Leading the Charge: CEOs Navigating Business Transformation | Global Conference 2025

Macro Environment and Strategic Priorities

• Robin Rieck (BNY): Identifies macroeconomic policy shifts and U.S. global positioning as the top immediate issue, noting increased difficulty for international clients in distinguishing signal from noise regarding administration policy.
• Joaquin Duato (J&J): Prioritizes maintaining focus on disease cures amidst global "noise," citing a 32% reduction in cancer deaths over the last 20 years and a goal to turn multiple myeloma into a manageable chronic disease.
• Robert Gamgort (Primo Brands): Focuses on consumer confidence and debt levels; reports market share growth in energy, plant-based, and water categories despite broader economic uncertainty.
• Janet Drevin (EY): Highlights that clients are shifting from "productivity" conversations to "growth opportunities," with over one-third of clients increasing AI budgets.
• Igor Minarenkov (WorldQuant): Dismisses current tariffs as temporary "blips" compared to the transformative, industry-dwarfing disruption of AI expected over the next 5–15 years.

Artificial Intelligence: Implementation and Impact

• Technology Integration:
  • J&J: Utilizes AI for drug discovery (molecule activity prediction), surgical planning (3D heart mapping), and internal operations (financial reporting, coaching); adapts large language models to proprietary data.
  • EY: Treats itself as "Client Zero" to test AI deployment; sees a shift toward large-scale transformation rather than just proof of concepts.
  • BNY: Aiming for 30–70% capacity increases in specific areas; offering "AI as a service" to smaller firms unable to afford custom LLM development.
  • Primo Brands: Using machine learning for volume forecasting to reduce waste, automated guided vehicles for safety, and generative AI for advertising; testing automated semis in Texas.
  • WorldQuant: Moving toward "AI Nation" concepts requiring coordinated, consolidated data and strategy to maximize GDP growth, contrasting the U.S. with China and Abu Dhabi's whole-of-government approaches.
• Workforce Implications:
  • Speed of Change: Minarenkov warns that AI's speed of adoption is unprecedented, creating risks for labor displacement if retraining pathways are not established quickly.
  • Talent Strategy:
    • EY: 300,000 of 400,000 employees trained; views AI as a tool to allow professionals to work "at the top of their license" rather than reducing headcount.
    • J&J: Launched "J&J Learn" (a Khan Academy-style platform) with 80,000 participants; "Learning Day" is dedicated to digital upskilling.
    • BNY: 90% of 50,000 employees onboarded to an AI platform; 8,000 have built production-ready agents.
    • Primo Brands: 95% of workforce consists of frontline sales and logistics; prioritizing safety and skill evolution for drivers and forklift operators.
• Future of Work:
  • Outsourcing Trend: Shift toward co-sourcing and strategic partnerships, with firms like BNY and EY offering specialized capabilities to clients to reduce the need for internal teams to build everything from scratch.

Workforce, ESG, and Corporate Culture

• Demographics: Primo Brands notes a 34% Gen Z workforce (projected to be 70% in nine years), necessitating a focus on what younger employees need regarding skills and culture.
• ESG and Sustainability:
  • J&J: Plans to invest $55 billion in the U.S. over four years (25% more than previous investment); advocates for tax reform over tariffs to drive domestic manufacturing.
  • Primo Brands: 99% domestically sourced; views tariffs as a benefit for domestic producers; emphasizes sustainability regarding water resources and wetland preservation (28,000 acres).
  • EY/BNY: Confirm ESG remains a priority for clients globally, though the specific "ESG" acronym may be less prominent than general environmental and social goals.
• DEI and Inclusion:
  • Leaders emphasize "inclusive environments" as core to their company creeds (e.g., J&J's 85-year-old credo) rather than reactive policy changes.
  • EY: Notes that 90% of employees would stay and go the extra mile, citing culture and benefits (including mental health) as key retention drivers.
• Longevity and Reinvention:
  • BNY: Celebrates 241 years of operation; attributes longevity to a "trunk" of unchanging principles combined with diversified business units and a culture of "scrappiness" and questioning.
  • J&J: Spun off consumer business to focus exclusively on healthcare; maintains 27 platforms over $1 billion in value.
  • Primo Brands: Maintains 7 brands over 100 years old; emphasizes that while manufacturing and technology change, brand quality and trust must remain constant.

Mergers, Acquisitions, and Tariffs

• M&A Strategy:
  • J&J: Invested $50 billion in M&A over the last two years; utilizes a system of 500+ incubated startups and licensing partnerships for external innovation.
  • Primo Brands: Currently integrating the Blue Triton/Nestlé Water carve-out; future M&A restricted to "healthy hydration" (no artificial sweeteners).
  • EY: Transformation includes shifting from internal delivery to building an ecosystem of alliance partners to serve clients.
  • BNY: Views M&A and strategic partnerships as essential for scaling AI capabilities that smaller firms cannot replicate.
• Tariff Impact:
  • Pharmaceuticals: J&J notes zero tariffs on pharma/medtech due to interconnected supply chains; warns against potential disruption to critical medicine autonomy (e.g., antibiotics, chemotherapeutics).
  • Beverages: Primo Brands benefits from tariffs on imported water, as 99% of supply is domestic; minimal risk from tariffs on dispensers (1% of sales) made in China.
  • Supply Chain: EY reports CEOs focusing on reshoring and supply chain resilience, with transformation plans driving M&A activity.

Leadership Perspectives

• Admired Leaders:
  • Robin Rieck: Admires a composite of leaders for their "first principles" thinking and statesmanship rather than a single individual.
  • Janet Drevin: Avoids ranking clients but praises leaders who provide direction and confidence during uncertainty.
  • Robert Gamgort: Cites A.G. Lafley (P&G) for team-centric leadership; quotes Churchill on Americans "doing the right thing" after trying other options.
  • Joaquin Duato: Highlights the importance of "culture of humility" and "reinvention" in organizations with deep history.
  • Igor Minarenkov: Emphasizes that cultural leadership requires pushing for speed, eliminating bottlenecks, and potentially creating new entities if existing structures fail to adapt.