Good morning.
I attended a book party, supported by the executive search consultancy Spencer Stuart at Blackstone headquarters, to celebrate The Life Cycle of a CEO by Bob Stark and Claudius Hildebrand this past week. The duo studied the career paths of every S&P 500 CEO this century to divine the skills required to navigate shifts in the business landscape. For example, most CEOs outperform during their first-year “launch” cycle, they found. That alone is hardly actionable, though some might modestly propose that companies therefore get a new CEO every year. (Here’s Geoff Colvin’s take on when it’s time to leave.)
CEO panelists at the event included Piyush Gupta of DBS Bank, Booking Holdings’ Glenn Fogel, Jennifer Morgan of UKG, and S&P Global’s outgoing chief Doug Peterson. I was struck by the common themes they raised: curiosity, creativity, an unconventional career path and prioritizing personal health. Successful leaders seem to have less linear career paths these days.
That was reinforced by a conversation I had with Egon Zehnder CEO Ed Camara and executive chair Michael Ensser, about their latest global CEO study. They say that CEOs increasingly need to understand the complexities of geopolitical change and incorporate it into their strategies. That requires a curiosity well beyond one’s industry and an ability to connect the dots beyond business into the realm of politics and society. “I call it strategic empathy,” said Ensser. “What most executives are missing is an understanding of how politics work.”
Added Camara: “Adaptability, self-awareness and the ability to have empathy to situations you have not lived yourself; those were not common in the traditional way of defining who has potential, that command-and-control leadership.”
Fortune has long promoted the importance of having a global mindset and understanding of issues impacting all businesses, not just your own. It’s at the heart of the Fortune Global Forum, which will take place this year in New York on November 11 and 12. Along with my fellow co-chairs Matt Heimer and Clay Chandler, I’m excited to welcome CEOs like AT&T’s John Stankey, Brian Cornell of Target, Tapestry’s Joanne Crevoiserat, Chris Hyams of Indeed and many more. We also have former U.S. Secretary of State Mike Pompeo and former Defense Secretary Leon Panetta, the IMF’s Gita Gopinath, Jing Ulrich of JPMorgan Chase, Tom Brady (no relation – that I know of!) and many more. Click here for the agenda and here to request an invite.
More news below.
Diane Brady
diane.brady@fortune.com
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TOP NEWS
'Supercommuter' CEOs are falling behind
Almost 10% of U.S. CEOs now "supercommute" to work across hundreds of thousands of miles, but recent research finds that these CEOs underperform. Their performance gets even worse if they own a boat or live near a golf course. Fortune
Salesforce CEO jabs Microsoft
Salesforce CEO Marc Benioff criticized Microsoft in a new interview with Business Insider for having "disappointed so many of our customers" with the companies' lackluster AI offerings. Benioff says that the company oversold the usefulness of its enterprise AI products. Fortune
'CEO whisperer' spills on election
"CEO whisperer" Jeffrey Sonnenfeld told Fortune that business leaders like JPMorgan Chase CEO Jamie Dimon and Microsoft founder Bill Gates aren't going public with criticisms of Donald Trump just in case he wins the presidency. Sonnenfield serves as president of the Chief Executive Leadership Institute and teaches at the Yale School of Management. Fortune
AROUND THE WATERCOOLER
The rapid descent of Southwest Airlines: How the company plunged from customer cult-favorite to activist investor target by Lila MacLellan
‘Americans just work harder’ than Europeans, says CEO of Norway’s $1.6 trillion oil fund, because they have a higher ‘general level of ambition’ by Eleanor Pringle
Could Elon Musk’s alliance with Donald Trump hurt Tesla’s business? Not according to the company’s risk factors by Jenn Brice
PayPal veteran David Marcus has bold ambitions for his $175 million Bitcoin startup Lightspark—but says it might take the rest of his life by Jeff John Roberts
Trump Media bear says stock ‘goes to zero’ if Trump loses the election—and a $4 billion stake could become worthless by Paolo Confino
‘We are essentially in a new Gilded Age’: As workers get laid off, CEOs and shareholders gobble up hundreds of billions in profits by Chloe Berger
In this election cycle, ‘bond vigilantes’ are voting too—and they don’t like what they see by Jason Ma
This edition of CEO Daily was curated by Joey Abrams.
