As we reflect on the conversations and insights shared during our 10th Annual CEO & Board Breakfast, we would like to highlight a few key takeaways we heard from our panelists Jim Fitterling, Chair and CEO of Dow and NED at 3M; Jim Hackett, Chair of SLB and Nuscale Power and NED at Fluor and Enterprise Products; Vicki Hollub, President and CEO of Occidental Petroleum and NED at Lockheed Martin; Michael Lewis, CEO of Uniper and NED at United Utilities Group; and Miguel Stilwell d’Andrade, CEO of EDP:
Stay true to yourself in transformation
Transformation is inevitable for CEOs, but it’s crucial to remain authentic amid change. Leaders must evolve without losing sight of their core values and identity. Staying connected with employees, customers, and investors will provide critical input in decision-making, but it’s also important to not forget the lessons you learned that got you to the CEO seat.
Prioritize cultural integration during acquisitions
Preserving core cultural elements while embracing new perspectives is a critical component to a successful acquisition. Leadership teams must focus on what is best for the new enterprise; combining the strengths of each organizational culture. Not only does this create a smoother transition, but a strong company culture is one of the best ways to attract and retain talent.
Treat your people as your top resource
Success lies in bridging the gap between leadership decisions and frontline realities. Leaders must prioritize the well-being and development of employees at all levels of the enterprise; recognizing that people are the most valuable resources and their success is intertwined with the success of the organization. This also takes diversity, equity and inclusion (DEI) into account, making it clear that inclusion doesn’t come at the expense of merit—when CEOs focus on creating environments where multiple perspectives are heard and valued it benefits the entire organization.
Communicate authentically because what you say, but more importantly, what you do, will be closely watched by the organization
As CEOs, your visibility is magnified exponentially. People are watching to see if you follow through on your words. Being authentic in all your communication builds trust and credibility both internally and externally.
Support the new CEO
Offering insights and advice as soon as possible can enable first-time CEOs in navigating the intricate responsibilities that come with the job, such as managing board relationships, collaborating effectively with board members, and making crucial decisions regarding personnel. Even just a handful of meetings with an experienced CEO who has undergone similar transitions can positively influence how a new CEO establishes their footing and positions themselves for success.
Balance long-term energy transition plans with short-term actions
Navigating energy transition challenges requires a balance between long-term plans and short-term actions. Policy alignment and strategic planning are essential for meaningful progress. Master plans coupled with agility in forming partnerships will pave the way for a sustainable future. While it has been a more difficult road for energy companies in Europe due to regulatory uncertainty, the Inflation Reduction Act (IRA) has helped to position the United States to develop both short and longer-term energy transition strategies.
To show our appreciation to our panellists for sharing their insights and expertise, each panellist selected an organization to receive a charitable contribution from Egon Zehnder.
