Disruption, volatility, and uncertainty aren’t new operating conditions by any means. But the assumptions that have long driven corporate thinking—the role of government, geopolitical norms, and consistency in US policies as administrations change, and the speed of technological advances—are being upended. Few business leaders have experienced the scope, complexity, and combination of issues companies are facing today—and many will earn their stripes in the months ahead. As one director noted during the 2025 KPMG Board Leadership Conference, “It’s prime time for leaders to lead.”
Approaching midyear, post-election exuberance among business leaders has been overshadowed by a significant decline in confidence about the growth prospects for the US economy and the opportunities ahead for their companies. As one CEO noted, “High volatility and low visibility are difficult conditions.” Amid growing concern about tariffs and their inflationary effect, a near majority of CEOs anticipate a recession, price hikes, and potential job losses.1 At the same time, the macro forces of generative artificial intelligence (GenAI), climate, and geopolitics are calling for deeper boardroom conversations about risk, resilience, strategy, and talent, and what the future will look.
Based on our ongoing work with directors and business leaders and discussions during the 2025 KPMG Board Leadership Conference2—we offer observations and insights that may be helpful as boards calibrate their agendas for the second half of the year.
Footnotes -
1 Dan Bigman and Melanie Nolen, “Tariffs Push CEO Confidence To Multi-Year Low In April Poll,” Chief Executive, April 14, 2025.
2 Our observations include comments from directors and other business leaders under the Chatham House Rule.
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