So many CEOs wanted to be seen as doing the right thing, Sonnenfeld, 67, said in a telephone interview. Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in, Major companies including McDonalds, PepsiCo and Coca-Cola are coming under fire as they continue to refuse to take a stand against Russias invasion of Ukraine, Find your bookmarks in your Independent Premium section, under my profile, McDonalds is coming under mounting pressure over its refusal to pull operations out of Russia. Sonnenfelds team continuously updates their list to reflect changes as companies assess their business operations in the country. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Moss for Bloomberg Businessweek. But nothing has drawn as much attention or support from business leaders, media or the public as his inventory of companies that have cut ties with Russia. Join thought-provoking conversations, follow other Independent readers and see their replies. Sonnenfeld, in his interview, said that as one company after another in recent days said they were leaving Russia or suspending business, "it had a snowball effect.". We believe that companies that continue to operate in Russia and invest in Russian assets face significant and growing legal, compliance, operational, human rights and personnel and reputational risks, said DiNapoli. The letter was also sent to other major businesses including beauty giants Estee Lauder Cosmetics and Coty, confectionery giant Mondelez and FMCG company Kimberly-Clark. Talk about rolling in dough --- doughnut stores were a $7.3 billion industry in the United States last year. Even WWE, the wrestling entertainment company, said it would halt operations there. John Durhams final report blasts the FBI for using the so-called Steele dossier, a compilation of unconfirmed claims about Donald Trump and Russia, . Some companies cite humanitarian concerns in continuing business, such as pharmaceutical companies Abbott Labs, AbbVie, AmerisourceBergen, Corporate America makes a $50 billion promise on racial justice. How We Do It: We have a team of experts with backgrounds in financial analysis, economics, accounting, strategy, governance, geopolitics, and Eurasian affairs with collective fluency in ten languages including Russian, Ukrainian, German, French, Italian, Spanish, Chinese, Hindi, Polish and English, compiling this unique dataset using both public sources such as government regulatory filings, tax documents, company statements, financial analyst reports, Bloomberg, FactSet, MSCI, S&P Capital IQ, Thomson Reuters and business media from 166 countries; as well as non-public sources, including a global wiki-style network of 150+ company insiders, whistleblowers and executive contacts. More than 200 companies have stopped operating in Russia. Published Mar 8, 2022 Among executives, board members, analysts and others in the business world in recent days, a whos who list has been floating around, showing which companies have pulled out of Russia amid its attack on Ukraine and which ones have stayed put. Web1. Copyright 2023 MarketWatch, Inc. All rights reserved. Find the best Disney Pride merch here so you can celebrate, too. Yale CELI List of Companies Leaving and Staying in Russia, Yale Chief Executive Leadership Institute. Copyright 2023 Nexstar Media Inc. All rights reserved. The Yale professor who put together a list of major Western companies still operating in Russia applauded multiple major American brands' decisions to pause business in that country over its government's war on Ukraine. halt operations at its Moscow plant on Wednesday. McDonalds did not return a request for comment from The Independent. Sonnenfeld said he received death threats. So that's 10 days of economic history unparalleled in the world," Sonnenfeld said. His next forum will be held in Washington on March 21. More than 500 companies have suspended their business in Russia, and a similar number have withdrawn completely. Inevitably you lose customers, you lose employees, or you anger investors.. Its also elevated a mild-mannered business professor famous in management circles into an unusually influential role in the campaign to bring President Vladmir Putins would-be resurrected Russian Empire to heel. At the same time, our values mean we cannot ignore the needless human suffering unfolding in Ukraine.". New York State Comptroller Thomas DiNapoli issued a letter to mulitple companies, including McDonalds, PepsiCo and cosmetic brand Este Lauder, to reconsider operating their businesses in Russia. Among executives, board members, analysts and others in the business world in recent days, a whos who list has been floating around, 08, 2022. In a statement, the company said it has approximately 1,000 KFC restaurants and 50 Pizza Hut locations in Russia, nearly all of which are operated by independent owners under license or franchise agreements. NEW HAVEN, Conn. (WTNH) In corporate America, a list created by a Yale professor and his team is known simply as the List.. The Georgia bill had already been signed into law. They compiled a list of Western companies, grading them based on how much they pulled operations out of Russia, and now CEOs are trying their best to avoid an F when it comes to business there. For now, at least. Vivek Ramaswamy, an entrepreneur and author of Woke, Inc., sees companies cynically weighing in on whatever is most politically convenient to accomplish their power aggregating goal, be it voting rights, Black Lives Matter, climate change or Ukraine. Seaweed mixing with plastics could provide fertile ground for Video shows several sharks feeding on dolphin off California coast. Supermarket chains Fozzy Group and Varus also joined in the boycott. Production halted at AvtoVAZ factory making Russias iconic. Executives from three of the leading A.I. Estee Lauder finally announced on Monday that it was closing all company-owned stores in Russia and was halting shipments of its products to the country in response to criticism. But Russians are still getting their fill of American fare like burgers and pizza, as Hard Rock Cafe and Sbarro are among the more than two dozen U.S. corporations "They were trying to find the right thing in a very complex geopolitical and cultural situation with loyalty and compassion for large local workforces.". We also are working to ensure continued supply of our medicines in Ukraine.. They literally did it a day late and a dollar short, said Malia Lazu, an entrepreneur and former bank executive who teaches at MIT Sloan School of Management. A database kept by Yale University shows According to the list, BASF, a German chemical company, said it would "suspend new Russian relationships," while other companies including Apple and Chanel have closed stores or cut off supply chains. And with Russian state media echoing Putins framing of the war as a special military operation, Sonnenfeld added, the corporate pullouts provide a tangible message that the attack isnt just some little military operation.. Want to bookmark your favourite articles and stories to read or reference later? DiNapoli banned any new investments in Russian companies on behalf of the states Common Retirement Fund and mandated a review of the funds investments to determine if any financial risks warrant a disinvestment. Mr Sonnenfeld told The Washington Post that such companies are misguided if they think they are helping their Russian employees by staying put. Updated By: Jeffrey Sonnenfeld and Yale Research Team: Meena Ambati, Wiktor Babinski, Will Berkley, Ahaan Bhansali, Yash Bhansali, Forrest Michael Bomann, For some brands there isnt a clear and immediate path to cut off business in Russia, like for Yum! Yale has found that 229 companies, including well-known brands like Italy's Benetton and France's Lacoste, keep "business as usual" inside the country, while an additional 175 The spreadsheet, compiled by Yale professor Jeffrey Sonnenfeld and his research team, has become a naughty-or-nice list of sorts, with CEOs trying their best to avoid being placed on the roster of Companies That Remain in Russia With Significant Exposure., Sonnenfeld, who founded the nonprofit Chief Executive Leadership Institute, said he has fielded calls from CEOs asking "why we didn't have them on the right list, and what they needed to do to either clarify or actually take a more strong stance.". At the same time, more than 200 companies have withdrawn from Russia, including Apple, Airbnb, Disney, General Motors, IKEA and Netflix. We had a list of people who truly curtailed operations in some form in Russia and those who are still going the regular old way and digging in, said Jeffrey Sonnenfeld, a senior associate dean at the Yale School of Management. Free doughnuts? Since then, Sonnenfeld has convened chief executives, virtually for the past two years, to take a stand. National Donut Day deals from Dunkin, Krispy Kreme and other doughnut shops. Three major U.S. companies that were working with Russia as usual last week McDonalds, Starbucks and Coca-Cola all suspended business amid mounting "This is why these companies, given that heritage, were confused on what to do," in light of the Ukraine invasion, Sonnenfeld said. The return-to-office wars could end in a stalemate as we all reach the same conclusion about what the flexible future Getting rich is surprisingly simple if you follow a 3-step strategy, says an expert on self-made wealth, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Sonnenfeld predicted that the actions by Western companies "absolutely will have an effect" on Russia. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. 2022 by Yale Chief Executive Leadership Institute. Hungover? Offers may be subject to change without notice. Beware the June Swoon for stocks as AI-ebullience leaves tech overbought. Got a confidential news tip? The face of the operation is Sonnenfeld himself, who has garnered headlines in "We have a history of seeing the value of business leaders affirming the truth and taking a stand," he said. "These are some of the strongest representing foundational American values," he said of the four companies, which announced their suspensions of business Tuesday. On Monday, it announced it would close all of the stores it owned there and stop shipping products to the country. At another Sonnenfeld meeting, held over Zoom last April, two Black executives, Frazier and Ken Chenault, former chief executive of American Express, launched their drive to get fellow CEOs to sign onto a letter opposing restrictive voting rights bills being considered in dozens of states. Its premium service is no longer available in Russia either, according to its website Friday. 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In a meeting days after George Floyd was murdered by Minneapolis police in 2020, Kenneth Frazier, then chief executive of pharmaceutical giant Merck, spoke personally about how Floyd could easily have been him had somebody not invested in him. They shut down and they moved it elsewhere. A representative for McDonald's did not immediately respond to a request for comment about its operations in Russia. 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