Americans Are Done With CEO Activism, Stanford Survey Finds

Only 55% of Americans now think CEOs of large corporations should advocate on social and political issues, down from 65% in 2018, according to a new nationwide Stanford University School of Business survey of 2,800 Americans. The 10-point drop signals a broad public retreat from the era when corporate leaders were expected to sound off on everything from gun control to racial diversity.

A few years ago, the calculus looked different. Tesla CEO Elon Musk famously attacked DEI efforts. Levi's former CEO spoke out about curbing gun violence. Starbucks' founder once encouraged customers to ask baristas about race relations. Today, many Americans across the political spectrum have grown tired of that discourse — and chief executives, bruised from culture-war battles and attacks by activists, are likely relieved to step down from their soapboxes.

Stanford professor David Larcker, an author of the report, attributes the pullback to simple fatigue with politics seeping into every corner of American life. "How much lecturing can people take?" he said. "'I don't want to hear it' is how many people feel now."

The commercial risks of speaking up have grown sharper. More than 60% of people Stanford surveyed conceded they have reduced or halted spending on products in the past when they disagreed with a company's position — twice the rate recorded in 2018. Target and Anheuser-Busch both faced consumer boycotts after taking social stands.

Staying quiet offers no guarantee of safety either. Cracker Barrel's rebranding last year contained nothing overtly political, yet it still sparked an online firestorm. Even companies that keep their heads down can get dragged into the culture wars.

One cohort remains notably open to corporate commentary: Gen Z. Some 70% of Gen Z respondents want CEOs to take positions on social, political, and environmental debates. Baby boomers are the Americans least interested in hearing CEOs' political takes.

Even so, Gen Z's expectations look similar to those of older respondents in one respect. The generation is especially interested in hearing CEOs' perspectives on issues at least tangentially related to running a business — clean air and water, the environment, sustainability, and AI.

"The world is in turmoil now, and [Gen Z] wants to know how CEOs view these things," Larcker says.

When CEOs do speak, Americans across age groups want the commentary tied to the business, not the ballot box. The lesson for executives tempted to weigh in: know your audience, know your business, and know when to sit down.