The Shifting Sands of Leadership: A New Era for Global Business
For decades, the playbook for global business leaders was clear: expand, optimize capital, and leverage technology for efficiency. Yet, according to Mohamed Kande, Global Chairman of PwC, that era is definitively over. Speaking to Fortune in Davos, Switzerland, ahead of the World Economic Forum, Kande asserted that the CEO role has undergone more profound change in the past year than in the preceding quarter-century.
“This is one of the most testing moments for leaders,” Kande remarked, outlining a demanding “tri-modal” mandate. Today’s executives must simultaneously manage their existing operations, transform them in real-time, and innovate entirely new business models for the future. This unprecedented complexity, he notes, is a stark departure from anything he’s witnessed in 25 years.
Optimism Amidst Uncertainty: A Look Back to Move Forward
Despite the immense pressure, Kande’s message is one of historical optimism. “Do not fear the future. It is unsettling. It is true. Every day something changes, but do not fear it,” he advised. He draws parallels to past periods of disruption—from tariffs a century ago to the Industrial Revolution—suggesting that uncertainty is a recurring theme in history, and ultimately, “something good will happen.” An admitted optimist, Kande firmly believes that top leaders possess the adaptability to navigate this turbulent business climate.
The AI Execution Gap: Ambition vs. Reality
A primary catalyst for this transformative period is the rapid proliferation of Artificial Intelligence (AI). PwC’s 29th global CEO survey, “Leading Through Uncertainty in the Age of AI,” unveiled at Davos, paints a revealing picture: a significant chasm between AI ambition and tangible results.
Kande observed a dramatic shift from 2024 to 2025, where the question of whether to adopt AI has been replaced by universal commitment. “Nobody is asking that question anymore. Everybody’s going for it,” he stated. However, the survey, which polled 4,454 CEOs across 95 countries, reveals a sobering statistic: only 10% to 12% of companies are reporting actual revenue or cost benefits from AI. A staggering 56% admit they are deriving “nothing out of it.” This echoes a similar MIT study that found 95% of generative AI pilots failing across the corporate sector.
Back to Basics: The Foundation of AI Success
Kande attributes this widespread underperformance not to the technology itself, but to a fundamental oversight. “Somehow AI moves so fast… that people forgot that the adoption of technology, you have to go to the basics,” he explained. He emphasized the critical need for clean data, robust business processes, and stringent governance. PwC’s research indicates that companies successfully leveraging AI are precisely those that have diligently “put the foundations in place.” For Kande, success hinges on execution, not merely technology, ultimately boiling down to effective management and leadership.
The Confidence Paradox and a Redefined Workforce
The current volatile environment has also fostered a paradox in business sentiment. While CEOs express confidence in the global economy, a mere 30% are confident in their own companies’ ability to grow. Kande pondered whether this hesitation stems from geopolitics, tariffs, technological disruption, or a lack of leadership agility. The preceding 15 years, characterized by steady growth and stable business models, have ill-prepared many for the rapid changes now demanded of the C-suite.
“This is one of the most testing moment for leaders, what we have today,” Kande reiterated, stressing the imperative for swift adaptation and change without getting mired in daily tactical battles. The PwC survey further revealed a five-year low in CEO confidence regarding their 12-month revenue outlook, with only three in ten expressing optimism—a sharp decline from 38% in 2025 and 56% in 2022.
Reshaping Career Paths for the AI Age
The transformation at the top is cascading down to the workforce, necessitating a complete reimagining of career trajectories. Kande warned that AI is disrupting the traditional “apprenticeship model,” where entry-level employees learn through basic task execution. The classic career ladder, built on hands-on learning, must be redesigned to foster “system thinking” rather than mere task completion, as AI increasingly handles the latter.
A Historical Lens on Future Innovation
Ultimately, Kande urges executives to contextualize the present moment by examining the last 50 to 100 years, rather than just the last five. Drawing parallels to the infrastructure booms of the railroad era and the early internet, he posits that the current wave of investment will inevitably birth the next age of innovation. This perspective aligns with the CEO survey’s overarching theme of a coming “decade of innovation and industry reconfiguration,” underscoring the long-term potential that lies beyond immediate challenges.
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