EXCLUSIVE: Former McDonald’s CEO to fight woke corporate politics
Elevated job openings amid labor shortage will lead to ‘catastrophe’: Ed Rensi
Former McDonald’s USA CEO Ed Rensi warns Americans are feeling the labor shortage ‘big time’ amid a confluence of events, calling it a ‘nightmare.’
Ed Rensi, the former CEO of McDonald's US and current chairman of FAT Brands, has become the new face against "woke" corporate politics.
FOX Business has learned that Rensi, 78, is partnering with a team of advocacy groups to launch The Boardroom Initiative, a coalition with a mission to push back against U.S. corporations whose boardrooms are becoming too political.
Rensi will serve as executive chairman of the initiative that comprises conservative advocacy group The Job Creators Network founded by Home Depot co-founder Bernie Marcus along with two other conservative advocacy groups, The Free Enterprise Group and Second Vote. Their stated goal: to defend shareholders and employees of public companies from "woke" policies and ensure corporate accountability.
"Corporations have no business being on the right or the left because they represent everybody there and their sole job is to build equity for their investors," Rensi told FOX Business.
THE HOME DEPOT INC.
Rensi, who served as McDonald's US president and CEO from 1991-1997 and is credited with the development of the brand's iconic chicken McNuggets, told FOX Business he doesn't consider himself to be politically active, but wants to act in the best interest of shareholders who he believes are being negatively affected by progressive policies that infiltrate everyday life in corporate America. In addition to serving on the McDonald's board, he has also served on the boards of Famous Dave’s Bar-B-Que, Great Wolf Resorts and Snap-on Inc.
The Boardroom Initiative is among a growing number of advocacy groups that have sprung up in recent years in response to more progressive policies adopted by corporate boardrooms at companies like money management giant BlackRock, which is heavily involved in ESG investing, which conservatives deem to be a "woke" practice.
ESG, which stands for Environmental Social Governance, describes a concept used by investors to measure a company's advancement of policies designed to address climate change, increase board diversity and support social justice measures. Conservatives say such politicization has no place in a corporate boardroom and is best sorted out at the ballot box.