Executives at several publicly listed companies have acknowledged Biden’s victory and have discussed their expectations of the new administration in various conference calls over the past few weeks.
“We look forward to working with the administration and both houses of Congress to move the country forward and resolve issues on behalf of our associates, clients and other stakeholders,” he added.
McMillon’s recognition that Biden will be the next chairman is particularly noteworthy as he is the current chairman of the Business Roundtable, an influential lobbying group that represents top U.S. CEOs.
McMillon took over the presidency in January, succeeding JPMorgan Chase (JPM) CEO Jamie Dimon.
Dimon said in a statement shortly after Biden was declared the winner by CNN and other major networks that it “is the responsibility of each of us to respect the democratic process and ultimately the outcome,” adding that it is time to “come together to strengthen our exceptional country.”
Intel (INTC) CEO Bob Swan also congratulated Biden on Monday. In an open letter to the president-elect, Swan said the new administration needs to invest even more in digital infrastructure and manufacturing.
“Your planned investment in products made in the United States is critical to American leadership in innovation and technology,” Swan wrote.
CEOs hope for more compromises
CNN Business has combed through recent transcripts of corporate conference calls and found that many other top executives are expressing hope for a more stable political environment after nearly four years of disruptive tweet storms.
“Biden, throughout his career, has shown a tendency for pragmatism. He never really ventured too far to the left and he often went out of his way to open doors for conversations with Congressional leaders on the right. “said Kevin Chavous, president of academics, policies and schools for an e-learning company. K12 (LRN), during a virtual investor day on November 18.
Other business leaders struggled to understand what Biden’s policies, particularly on issues like trade and regulation, would mean for their bottom line.
President Trump has launched trade wars with several countries, including China. Biden is expected to be less explosive and more diplomatic in his approach.
But business leaders still believe Biden will be tough on China when it comes to issues like intellectual property theft and opening up markets for American manufacturers.
“The comments from Biden’s camp do not indicate any early easing of stance with China,” said Jeremey Smeltser, chief financial officer of the appliance and plumbing company. Spectrum Brands holdings (SPB), during a call for results on November 13.
Create jobs through stimulus and infrastructure spending
Strengthening the Affordable Care Law may also be a priority for the 46th President.
“Public health programs are likely to see a significant increase in funding under a Biden administration,” said Bruce Caswell, CEO of Maximus (MMS), a healthcare outsourcing firm, in a November 19 earnings call.
Caswell added that he expects Biden to be able to use executive orders and other regulatory measures to do whatever he wants.
“The projected blue wave has not materialized, creating a likely indicator of a more moderate approach by Congress and the new administration for at least the next two years,” Caswell said.
Manufacturers are cautiously optimistic about increased spending on infrastructure and renewable energy during a Biden presidency.
“Where the Biden administration could help us is if there is more increase in infrastructure and more support for solar power,” said William Waltz, CEO of the electrical product maker. Atkore International (ATKR), during a call for results on November 19.
Any increase in infrastructure spending could be particularly useful if it is part of a larger Covid-19 stimulus package aimed at rejuvenating the labor market.
“The Biden administration has talked about the importance of American manufacturing,” said Blake Moret, CEO of an industrial technology company. Rockwell Automation (YEAR) during a November 10 call. “We look forward to working with them … to find ways to increase manufacturing in the United States, as well as the related issue of workforce development.
With all of that in mind, it will be interesting to see if Biden chooses to contact Corporate America for advice on the transition or perhaps look to appoint CEOs to his firm or others. advisory functions.
There has been speculation that Dimon could be one of the contenders for the Treasury secretary job, but the longtime bank boss has dismissed this.
A spokesperson for JPMorgan Chase highlighted what Dimon said at a New York Times online DealBook conference last week. “I love what I do and have never coveted the job,” Dimon said when asked if he would be interested in becoming Biden’s treasury secretary.
