Dozens of CEOs and other senior leaders gathered at Zoom this weekend to discuss what several said big business should do next about the new voting laws in Texas and other states.
Former American Express Co. CEO Kenneth Chenault and Merck & Co. CEO Kenneth Frazier, according to several people who attended, urged the leaders to jointly call for greater voting rights. Messrs. Chenault and Frazier have warned businesses to drop the issue and asked CEOs to sign a statement they see as discriminatory legislation on the vote.
The new statement may come early in the week, people said, and will build on one signed by 72 black executives last month following changes in Georgia’s voting laws. Mr. Chenault said on call to executives that several leaders had indicated they would sign up, including executives from PepsiCo Inc., PayPal Holdings Inc., T. Rowe Price Group Inc. and Hess Corp. PayPal has confirmed that it has signed the statement. PepsiCo, T. Rowe Price and Hess did not immediately respond to requests for comment.
As more companies and their leaders have spoken out over the issue in recent weeks, their views have angered Republican and federal lawmakers who say companies are misrepresenting the issue and should not act as shadow lawmakers. Meanwhile, activists and others have said the actions taken by leaders are not strong enough. Many CEOs now feel a duty or pressure to make their views explicitly known to employees and others, executive advisers said.
Many companies remain cautious about venturing into politically charged areas. A manager of a Fortune 100 consumer products business said board members, employees and sales leaders are urging leaders to express their opinion, but it could put a big eye on the company.