CEOs shouldn’t fear Trump: Ex-Medtronic chief George

Although the administration’s promises for lower taxes, fewer regulations and improved infrastructure would be a boon to business, CEOs are leery of other pledges to impose large tariffs for imported products and decimate the immigrant labor pool. Former Medtronic (NYSE:MDT) CEO William George, writing for CNBC, said the corner office should proceed as planned in the face of Trumpian uncertainty.

“Business leaders have a responsibility to step up to the challenges presented by Trump’s administration and lend their voices to shape a better country. By building their businesses for the long-term, they will strengthen the economy and the nation,” wrote George, who led Medtronic from 1991 to 2001 and is now a senior fellow at Harvard Business School. “Given the chaos in Washington, how should business executives lead in the Trump era? Will they have the courage to step up to these new challenges? My advice is to stay focused on their business, while not letting the president’s machinations throw them off course and speaking out whenever required.”

The former chief executive went on to offer a 5-step plan for weathering the next 4 years. First, George wrote, CEOs should stay focused on their mission.

“Do not deviate from the core principles that define your company for fear of retaliation from the Trump administration. Staying on track will deepen the loyalty of customers and employees – the people who matter most,” he wrote.

Second, George wrote, is to emphasize strengths.

“Develop a clear vision of how your company will win by strengthening unique differentiators setting you apart from competitors, and leveraging these strengths to gain competitive advantage,” he wrote.

Thirdly, although you may need to adapt your tactics to the times, your basic strategy shouldn’t change.

“Continue with strategies established before Trump took office, but rapidly adapt tactics to this era of extreme volatility. Encourage employees to stay agile and think creatively about different ways of achieving their goals, despite roadblocks they face,” George advised.

On the 4th point, globalization, the ex-CEO said to stay the course.

“Globalization is a reality that will continue despite the administration’s recent efforts to halt it. An ‘America First’ mentality limits your growth potential, so continue to build your global business without backing away from expanding overseas. Embrace globalization by targeting new foreign markets, hiring diverse employees, and building overseas operations. At Medtronic we hired 3 Americans for every job created overseas as the company expanded from 4,000 employees in 1989 to 85,000 today,” George wrote.

Finally, he said, help prepare for the future by advocating for workforce training programs.

“Speak out publicly to encourage Trump to address the real jobs issue: The skills gap created by the lack of lifelong training and education. Prepare your workforce for jobs of the future instead of protecting antiquated jobs,” George counseled.

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