Trump says ending two CEO advisory panels: tweet

Mark Cuban

"You had some very bad people in that group, but you also had people that were very fine people, on both sides", Trump said Tuesday in a chaotic press conference.

The CEOs of Tesla, Disney and Uber had already abandoned the groups earlier this year over policy disagreements with Trump. The council is led by two longtime friends of Trump who stand to benefit greatly from their newfound proximity to the White House: Steven Roth, the CEO of Vornado Realty Trust, who co-owned a NY department store with Trump in the 1980s, and Richard LeFrak, a billionaire NY real estate developer. Grandstanders should not have gone on.

The story behind the scenes was complicated. Most of the CEOs had already chose to leave the group, but on the call they came to a collective decision to dissolve and started drafting a public statement. Trump's tweet came shortly after.

The alliance with the White House forged in hopes of overhauling the tax code, cutting regulations and jumpstarting new infrastructure investments had turned into a risk for corporate leaders. "We believe the debate over Forum participation has become a distraction from our well-intentioned and honest desire to aid vital policy discussions on how to improve the lives of everyday Americans".

Manufacturing analysts said more executives could follow in an effort to distance themselves from Trump's lackluster response to hateful rhetoric and actions.

The decision came after a number of executives quit following President Trump's remarks on the deadly violence in Charlottesville, Virginia.

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Leaders of Johnson & Johnson and United Technologies, two members of that group, were still declaring their resignations.

Emphasis mine, because it's utterly fascinating that the CEO of General Electric was willing to tell Trump to fuck off, but the CEO of General Motors was not.

One member of the forum, IBM chief executive Ginni Rometty, said in an email to her staff that "this group can no longer serve the goal for which it was formed".

"I notified members of the council this morning that I could no longer serve on the President's Committee on American Manufacturing", Immelt said in a statement to CNNMoney.

GM and other auto makers have urged the Trump administration to ease the Obama-era regulations, which call for auto makers to sell vehicles that average 54.5 miles per gallon, or about 40 mpg in real-world driving, by 2025.

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