BEHIND THE CURVE: Cisco CEO Chuck Robbins defends DEI.

Cisco CEO Chuck Robbins defended DEI initiatives during an Axios interview on Wednesday in Davos, Switzerland.

Why it matters: Robbins also serves as chair of the Business Roundtable, one of America’s most powerful corporate trade organizations.
The big picture: Corporate DEI has become a political flashpoint, with President Trump on Tuesday encouraging the private sector to eliminate such programs.

He did so in an executive order that dismantled DEI policies at federal government agencies and set the stage for DEI-focused government employees to be laid off.

What Robbins said: “I think the pendulum swings a little wide in both directions. And for us, it’s about finding the equilibrium … You cannot argue with the fact that a diverse workforce is better. There’s too much business value …”

Business value, eh? Over the last five years, shares in Cisco have underperformed the S&P, with an overall return of 42%. The S&P 500 grew 82% in that same period.