American companies do not welcome them with open arms
Washington— According to company documents, before joining the Trump administration as Secretary of Transportation, Elaine Chao earned millions of dollars in the past ten years, having worked in large public companies such as Dole Foods, Protective Life and Wells Fargo. Serving on the board of directors.
She has provided outstanding qualifications to companies that aspire to keep pace with Republican leaders: She is a former banking executive, and when President George Bush appointed her as Secretary of Labor, she became the first Asian American to serve in the Cabinet. . She has been a regular member of conservative charities, including the Heritage Foundation and Hudson College. Her husband is Senate Minority Leader Mitch McConnell (R-Kentucky).
But now, Zhao Chao is facing a tense situation of re-entering the private sector.
Two recruiters said that recruiters who had sought the same outstanding job for Chao had little interest. The recruiter spoke on condition of anonymity due to the sensitive nature of the discussion. He said that senior executives who were wary of working with former Trump officials were cutting Zhao Chao’s four-year history in Washington. To the lowest. A longtime ally of Donald Trump, despite her resignation the day after the attack on the Capitol on January 6.
A recruiter said that his team investigated some companies’ interest in Chao, but no candidates were found. The person said: “The answer is that it is still too early.”
But, although it is clear that Chao’s re-entry job is more difficult than in the past, people close to her say that she has not been completely excluded from the corporate world.
The person said: “She is evaluating a series of invitations to participate in various company boards of directors, and also helping her former colleagues take office.” “She is interested in the new economy company and has accepted the board of directors position. These companies and other companies finalize the various stages of the transaction.”
Although the numbers are small and difficult to compare, the company seems to have no immediate interest in other senior alumni of the Trump administration. Approximately half of S&P 500 companies have already submitted a 2021 Investor Disclosure Report, which lists 108 new or potential board members. Trump cabinet officials who did not serve in the last quarter of the term are not included in the nominations.
As of 2009, four major companies have appointed former George W. Bush cabinet alumni as directors: global power company AES, oil and gas company Hess, chemical manufacturer FMC and United Technologies. With Raytheon.
Recruiters and other company consultants say that for most executives of large public companies, the calculations are simple. Trump is the only president to be prosecuted twice, and for the second time accused of inciting a mob to attack the Capitol in an attempt to overturn the results of the presidential election. He left the office. Most Americans strongly opposed his work performance. He is still the lightning rod for this controversy, and faces ongoing legal risks from civil litigation and criminal investigations. Offering a board seat to anyone on your internal track runs the risk of inciting resistance from customers, employees, or shareholders.
One recruiter said: “The board does not need trouble or criticism.” “If you want to avoid all potential damage, it’s easy: just stay away.”