Inside the Strategy Room

Jane Fraser, Chair and CEO of Citi, talks with McKinsey Senior Partner and North America Managing Partner Eric Kutcher. After becoming CEO in March 2021, Jane launched a multi-year strategy to transform, simplify, and modernize the bank for the digital age – leveraging Citi’s unique global context to reset where and how it competes. Jane speaks about what the last five years have looked like for Citi and the role AI and blockchain technologies are playing, as well as what she’s learned along the way about talent, intent, and resilience. She also shares the global trends she is seeing as one of the world’s most well-travelled CEOs. Related Insights ‘You’ve got to be willing to “do,” as opposed to getting disrupted by somebody else’: A conversation with IBM CEO Arvind Krishna ‘Saying “I don’t know” is one of the hardest things a leader can do’: A conversation with Delta CEO Ed Bastian Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

From its origins as an internal three-ring binder to its status as a global reference text, Valuation has shaped how business leaders think about value creation for more than 30 years. In this episode, co-author Tim Koller joins the co-leaders of our Strategy and Corporate Finance Practice, Andy West and Dago Diedrich, to reflect on the evolution of Valuation, the principles that have remained timeless, and the lessons learned across market cycles, bubbles, and changing executive expectations. Tim also shares his perspective on long-term orientation, disciplined leadership, and the legacy he hopes the book leaves with the business community. Related Insights Valuation: Measuring and Managing the Value of Companies Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

Levi Strauss & Co. Chief Finance and Growth Officer, Harmit Singh, joins us to share lessons from his 13-year journey transforming the iconic clothing company. Singh explains how Levi’s returned to growth, strengthened profitability, and shifted toward a direct-to-consumer model, while staying true to its purpose-driven heritage. He introduces the “Magic of the And”–his approach to driving both top- and bottom-line performance– and discusses building a performance culture, navigating volatility and tariffs with cross-functional teams, developing finance talent, and approaching AI in finance with practical use cases and discipline. Joining Harmit for this discussion is Steve Begley, a senior partner based in our New York office. Related Insights The State of Fashion 2026: When the rules change How finance teams are putting AI to work today How Nestlé’s CFO sharpens focus across a global portfolio Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

As organizations increasingly employ agentic AI, they face new risks that could disrupt operations, compromise sensitive data, or erode customer trust. Rich Isenberg and Charlie Lewis join us to discuss these emerging risks and how leaders can proactively ensure secure and compliant adoption. Rich Isenberg is a partner in our Atlanta office and a leader within our Risk and Resilience and Cybersecurity Practices. Charlie Lewis is a partner in our Connecticut office and leads our cybersecurity and tech resilience work across North America and Europe. Together, they offer a frontline perspective on how organizations are implementing agentic AI, the emerging forms of cyber and operational risk, and the critical steps leaders must take to build robust governance and resilience. Related Insights Deploying agentic AI with safety and security: A playbook for technology leaders The change agent: Goals, decisions, and implications for CEOs in the agentic age Seizing the agentic AI advantage McKinsey Risk & Resilience on LinkedIn McKinsey Risk & Resilience: Our latest insights Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

Arvind Krishna, the Chairman, President, and Chief Executive Officer of IBM, stepped into the CEO role at IBM in 2020, following 30 years at the company. Prior to that, he held various senior positions, spanning VP of Cloud and Cognitive Software to Head of Research, where he drove innovation in core technologies – including artificial intelligence, quantum computing, and cloud platform services. In today’s episode, Arvind joins our North America Chair and senior partner Eric Kutcher to discuss how he led IBM to triple its share price in just five years, the current AI landscape, how to pursue opportunities from volatility, the potential of quantum computing, what it takes to drive growth through innovation, and the dangers of being too risk-averse. Related insights CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest A CEO for All Seasons: Mastering the cycles of leadership The Strategic CEO newsletter Delta Air Lines CEO Ed Bastian: Lessons from the captain’s seat Doug Parker, former chairman and CEO of American Airlines, shares leadership lessons John Stankey talks about leaning into the long term at AT&T Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

Health insurers are facing urgent challenges related to affordability, access, and how to safely and effectively leverage AI and emerging technologies. In this episode, McKinsey senior partner Celia Huber is joined by Brian Evanko, president and chief operating officer of The Cigna Group. In this role, Brian oversees all of the company's business units, including its two growth platforms: Cigna Healthcare, a health benefits business, and Evernorth, a health services business. Together, these business units serve customers in more than 30 countries. From here, Brian has a unique view of the challenges facing the industry and the people it serves—including the fact that the vast amount of US healthcare spending goes toward chronic care. In their conversation, Brian shares his perspective on the innovation needed, such as through the adoption of AI, to improve affordability and support prevention. Related Insights Future of US healthcare: Gathering storm 2.0 or a golden age? Tackling healthcare’s biggest burdens with generative AI The race to create a vaccine: A conversation with Frank D’Amelio Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

CFOs are increasingly helping lead transformations of their companies, which has a range of implications for how they manage their time and stay up to date with technology. Leading transformation has often been viewed as more focused on other members of the C-suite. McKinsey’s research shows the critical role that CFOs have in the success of a transformation. In this episode, we speak with three McKinsey experts on the subject. Kevin Carmody is a senior partner and the global co-leader of our CFO and Finance Excellence Practice based in Chicago. Previously, Kevin was a founding member of our Transformation Practice and a member of its global operating committee. Christian Grube is a partner in our Munich office, and leads our CFO and Finance Excellence Practice across Europe. Matt Maloney is a partner in our New York office, and leads our CFO and Finance Excellence Practice in the Americas. Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

Leaders across both the public and private sectors are navigating an era of constant disruption. They're expected to deliver major transformations, manage complexity, and balance competing priorities, all while ensuring their own teams are running smoothly. This is why the role of chief of staff has never been more critical. In this episode, three McKinsey experts–all former chiefs of staff–share insights on when a chief of staff is needed and what qualities distinguish those who excel in the role. Michelle Forrest is the global client capabilities leader in our Strategy and Corporate Finance Practice, and previously served as chief of staff to our former global managing partner, Kevin Sneader. Andrew Goodman is a senior partner in our London office, and leads our consumer technology and media practice across Europe. He has also led our Chief of Staff Forum and our research into the role of the chief of staff for the past decade. Previously, Andrew served as chief of staff for the McKinsey Centre for Government, our center of excellence that helps government leaders deliver better outcomes and experiences. Connor Rochford is an associate partner who previously served as chief of staff for the U.K.'s former Chief Medical Officer. Related insights Anatomy of the chief of staff role Chief of staff: Anatomy of the role in eight charts How to be a better chief of staff Seeing around corners: How to excel as a chief of staff Lessons in leadership: Getting past politics to deliver for the people Seven tips for success for new chiefs of staff at federal government agencies Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

To ensure that their companies engage effectively with stakeholders, CEOs need to set communication standards, embody the organization’s culture and purpose, and speak up in moments that matter most. In today’s episode, we discuss what it takes for a CEO to shape and own their organization’s narrative. Joining us is Blair Epstein, a partner in our Bay Area office and a leader in our CEO Excellence Practice, Max Gleischman, a partner in our New York office who leads our strategic communications team, managing issues and policy communications for the firm, and Ramiro Prudencio, a partner in our London office who leads our global external communications team, building our reputation and engagement with external stakeholders. Related insights: The CEO’s role as chief storyteller The art of 21st-century leadership: From succession planning to building a leadership factory How the best CEOs build lasting stakeholder relationships A CEO for All Seasons CEO Excellence Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

In times of economic volatility, the temptation to focus on short-term profitability can become a trap that stalls longer-term projects designed to spur growth. Yet as our long-standing research shows, companies that take a through-cycle approach to investing in growth and innovation consistently outperform their peers. In this episode, three innovation strategy and value creation experts share their latest research and tips for achieving resilient growth. Matt Banholzer is a senior partner in McKinsey’s Chicago office and co-leader of our Global Strategic Growth and Innovation Practice. Tim Koller is a partner in our Denver office and co-author of the best-selling book, Valuation: Measuring and Managing the Value of Companies, now in its eighth edition. And Laura LaBerge is a senior expert in our Strategic Growth and Innovation Practice and is based in our Connecticut office. Related insights Investing in innovation: Three ways to do more with less Innovation in a crisis: Why it is more critical than ever Revolutionary innovations propelling growth A bigger, bolder vision: How CROs are propelling growth from the C-suite How top performers use innovation to grow within and beyond the core How innovation can accelerate industry momentum The eight essentials of innovation Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

A small improvement in pricing can often drive greater value creation than larger cost or volume improvements. However, private equity (PE) funds face unique challenges in identifying and addressing pricing opportunities across diverse portfolio companies, often lacking the dedicated tools and expertise to do so effectively. In this episode, Brian Elliott, Jordan Jakubovitz, and Michelle Nguyen discuss how PE funds can address these challenges and achieve efficient growth. Brian Elliott is a senior partner in our New Jersey office and co-leads our pricing practice across all sectors. Brandon Heriford is a partner in our Atlanta office, and co-leads our Periscope B2B pricing solution with Brian. Michelle Nguyen is an associate partner in our New York office, and is a leader in our Private Capital Practice, and Dhruv Sriram is a consultant in our Atlanta office and a core member of our software and tech practice. Related insights Global Private Markets Report 2025: Braced for shifting weather How to navigate pricing during disinflationary times Pricing: The next frontier of value creation in private equity Is your pricing strategy cutting it? McKinsey Insights on Strategy & Corporate Finance McKinsey Strategy & Corporate Finance on LinkedIn McKinsey Insights on Private Capital Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

Chris Nassetta has served as President and CEO of Hilton since 2007, leading the organization through some extraordinary challenges. Chris’s focus on a sustainable growth model and a brand-led, network-driven strategy has enabled Hilton to cultivate 25 brands and serve more than 250 million travelers annually. In today’s episode, Chris discusses this journey with Eric Kutcher, our North America Chair and Senior Partner, and shares what he’s learned about leadership along the way. Looking ahead, he explains why AI is the greatest gift for Hilton to deliver what customers want, whenever and wherever they want it. Related Insights CEO For All Seasons: Mastering the Cycles of Leadership CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest The Strategic CEO newsletter Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

What do winning teams in elite sports teach us about driving transformation in business? This week, Kevin Carmody, a senior partner and global coleader of our CFO and finance excellence practice, speaks with former McKinsey partner Jason Wright, who helped lead a transformation as-president of the Washington Commanders (and is also a former NFL running back), and is now Managing Partner & Head of Investments at Ariel Project Level, a private equity fund focused on investing in women's sports. Jason shares how clear, measurable goals and micro-markers can accelerate culture change; why some symbolic moves matter as much as big P&L levers; and how leaders can balance staying “on the wave tops” with timely “porpoise dives” into the details. He reflects on accountability, the balance between honesty and radical transparency, and what ultimately signaled that a troubled culture at the Washington Commanders was turning the corner. The conversation also explores Jason’s lessons from public crises, and his current role investing at scale in women’s sports. We recorded Jason and Kevin’s conversation at a gathering of transformation leaders. Related insights: Worst to first: What it takes to build or remake a world-class team McKinsey Transformation on LinkedIn McKinsey Transformation insights Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

Nick Jeffery, President and CEO of Frontier Communications since 2021, has over three decades of strategic and operational leadership in the U.S. and global telecommunications industry. As a seasoned transformation leader, he has guided Frontier from bankruptcy to a successful turnaround in under five years and is now steering the company toward a multi-billion-dollar deal with Verizon. In this episode, Nick joins our North America Chair and senior partner Eric Kutcher to discuss the opportunity he saw in the struggling company, and the bold culture change - grounded in simplicity and a clarity of purpose - that has rallied a workforce around a shared transformation mission. Related Insights Delta Air Lines CEO Ed Bastian: Lessons from the captain’s seat Mastering the cycles of CEO leadership: Stepping up and sending it forward Mastering the cycles of CEO leadership: Starting strong, and staying ahead The Josh Harris playbook: building cultures of excellence in business and sports CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest The Strategic CEO newsletter Doug Parker, former chairman and CEO of American Airlines, shares leadership lessons John Stankey talks about leaning into the long term at AT&T Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

In this episode of Inside the Strategy Room, we discuss how the board’s relationship with management is evolving in an era of heightened uncertainty and rapid change. We are joined by board directors Susan Chapman-Hughes and Lan Kang, as well as McKinsey’s Board Services leader Frithjof Lund, and explore how boards are shifting from episodic oversight to continuous engagement, leveraging more frequent dialogue with management teams, investing in trust and culture, and rethinking structure and composition to add strategic value. Susan Chapman‑Hughes is a seasoned board director and former C-Suite executive with deep experience in digital transformation and human-capital strategy. She is currently an independent director at The J.M. Smucker Company and Toast Inc. Lan Kang is a global business leader and board member with extensive experience in healthcare, private equity, and strategy. She currently serves as President and Chief Executive Officer of Azkarra Therapeutics, an early-stage biotechnology company. She serves on the board of Avantor Inc. and has held senior roles across Asia and the U.S. Frithjof Lund is a senior partner and our managing partner in Norway. He leads our Board Services Practice, helping CEOs and boards of directors improve corporate governance and effectiveness. Frithjof also leads our Organization Practice in Scandinavia, helping clients develop high-performing organizations and leaders across the private and public sectors. He is based in our Oslo office. Related insights How public-company boards can thrive by adopting private equity practices How boards can tackle geopolitical risk The Board Perspective – Number 4 Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

To successfully execute a strategy, organizations must make deliberate choices about their operating model. In this episode, Julie Goran and Dickie Steele, both partners based in New York, discuss the key elements that comprise an operating model and how leaders can design and implement one that drives performance. They explore the significance of moving beyond traditional structures to more emergent models, and share insights from their research on the trends that are shaping the future of organizational design. Drawing on their experience working with clients, they also provide practical guidance on how to navigate the challenges of redesigning an operating model to unlock value in a rapidly changing business environment. Julie Goran is a partner in our New York office and leads our digital organization work in our People & Organizational Performance and Financial Services Practices. She helps executives transform organizations to pursue growth and seize digital opportunities. Richard (Dickie) Steele is a partner also based in our New York office. He designs and delivers purpose-driven transformation programs and is an expert in culture change, organizational agility, and using design-thinking to remake employee experiences and drive improved performance and organizational health Related insights A new operating model for a new world Gen AI’s next inflection point: From employee experimentation to organizational transformation How Strategy Champions win Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

After several years of slowed activity, mergers and acquisitions picked up in the first half of 2025, as disciplined dealmakers reentered the market despite continued uncertainty. In this episode, three McKinsey M&A experts share their recent analysis of global dealmaking, explore the continued outperformance of programmatic acquirers, and weigh in on what the rest of the year’s transactions might look like once the data are finalized. Jake Henry is a senior partner in our Chicago office and the global co-leader of our M&A Practice. He serves clients on M&A strategy, integration, separations, due diligence, and JVs and alliances. Patrick McCurdy is a partner in our Boston office and a leader of our M&A Strategy and Due Diligence work. He serves clients across industries, advising clients on how to leverage M&A as a differentiated capability. Luke Carter is an associate partner in our New York office and co-leads our M&A capability building work, as well as our annual M&A capability survey and our corresponding research into the habits of programmatic acquirers. Rich in resilience: Dealmakers deliver strong first-half results in M&A The seven habits of programmatic acquirers Time to revisit your M&A strategy M&A Annual Report: Is the wave finally arriving? Gen AI: Opportunities in M&A The portfolio management imperative and its M&A implications McKinsey Insights on Strategy & Corporate Finance McKinsey Insights on M&A McKinsey Strategy & Corporate Finance on LinkedIn Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

The CFO’s challenge has long been one of translating data into a story that the CEO and their management team can use to set strategy and make other decisions. As generative AI advances, the way that CFOs fulfil this role is changing, as guest and Nestlé CFO Anna Manz describes in this episode. Michael Birshan, a senior partner who leads our firm in the United Kingdom, Ireland, and Israel, and host Sean Brown, speak with Manz about how she uses AI now and plans to in the future, the impact of geopolitics on Nestlé's operations, and the CFO’s role in integrating the executive team in strategic decision-making and resource allocation. Related insights Toward the long term: CFO perspectives on the future of finance Connecting strategy, finance, and personal development: A conversation with Marjorie Lao What an AI-powered finance function of the future looks like Generative AI in finance: Finding the way to faster, deeper insights How finance skills are evolving in the era of artificial intelligence McKinsey Insights on the CFO role McKinsey Insights on Strategy & Corporate Finance McKinsey Strategy & Corporate Finance on LinkedIn Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

Ed Bastian, CEO of Delta Air Lines since 2016, speaks with our North America Chair and senior partner Eric Kutcher. After 25 years at Delta, including nearly a decade as CEO, Ed reflects on his journey leading the world’s largest airline by revenue—and America’s most recognized carrier, with more than 100,000 employees. The industry was hit hard by the pandemic, and he shares insights on what it takes to get through turbulent times, and keeping his people happy and invested in the company’s success. Ed also talks about leading with the vulnerability to say, “I don’t know,” and the confidence to say, “We’re going to figure it out”. We recorded their conversation before a live client audience at our Global Strategy Summit in September 2025 Related Insights A CEO For All Seasons: Mastering the Cycles of Leadership The Josh Harris playbook: building cultures of excellence in business and sports CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest The Strategic CEO newsletter Doug Parker, former chairman and CEO of American Airlines, shares leadership lessons John Stankey talks about leaning into the long term at AT&T Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information

Uncertainty often dominates the headlines, but it is possible to cut through the static to find clear signals in the global trends and demographic shifts shaping the next era of global competition. In this episode, senior partners Chris Bradley and Andy West share their latest research into the strategic realities of a new era: the shift from a unipolar to a multipolar world, rapid technological advancements, demographic changes, the productivity imperative, and the role of energy in shaping the future. Together, these insights can guide business leaders as they design and mobilize today’s strategic moves to thrive in the future. Andy West is the global coleader of our Strategy and Corporate Finance Practice and a senior partner based in our Boston office. Chris Bradley serves as a director of the McKinsey Global Institute and is a senior partner based in our Sydney Office. Related insights How Strategy Champions Win The great trade rearrangement The power of one: How standout firms grow national productivity The next big arenas of competition Dependency and depopulation? Confronting the consequences of a new demographic reality McKinsey Technology Trends Outlook 2025 Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/ See www.mckinsey.com/privacy-policy for privacy information