1. Amid crisis, Donald Trump disbands CEO advisory councils

Amid crisis, Donald Trump disbands CEO advisory councils

The widening rift between President Donald Trump and the top US business executives has led to the business advisory councils to be disbanded, New York Times said.

By: | Updated: August 17, 2017 12:10 AM
Donald Trump, Trumps advisory councils, US business executives, US CEOs, US CEOs resigns from trump council, advisory panel on manufacturing, white supremacists, A Schwarzman, Trump administration, Charlottesville, Charlottesville incident, Charlottesville violence, Donald Trump on Charlottesville In a conference call, the top US CEOs in the manufacturing council actually took a call recommending the disbandment of the group. (Image: Reuters)

The widening rift between President Donald Trump and the top US business executives has led to the business advisory councils to be disbanded, New York Times said. In fact, in a conference call, the top US CEOs in the manufacturing council actually took a call recommending the disbandment of the group. As of now as many as six business executives have quit President Trump’s advisory panel on manufacturing following his controversial remarks where he compared white nationalist hate groups with the protesters opposing them. However, commenting on the ongoing exits, the President had said that the chief executives, who quit his advisory panel on manufacturing over his muted criticism of white supremacists, were leaving out of “embarrassment” as he was pressing them to Make in America.

According to the report, Stephen A Schwarzman, the CEO of the Blackstone Group on Wednesday morning organised a conference call with the members of president’s Strategic and Policy Forum. During the call, some veteran business executives of the country discussed how to take the issue forward. Schwarzman is one of Trump’s closest friends in the business community.

The executives, during the telephonic conversation decided to disband the forum altogether. President Trump himself took to Twitter to make the all-important announcement. He said, “Rather than putting pressure on the businesspeople of the Manufacturing Council & Strategy & Policy Forum, I am ending both. Thank you all!”

The members of the grouping includes Laurence D Fink of BlackRock, Ginni Rometty of IBM, Rich Lesser of the Boston Consulting Group and Toby Cosgrove of the Cleveland Clinic.

The group was intended to advise Trump on various business/economic issues.

Meanwhile, the wave of exits from Trump administration continues. CEO of Campbell Soup Denise Morrison is likely to resign the White House jobs panel over comments about racism made by President Trump. “Racism and murder are unequivocally reprehensible and are not morally equivalent to anything else that happened in Charlottesville. I believe the President should have been and still needs to be unambiguous on that point,” Reuters quoted Morrison as saying in a company release.

This was due to Amazon shares plunging for a short time by as much as 1.2 per cent in pre-market trading.

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