, Softbank Chairman and CEO Masayoshi Son responded to a question about Trump’s protectionist inclinations.

“I will refrain from making political comments. But at least what I can say is that deregulation is going to take place in many ways in the US and the President himself is saying that in public. [That] will create a lot of business opportunities.”

Chuck Stevens, CFO at General Motors Company – ‘We are supportive of efforts by President Trump and Congress to implement tax reform that improves the competitiveness of American companies.’

During an earnings call on February 7, General Motors‘ CFO, Chuck Stevens, commented on Trump’s tax proposals. 

“We are supportive of efforts by President Trump and Congress to implement tax reform that improves the competitiveness of American companies. GM continues to share job creation ideas and industry information with lawmakers, to help them create proposals that will be positive for the US economy and keep vehicles affordable.”

Carl Lindner, co-CEO at American Financial Group – ‘Who knows, perhaps some of the changes under consideration by the GOP and the Trump Administration will lead to a rebirth of the reinsurance industry in this country.’

During an earnings call on February 2, the co-CEO of American Financial Group, Carl Lindner, voiced his support of certain Trump policy proposals.

“While we are certainly in favor of a lower corporate tax rate, we also support the general concept of border adjustments to help level the playing field. Who knows, perhaps some of the changes under consideration by the GOP and the Trump Administration will lead to a rebirth of the reinsurance industry in this country.”

Ian Read, CEO at Pfizer – ‘I think we can be a very positive part of the story of creating jobs in the United States, if we get the tax reform.’

During an earnings call on January 31, Pfizer’s CEO was asked about the firm’s position on President Trump’s desire to get prescription drug prices down. 

“We are not changing our philosophy, vis-a-vis how we price our medications and when we take those price increases.”

“Regarding the meeting with President Trump, which I could not attend because I am on this analyst call, I would like to sort … look at what he said. He said, number one, you need to get manufacturing back to America. That falls squarely in the side of getting tax reform, which allows us to reinvest in the United States and create jobs.”

“I think we can be a very positive part of the story of creating jobs in the United States, if we get the tax reform. Regulations, we’ve got to cut up to 80% to help streamline the approval process. That will help with drug prices, because it will induce more competition.”

Ajay Banga, CEO at MasterCard – ‘He is definitely committed to helping make it easier for businesses to open, operate, and run profitably in the system.’

During an earnings call on January 31 Ajay Banga, the President and CEO of Mastercard, highlighted the ways in which a Trump administration is beneficial for his firm.

“The positive side of it to me is regulatory announcement, the fact that he seems genuinely concerned about the manner in which regulations enacted are creating millstones for business, both small and large, to grow in the US. I think that is pretty clear. And [Trump] is definitely committed to helping make it easier for businesses to open, operate, and run profitably in the system.”

 

David Abney, Chairman and CEO at UPS – ‘President Trump is really not against trade agreements.’

During an earnings call on January 31 the Chairman and CEO of UPS, David Abney, defended Trump stance on trade:

“President Trump is really not against trade agreements. Now he’s made it very clear he wants trade agreements to be fair from a US perspective and he also has made it clear that versus multilateral agreements that he’s much more focused on bilateral agreements.”

“UPS as a Company, we support trade agreements, we support bilateral, we support multilateral. And I can tell you that in every country where the US in the last 10 years has reached a trade agreement we have seen an actual real increase of packages entering our network, going out to these countries, US exports, of a 20% increase. And 20% increase whether you get the benefit from many bilateral agreements or one multilateral agreement you can see how that adds up.”

John Watson, CEO at Chevron Corporation – ‘First, in an overall sense I have been very pleased with the agenda that the Trump administration has.’

The CEO and chairman of oil giant Chevron, John Watson, told investors during a January 30 earnings call, that he was pleased with Trump’s anti-regulatory agenda.

“First, in an overall sense I have been very pleased with the agenda that the Trump administration has. We have seen an avalanche of regulation over the last decade. And putting a much more balanced cost-benefit framework in place to assess the value of those regulations, freeing up infrastructure pipelines – all of that is quite positive for our business, for the country, job creation and a lot of things. So that is very much a positive.”

 

Mark Thompson, President of New York Times Company – ‘The issue of how long will this heightened interest last probably is the same as how long will the administration continue to be creating news and controversy.’

During an earnings call on February 2 Mark Thompson, the president and CEO at New York Times Company, said the controversy surrounding the new administration was benefitinh the firm’s flagship publication.

“One might expect after a US presidential election a slight period of quieter transition followed by a honeymoon period. That is manifestly not the case. We’re in a very lively news environment with a very activist, news making new administration.”

“And I think the issue of how long will this heightened interest last probably is the same as how long will the administration continue to be creating news and controversy. As a former journalist my judgment would be there is plenty of kinetic energy in the news cycle and that’s likely to continue many months or possibly years.”

Andrew Liveris, CEO at The Dow Chemical Company – ‘We are seeing early signs of positive momentum with the US in expansionary mode, driven by ongoing strength of the consumer and the tailwind of a new incoming Trump administration.’

During an earnings call on January 26, the chairman and CEO of Dow Chemical commented on his role in the new administration and said the new administration would be a tailwind for growth.

“Where we are seeing early signs of positive momentum with the US in expansionary mode, driven by ongoing strength of the consumer and the tailwind of a new incoming Trump administration, which really has an articulated focus on structural reforms in several areas, including competitive taxes, smart regulation, and fair trade rule.”

 

Nick Akins, CEO at American Electric Power Company – ‘President Trump’s focus of enhancing the ability for manufacturing industries to thrive and produce jobs, well, that’s AEP’s service territory.’

Nick Akins of American Electric Power Company said his company will “prosper” under the new administration during an earnings call on January 27.

“President Trump’s focus of enhancing the ability for manufacturing industries to thrive and produce jobs, well, that’s AEP’s service territory. His focus on a balanced portfolio of energy resources including fossil fuels, that’s also AEP’s service territory. So as I said before the election, whether [you're] focused on the Clean Power Plan, as in Hillary Clinton’s proposals, or President Trump’s proposals, AEP should prosper and we are very much looking forward to working with the Trump administration to bring prosperity and jobs back to this country.”

Mark Fields, CEO at Ford Motor Company – ‘I think he’s going to be very focused on driving policies that drive investment and job creation in American manufacturing and in automotive manufacturing.’

Ford’s president and CEO Mark Fields had a positive outlook for the administration during a January 31 earnings call.

“Well, I think first off, it’s a very positive sign from my perspective that literally his first two days in the office he had first morning meetings with manufacturing companies including automotive companies. And I think he’s going to be very focused on driving policies that drive investment and job creation in American manufacturing and in automotive manufacturing.”

Steve Rusckowski, CEO at Quest Diagnostics – ‘With the majority of our taxable income earned in the United States we could benefit from any material reduction in US corporate tax rates.’

Steve Rusckowski, the chairman, president and CEO of Quest Diagnostics, told analysts during an earnings call on January 26 that Trump’s tax proposals would be very beneficial for his firm. 

“Congress has also expressed its intent to act quickly on tax reform. We are closely monitoring developments and want to share the expected impact of potential changes. With the majority of our taxable income earned in the United States we could benefit from any material reduction in US corporate tax rates. We would expect to use a portion of potential tax savings to invest in accelerating growth.”

 

David Greenbaum, New York Division President at Vornado Realty Trust – ‘What I will say is that our confidence in the continued economic vibrancy of New York has never been greater.’

During an earnings call on February 15, the New York division president of Vornado Realty Trust, David Greenbaum, said Trump will be good for New York’s real estate market.

“Let me now turn to the question on everyone’s mind, what will 2017 bring? What I will say is that our confidence in the continued economic vibrancy of New York has never been greater. One of the stated economic priorities of the new Trump administration is financial services deregulation. The administration’s efforts in this regard could have a significant and positive economic impact for the city.”

Robert Cauley, CEO at Orchid Island Capital – ‘At this point there is no way of predicting this outcome.’

During an earnings call on February 17, the chairman and CEO of Orchid Island Capital, Robert Cautley, said that there was no way to predict Trump’s effect on the market.

“As we move into the first quarter of 2017, the market is still waiting to see what the Trump administration will actually deliver for the economy and markets. As developments unfold over the course of the year and beyond, the markets will react as these developments are either consistent with, or counter to, current market expectations. At this point there is no way of predicting this outcome.”

Greg Creed, CEO at Yum! Brands – ‘I’m not seeing any impact anywhere.’

During an earnings call on February 10 an analyst asked Yum! Brand CEO Greg Creed if his firm had “seen any impact on sales internationally as when we see news from Trump that’s more domestic-focused or I guess that’s causing any rift with international countries?”

Creed’s response: “I think the easiest answer is no. I’m not seeing any impact anywhere. There’s obviously a lot of discussion and speculation, but I am not seeing any impact on our business in any country so far.”

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