14 CEOs give their best advice for leading in times of great uncertainty

Hello and welcome to Modern CEO! I’m Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning.

Uncertainty is at an all-time high. Business leaders—many of whom thought President Donald Trump’s reelection would usher in tax cuts and deregulation—are navigating on-again off-again tariffs, skittish investors, and growing risk of a recession.

An index created by professors at Northwestern, Stanford, and the University of Chicago, shows global economic policy uncertainty—not knowing how policy decisions will affect business and markets—reached its highest level ever in January, surpassing the previous peak in May 2020, at the height of the COVID pandemic.

Some CEOs and their teams privately have told Modern CEO that they’re pretty shaken by the degree and magnitude of chaos they’re experiencing, and an early March Chief Executive poll found CEO confidence has fallen to its lowest level since November 2012.

Publicly, though, top executives insist that uncertainty is nothing new—and indeed, surveys going back more than a decade consistently show that CEOs live with constant disruption. Modern CEO connected with 14 chief executives to get their best advice on how to manage in these unpredictable times. Here’s what they had to say:

Control what you can control, and communicate

“Chasing every emerging trend or reacting to external turmoil can make it more difficult to execute on your mission,” says Christina Smolke, cofounder and CEO of pharmaceutical ingredient maker Antheia. “In contrast, maintaining a clear vision, doubling down on core strengths, and resisting the pull of distraction enables long-term success.”

Ole Rosgaard, president and CEO of packaging company Greif, concurs: “Our role is not to try and predict what’s going to happen, but it’s to anchor our teams firmly in our purpose and our strategy.” He adds: “At times like these, when we have a lot of uncertainty, that’s when clarity and connection with your employees, customers, and suppliers matter the most. It’s important that you don’t let people make up their own narrative.”

For leaders in the financial services space, communicating with customers is especially important when markets are rocky. “As CEO, my focus has been on providing clarity and reassurance to both our team and ultimately, our customers,” says Sarah Levy, CEO of digital investing company Betterment. “At the end of the day, providing folks with access to strong financial tools—whether it’s helping them get invested early, save for retirement, or having trusted advisers to help set them up for strong financial futures—is my biggest priority.”

“Success in any market environment starts with putting your customers first,” says Darrel Hackett, president and CEO of BMO Bank. “At BMO, we continually assess the market and deliver expert insights, helping our clients make sound decisions. Our commitment is rooted in ensuring our clients are prepared for whatever challenges lie ahead, with the clarity and resources to succeed.”

Marcin Kleczynski, CEO at internet security firm Malwarebytes, says leaders needn’t hide nor sugarcoat potential problems when communicating with stakeholders. “In cybersecurity, we often face rapidly evolving threats with unknown consequences,” he says. “When we’ve experienced a crisis situation in the past, I try to put myself into the shoes of my various stakeholders—customers, employees, the general public—and communicate what I can, when I can. Instead of staying silent or downplaying challenges, I choose to be transparent and bring audiences along on the journey so that the broader community feels informed.”

Take care of—and engage— your people

Dave Guilmette, CEO of employee benefits administrator Alight, reminds leaders that it isn’t enough to just communicate with employees. “In times of uncertainty, we often talk about resiliency, but we also often overlook the human cost of what we’re asking employees to endure,” he says. “Leaders have a responsibility to create a culture of psychological safety and well-being through open dialogue, manager training, and real-time mental health support.”

During the 2008 financial crisis, architecture giant Gensler turned to employees to help chart a course when the firm’s business nearly dried up, says co-CEO Jordan Goldstein. “Instead of closed-door meetings and putting together a recovery plan in a vacuum, we decided to convene everyone to do a large-format brainstorm on ways to rebound our business in a town hall setting,” he says. The result? The organization learned the power of group problem-solving, and employees were motivated to implement the plans. “In the months that followed, everyone leaned in because they felt invested and that they contributed to the strategies,” Goldstein says.

Lead with certainty—and play the long game

Brian Melka, president and CEO of energy solutions company Rehlko, urges decisiveness. “True leadership isn’t tested when things are going well—it’s forged under the pressure of uncertainty,” he says. “The best leaders don’t get lost in endless what-ifs; they focus on the present, solving problems in real time while relentlessly pursuing excellence.”

Cameron Fowler, CEO of Early Warning Services, parent of digital payment service Zelle, says uncertainty can bring opportunities if companies are prepared to act quickly. “Success comes from having a leadership team with unique experiences and varying strengths that complement each other.” Fowler says. “You also need to have people on your team that excel in steady times and those who can navigate uncertainty with confidence.”

Rick Smith, the cofounder and CEO of Taser maker Axon Enterprise, is embracing the “built to last” ethos that helped him grow the company. “There have been a lot of learnings over the years, including playing the long game to achieve significant scale, moving fast without breaking things, using a culture of moonshots and mission focus to drive success, knowing when to pivot vs. push ahead when it comes to customer feedback, and building trust with stakeholders along the way,” he says.

Lean into data

While leaders need to project an aura of confidence, they increasingly need to be backed by verified information and data. “The CEOs we’re speaking with around the world are telling us that they need urgent support going further, faster, to address risk and people issues,” says Greg Case, president and CEO of Aon, a professional services firm that provides risk-mitigation products. “In this environment, data and analytics are key to surfacing actionable insights that leaders can use to create clarity amidst uncertainty and make better decisions for their businesses, their people, and society.”

Don’t waste a crisis

“Leaders today also need perspective in order to see how the challenges we face can often be opportunities to grow,” says Kristin Peck, CEO of animal health company Zoetis. “That starts with listening—not just internally, but to the world around us. I stay curious and seek out different viewpoints and external signals, especially from our customers and partners.” She cites the avian flu outbreak as a moment for her company to rise to the challenge by pursuing innovation in vaccines and therapeutics.

Susan Howe, CEO of the Weber Shandwick Collective, says she views uncertainty as “an opportunity to build organizational resilience.” She says the communications company is encouraging teams to anticipate their clients’ needs. “It’s fulfilling—and productive—to be pointed in the direction of doing, while remaining grounded.” She adds: “Today, I try to show up as I always do, fully present. Two rules: Never lose your sense of purpose. Or your sense of humor.”

Take a page from small businesses

John Caplan, CEO of global payment platform Payoneer, exhorts leaders to channel their inner entrepreneur. “The best leaders don’t wait for clarity; they move forward with discipline and adaptability,” he says. “The small business owners and entrepreneurs we serve know this better than anyone. They wake up every day facing challenges, and they don’t sit still—they innovate, adjust, and push ahead.”

How are you leading now?

What are your tips for leading amid uncertainty? Send your wisdom to me at stephaniemehta@mansueto.com. I’d love to share your advice in a future newsletter.

Read and watch more: Navigating uncertainty

• How to stop assuming the worst in a state of uncertainty
• Founders can leverage uncertainty for growth
• How I grew my business despite uncertainty
• Leading through uncertainty