Democrats Who Led Businesses Notch Wins

BY CHIP CUTTER

An unusual force helped fuel this week’s historic Blue midterm wave: Democratic candidates with serious business credentials.

Across the U.S., candidates with experience running major companies—or working inside them—seemingly broke a curse that has sometimes plagued executives seeking office as Democrats or Independents. The most notable was Helena Buonanno Foulkes, a Costco board member and former retail CEO, who won her race to become the next governor of Rhode Island.

She had plenty of company. In Pennsylvania’s eighth district, Scranton Mayor Paige Cognetti—a Goldman Sachs alum with a Harvard M.B.A.— flipped a Republican-held House seat. Former healthcare executive Rebecca Bennett did the same in New Jersey’s seventh congressional district.

In all, at least 19 Democrats with M.B.A.s won House races Tuesday, making the next Congress the first in which Democrats will hold more business degrees than Republicans. That number is likely to rise as more races are called.

Business executives have often struggled to gain traction as Democratic candidates on the national stage—think hedge-fund founder Tom Steyer, or fomer New York City Mayor Michael Bloomberg’s fleeting presidential run in the 2020 primaries. But this week’s blue wave was powered largely by moderates with pledges to fix broken systems—playing to the strengths of those with corporate credentials.

“These candidates had that very practical approach,” said Elissa Sangster, CEO of the Forté Foundation, whose organization tracks M.B.A.s. “They’re able to work with a lot of different kinds of people.”

Women played a big role in driving the Democratic M.B.A. wave. In the House alone, the number of female Democrats with the degree could rise to as many as nine from six, once all the races are called, according to an analysis by the business group Leadership Now Project. That organization has supported moderate Democrat candidates and is working to recruit more centrist businesspeople to government roles.

The Democratic businesspeople who won their races did so by emphasizing their ability to get things done, said Daniella Ballou-Aares, Leader--ship Now’s CEO.

In Rhode Island, for example, Foulkes ran as a pro-business Democrat and leaned on her experience managing large companies. She is the former chief executive of retailer Hudson’s Bay and spent much of her career as an executive at CVS , which is based in Rhode Island.

There, she helped lead the decision to ban the sale of tobacco products, though she also faced criticism during the campaign for CVS’s role in the opioid crisis.

Her seat on Costco’s board emerged as a talking point in the race: Foulkes confirmed the popular retailer would build its first store in Rhode Island, in the town of Smithfield. (Some of her opponents accused her of using the popular retailer for political gain.) Much of her campaign centered on bolstering the state’s economy, expanding affordable housing and im--proving healthcare.

During a debate this fall, she also stressed that her experience running companies would translate well to running the state.

“The most important job of the governor is attracting great talent, for sure. That’s what I’ve learned in my career: I led a giant team at CVS of 200,000 people,” she said in a debate. “I always learned I’ve got to shore myself up with people around me who are really excellent at what they do.”

Some business executives have successfully made the leap to political office as Democrats before, notably Illinois Gov. JB Pritzker, Virginia Sen. Mark Warner and Connecticut Gov. Ned Lamont. All three were re-elected Tuesday.

Tuesday’s victories also highlighted how the professional profile of a Democratic candidate is broadening. Among those who won were doctors—such as South Carolina pediatrician Annie Andrews, who defeated Republican Darline Graham—along with a pastor and a microbiologist.

From left, Rebecca Bennett, Paige Cognetti and Helena Buonanno Foulkes won races.

MARK

STOCKWELL/ AP

ANNA

CONNORS/ AP

TOM WILLIAMS/ CQ ROLL CALL/ ZUMA PRESS