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He co-founded the world's top talent and media agency. He reshaped major movie studios and iconic entertainment brands. He was among the first to bridge the gap between Silicon Valley innovation and Hollywood storytelling. Today, he continues to shape the future through his investments in tech and media startups. We sit down with the influential executive for his perspective on the rapidly evolving business landscape—and what it takes to stay ahead

Michael Ovitz
Cofounder, Creative Artists Agency; Chairman, Treville Capital Group 

Alyson Shontell
Editor-in-Chief and Chief Content Officer, Fortune

The Power Broker

Conferences

In a landscape where consumer trust is fragile and tech investments must deliver ROI, executives face a high-stakes challenge: how to unlock the full value of data without compromising privacy or brand integrity.
At Fuel Up With Fortune in Cannes, Jarrod Martin, CEO of Acxiom & KINESSO, Kaveri Camire, CMO of DXC Technology, and Michael Lacorazza, CMO of U.S. Bank joined Fortune's Ruth Umoh to share candid insights and real-world lessons on rethinking data governance, optimizing investments, and reaching more consumers.

Executives Turning First-Party Data into a Strategic Advantage

Uh, so at Fortune we interview C-suite executives, uh, at Infinitum, and I'm sure you all have heard, uh, the adage that Ze is oil. Data is the new oil. Companies are obsessed with collecting more and more data. I, however, would argue I would posit. That most companies today are actually drowning in data, uh, but starving for insight. So first question, just to kind of level set and kick things off, how are each of you ensuring that your data strategy actually drives measurable performance, uh, and doesn't just become another nebulous call center? Perhaps you can kick this off, Kari. Sure, um, thank you for having all of us here. So for me, I think, uh, you know, I come from 20 to 30 years of just B2B world where everything is data. Data is around how we look at our customers, how we derive value from, uh, the customer set. But I think in my mind right now for my teams, especially in the era of AI that everybody's talking about, we got to really look at. Get rid of the noise, cut the noise, and really sharpen our focus on what truly matters and how you look at data that actually drives value. But for me, the biggest thing of that is customer centricity. There's so much data out there, but I think we've we have to pause and listen. And that's something that we're not doing that much of, and my biggest focus for the team right now is think about what our customers are saying. Think about what our customers want from us. Think about the problems they are looking to solve for, and that's the golden nugget that I want to look at from a data perspective, and there's a ton of technology out there today to advance that and leverage that for real value. Uh, quick follow up there, uh, you. Firm, what are customers telling you? What are they craving? What pain points are you trying to address? Yes, I'll give a quick view. DXC is 120,000 people. It's a global company. We're operate in 60 countries. Fortune 500 Fortune 500 company. Thanks Fortune. And it's, it's really about understanding. We are a global company at scale, but we also are very focused on local excellence, and what I mean by that is there are cultural norm. responses there's data sovereignty. There's so many discussions that are happening, especially around AI right now, but customers are asking for answers. Nobody knows all the answers. There is a lot of hype. There's a lot of promise, but I think for us what's really important is we work with some of the largest brands in the world if it's Mercedes, BMW, Allianz, um, you know, American Airlines United, the data for each of these customers is the life. Line because it's dealing with patients, it's dealing with passengers it's dealing with people's lives and they are asking us, and we're very fortunate that we've lived in the notion of trust. Our customers have trusted us for decades, so we've been around for a long time. We've been through many cycles internet, cloud, mobile, AI is next. Probably Quantum will be the next one, and I think the single thread of focus is we trust you journey after. Journey helping us with the innovation. So that's what they're asking us. Show us the path on how do we advance in AI, but how do we do it ethically and safely? And that's what the trusted left for DXC is really important. Yeah, well, we'll momentarily zero into that to that angle on trust. Curious to hear from you, Michael, how you're using data to really pull out meaningful impactful insights for the US banks. Yeah, I'd love to build on that point around customer centricity. Uh, you know, there, there's no substitute for understanding your customers, what's important to them, what problems you're solving, how they make decisions, how does their journey come to life, and our, our, you know, larger companies like us have massive amounts of data on our on our clients and we um. We have also an expectation that we're going to do something productive with it and something meaningful and valuable to to make the customer experience better. So it starts with that kind of level of understanding and then what we start to think about is what do we know in our data that can help us deliver a superior customer experience that differentiates us in the market. You know what kinds of solutions, products and services are most valuable at what moment in time and you know when are those channels, those touch points when we serve them, and that's that's the foundation of where we start. And then from there it's then analyzing and understanding what signals you have that can enable that because there is, there is a lot of noise and you have to find the nuggets that really make a difference. And when you say signals, what do you mean by that? Yeah, so you know, there might be some examples of how a client is moving, moving money. Um, that could, could signal some sort of a life change where they need a piece of advice or guidance and enabling to do that. And so if we understand that from just how they're working with us, then we can proactively reach out and be of service. I was just going to say like these are all really great points. I think you know advertisers are obsessed with too obsessed with collecting data to your question. And I think focusing on what matters is really important and what drives results and being customer centric is really important as well, so I'm not going to duplicate all of those really great points. What I would say though is on top of that is an enabler of these things is being able to connect the data together. So most advertisers would say they have more than enough data to make decisions, but they don't have it in a form that they can use to make decisions with. And so by connecting that data together, what do I mean by that, creating an identity spine that allows you to connect different lines of business together to connect different touch points between earned and earned media channels that enables you to really recognize the consumer and treat them as an individual and recognize their journey with you. That's really the key for me on top of these great points is having that connected ecosystem that can then power both both personalization at scale but also. Um having a way of Allowing consumers to control their own destiny. So if you've got a single repository of data that's connected, if a consumer wants to opt in or opt out of anything, it's a really simple process to give them that control and to show them in marketing that you're listening to their feedback. I say that that's the whole point. Like, are you listening? You're hearing a lot, but are you actually pausing and listening, and that's your point on like having those connective tissue and the dots of like, let's look at all the different facets and take a minute and listen. Yeah, I mean an example might be like email can be a bit of a bugbear for some people where email doesn't cost much money to send, so everyone gets their inbox spammed, right? But email might pick up signals from the consumer about who they are and what they like. Let's just say they opt out of that email. Now what the smart thing is to do is to not send them any more emails, but. But then recognize what you've learned from those emails to better inform the other channels that they still want to speak to you through. If you do that, you're managing the best of both worlds. You're creating the customization, but also the control. Uh, Kaveri brought up trust earlier and that's really at the crux of this conversation. So let's lean in, uh, there, Michael. I want to turn to you. US Bank, obviously, uh, a financial institution ostensibly highly regulated, so you cannot afford to treat data carelessly. Uh, what is your internal scorecard for evaluating third party data partners and, and just what's your overall framework for trust, for quality, for compliance, and how that shapes your marketing? Yes, and at US Bank, trust is at the center of our brand. And it's one of those, it's one of those elusive type of, you know, emotional connections where it takes a really long time to earn it and if you make a mistake you can lose it really, really quickly and data and caring for that data is at the center of that and the expectation that we will care for it, so. With respect to how we onboard third party data, we have a very, we have very well established processes and procedures to to to evaluate, you know, the veracity of the chain of control. Do we have the proper usage rights, do we have the proper, you know, IP protections and so forth, and, and so for for a partner that ends up in our ecosystem, you know, they, it's a pretty high bar. Uh, let me turn over to you, uh, Jared, because you, you alluded to this at the top of the conversation. Everyone is chasing personalization at scale. I think we're in the era of hyper personalization. What does it actually take to do that well, kind of make this really sticky for for those in the room? Yeah, I mean, personalization at scale is an easy thing to say. It's a difficult thing to do. I think we talked about creating a connected data environment to enable that personalization. That's a really key infrastructural element. I think we also talked about marrying the personalization with the control that the consumer has so that they can opt in or opt out whatever they like. I think the other thing to think about is that a lot of advertisers might personalize because they can, not because they should, and I think we should think about what elements of personalization are actually driving results versus what elements are driving complexity. The way I think about things is, is we need to bifurcate our thinking between how we operate as a business, as an advertiser versus how we appear to an end consumer. We can be increasingly sophisticated under the water. But we need to be increasingly simple above the water and increasingly customized to that consumer. So personalization at scale is around simplifying the end user experience, focusing on what matters to that consumer, while having complex decision logic and data sets to sit underneath that. A similar question for you could vary, you know, Seeds, as you already noted works with clients like Mercedes-Benz, like United Airlines, uh, like Lincoln Financial. These are all brands with vast and complex, uh, data ecosystems. So how are you helping them to unlock value while still balancing innovation with integrity? Yeah, so I think this goes back to what you were saying. Um, I think we would not exist if our customers. did not trust us and value us for taking them to these risk-driven journeys, uh, in technological advancement. tech is moving at such a crazy pace and such a fast pace. Um, the way we look at DXC and how we are operating with all of our customers is, uh, it's not just about ROI, it's trust ROI. Because if we don't have that trust ROI, it's not going to work for us. We have governments, we have, uh, you know, like I was saying, we have airlines where lives of passengers matter. We have banks where people's, uh, you know, money is sitting in those banks, and I think a slight glitch in the system is not just unacceptable, it is existential. You can't operate in an environment where you don't have that. So from a marketing perspective, I'll just say something as simple as we just had a client advisory council a couple of months ago where we brought closed door sessions, something it's sometimes it's even nice to just go to simple things that existed in the past that we don't do anymore. Let's get in a room, talk to our customers. And I asked them a simple question, where you're headed? What is your biggest challenge? And the third was, how do you like to communicate with us and how do you communicate on a daily basis? What is the tool or the platform that you use the most? Is it long lead blogs? Is it videos, is is a text? You will not believe they all said we don't want long form things first. We would prefer to look at videos, and this is C-suite, CIOs, CTOs, CEOs. Time is money, and they're constrained. So I think those are the things that we're starting to do is really listen to hear how our customers who are some of the most, you know, in the most mission critical spaces are consuming information. They all said video, start with small video. Give us the TikTok version of the story, and then if you want to lean in more, we will come to you. They want digestible. You said you also asked that cohort, what are the biggest challenges and obstacles? What did they say were the were the pain points, any trends that emerged there? So in the room without naming, there were banks. There was a bakery, believe it or not, they are using robotics to distribute thousands and thousands of loaves of bread. And they are all trying to figure out how do they drive efficiency with AI. A lot of them have very private focused networks with an AI right now because they're not kind of sure yet of is their data going to be exposed. So this goes back to my point where they are working with us and leaning on us to show them, uh, opportunities and direction of. Take advantage of AI, but our goal is to take advantage of AI in the right ethical way, which is going to take them to the next level. So that was a big question like show us how, how do you find the balance uh between helpful personalization and perceived surveillance, you know, the, the privacy conversation, and he thought, Michael, and I'd actually be curious to hear from all of you. Absolutely, yeah, yeah, well, you know, surveillance is for me if defined you're listening in in a in a sort of cynical way, right? And um with with if if we get personalization right, we're listening to our clients, we know it's important to them and we're using the data and the signals to to improve their experience with us to deepen those relationships, um. You know, I, there are several examples out there where, you know, one was, you know, a woman was shopping for, you know, one particular item and it signaled that maybe she was pregnant and then the brand starts to serve diapers and it's like to me that's that's crossing the line, right? And that's like that could be felt as too invasive and personal and surveillance, but But um, but if you but if you find a way to do it where um you're delivering value, you know, value exchange for the information that you're acting on, then you've kind of got it dialed in. Let's talk financial metrics um as as as we begin to wrap this up, uh, what would you say is the most important question a CMO or even a CEO should ask before making their next big data, uh, or more tech investment? I would say um. Is it going to simplify and connect what I have today, or is it going to complicate and further add cost to my business? I think when we talk about marketing ROI, we talk about the cost of the communication versus the benefit that that communication drives. What we don't talk about is the underlying cost of the infrastructure that's used to create those communications, and we don't actively manage the total cost to try to make it work better for us. If we can unlock the billions of dollars that are spent in Martech around the world. And make those work harder for us. That marketing ROI on a net net basis will go through the roof. I have two simple things I ask my team all the time. Show me how it's going to get us closer to the customer. Show me. Give me examples right off the bat. And the second one is, um, let's not just invest for investment's sake. Ask yourself what's the outcome that you're getting at, because I think sometimes we're All just moving at such hyperbolic speed that we're not stopping and thinking, what am I trying to get at and what these are some very basic questions, but I think oftentimes to your point where you said, we're investing and we're not thinking about it, you have to ask yourself what is the outcome that we want to get at, um, you know, and for us it's global. Most of our implementations and executions are global, so you've got to really, really be thoughtful about what's your outcome. Call us out, please. Yeah, so. I would say before you you contemplate adding on any sort of analysis tool or technology on top of what you're trying to achieve, is your, do you have the right data sets and are they in the right condition and format to be able to act upon? Because if you don't have that foundation in place, then you can put any fancy technology, AI, whatever on top of it and it won't matter. So you start getting that, get in that place first, then you can start to begin to contemplate what you put on top. Fantastic way to end. thank you all, uh, lots of great takeaways. Uh, trust is not optional when it comes to data and you have to be outcome oriented, really cutting out the noise. So thank you, thank you, thank you.

Brian Moynihan, CEO of Bank of America, joins Leadership Next to reflect on his journey from law to banking—and how that unexpected pivot brought him to the head job at one of the world’s largest financial institutions. He shares his leadership philosophy, emphasizing the power of staying calm in a crisis and the importance of giving energy to his team, not taking it away.
Moynihan discusses Bank of America's strategic shift from aggressive acquisitions to organic growth, fueled by major investments in technology—like the AI assistant Erica. He explains why Erica is evolving from “third-grade Einstein” to near-genius capabilities.
He also shares his perspective on responsible capitalism, the importance of expanding opportunities for underserved communities, and how he's preparing the bank for its next generation of leaders.
Tune in to hear Moynihan's take on what it means to wear responsibility like a “comfortable sweater”—and how corporate leaders can help combat hate and promote dignity in today’s world.

Brian Moynihan on Leading Bank of America With Calm, Purpose, and AI

Photo Courtesy of Brian Moynihan; Graphics by Fortune

Leadership

How the CEO of Bank of America balances innovation, inclusion, and long-term vision to prove capitalism can work at scale.

Venture capital and private equity trailblazers Heather Kennedy Miner and Elle Lanning have made their mark on companies like KIND, Cava, Lululemon, and McAfee by applying strategic growth strategies to turn them into powerhouse market leaders. In this session, they’ll share their battle-tested frameworks for identifying investments with the potential for hyper-growth, and the hands-on operational tricks of the trade that can propel any company to sky-high value and scale.

OPERATING STRATEGIES THAT POWER COMPANIES TO SCALE UP, UP, AND AWAY

No. Our next two speakers have invested in some of today's most innovative companies. Think of Cava, Lululemon, Kind, snacks, many more. Their expertise is first identifying uniquely high growth potential companies and then expertly scaling them to become the powerhouses that they are. Please welcome to the COO summit, Heather Kennedy Miner, Chief operating officer at Advent International. And Ellie Lanning, president of investing at Camino Partners. They'll be interviewed by Fortune's senior writer and co-chair of the COO summit, Lilah McClellan. Oh. Hello, thank you. So before we start, I just want to say a little bit more about who we have on stage here. Um, so Elle, uh, sorry, Ellie, you, um, who here has heard of Shark Tank, the TV show. OK, that's everyone. Great. So. Um, you, today we all had Kind bars in the lobby, which is great. So you worked at Kind with Daniel Lubetzky, who is the newest sort of permanent judge on Shark Tank, and and now you're running Communal Partners, which is an investment platform connected in some ways, right? Yeah, I would say Shark Tank is his connection to the true entrepreneurial community and Uh, investments at Camino are much greater scale. OK, great, thank you. And Heather, you spent two decades at Goldman Sachs. You had a CEOO role there and now you have a CEO role at Advent International, um, which is an investment, private equity investment firm with 91 billion under assets under management, um, and you're in charge of growth overseeing 320 investment professionals, right? Is it? Yeah, Advent has over 16 offices around the world, 90 billion of AUM, 100 portfolio companies, 650 employees, of which 350 are investment professionals. So we have very different perspectives. I think it's going to be great. Um, let's just start with the first principles. How, how do you identify which companies before we talk about scaling, how do you know which ones are worth scaling, which investments are worth scaling? Yeah. So I've spent my career in consumer and demand businesses and on the operating side and now I'm looking at it from the investing side um I think it starts with really an individual or a team that is very clear on the problem that they're solving um and then from a kind of KPI that I look at often early on is gross margin. Um, and maybe counter to kind of software and technology, I expect gross margin in a consumer business to be really strong out the gates because that signals that the consumer is saying and will pay for a solution you're providing. You should be able to scale that gross margin over time, but you're probably gonna have to invest it back into price and other things to reach a growing consumer base, um, but that we look at as an indicator of kind of ready for growth. OK, so it's very sector specific for you OK. Um, and how about that. So at Advent, um, we are very sector specific. We cover consumer health care, industrial, business and financial services and technology and are known for deep subsector expertise in places like payments and chemicals, um, where we like a sector, we get a sourcing sell we. We often bring in a former CEO that's been in that business and we'll do deep dives to really identify companies that we want to spend more time with. And then as we start to unpack those companies, it's really understanding their market position, their pricing power, the competitive landscape. Can they enter new markets? What is their value proposition? And then ultimately, as you think. About that growth forward and that trajectory, it's what does their operating infrastructure look like and do they have the flexibility to scale with limited incremental cost and then of course, do they have the funding and the capacity to actually execute all of that for us, we take a very operationally intensive approach to our portfolio company management. We have a value creation plan for every portfolio company that we partner with and so what it means is we're very willing to get our hands dirty and think through those dynamics. Great. Well, so let's talk a little bit about that. So now scaling CEOs trying to scale a particular project or business. What strategies have you seen really work for inventive companies that you work with? Yeah, so I would say, I guess I'll, I'll start it with a problem that we see often that is focused on can slip into a real growth strategy, so. Um, again focused on more consumer and demand businesses, but we see often a over diversification of demand generation strategies. So whether that's starting within your, you know, sales and marketing teams really wanting to put too many irons in the fire almost, and what we talk about is doing enough trial to really understand where you should pour more water and so we talked to. Our companies about the differentiation of kind of a peanut butter spread strategy where you're, you know, spreading your dollars across everything and really trying to shift that to a champagne tower strategy where where you're, you know, if you can all visualize the champagne tower, really finding the strategies of greatest return and maxing out your dollars investment and time in those and only then going to the next tier. So you don't have to be so well rounded all the time, maybe in life but not in, not in scaling, correct, um, and from a COO's perspective, what, how would you answer that question? Look, I think in all of our roles as COOs having a really well defined operating plan is incredibly important, and that needs to follow the strategy of the firm and needs to be very clear around priorities and goals. And so what are the product priorities, the distribution priorities of the organization. Um, is following and then ultimately who's responsible for achieving those and how are those um measured? I think ultimately then it's about people process technology right that's all of our day jobs is how do we make all of that happen for me something that's incredibly important is the data piece of this. How are we measuring. Are the KPIs and then ultimately you know thinking back to reporting that out and making sure that the teams have full transparency around how we're progressing towards those goals. OK, thank you. I'm going to be coming to the audience to take your questions in a moment, so please be thinking of what you'd like to ask. I'm wondering for COOs, is there a mind shift mindset shift between sort of keeping things running day to day and then figuring out how to scale a business? What is that mindset shift in your, how would you approach that? Yeah, so I, I think, um, you have to be thinking of both, right? I think a lot of the we used to within kind we called it, you know, making sure the trains were running on time. I think that's where you really have to lean on team and your number one job there is clarity and decisiveness and moments. Of escalation and then I think you know your role is really to be more focused with the executive team on charting where those next investments are gonna be and where you're readying to move the resources you know that flow up to you too for continued growth. OK, great. I fully agree with Ellie. I think the majority of my job needs to be strategy. One of the things that we did organizationally last year is set a new strategic ambition for the firm, and we articulated it to our LPs, to our people. What that has allowed us is to really identify growth priorities. And then who's responsible then for executing on those growth priorities if if the organization is operating as it's such, the trains running on time should be happening, right? And obviously if you need to reengineer processes or implement new technologies or swap out talent to make sure that that's happening, you can do that, but. I think from our perspective the growth angle has to be consistently top of mind, particularly in a private equity industry that is maturing and that is more competitive and so making sure that we understand how we are positioned to win. No time to snooze here, do we have any questions from the audience? Yes, uh, a mic will be coming your way and let us know who you are. Um, when you get it, thank you. Yes, hi, uh, I'm Moha Chima. I'm the CEO of CoreLogic. Um, the question is for if you think about companies helping companies, uh, your Porco companies improve their evaluation and the role of AI, um, not just in efficiency but as well as getting price and other value. Do you have any early successes or how you were helping the companies get there as well in, uh, leveraging that as well? Yes, AI is on my list as well, um. I can start. We have a group of 50 individuals globally known as our portfolio support group who work alongside our management teams to execute value creation plans. Within that team we have future ready and AI specialists who really understand power lanes and what's happening, playbooks that we have. have worked in one portfolio company that can then transfer to another. We then have a separate team of data scientists who are able to use both, you know, third party data but also on-prem data from our portfolio companies and then we think through operating efficiency, go to market strategy, how do we improve straight through processing. Power pricing as we think about where you actually want to price various dynamics and so we're using AI within portfolio companies you know we're starting to use it within Advent as well, but ultimately, as we all know, we're at early stages here and thinking about use cases from one portfolio company and how we ultimately can transfer that to another. Great. And what about AI for you? Is it, is it something that you're looking for in every company that you might invest in or not quite? No, well, I would say on the investor side every company is somehow embedding AI in their pitch whether it's really kind of true to their business or not so I, I believe it kind of creates equal parts skepticism and excitement. I think the way we're thinking about it both within Camino and then the way we are trying to help our partner companies think about it. Is being pointed and prioritized and so really looking you know I think the greatest kind of thing it can do in the early days is lift up the human powered work to be judgment um and kind of context and so you know we on the investment side spend a lot of time combing through data uh looking at companies looking at how they might stack up we have you know data feeds we pay for we have proprietary data we get from companies. And augmenting that and being able to produce the what is for uh then human uh and kind of judgment based team to then be able to say what could be um is where we see it having a lot of power. OK, that's helpful. Any other questions from the audience? Yes. So I'm gonna try and link uh earlier panel discussion here. Uh, just want to point of view from you guys with the uncertainty or the changes, policy changes that we're seeing. How are you navigating it being In your decision making whether in terms of adding a portfolio company or cross leveraging portfolio companies and I'm referring to essentially tariff changes or if you take take into consideration the uh the quick technological advances that are happening in different industries so we had a really nice morning discussion so I'm just curious how you're leveraging it in your portfolios essentially. Great, and we only have about 2 minutes, so I'd love to. Thank you for that great question. Go ahead, um, so I would say, you know, it's, you know, these are very dynamic times that's certainly been the theme of everything that I've heard about and so building agile teams and cultures that, you know, we don't necessarily believe so much in playbooks because you grow out of them in you know in a day or. Um, and so we really try to look at applied learners and right now, you know, we have a number of businesses that are exposed to um. Whatever the day the tariff may be and we're trying to create kind of cross learnings and a lot of optionality right in terms of kind of how can you think about ways the company may bear some of that ways your customer base may bear some of it and ways that your end you know consumer or customer may bear that and sharing successes really quickly. Um, we certainly are trying to make sure it, it's not stopping us from, uh, being front footed on investing. I think we actually think that this is a great time and great opportunity for people who aren't gonna be kind of paralyzed by uncertainty. That's such an important question. Do you have a 30 seconds, sort of 1 minute? Look, I think ultimately it is such a case by case dynamic and we are micro investors at Advent. We have to be macro aware, but we are. Highly analytical and decomposing the entire dynamic around supply chain and around the customer demand chain and the implications, but we're doing deep dives on all of our portfolio companies to understand potential implications, and it's very hard to paint a broad brush. I think we feel good that we have the analytical tools today, but of course new information is coming out every day and it's hard to predict. And so being agile and responsive is incredibly important in this environment. That's a great note to and Don, thank you so much. I hope you all have time to meet and mingle in the hallway as well to continue some of this. Thank you.

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