“Those three years that I spent in board seats, with a little more time for myself, were probably the most important years of my career journey, which is ironic, because I wasn’t working full time,” MacKay told Fortune in this week’s Leadership Next podcast. “I really hadn’t stepped back in a number of years and reconsidered my own path.”

Her background in finance and real estate were appealing at a time of declining revenues. When Cushman’s then-CEO Brett White asked MacKay if she’d consider becoming CFO of the company, she said no, instead agreeing to become COO in 2020 with a clear path to becoming CEO in July of 2023. “It was a big challenge with a big brand and I had somebody who backed me from the onset. And I thought, ‘You know what? We got one version here, one life. I’m just going to go for it.’”

While tariffs, geopolitics and other issues continue to weigh on the global outlook for commercial real estate services, MacKay has led the firm to growth again. Board service gave her a holistic view of not only the company but also her career. With CEO turnover near record highs for much of the past year, more leaders may find a period of pause on boards inspires them to return to corporate leadership with fresh eyes and purpose. Said MacKay: “Can one be too engaged? I don’t think so.” You can listen to the podcast here on Apple or Spotify. More news below.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

Trump: “Evacuate Tehran!”

The conflict between Israel and Iran continues today, and President Trump has a lot to say about it. “Iran should have signed the ‘deal’ I told them to sign,” he posted on Truth Social last night. “Evacuate Tehran!” In fact, Iranians are indeed evacuating Tehran, which has been the target of Israeli bombing. 

Trump slams Macron

In a post early this morning, Trump said, “Publicity seeking President Emmanuel Macron, of France, mistakenly said that I left the G7 Summit, in Canada, to go back to D.C. to work on a ‘cease fire’ between Israel and Iran. Wrong! He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that. Whether purposely or not, Emmanuel always gets it wrong. Stay Tuned!” Reality check: The White House has actually proposed peace talks with Iran and Trump left the G7 summit early to deal with the conflict, but nothing concrete has emerged yet.

Oil prices dip despite conflict

Crude oil prices saw moderate dips on Monday after rising last week following Israel’s attacks on Iran’s energy infrastructure. Fortune’s Energy Editor Jordan Blum explains why the ongoing conflict has had a subdued effect on energy prices in the U.S.

Exclusive: Congressman Tim Moore actively traded around Liberation Day

Moore, a Republican, then failed to properly disclose hundreds of thousands of dollars in purchases and sales as markets dropped and then popped following the president’s April 2 tariff announcement.

Experts think Trump phone will likely be made in China

The president launched a Trump-branded phone service complete with a gold handset named the T1. Although Eric and Donald Jr. initially said the Trump phone will be made in the U.S., experts said that was logistically unlikely and that the true manufacturing source would most probably be China.

Fortune Southeast Asia 500 2025

Fortune released the second annual Southeast Asia 500 on Monday, a ranking that recognizes the biggest companies in the growing region. Find out which countries, and sectors, house the most SEA 500 companies (hint: only one tech company makes the top 20).

Imports fall at Port of L.A.

The Port of Los Angeles saw imports fall nearly 20% in May compared to April’s numbers as tariffs make shipping products to the U.S. more expensive. The port’s executive director says these import declines could mean higher prices and emptier shelves for consumers towards the end of the year.

The markets

• S&P 500 futures were off 0.5% this morning after the Stoxx Europe 600 sunk 0.6% in early trading. Japan’s Nikkei 225 rose 0.59%. South Korea’s Kospi was flat. China’s SSE Composite was also flat. The Nasdaq Composite rose 1.5% yesterday propelled by various tech stocks: Coinbase was up 7.7%, Reddit was up 6.8%, and Palantir was up nearly 3%. The S&P 500 closed up 0.94% yesterday.

From the analysts

• Convera on the weakening dollar: “Surging oil prices—up as much as 12% on Friday amid escalating geopolitical tensions in the Middle East—have further exposed the dollar’s fading safe-haven appeal. A clear divergence is taking shape: oil rallies, yet the dollar fails to follow. This underscores how sentiment toward the US economy is acting as a stronger drag than what has historically been a dollar-positive force—higher oil prices, especially in periods of geopolitical risk. The result? Renewed selling pressure as confidence in US assets continues to erode,” per Antonio Ruggiero.
• Macquarie on Iran and the oil market: “We expect oil prices to remain volatile with an upward trend for the next few weeks as both Iran and Israel maintain their military intensity. Regardless of military or diplomatic progress, we expect Brent to rally towards the low $80 level before hitting a plateau as the perceived risk of actual oil supply disruption becomes largely discounted. … the next price move will, in our view, be driven by what happens to Iranian oil export infrastructure. If it is damaged or destroyed, we believe oil will trend towards $100 due to the direct loss of Iranian exports and the risk premium associated with Iran's response,” per Vikas Dwivedi and team.
• Oxford Economics on business sentiment: “Businesses have become less pessimistic about the near-term outlook for the world economy, according to our latest Global Risk Survey. The large downgrade in growth expectations in the aftermath of April's 'liberation day' tariff announcements has now partially unwound. Respondents perceive a significant reduction in the probability of a severe deterioration in economic prospects. They see less than a 15% chance of a global recession this year, compared with more than 25% in April,” per Jamie Thompson.

Around the watercooler

Exclusive: Trump’s former commerce secretary says an over-confident White House may push trade allies like the EU too far by Eleanor Pringle

Fed meets as policymakers are expected to assert their independence amid Trump’s pressure by Paolo Confino

Coinbase faces crypto backlash over sponsoring military parade in D.C. by Catherine McGrath

The CEOs of Starbucks and Chipotle hit the gym together each morning—they bounce ideas off each other at 5 a.m. between sets by Preston Fore

CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.