Whitman '77 begins bid for California governor

“California faces challenges unlike any other time in its history — a weak and faltering economy, massive job losses, and an exploding state budget deficit,” Whitman said in the statement announcing her decision to form an exploratory committee. The formation of the committee allows her to begin raising funds for her campaign.

Republican Gov. Arnold Schwarzenegger, currently in his second term, is term-limited.

Whitman’s campaign website says that previous state administrations have effectively “failed” the state’s residents. According to her website, she plans to “restore California’s standing as a national and global leader.”

Wilson School professor Jim Leach ’64, a former Republican congressman from Iowa, said in an e-mail that he believes Whitman will be a strong candidate.

“One of the least noted aspects of American society is how much leadership there is in almost every field except politics,” Leach said. “What Meg symbolizes is terrific outsider ability that could help energize and uplift American politics. The country would be well served if more like Meg would become candidates.”

Whitman majored in economics at Princeton and earned a master’s degree in business administration from Harvard in 1979. Whitman has continued to participate actively in the University community since her graduation. In 2002, she donated $30 million to the University for the construction of what is now Whitman College.

Whitman has two sons currently enrolled at Princeton, Griff Harsh ’09 and Will Harsh ’11.

According to The Washington Post, Whitman is relatively unknown in California and would benefit from a strong advertising campaign. The Sacramento Bee, however, noted that some have criticized Whitman because she only officially joined the Republican Party in 2006 and failed to vote in half of the elections she was eligible to vote in since 2002.

Whitman served as the finance co-chair for the unsuccessful presidential campaign of Mitt Romney, former Republican governor of Massachusetts.

In January 2008, she resigned from her position as eBay CEO amid rumors that she was considering a run for California governor. In February 2008, in an e-mail to The Daily Princetonian, she denied having plans to run for governor.

“Frankly, until Mitt [Romney]’s campaign, I was not politically active, and I don’t see myself running for office,” she said in the e-mail. “But Mitt’s campaign gave me a deep appreciation for the political process, and I’ll probably continue to support candidates I believe in.”

But over time, Whitman laid the groundwork for a possible statewide run. In December, she resigned her positions on the boards of directors of eBay, Procter & Gamble and DreamWorks, leading to wide speculation that she was preparing to run for governor.

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Whitman’s foray into politics makes her one of several American financial and corporate giants in history who have made the transition into politics.

“There’s a long history of this kind of course,” Christopher Achen, associate chair of the politics department, said in a February 2008 interview in discussing her potential candidacy. “A recent example is [New Jersey Gov.] Jon Corzine, but there have been examples throughout American history.”

Having experience as a CEO can be beneficial for a politician, Achen said. “It gives you executive experience of a certain kind, and that’s valuable,” he added. “The challenge is to recognize that politics is a different line of work and to make the necessary adjustments.”

With an estimated net worth of $1.3 billion, according to Forbes magazine, Whitman has ample funds to contribute to her own campaign. California campaign finance laws do not restrict the amount of personal money that candidates may spend in a campaign for office.

“Under the current campaign finance laws, it is certainly an advantage to have private money,” Achen said.

Whitman, however, would not be guaranteed success in politics, Achen added. “It’s been done of course,” he explained, but “not everyone who tries it is successful.”

Whitman’s prospects look positive in light of a November 2008 poll conducted by the Field Research Corporation which found that 23 percent of California Republicans had a favorable opinion of Whitman and that 9 percent had an unfavorable opinion. The poll showed more support for Whitman than for other potential Republican gubernatorial candidates.

Democratic Sen. Dianne Feinstein had the most support among all California voters in the Field poll, with 50 percent holding a favorable impression of her and 11 percent holding an unfavorable impression.

Whitman would likely face former California congressman Thomas Campbell and State Insurance Commissioner Steve Poizner in the Republican primary.

Poizner, a wealthy former Silicon Valley executive, could also make a sizable personal contribution to his own campaign.