CNBC Veteran Rick Santelli to Exit in October

Rick Santelli, the longtime CNBC economic-indicators analyst whose plain-spoken but passionate takes on the effects of federal policy on average Americans boosted his profile at the business-news outlet, plans to retire from the Versant Media-backed network on October 2.

Santelli’s decision was revealed to CNBC staffers Thursday, but announced on air Friday during a segment on CNBC’s “Squawk Box.”

Santelli has been with CNBC since 1999, primarily holding forth from the Chicago Board of Trade, where he would analyze regular federal economic statistics. On Friday, CNBC anchors Becky Quick and Steve Liesman noted that Santelli’s analysis of monthly jobs reports and other key benchmarks would be missed by the network.

Santelli had hard-won experience with trading. Before joining CNBC, he worked for a handful of financial firms, and understood options and futures — financial disciplines not well understood by average retail investors. He also had an early job as an order-filler at the Chicago Mercantile Exchange in markets that included including gold, lumber, T-bills, foreign currencies and livestock.

He could display a flinty demeanor on screen, and, as he grew to be more of a regular presence on the network, did not shy away from squabbles with Liesman or “Squawk Box” co-anchor Andrew Ross Sorkin. In 2020, Sorkin and Santelli got into the on-air equivalent of a donnybrook, with Sorkin pressing Santelli to be careful about what he said about people being allowed to crowd into restaurants during the coronavirus pandemic.

“I disagree. I disagree! I disagree!” said Santelli, his voice rising with the issuance of each short sentence. “You can have your thoughts and I can have mine. I disagree.”

In 2009, Santelli let loose with an on-air rant that some people credit with giving rise to the Tea Party in the U.S. The correspondent actually turned to traders on the floor of the Chicago Mercantile Exchange, and asked if they would like to bail out their neighbors who had overspent on their homes — a dig at President Obama’s Homeowners Affordability and Stability Plan, designed to help certain homeowners avoid foreclosure.

Santelli addressed the camera at the close of his remarks and asked: “President Obama, are you listening?” The display at the time was a stunning one at CNBC, which tends to focus on numbers, not sentiment, and a clip of Santelli has been used time and again as a symbol of the frustration of a wide swath of Americans over certain Democratic policies.

“Rick’s passion and personality have led to countless memorable exchanges,” said David Cho, CNBC’s editor in chief, in a memo sent to staffers Thursday. The executive added: “Whatever the subject, Rick has always approached it with the same energy, authenticity and willingness to challenge conventional thinking that have made him such a distinctive presence on CNBC. That same commitment has defined the way Rick has approached the job itself. For decades, he has built his life around being there when the markets demanded it — making Fed days and the first Friday of every month essentially non-negotiable, even when it came to family vacations. That level of dedication, both to CNBC and to the audience we serve, has been extraordinary.”

Santelli won’t be leaving CNBC completely. He is expected to serve as a contributor after he steps away from his full-time role. Intriguingly, he said on air Friday, his last day will also be the day of the next federal jobs report. And Santelli said he expects to be there to cover it.