Among executives, board members, analysts and others in the business world in recent days, a “who’s 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.
The spreadsheet, compiled by Yale University 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.”
On top of skyrocketing inflation and a plummeting ruble, Russians have been left with a dwindling marketplace: Prada stores have shuttered, TikTok has suspended operations in their country, and car companies including Rolls-Royce, Toyota and Volkswagen have stopped shipping vehicles to Russia. Even WWE, the wrestling entertainment company, said it would halt operations there.
The gutting of the Russian economy has shattered the image that President Vladimir Putin had created, portraying himself as an all-powerful leader with things under control, Sonnenfeld said in a phone interview Monday with The Washington Post. [Continue reading…]