House’s passage of Ukraine aid is how government is supposed to work

I’ve complained often in this column about the inability of American politicians to transcend their narrow partisan interests and work together to pass legislation in the public interest. So it’s worth noting when they do—and this weekend, they did, with the House passing a package of aid to Ukraine, Israel and Taiwan. (The Senate is expected to pass it as early as Tuesday.) Kudos to all four congressional leaders, and especially House Speaker Mike Johnson, who could lose his job as a result. This is how government should work. As Johnson himself noted: The job’s not worth having if you can’t do what you (and the majority of members of Congress) believe is right.

Meanwhile, here are more of the encouraging quotes that CEOs have sent me over the last few weeks about why Fortune is important to them. Thanks to all, and special thanks to Joe Ucuzoglu and the folks at Deloitte, who have steadfastly sponsored this newsletter for a decade.

“Fortune’s role in the business world, and society more broadly, has never been more critical. We are living in a challenged world where it is increasingly difficult to get agreement on the baseline facts, let alone align on pragmatic solutions where difficult tradeoffs are involved… Fortune has emerged as one of a very small handful of institutions with the widespread credibility necessary to chart a path forward on the big issues. Thank you for your exemplary leadership.”

—Joe Ucuzoglu, Global CEO, Deloitte

“Fortune represents a compass for the future, offering insights that drive not only economic growth but meaningful societal progress.

Whether it’s the power of innovation, artificial intelligence or sustainability, Fortune shapes not just how we view the business landscape but how we navigate it. In today’s fast-paced world, Fortune stands out by providing a clear vision of how technology, ethics, and business intersect, making it essential reading for leaders looking to make an impact for good.”

—Kristin Peck, CEO, Zoetis

“For years, I’ve looked to Fortune for their insights on everything from today’s headlines to tomorrow’s trends. The company’s evolution and expansion…have coincided with Target’s growth over the past decade, making Fortune a credible resource for us as both companies pursue their next horizons of innovation and growth.”

—Brian Cornell, CEO, Target

“I started reading Fortune Magazine in my youth, impressed by their storytelling and of course, tracking the prestigious Fortune 500 list. Over the decades, Fortune Media has continued to transform itself to meet and stay ahead of changing business needs, delivering content and global perspective through multi-media platforms, including their website, print magazine, newsletters, audio podcasts and videos, conferences and other connections. By challenging and continually reinventing yourself you stay relevant, and Fortune has done just that.”

—Seifi Ghasemi, CEO, Air Products

And speaking of Fortune conferences, our Future of Finance event in New York is coming up on May 16. It’s going to be a unique opportunity to explore with top players how technology is set to transform finance. You can learn more about it and apply to attend; email FutureFinance@Fortune.com with inquiries.

Alan Murray
@alansmurray
alan.murray@fortune.com

TOP NEWS

Ghosts of 'Wintel'

The paths of Microsoft and Intel—both tech giants that lost their way in the 2000s and 2010s—offer important lessons on how to recover from mistakes, writes Fortune’s Geoff Colvin. Microsoft’s return to being the world’s most valuable company under CEO Satya Nadella shows the importance of being open to new business models and getting everyone on the same page quickly. Intel CEO Pat Gelsinger is now trying to apply the same lessons to Intel in a bid to catch up to TSMC. Fortune

Nike stumbles

Nike CEO John Donahoe is rolling back some elements of his strategy as sales slump. The sportswear company made a big bet on digital sales during the pandemic; it’s now returning to traditional retailers like Foot Locker to help shift unsold inventory. Former employees also accuse the company of forgetting its traditional strategy of serving dedicated athletes first, allowing new brands like Hoka to fill the gap in the market. The Wall Street Journal

Neutral ground

The Singaporean government is holding top-level briefings for international banks to assure them that the city-state is a stable place to do business amid U.S.-China tensions. Attendees say the briefings, often led by the country’s coordinating minister for national security, tried to assure executives that Singapore is “not neutral, but is friendly with both” the U.S. and China. Financial Times

AROUND THE WATERCOOLER

Investors need to buckle up because this is the most dangerous time since the end of World War II, former top diplomat says by Jason Ma

The case against work friends: The office has changed. Maybe it’s time our relationships do too by Trey Williams

Samsung tells its executives to work a 6-day week to ‘inject a sense of crisis’ after posting its worst financial year in over a decade by Orianna Rosa Royle

The nearly 90-year-old designer Giorgio Armani has kept his legacy alive—and independent. Now, he’s open to adapting: ‘I don’t feel I can rule anything out’ by Prarthana Prakash

Nobel laureate Esther Duflo proposes taxing 3,000 billionaires to protect the world’s poorest from climate change—and most Americans likely agree with the plan by Sunny Nagpaul

At least 5 companies under Elon Musk’s control billed each other around $9 million in expenses by Amanda Gerut

This edition of CEO Daily was curated by Nicholas Gordon.