A History of CEOs in Politics

As Herman Cain’s campaign to be the GOP nominee for President of the United States gains traction, the question is once again in the limelight: Why would someone choose political life over wealth and privacy? Is it prestige? What about power? Regardless of the motive, businessmen and -women are tossing their hats into the ring with greater frequency.

“Public service is a calling like any other calling,” says Costas Panagopoulus, a political science professor at Fordham University and editor of Campaigns & Elections Magizines. “Business people feel they have a great deal to offer, particularly entrepreneurs and those who have managed people or created jobs. It’s no surprise that when people feel they’ve achieved what they’re going to achieve in business, they often do become interested in serving in elected office.”

These captains of industry run for public office for a variety of reasons. Sure, of course, many are merely seeking power and influence beyond the boundaries of the conference room, but they certainly aren’t running for office because of the benefits or money. So why on God’s green Earth would someone leave the boardroom for the intrusive inquiries and media harassment of running for public office? Maybe, just maybe, they elect to run for office simply because they honestly believe they can do a better job than the guy currently sitting in that cushy leather high-back chair.

Many businessmen and -women have tossed their names in the hat over the years. Here’s a brief breakdown about their campaign’s successes or failures serves as a bipartisan reminder and by no means endorses a particular party or candidate:

Gubernatorial races
In Nov. 2010, Floridians elected Republican Rick Scott as their 45th governor. Prior to entering the race, Scott managed Columbia Hospital Corporation, a healthcare company he and his wife founded, and spent an estimated $75 million of his own money to win the gubernatorial race over Democrat Alex Sink.

In California, former eBay CEO Meg Whitman (R) unsuccessfully ran in the 2010 gubernatorial race. Whitman outspent her opponent, Jerry Brown, 6 to 1. By some estimates, Whitman spent $138 million of her personal fortune on her losing bid. Despite her deep pockets, Whitman understandably lost the race — according to the San Francisco Chronicle, California Dems “hold a 2.3 million-voter advantage over Republicans in the state.”

Congressional seat
Former Hewlett-Packard CEO Carly Fiorina made a bid for a California U.S. Senate seat. The first-time politician lost to incumbent Democratic Senator Barbara Boxer. The race drew both national attention and campaign dollars. Boxer was seen as vulnerable and beatable due to President Obama being seen as a liability for incumbent Dems at the time.

Other notable former CEOs in politics

Now enjoying his third term, Michael Bloomberg, mayor of New York City, left the Bloomberg boardroom for public service in 2001. Bloomberg is widely known for his philanthropic endeavors and staunch posture on crime.

Bob Donahue, an Arizona businessman, has made several attempts at public service. One year his platform was to reform the tax code, making it more business-friendly. Donahue sold his industrial equipment business and now owns Carefree Assisted Living Center in Cottonwood, AZ.

Read more from this contributor:

“Quick-hit Reaction: ‘CliffsNotes’ of the New Hampshire GOP Debate”
“October (A Haiku)”

Sources:
Amanda Paulson, “Florida governor election results: Republican Rick Scott prevails in tight race,” Christian Science Monitor
MikeBloomberg.com, “Mike Bloomberg – the 108th Mayor of New York City”
Florida Governor Rick Scott -” Meet Rick Scott”
Geoff Williams, “Why Do CEOs Go Into Politics?”, AOL Small Business
AZDailySun.com, “Running for Arizona Senate”
SFGATE.Com, “Carly Fiorina — former HP CEO and candidate for CA Senator”
SFGATE.Com, “Meg Whitman — former CEO of eBay and candidate for CA governor”


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