273. Delta Air Lines CEO Ed Bastian: Lessons from the captain’s seat

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 RestThe Strategic CEO newsletterDoug Parker, former chairman and CEO of American Airlines, shares leadership lessonsJohn Stankey talks about leaning into the long term at AT&TSupport 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 2025Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

In this second episode of our two-part series on navigating the four seasons of successful CEO leadership, Carolyn Dewar and Kurt Strovink, two of the authors of the upcoming book A CEO For All Seasons, share insights drawn from top-performing CEOs on how to navigate the middle two stages of CEO leadership—starting strong as a new CEO and staying ahead—to maintain long-term effectiveness while at the top. Carolyn Dewar, a coauthor of the New York Times bestselling CEO Excellence, is a senior partner at McKinsey & Company and founded and co-leads the firm’s global CEO excellence client service line. She is a frequent keynote speaker on leadership and transformation. Kurt Strovink, a coauthor of the national bestseller The Journey of Leadership: How CEOs Lead from the Inside Out, is a senior partner at McKinsey & Company. Kurt leads the firm’s global CEO services practice and is also a member of McKinsey’s Board of Directors. Related insights A CEO for All Season: Mastering the Cycles of Leadership Sending it forward: Successfully transitioning out of the CEO role Staying ahead: How the best CEOs continually improve performance Stepping up: Becoming a high-potential CEO candidate Starting strong: Making your CEO transition a catalyst for renewal The inner game of women CEOs The CEO’s essential checklist: Questions every chief executive should be able to answer Leadership lessons from the world’s best CEOs Serving a greater purpose: CEO Excellence revisited Building leaders from the ground up The art of 21st-century leadership: From succession planning to building a leadership factory CEO Excellence: The Six Mindsets that Distinguish the Best Leaders from the Rest 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

In the high-stakes world of corporate leadership, becoming a Fortune 500 CEO is an Everest-like ascent, with only the savviest succeeding across every stage of the journey. Carolyn Dewar, Vik Malhotra, and Kurt Strovink, authors of the upcoming book A CEO For All Seasons, join Sean to share insights from top-performing CEOs on navigating the first and fourth stages of CEO leadership – preparing for the role and fortifying a legacy, in the first of two episodes based on the new book. Carolyn Dewar, a coauthor of the New York Times bestselling CEO Excellence, is a senior partner at McKinsey and founded and co-leads the firm’s global CEO excellence client service line. She is a frequent keynote speaker on leadership and transformation. Vikram (Vik) Malhotra, a coauthor of CEO Excellence, is a senior partner at McKinsey where he has worked since 1986. He has served on McKinsey’s Board of Directors and as McKinsey’s Managing Partner of the Americas. Kurt Strovink is a senior partner at McKinsey and a member of the firm’s Board of Directors. He also leads McKinsey’s global CEO services practice and coauthored the national bestseller The Journey of Leadership: How CEOs Lead from the Inside Out. Related insights A CEO for All Seasons: Mastering the Cycles of Leadership Sending it forward: Successfully transitioning out of the CEO role Staying ahead: How the best CEOs continually improve performance Stepping up: Becoming a high-potential CEO candidate Starting strong: Making your CEO transition a catalyst for renewal The inner game of women CEOs The CEO’s essential checklist: Questions every chief executive should be able to answer Leadership lessons from the world’s best CEOs Serving a greater purpose: CEO Excellence revisited Building leaders from the ground up The art of 21st-century leadership: From succession planning to building a leadership factory CEO Excellence: The Six Mindsets that Distinguish the Best Leaders from the Rest 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

The current climate of geopolitical and macroeconomic uncertainty can complicate the strategy process and can make the idea of waiting for calmer times look attractive. But as our guests today point out, waiting out the storm is not an option. Instead, organizations need to make bold strategic moves rooted in a thorough understanding of how they create value and the market conditions they face. In this episode, Sean is joined by Matt Watters, who is a leader in our Geopolitics, Government, and Strategy and Corporate Finance Practices and a partner in our New Jersey office. Matt’s work focuses on growth and innovation in industries with evolving global dynamics, including defense, space, semiconductors, high tech, and cybersecurity. Ezra Greenberg also joins the podcast and is a partner in our Connecticut office, where he advises executives and investors across multiple sectors on how macro forces and global trends impact critical strategy and investment decisions under uncertainty. Related insights  In a moment of tariffs, can the world find balance and trust to thrive? How American business can prosper in the new geopolitical era Restricted: How export controls are reshaping markets Tariffs on the move? A guide for CEOs for 2025 and beyond A proactive approach to navigating geopolitics is essential to thrive Strategy beyond the hockey stick: People, probabilities, and big moves beat the odds Building geopolitical resilience: A conversation with Michèle Flournoy Taking a proactive approach to geopolitics   McKinsey Insights on Strategy & Corporate Finance McKinsey Strategy & Corporate Finance on LinkedInSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Beyond reporting requirements and transparency imperatives, there’s a huge financial incentive to manage your company’s sustainability activities with data-driven business decision-making. To do so, efforts must be anchored in a data strategy that merges the financial and the ESG analysis. In this episode, Peter Spiller, a partner based in our Frankfurt office who co-leads our efforts in environmentally sustainable operations, speaks with Dominik Asam, Member of the Executive Board and CFO at enterprise planning software giant SAP. Dominik talks about his role in helping steer the company and their customers towards decarbonization, and how to balance the financial ledger with the sustainability ‘Green Ledger’ in a future-ready way that centers on driving real progress while protecting the bottom line. Related insightsManaging carbon: A new role for the CFO Toward the long term: CFO perspectives on the future of finance Reaching net zero–what will it take?   McKinsey Insights on Strategy & Corporate Finance McKinsey Strategy & Corporate Finance on LinkedInSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

In today’s fast-evolving cybersecurity landscape, organizations face bigger and bolder threats that have wide-reaching implications − from financial and customer data breaches, to third-party infiltration and disruption far down the supply chain. Hacking has become an organized business, and AI and quantum technologies are as much a part of the threat as they are the solution. Charlie Lewis leads our North American and European cyber practices and is a partner in our Connecticut office. He supports clients on strategic cyber transformations. In this episode, Charlie speaks with Sean Brown about the critical role of CFOs in their organization’s cyber operations, the core foundations of cybersecurity, and the importance of organizations collaborating on improving security in a world of crime that has no borders. Related insights Resilience Pulse Check: Harnessing Collaboration to Navigate a Volatile WorldRepelling the cyberattackers (book excerpt) McKinsey Insights on Strategy & Corporate Finance McKinsey Strategy & Corporate Finance on LinkedInSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Procurement can play a crucial role in driving a company's transformation, and leaders are now recognizing its potential to be a strategic enabler of change. In this episode of Inside the Strategy Room, we explore the key findings from our recent McKinsey.com article titled “Aim higher and move faster for successful procurement-led transformation”. Teresa George, a partner in our Chicago office, Raul Santos, a partner in our Madrid office, and Cole Wirpel, an associate partner in our Atlanta office, join Sean to share insights on how procurement can be a catalyst for company-wide transformation and the essential capabilities required to achieve this goal. Related insights Aim higher and move faster for successful procurement-led transformation How procurement leaders can bring metals and mining up to speed The digital spend control tower: Shift spending mindsets at scale Defining your ‘true north’: A road map to successful transformation McKinsey Insights on Transformation McKinsey Transformation on LinkedIn McKinsey Insights on Strategy & Corporate Finance McKinsey Strategy & Corporate Finance on LinkedInSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

In 2022, Josh Harris founded 26North, an alternative asset management firm that has reached close to $30 billion in assets under management in its first 3 years. Josh also co-founded Apollo Global Management and Harris Blitzer Sports and Entertainment (HSBE) and is a prominent figure in the sports management arena. He has stakes in the Washington Commanders, Philadelphia 76ers, New Jersey Devils, and Crystal Palace Football Club, amongst other teams. In this episode, Josh speaks with our North America Chair and senior partner Eric Kutcher, sharing insights that span his high school wrestling years, to starting anew at the age of 55 with 26North. His thoughts on leadership, culture, and resilience traverse both the worlds of investment and sports.Related insights  A CEO For All Seasons: Mastering the Cycles of LeadershipCEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the RestThe Strategic CEO newsletterDoug Parker, former chairman and CEO of American Airlines, shares leadership lessonsJohn Stankey talks about leaning into the long term at AT&TSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Divestiture is one of the least discussed aspects of M&A, and yet separations can be a highly effective way of creating value. In this week’s episode, Sean speaks with two McKinsey experts on separations and spin-offs about their latest research on the subject. Jamie Koenig coleads our separations and spin-off client work globally and is a partner in our New York office. He has more than a decade of experience helping clients navigate complex transactions, having worked on hundreds of deals, and has a particular passion for building new companies via spin-offs. Anna Mattsson is the global co-lead of our separations and spin-offs client service line. She is a partner in our Zurich office and has 20 years of experience helping clients deliver value through M&A, divestitures, and spin-offs. The two are co-authors of our recent article on separations.Related insights When separating businesses, people are the key to unleashing value The cost of (un)doing businessWhy speed matters in divestitures  What it takes to make separations a competitive difference-maker M&A Annual Report: Is the wave finally arriving? Active portfolio management: Five practical insights for value creation The equity story you need for the long-term investors you want McKinsey Insights on M&A McKinsey Strategy & Corporate Finance on LinkedInSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information