COVID-19 has created a massive humanitarian CEOs embraces and extends what they have learned challenge: millions ill and hundreds of thousands of during the pandemic, this CEO moment could lives lost; soaring unemployment rates in the world’s become a CEO movement—one that is profoundly most robust economies; food banks stretched positive for the achievement of corporate, human, beyond capacity; governments straining to deliver and societal potential. As Rajnish Kumar, chairman critical services. The pandemic is also a challenge of the State Bank of India, reflects, “This will be for businesses—and their CEOs—unlike any they a true inflection point. I think that this pandemic, have ever faced, forcing an abrupt dislocation of in terms of implications, will be as big an event as how employees work, how customers behave, how World War II. And whatever we learn through this supply chains function, and even what ultimately process, it must not go to waste.” constitutes business performance. Confronting this unique moment, CEOs have shifted Aspire 10x higher how they lead in expedient and ingenious ways. The global health crisis and its resulting business The changes may have been birthed of necessity, dislocations have unlocked change at a pace and but they have great potential beyond this crisis. In magnitude that has made even the boldest and most this article, we explore four shifts in how CEOs are progressive of CEOs question their assumptions. leading that are also better ways to lead a company: From what we have observed, there are at least unlocking bolder (“10x”) aspirations, elevating two related areas that are ripe for innovation: goal their “to be” list to the same level as “to do” in their setting and the operating model. operating models, fully embracing stakeholder capitalism, and harnessing the full power of their Think bigger and faster CEO peer networks. If they become permanent, During the pandemic, many organizations have these shifts hold the potential to thoroughly accomplished what had previously been thought recalibrate the organization and how it operates, impossible. Cincinnati Children’s Hospital Medical the company’s performance potential, and its Center (CCHMC), for example, scheduled 2,000 relationship to critical constituents. telehealth visits in 2019. It is now handling 5,000 a week—a goal that, prior to the pandemic, it Only CEOs can decide whether to continue leading had estimated would be accomplished several in these new ways, and in so doing seize a once-in- years from now and only after a large-scale a-generation opportunity to consciously evolve the transformation. At Dubai-based Majid Al Futtaim very nature and impact of their role. Indeed, as we (MAF), attendance at movie theaters fell (as a result have written elsewhere, part of the role of the CEO of government-mandated closures) while demand is to serve as a chief calibrator—deciding the extent for its online supermarket soared; in two days, the 1 and degree of change needed. As part of this, CEOs company retrained 1,000 ushers and ticket sellers must have a thesis of transformation that works to work for the online grocer. Without the crisis, in their company context. A good CEO is always that speed and magnitude of reskilling to leverage scanning for signals and helping the organization talent across MAF’s portfolio of companies would deliver fine-tuned responses. A great CEO will never have been contemplated. Best Buy, which had see that this moment is a unique opportunity for spent months testing curbside pickup at a handful of self-calibration, with profound implications for the stores, rolled it out to every store in just two days. In organization. four days, Unilever converted factory lines that were making deodorants into ones making hand sanitizer. We have spoken with and counseled hundreds of Life insurers have wrestled ingeniously with a unique CEOs since the pandemic first hit. It is clear to us COVID-19-related problem, says Jennifer Fitzgerald, that they sense an opportunity to lead in a new, CEO of Policygenius, an online insurance broker: more positive and impactful way. If a critical mass of “Some consumers don’t want the examiner in their 1 See Carolyn Dewar, Martin Hirt, and Scott Keller, “The mindsets and practices of excellent CEOs,” October 2019, McKinsey.com. The CEO moment: Leadership for a new era 145