The landscape for global business leaders has dramatically shifted, moving beyond the familiar directives of growth, capital allocation, and productivity through technology. Mohamed Kande, global chairman of PwC, recently articulated this profound change from Davos, Switzerland, ahead of the World Economic Forum, suggesting the CEO role has undergone more transformation in the past year than in the preceding quarter-century. This new reality demands a “tri-modal” approach, requiring executives to simultaneously manage current operations, initiate real-time transformations, and construct entirely new business models for the future. Such a complex mandate, Kande noted, is unprecedented in his 25 years of experience.
Despite the inherent pressures of this evolving environment, Kande maintains an optimistic outlook. He advises leaders not to fear the future, acknowledging its unsettling nature and the constant flux, but reminding them that historical precedents exist for such periods of uncertainty. He points to past challenges like tariffs a century ago and the industrial revolution as examples of eras that, despite initial turmoil, ultimately led to positive outcomes. Kande, an admitted optimist, firmly believes that top leadership can effectively navigate this turbulent business climate.
A significant catalyst for this widespread disruption is the rapid proliferation of artificial intelligence, a theme central to PwC’s 29th global CEO survey, “Leading Through Uncertainty in the Age of AI.” Released at the outset of the Davos meeting, the survey, which gathered responses from 4,454 CEOs across 95 countries and territories, highlights a striking disparity between the enthusiastic embrace of AI and its tangible benefits. Kande observed a swift transition in the business community from questioning AI adoption to a universal pursuit of it between 2024 and 2025.
However, the survey’s findings reveal a sobering reality: only 10% to 12% of companies report observing revenue or cost benefits from AI, while a substantial 56% indicate they are deriving “nothing out of it.” This echoes an MIT study from August, which found a staggering 95% failure rate for generative AI pilot programs across the corporate sector. Kande attributes this disconnect not to the technology itself, but to a fundamental oversight in preparation. He suggests that the rapid pace of AI adoption has caused many to neglect basic principles of technology integration, such as maintaining clean data, establishing robust business processes, and implementing effective governance. Companies that are indeed realizing benefits from AI, according to PwC’s observations, are precisely those that have diligently laid these foundational elements. The success, he argues, hinges on execution and sound management, rather than solely on the technology itself.
This period of instability has also fostered a paradoxical sentiment among business leaders. While CEOs express confidence in the global economy, only 30% are confident in their own companies’ ability to grow. Kande pondered whether this hesitation stems from geopolitical tensions, trade tariffs, technological shifts, or a deficit in leadership agility. He noted that the preceding 15 years, characterized by consistent growth and stable business models, had not prepared many in the C-suite for the current demands. The present moment, he stressed, represents a significant test for leaders, requiring rapid adaptation and change without becoming mired in daily tactical battles.
The PwC survey further revealed a five-year low in CEO confidence regarding their own revenue outlook, with only three in 10 CEOs expressing confidence in 12-month revenue growth, a notable decline from 38% in 2023 and 56% in 2022. This diminished outlook persists even as many leaders pursue long-term opportunities through AI, innovation, and cross-sector expansion. The impact of this transformation extends to the workforce, necessitating a reevaluation of career trajectories. Kande cautioned that the traditional apprenticeship model, where entry-level employees acquire skills through basic task execution, is being fundamentally disrupted by AI. The classic career ladder will require redesign, shifting its focus from task execution to fostering “system thinking” as AI increasingly handles routine operations.
Kande ultimately urges executives to adopt a broader historical perspective, looking back 50 to 100 years rather than just the last five, to comprehend the current moment. Drawing parallels to past infrastructure booms like the railroad era and the early internet, he believes the current wave of investment will ignite the next era of innovation. The CEO survey’s projection of a coming “decade of innovation and industry reconfiguration” supports this long-term view, suggesting that companies generating more revenue from novel sectors tend to achieve higher profit margins and bolster CEO confidence in future growth. Kande concluded with his optimistic conviction, stating that fear often stems from a lack of understanding. He advocates for continuous learning and exploration to demystify the changes underway, remarking, “That’s why I don’t fear AI.” He believes that embracing change is essential for navigating the evolving business landscape.
