People tend to get nervous when CEOs talk about politics, especially if the issue doesn’t seem to directly affect the company.
But former American Express CEO Ken Chenault told CNBC’s “Squawk Box” on Monday that there is a need for public positions on “some fundamental issues,” even if they don’t clearly or immediately affect the CEO’s company. He added that threats to America’s democratic institutions and processes could ultimately sow political and economic instability, negatively impacting businesses across sectors and industries.
“If you want to build a company that lasts, you have to pay attention to what’s going on in our society,” said Chenault, who stepped down as CEO in 2018 after 37 years at financial services giant American Express, including nearly 17 as chief executive. He currently serves as chairman and managing director of venture capital firm General Catalyst.
Chenault said CEOs should not speak out on any political issues. But those seeking lasting success need a “long-term view” of the risks and opportunities that could ultimately impact their companies, he suggested.
Business leaders often refrain from speaking out on political issues for fear of alienating customers or their own employees. While some companies have found success by weaving politics into their public image, outdoor apparel company Patagonia is one of the best-known companies, but a 2025 study by a group of Ivy League researchers found that taking a public political stand is almost always met with mixed reviews. Overall, the study found that the average person generally prefers CEOs to remain silent on divisive political issues.
But as U.S. voters head to the polls on Tuesday, Chenault specifically singled out the issue of voting rights as an issue that business leaders like himself should acknowledge publicly. As Republicans brace for the possibility of losing national and state seats in the midterm elections, President Donald Trump has declined to explicitly say he will accept the election results unconditionally. Instead, the president promised to accept the results “if the election was honest,” the Washington Post reported on Oct. 27.
“If the truth is that the next election is threatened and the verdict of the election is unacceptable, that is not an issue on which I will remain silent,” Chenault said, adding, “There is nothing more fundamental to our democracy (and) than preserving and strengthening the fundamental right to vote.”
Research shows that political instability can have a negative impact on a country’s economy. One potential way that the erosion of democracy could harm business: A breakdown in the rule of law could scare away investors looking to deploy capital or start new companies, Princeton University political scientist Rayna Mosley wrote in a July 2023 report published by the nonpartisan Brookings Institution and the Center for State Unity and Democracy.
As CEO of American Express, Chenault spoke out publicly on several political issues that directly affected the company. One of his more notable stances has been his recognition of the need for the financial industry to adapt and embrace additional regulatory oversight, for example after the 2008 financial crisis.
Lately, Mr. Chenault has spoken somewhat frequently about the importance of strong voting rights. In March 2021, he and former Merck CEO Ken Frazier called on corporate leaders to block political efforts to restrict voting access in the United States. In particular, when he took over American Express in 2001, Chenault, one of the first few black CEOs of a Fortune 500 company, spoke out against policies that voting rights groups had criticized as unfairly disenfranchising voters of color.
“Companies have to stand up. There is no middle ground,” Chennault told Squawk Box on March 31, 2021. “This means all Americans have the right to vote, but we need to recognize the special history of denying Black Americans the right to vote, and we will not be silent.”
