America’s economic model, which is based on freedom, liberty and other enduring principles of our democracy, has raised standards of living for generations, while promoting competition, consumer choice and innovation. America’s businesses have been a critical engine to its success.
Yet we know that many Americans are struggling. Too often hard work is not rewarded, and not enough is being done for workers to adjust to the rapid pace of change in the economy. If companies fail to recognize that the success of our system is dependent on inclusive long-term growth, many will raise legitimate questions about the role of large employers in our society.
With these concerns in mind, Business Roundtable is modernizing its principles on the role of a corporation.
Since 1978, Business Roundtable has periodically issued Principles of Corporate Governance that include language on the purpose of a corporation. Each version of that document issued since 1997 has stated that corporations exist principally to serve their shareholders. It has become clear that this language on corporate purpose does not accurately describe the ways in which we and our fellow CEOs endeavor every day to create value for all our stakeholders, whose long-term interests are inseparable.
We therefore provide the following Statement on the Purpose of a Corporation, which supersedes previous Business Roundtable statements and more accurately reflects our commitment to a free market economy that serves all Americans. This statement represents only one element of Business Roundtable’s work to ensure more inclusive prosperity, and we are continuing to challenge ourselves to do more.
Just as we are committed to doing our part as corporate CEOs, we call on others to do their part as well. In particular, we urge leading investors to support companies that build long-term value by investing in their employees and communities.
Statement on the Purpose of a Corporation
Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all.
Businesses play a vital role in the economy by creating jobs, fostering innovation and providing essential goods and services. Businesses make and sell consumer products; manufacture equipment and vehicles; support the national defense; grow and produce food; provide health care; generate and deliver energy; and offer financial, communications and other services that underpin economic growth.
While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders. We commit to:
- Delivering value to our customers. We will further the tradition of American companies leading the way in meeting or exceeding customer expectations.
- Investing in our employees. This starts with compensating them fairly and providing important benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We foster diversity and inclusion, dignity and respect.
- Dealing fairly and ethically with our suppliers. We are dedicated to serving as good partners to the other companies, large and small, that help us meet our missions.
- Supporting the communities in which we work. We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses.
- Generating long-term value for shareholders, who provide the capital that allows companies to invest, grow and innovate. We are committed to transparency and effective engagement with shareholders.
Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.
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Kevin J. Wheeler
President & Chief Executive Officer
A. O. Smith Corporation
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Robert Ford
President and Chief Executive Officer
Abbott
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Julie Sweet
Chief Executive Officer Designate
Accenture
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Carlos Rodriguez
President and CEO
ADP
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Mike Burke
Chairman and CEO
AECOM
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Andrés Gluski
President and CEO
The AES Corporation
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Daniel P. Amos
Chairman and CEO
Aflac
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Roger K. Newport
Chief Executive Officer
AK Steel Corporation
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John O. Larsen
Chairman, President & CEO
Alliant Energy
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Lee Styslinger, III
Chairman & CEO
Altec, Inc.
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Jeffrey P. Bezos
Founder and Chief Executive Officer
Amazon
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Doug Parker
Chairman & CEO
American Airlines
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Nicholas K. Akins
Chairman, President and CEO
American Electric Power
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Stephen J. Squeri
Chairman and Chief Executive Officer
American Express
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Thomas Bartlett
President and Chief Executive Officer
American Tower Corporation
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James Cracchiolo
Chairman and Chief Executive Officer
Ameriprise Financial
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Gail Koziara Boudreaux
President and CEO
Anthem, Inc.
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Greg Case
CEO
Aon
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Tim Cook
CEO
Apple
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Eric Foss
Chairman, President & CEO
Aramark
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Alan B. Colberg
President and CEO
Assurant
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John Stankey
Chief Executive Officer
AT&T Inc.
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Randall Stephenson
Chairman and Chief Executive Officer
AT&T Inc.
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John A. Hayes
Chairman, President and CEO
Ball Corporation
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Brian Moynihan
Chairman of the Board and Chief Executive Officer
Bank of America
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José (Joe) E. Almeida
Chairman, President and Chief Executive Officer
Baxter International Inc.
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Philip Blake
President
Bayer USA
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Brendan P. Bechtel
Chairman & CEO
Bechtel Group, Inc.
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Corie Barry
Chief Executive Officer
Best Buy Co., Inc.
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Laurence D. Fink
Chairman and Chief Executive Officer
BlackRock, Inc.
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Todd Gibbons
Chief Executive Officer
BNY Mellon
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Frédéric B. Lissalde
President and Chief Executive Officer
BorgWarner Inc.
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Rich Lesser
CEO
Boston Consulting Group
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Robert Dudley
Group CEO
BP plc
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Bernard Looney
Chief Executive Officer
BP
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Ed Breen
Executive Chair of the Board & CEO
DuPont de Nemours, Inc.
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Giovanni Caforio
Chairman and Chief Executive Officer
Bristol-Myers Squibb
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Bob Biesterfeld
President and Chief Executive Officer
C.H. Robinson Worldwide
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Maurice R. Greenberg
Chairman and CEO
C.V. Starr & Co., Inc.
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Kewsong Lee
Co-Chief Executive Officer
The Carlyle Group
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David Gitlin
President and Chief Executive Officer
Carrier Global Corporation
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D. James Umpleby III
Chairman & CEO
Caterpillar, Inc.
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Robert E. Sulentic
President & CEO
CBRE Group, Inc.
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Michael F. Neidorff
Chairman, President, and CEO
Centene Corporation
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W. Anthony Will
President & Chief Executive Officer
CF Industries
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Michael K. Wirth
Chairman and Chief Executive Officer
Chevron Corporation
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Evan G. Greenberg
Chairman and CEO
Chubb
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Brian Niccol
Chairman and Chief Executive Officer
Chipotle Mexican Grill
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David M. Cordani
President and Chief Executive Officer
Cigna
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Chuck Robbins
Chairman and CEO
Cisco Systems, Inc.
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Michael L. Corbat
Chief Executive Officer
Citigroup, Inc.
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Lourenco Goncalves
Chairman, President and Chief Executive Officer
Cleveland-Cliffs, Inc.
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Hubertus M. Mühlhäuser
Chief Executive Officer
CNH Industrial
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James Quincey
Chairman and Chief Executive Officer
The Coca-Cola Company
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Brian Humphries
Chief Executive Officer
Cognizant
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Brian L. Roberts
Chairman & CEO
Comcast Corporation
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Ryan M. Lance
Chairman & CEO
ConocoPhillips Company
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Wendell P. Weeks
Chairman, Chief Executive Officer, & President
Corning Incorporated
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James C. Collins, Jr.
Chief Executive Officer
Corteva Agriscience
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Tom Linebarger
Chairman and CEO
Cummins Inc.
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Brett White
Executive Chairman & CEO
Cushman & Wakefield
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Larry Merlo
President & CEO
CVS Health
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Hal Yoh
Chairman and Chief Executive Officer
Day & Zimmermann
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John May
Chief Executive Officer
Deere & Company
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Michael S. Dell
Chairman and CEO
Dell Technologies
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Punit Renjen
Chief Executive Officer
Deloitte
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Ed Bastian
Chief Executive Officer
Delta Air Lines, Inc.
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Bob Chapek
Chief Executive Officer
The Walt Disney Company
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Jim Fitterling
Chief Executive Officer
Dow
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Lynn Good
Chairman, President & CEO
Duke Energy
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Mike Salvino
President and Chief Executive Officer
DXC Technology
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JM Lawrie
Chairman, President and CEO
DXC Technology
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Mark J. Costa
Chairman and CEO
Eastman Chemical Company
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Craig Arnold
Chairman and CEO
EATON
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Pedro J. Pizarro
President & CEO
Edison International
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David A. Ricks
Chairman and Chief Executive Officer
Eli Lilly and Company
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Christopher M. Crane
President and Chief Executive Officer
Exelon Corporation
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Darren W. Woods
Chairman and CEO
Exxon Mobil Corporation
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Carmine Di Sibio
Global Chairman & CEO
EY
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Frederick W. Smith
Chairman & CEO
FedEx Corporation
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Gary Norcross
Chairman, President & CEO
FIS
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Revathi Advaithi
Chief Executive Officer
Flex
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Carlos M. Hernandez
Chief Executive Officer
Fluor Corporation
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James P. Hackett
President and CEO
Ford Motor Company
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James "Jim" D. Farley, Jr.
President and Chief Executive Officer
Ford Motor Company
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Lachlan K. Murdoch
Executive Chairman & CEO
Fox Corporation
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Richard C. Adkerson
Vice Chairman, President and Chief Executive Officer
Freeport-McMoRan Inc.
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Sonia Syngal
Chief Executive Officer
Gap Inc.
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Phebe Novakovic
Chairman and CEO
General Dynamics Corporation
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Mary Barra
Chairman & CEO
General Motors Company
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David M. Solomon
Chairman and Chief Executive Officer
The Goldman Sachs Group, Inc.
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Bradley J. Preber
Interim CEO
Grant Thornton LLP
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Deanna M. Mulligan
President and CEO
Guardian Life Insurance Company of America
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Gerald W. Evans
Chief Executive Officer
Hanesbrands Inc.
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Stephen B. Bratspies
Chief Executive Officer
Hanesbrands Inc.
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Dinesh C. Paliwal
President and Chief Executive Officer
HARMAN International
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Steven R. Swartz
President & Chief Executive Officer
HEARST Corporation
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Craig Menear
Chairman, CEO and President
The Home Depot
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Darius Adamczyk
Chairman and CEO
Honeywell
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Enrique Lores
President and CEO
HP Inc.
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Bruce Broussard
President and CEO
Humana Inc.
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Mike Petters
President and Chief Executive Officer
Huntington Ingalls Industries
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Arvind Krishna
Chief Executive Officer
IBM Corporation
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Ginni Rometty
Chairman, President and CEO
IBM Corporation
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Charles Phillips
Chief Executive Officer
Infor
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Robert H. Swan
Chief Executive Officer
Intel Corporation
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Mark S. Sutton
Chairman and CEO
International Paper Co.
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Michael I. Roth
Chairman and Chief Executive Officer
Interpublic Group
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Linda H. Apsey
President & CEO
ITC Holdings Corp.
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Steve Demetriou
Chair and CEO
Jacobs
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Samuel R. Allen
Chairman and CEO
John Deere
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Alex Gorsky
Chairman of the Board and Chief Executive Officer
Johnson & Johnson
-
Michael Hsu
Chairman of the Board and Chief Executive Officer
Kimberly-Clark
-
George R. Oliver
Chairman and CEO
Johnson Controls
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Jamie Dimon
Chairman and CEO
JPMorgan Chase & Co.
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Beth E. Mooney
Chairman and Chief Executive Officer
KeyCorp
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Christopher M. Gorman
Chairman, Chief Executive Officer, and President
KeyCorp
-
Bruce E. Grewcock
CEO and Chairman of the Board
Kiewit Corporation
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Bill Thomas
Global Chairman and CEO
KPMG LLP
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Lynne M. Doughtie
Chairman and Chief Executive Officer
KPMG LLP
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William M. Brown
Chairman & Chief Executive Officer
L3Harris Technologies, Inc.
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Beth E. Ford
President and CEO
Land O'Lakes, Inc.
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Roger A. Krone
Chairman and Chief Executive Officer
Leidos
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Stuart Miller
Executive Chairman
Lennar Corporation
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James D. Taiclet
President and Chief Executive Officer
Lockheed Martin Corporation
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Marillyn A. Hewson
Chairman, President and Chief Executive Officer
Lockheed Martin Corporation
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Bhavesh V. (Bob) Patel
Chief Executive Officer
LyondellBasell Industries
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Jeff Gennette
Chairman & Chief Executive Officer
Macy's, Inc.
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Mark Trudeau
President and Chief Executive Officer
Mallinckrodt Pharmaceuticals
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Lee M. Tillman
Chairman, President and CEO
Marathon Oil Corporation
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Gary R. Heminger
Chairman and CEO
Marathon Petroleum Corporation
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Arne M. Sorenson
President and Chief Executive Officer
Marriott International, Inc.
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Roger W. Crandall
Chairman, President & CEO
MassMutual
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Ajay Banga
President & CEO
Mastercard
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Ynon Kreiz
Chairman and Chief Executive Officer
Mattel, Inc.
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Lawrence E. Kurzius
Chairman, President and CEO
McCormick and Company, Inc.
-
Brian Tyler
Chief Executive Officer
McKesson Corporation
-
Michael J. Hennigan
President and CEO
Marathon Petrolem Corporation
-
Kevin Sneader
Global Managing Partner
McKinsey & Company
-
Geoffrey S. Martha
Chief Executive Officer
Medtronic, Inc.
-
Omar Ishrak
Chairman & CEO
Medtronic plc
-
Michel Khalaf
President and Chief Executive Officer
MetLife
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Sanjay Mehrotra
President & CEO
Micron Technology
-
Satya Nadella
Chief Executive Officer
Microsoft Corporation
-
Ken Moelis
Chairman and CEO
Moelis & Company
-
Raymond McDaniel, Jr.
President and Chief Executive Officer
Moody's
-
James P. Gorman
Chairman and CEO
Morgan Stanley
-
Greg Brown
Chairman & CEO
Motorola Solutions
-
Adena T. Friedman
President and CEO
Nasdaq
-
Thomas C. Nelson
Chairman, President & CEO
National Gypsum Company
-
Ted Mathas
Chairman, President and CEO
New York Life Insurance Co.
-
David L. Stover
Chairman and CEO
Noble Energy, Inc.
-
Kathy Warden
Chairman, Chief Executive Officer and President
Northrop Grumman Corporation
-
Steve Fisher
President and CEO
Novelis
-
Mauricio Gutierrez
President and CEO
NRG Energy, Inc.
-
Safra Catz
CEO
Oracle
-
Brian Chambers
President and Chief Executive Officer
Owens Corning
-
Dan Schulman
President and Chief Executive Officer
PayPal, Inc.
-
Ramon Laguarta
Chief Executive Officer
PepsiCo
-
Dr. Albert Bourla
Chief Executive Officer
Pfizer Inc.
-
Greg C. Garland
Chairman and CEO
Phillips 66
-
Marc B. Lautenbach
President and Chief Executive Officer
Pitney Bowes
-
Daniel J. Houston
Chairman, President and CEO
Principal
-
David S. Taylor
Chairman of the Board, President and Chief Executive Officer
The Procter & Gamble Company
-
Tricia Griffith
President & CEO
Progressive Corporation
-
Bob Moritz
Chairman
PwC
-
Steve Mollenkopf
Chief Executive Officer
Qualcomm Incorporated
-
Earl C. Austin, Jr.
President and Chief Executive Officer
Quanta Services
-
Gregory J. Hayes
Chief Executive Officer
Raytheon Technologies Corporation
-
Thomas A. Kennedy
Chairman and CEO
Raytheon Company
-
Blake D. Moret
Chairman and Chief Executive Officer
Rockwell Automation
-
Douglas L. Peterson
President and CEO
S&P Global
-
Keith Block
Co-CEO
Salesforce
-
Marc Benioff
Chair & Chief Executive Officer
Salesforce
-
Christian Klein
Chief Executive Officer
SAP
-
Bill McDermott
Chief Executive Officer
SAP
-
Jim Goodnight
CEO
SAS Institute
-
Tamara L. Lundgren
President and Chief Executive Officer
Schnitzer Steel Industries, Inc.
-
Jeffrey W. Martin
Chairman & CEO
Sempra Energy
-
Lisa Davis
CEO
Siemens Corporation USA
-
Egon Durban
Managing Partner and Managing Director
Silver Lake
-
Stewart Butterfield
Co-Founder and Chief Executive Officer
Slack Technologies, Inc.
-
Thomas A. Fanning
Chairman, President and CEO
Southern Company
-
James M. Loree
President & Chief Executive Officer
Stanley Black & Decker
-
Michael L. Tipsord
Chairman, President & Chief Executive Officer
State Farm
-
James P. Keane
President and CEO
Steelcase Inc.
-
Kevin Lobo
Chairman & CEO
Stryker
-
John F. Fish
Chairman and Chief Executive Officer
Suffolk
-
Margaret Keane
Chief Executive Officer and member of the Board of Directors
Synchrony
-
Brian Cornell
Chairman & CEO
Target
-
Russell K. Girling
President and Chief Executive Officer
TC Energy
-
LeRoy T. Carlson, Jr.
CEO
Telephone & Data Systems, Inc.
-
Richard K. Templeton
Chairman, President & Chief Executive Officer
Texas Instruments Incorporated
-
Marc N. Casper
Chairman, President and Chief Executive Officer
Thermo Fisher Scientific
-
Rob Speyer
President & CEO
Tishman Speyer
-
Hal Lawton
President and Chief Executive Officer
Tractor Supply Company
-
Alan D. Schnitzer
Chairman and Chief Executive Officer
The Travelers Companies Inc.
-
M. Troy Woods
Chairman, President & CEO
TSYS
-
Peter J. Davoren
President & CEO
Turner Construction Co.
-
Lance M. Fritz
Chairman, President & CEO
Union Pacific
-
Scott Kirby
Chief Executive Officer
United Airlines
-
Oscar Munoz
Chief Executive Officer
United Airlines
-
Gregory J. Hayes
Chairman & CEO
United Technologies Corporation
-
Carol Tomé
Chief Executive Officer
UPS
-
David Abney
Chairman and Chief Executive Officer
UPS
-
Stuart Parker
CEO
USAA
-
Wayne Peacock
President and Chief Executive Officer
USAA
-
Mortimer J. Buckley
President and Chief Executive Officer
Vanguard
-
Scott G. Stephenson
Chairman, President and Chief Executive Officer
Verisk Analytics
-
Alfred F. Kelly Jr.
Chairman and Chief Executive Officer
Visa Inc.
-
Robert F. Smith
Founder, Chairman & CEO
Vista Equity Partners
-
Curt Morgan
President and CEO
Vistra Energy
-
Stefano Pessina
Executive Vice Chairman and CEO
Walgreens Boots Alliance
-
Doug McMillon
President and CEO
Walmart, Inc.
-
Charles W. Scharf
CEO & President
Wells Fargo
-
John J. Engel
Chairman, President and CEO
WESCO International, Inc.
-
John F. Barrett
Chairman, President & CEO
Western & Southern Financial Group
-
Hikmet Ersek
CEO
Western Union
-
Marc Bitzer
Chairman and Chief Executive Officer
Whirlpool Corporation
-
Alan S. Armstrong
President and Chief Executive Officer
The Williams Companies, Inc.
-
Abidali Z. Neemuchwala
CEO & Managing Director
Wipro Limited
-
Aneel Bhusri
Co-Founder & CEO
Workday, Inc.
-
Michael J. Kasbar
Chairman, President and CEO
World Fuel Services Corporation
-
Jim Kavanaugh
CEO
World Wide Technology
-
John Visentin
Vice Chairman and Chief Executive Officer
Xerox Corporation
-
Patrick Decker
President and CEO
Xylem Inc.
-
Anders Gustafsson
Chief Executive Officer
Zebra Technologies Corporation
-
Kristin Peck
Chief Executive Officer
Zoetis Inc.
-
Michael Roman
Chairman of the Board and Chief Executive Officer
3M