‘Shell-shocked’ CEOs may break silence on Trump as Iran war drags on

• In today’s CEO Daily: Diane Brady covers the increasing frustration among CEOs with the Trump administration.
• The big leadership story: A significant workplace ‘design gap’ threatens to hinder productivity improvements.
• The markets: Showing mixed performance worldwide as the conflict with Iran reaches its fifth week.
• Plus: All the latest news and office gossip from .

(SeaPRwire) –   Good morning. Could a recession triggered by war prompt CEOs to publicly criticize the Trump administration? Economists such as Moody’s Mark Zandi now assess the likelihood of a recession as high. It is known that a majority of U.S. CEOs disapprove of Trump’s leadership, spanning his administration’s stance on tariffs and immigration to its handling of science, free speech, and the rule of law.

Although corporate leaders likely did not desire the U.S. to initiate a war with Iran at this time, opinions are split on when it should conclude. At last week’s CERAWeek conference in Houston, energy executives including Dow’s Jim Fitterling and Chevron’s Mike Wirth cautioned of severe repercussions if the Strait of Hormuz is not reopened to maritime traffic promptly. Conversely, JPMorgan’s Jamie Dimon suggested the conflict might offer a “better chance” for lasting Middle Eastern peace, while BlackRock’s Larry Fink forecasted the war could lead either to economic prosperity or a worldwide recession—with little room for a middle outcome.

What is evident is that currently, no side is emerging victorious from the war. Oil prices have surged over 50%, compelling Asia to seek other sources. Russia is not benefiting significantly, due to its own war in Ukraine. The conflict is costing U.S. taxpayers approximately $1 billion daily, a figure that excludes the 10,000 jobs already lost from the economic fallout. The highest cost, of course, has been borne by people: over 3,000 killed and more than 4.2 million displaced, according to U.N. figures.

Eventually, the situation may become impossible to overlook. I observed few prominent business figures among the roughly 8 million people who attended the 3,300 anti-Trump “No Kings” protests on Saturday. However, I am noticing increasing unease: Chubb CEO Evan Greenberg told me last week that “democracy is so fragile,” Citadel’s Ken Griffin shared that he and fellow CEOs find the current government’s preferential treatment “extremely distasteful,” and over 60 CEOs, including heads of 3M, Best Buy, Cargill, General Mills, Land O’Lakes, Target, Xcel Energy, and UnitedHealth Group, endorsed a protest letter against ICE operations in Minnesota. One CEO recently admitted to being “shell-shocked” by the administration’s policies but feels a fiduciary responsibility to avoid endangering their company by speaking out. Should the war begin to severely affect share prices and corporate earnings, that stance may shift.

Contact CEO Daily via Diane Brady at diane.brady@.com