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Trump creates business advisory council stacked with CEOs

12/02/2016 | 02:59pm EST
Wal-Mart CEO Doug McMillon addresses a business leader panel discussion as part of the U.S.-Africa Business Forum in Washington

WASHINGTON (Reuters) - President-elect Donald Trump announced the formation of a council to advise him on job creation, a group comprised of the leaders of a variety of major U.S. corporations including GE, GM, Boeing, Disney and IBM.

Stephen Schwarzman, chief executive officer of major investment firm Blackstone Group LP (>> Blackstone Group LP), will chair the council.

“My administration is committed to drawing on private sector expertise and cutting the government red tape that is holding back our businesses from hiring, innovating, and expanding right here in America,” Trump said in a statement announcing the formation of the council.

Trump called Schwarzman earlier this week to ask for his help in chairing the council, according to a source familiar with the discussions who was not authorized to speak publicly on the arrangements. The two men, who are not friends and have not done business together before, drafted a list of CEOs to ask to participate in the forum, and then Schwarzman asked each individual to participate.

The forum could meet as frequently as monthly, the source said.

Trump has said that his top priorities will include cutting regulations that affect business and lowering the corporate tax rate, positions business leaders have cheered.

Presidents often convene councils of business leaders. President Barack Obama frequently met with the CEOs of large companies and often spoke before the Business Roundtable, comprised of CEOs of big corporations.

In 2011, Obama convened a jobs council that was led by General Electric Co (>> General Electric Company) CEO Jeff Immelt and an export council headed by Xerox Corp (>> Xerox Corp) CEO Ursula Burns.

Obama and business leaders worked on trade, technology and immigration efforts.

Some members of Trump's council also served in advisory roles with Obama, including Bob Iger, the CEO of Walt Disney Co (>> Walt Disney Co); Jim McNerney, former CEO of Boeing Co (>> Boeing Co) ; and Ginni Rometty, CEO of International Business Machines Corp (>> International Business Machines Corp.). All three served on Obama's export council and will continuing advising the next administration.

Noticeably absent from the council are heads of leading U.S. technology companies such as Google's parent Alphabet Inc (>> Alphabet Inc), Apple Inc (>> Apple Inc.) and Facebook Inc (>> Facebook Inc). Trump's transition team has been slow to establish a group to address cyber security and other technology issues.

The council could still add leaders from technology companies, a source familiar with the formation of the group said.

The members of Trump's council include:

* Stephen A. Schwarzman (Forum Chairman), chairman, CEO, andco-founder of Blackstone; * Paul Atkins, CEO, Patomak Global Partners, LLC, formercommissioner of the Securities and Exchange Commission * Mary Barra, chairman and CEO, General Motors Co (>> General Motors Company) * Toby Cosgrove, CEO, Cleveland Clinic * Jamie Dimon, chairman and CEO, JPMorgan Chase & Co (>> JPMorgan Chase & Co.) * Larry Fink, chairman and CEO, BlackRock Inc (>> BlackRock, Inc.) * Bob Iger, chairman and CEO, The Walt Disney Co * Rich Lesser, president and CEO, Boston Consulting Group * Doug McMillon, president and CEO, Wal-Mart Stores Inc (>> Wal-Mart Stores, Inc.) * Jim McNerney, former chairman, president, and CEO, Boeing * Adebayo “Bayo” Ogunlesi, chairman and managing partner,Global Infrastructure Partners * Ginni Rometty, chairman, president, and CEO, IBM * Kevin Warsh, Shepard Family distinguished visiting fellowin economics, Hoover Institute, former member of the Board ofGovernors of the Federal Reserve System * Mark Weinberger, global chairman and CEO, EY * Jack Welch, former chairman and CEO, General Electric * Daniel Yergin, Pulitzer Prize winner, vice chairman of IHSMarkit Ltd (>> IHS Markit Ltd)

(Additional reporting by Gui Qing Koh and Gregory Roumeliotis; Editing by David Gregorio and Jonathan Oatis)

By Ginger Gibson and Roberta Rampton

© Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.19% 1727.62 Delayed Quote.-1.43%
APPLE INC. -1.37% 127.14 Delayed Quote.-2.85%
BLACKROCK, INC. -2.12% 727.76 Delayed Quote.0.86%
BLACKSTONE / GSO LOAN FINANCING LIMITED 3.08% 0.67 Delayed Quote.0.00%
FACEBOOK INC 2.33% 251.36 Delayed Quote.-7.98%
GENERAL ELECTRIC COMPANY -2.83% 11.33 Delayed Quote.4.91%
GENERAL MOTORS COMPANY -3.03% 49.97 Delayed Quote.20.00%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
TEAM, INC. -7.86% 10.9 Delayed Quote.0.00%
THE BOEING COMPANY -2.66% 204.32 Delayed Quote.-1.94%
THE WALT DISNEY COMPANY -1.15% 171.44 Delayed Quote.-5.38%
WALMART INC. -1.59% 144.64 Delayed Quote.0.34%
XEROX HOLDINGS CORPORATION -2.39% 22.49 Delayed Quote.-0.65%
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Capitalization 2 139 B 2 139 B -
EV / Sales 2021 6,48x
EV / Sales 2022 6,11x
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Technical analysis trends APPLE INC.
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Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Independent Chairman
Jeffrey E. Williams Chief Operating Officer
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