When the business world moves, these are the leaders making the decisions that shape it. The CEO Signal is a new show hosted by Penny Pritzker — investor, business builder, and former U.S. Secretary of Commerce — and Andrew Edgecliffe-Johnson, Semafor’s CEO Editor. Episodes are released every two weeks. Building on The CEO Signal newsletter, read by the world’s top chief executives, the show brings that perspective to candid conversations with the leaders running the world’s biggest companies.
The CEO Signal is presented by PwC.
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Starbucks CEO Brian Niccol on Leading Through Turnarounds
Thursday, March 19, 2026 • Duration 49:09
Why do some CEOs run toward the hardest challenges in business?
In the first episode of The CEO Signal, Starbucks CEO Brian Niccol joins hosts Penny Pritzker and Andrew Edgecliffe-Johnson to discuss the leadership mindset behind one of the most closely watched turnaround stories in global business.
Niccol has built a reputation for stepping into difficult situations. He previously led Chipotle through its recovery following the company’s food safety crisis — and before that took on struggling brands earlier in his career. Now he’s tackling a new challenge at Starbucks, a company under intense scrutiny from customers, employees, and investors.
In the conversation, Niccol explains what draws him to these moments of pressure — and how he approaches them. He describes visiting Starbucks stores multiple times a day before officially starting the job, listening to baristas and customers who felt the company had made the experience more complicated than it needed to be.
That insight became the foundation of his strategy: “Back to Starbucks.” A return to the essentials of the brand — the coffeehouse experience, the connection between baristas and customers, and simple decisions that show up clearly in the store.
Niccol also reflects on lessons from his time at Chipotle, the importance of building teams that tell the truth, how CEOs make decisions under pressure, and why technologies like AI should enhance — not replace — human connection.
About the show
The CEO Signal is Semafor’s interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.
Penny Pritzker
Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.
Andrew Edgecliffe-Johnson
Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a veteran Financial Times journalist who has spent decades covering global companies and corporate leadership.
The CEO Signal is presented by PwC.
Introducing: The CEO Signal
Monday, March 16, 2026 • Duration 00:33
When the business world moves, these are the people turning the wheel. Introducing The CEO Signal, a new show hosted by Penny Pritzker and Andrew Edgecliffe-Johnson. Episodes are released every two weeks. Building on The CEO Signal newsletter, the essential briefing read by the world’s top chief executives, the show brings that perspective to revealing conversations with the people steering the world’s biggest companies.
Emma Walmsley on Leading and Leaving GSK
Thursday, April 2, 2026 • Duration 45:53
What does it take to hand over a company after years at the helm? Dame Emma Walmsley reflects on her tenure as CEO of GSK at the moment she was preparing to hand over to her successor, Luke Miels. It’s a rare chance to hear a CEO reflect on the full arc of their tenure, from stepping into the role to shaping their own succession.
After nearly a decade leading one of the world’s largest pharmaceutical companies, Walmsley speaks candidly about the realities of the job, from navigating activist pressure to reshaping the company’s strategy and structure.
At the core is responsibility. “No one should take on these jobs without taking on the accountability,” she says.
In moments of pressure, the job is to absorb the noise so the organization can stay focused and perform. During an activist campaign against her leadership, she made a deliberate choice to contain the disruption and keep the company aligned.
Inside GSK, she pushed to shift decision-making toward clearer accountability while encouraging open disagreement at the top. She describes explicitly inviting counterarguments and even staging visible disagreement within her leadership team to normalize challenge.
Looking back, she reflects on how her leadership evolved. Less formal, more focused on communication, and more human.
She is also direct about succession. It is not something that is worked out at the end, she argues, but a responsibility that starts on day one.
About the show
The CEO Signal is Semafor’s interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.
Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.
Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a veteran Financial Times journalist who has spent decades covering global companies and corporate leadership.
This conversation was recorded in December 2025.
Allstate CEO Tom Wilson on trust, purpose and why CEOs should speak up
Thursday, May 14, 2026 • Duration 45:42
"There should be more voices" in the corporate world speaking up on societal issues, Allstate CEO Tom Wilson says in this episode of The CEO Signal. “CEOs need to stand up and decide what’s important to them, what’s important to their customers — and take a stand.”
Wilson has led Allstate for nearly two decades, running a business built on trust at a time when trust in America is under pressure. He explains why declining trust is not just a social problem, but a business risk for an insurance company whose promise is to be there when customers need it most.
Wilson discusses why he believes companies have four roles: serving customers, making money for shareholders, creating opportunity for employees, and improving communities. That philosophy has shaped Allstate’s stance on issues from climate resilience and personal privacy to wages, good jobs, and the future of work in an AI-driven economy.
He also talks about the 20-year journey of turning purpose from a corporate slogan into daily practice — including Allstate’s work helping more than 75,000 employees identify their own personal purpose. “If you want to be a purpose-driven company,” he says, “you have to be powered by purpose-driven people.”
Wilson reflects on his evolving leadership style, why “greater clarity leads to greater empowerment,” and how CEOs must be willing to pick the big moments and be “in the change” if they want organizations to move.
The CEO Signal is Semafor’s interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.
Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.
Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a former Financial Times journalist who has spent decades covering global companies and corporate leadership.
Dan Schulman, Verizon CEO, on AI, layoffs and punching back
Thursday, April 30, 2026 • Duration 43:41
“If somebody’s going to punch me, I’m going to punch back,” Verizon CEO Dan Schulman says in this episode of The CEO Signal.
Schulman, who came out of retirement six months ago to lead the $200 billion telecoms company, reveals that he initially turned the job down — twice. But his mandate is blunt: stop losing customers to its rivals, regain Verizon’s “swagger,” and move it from a defensive posture to one that is “playing to win.”
That reset has come with hard choices. Schulman discusses Verizon’s major restructuring, why he chose to announce 13,000 job cuts all at once rather than “bleed it out over multiple quarters,” and why he thinks about CEOs have responsibilities to employees who are leaving as well as those who remain.
Schulman describes the job of leadership as defining reality while inspiring hope — even when the reality is uncomfortable.
Schulman also looks ahead to the convergence of AI, quantum computing and robotics, and argues that CEOs need to be open-minded, humble and fast-moving. “A quick decision that is wrong and you self-correct,” he says, “is way better than spending months creating the perfect decision.”
About the show
The CEO Signal is Semafor’s interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.
Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.
Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a former Financial Times journalist who has spent decades covering global companies and corporate leadership.
Arvind Krishna, IBM CEO, on Big Bets, AI, and Quantum
Thursday, April 16, 2026 • Duration 43:51
What does it take to make big bets inside a public company?
In this episode of The CEO Signal, IBM Chairman and CEO Arvind Krishna discusses how he thinks about major strategic decisions at a moment of rapid technological change — from hybrid cloud to AI and quantum.
At the center of the conversation is IBM’s acquisition of Red Hat — a decision Krishna helped drive before becoming CEO, and one that reveals how he thinks about conviction, resistance, and making a consequential call before the outcome is obvious.
Krishna explains why IBM chose to bet on hybrid cloud rather than try to become another hyperscale player, how he thinks about large strategic bets inside a public company, and how that logic now shapes IBM’s approach to AI and quantum computing.
He also lays out the case for a more hybrid AI future, a larger role for domain-specific models, and a quantum shift he believes business leaders should already be preparing for.
About the show
The CEO Signal is Semafor’s interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.
Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.
Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a veteran Financial Times journalist who has spent decades covering global companies and corporate leadership.
Ralph Lauren CEO Patrice Louvet on magic, logic, and saying no
Thursday, July 16, 2026 • Duration 44:43
Patrice Louvet says Ralph Lauren left about $1 billion in revenue on the table as it pulled back from places where, “frankly, we weren’t proud of being.” When he became CEO in 2017, the company had stretched its brand too far. His challenge was to restore the brand without compromising the creative “magic” that made Ralph Lauren distinctive.
After nearly three decades at Procter & Gamble, Louvet came from a world of data, structure and business logic. At Ralph Lauren, he had to learn when the numbers should lead and when they should follow the magic. Defining the company as being in the “dreams business” became the foundation for deciding where the brand belonged, what it should stop doing and how it could grow without losing what made it special.
Today, Ralph Lauren has no shortage of opportunities to expand — including into hotels, Louvet says. The challenge is no longer finding new avenues for growth, but knowing which ones to pursue without repeating the gradual dilution that weakened the brand before.
For Louvet, that comes down to a deceptively simple principle: knowing what you can do is not the same as knowing what you should do.
About the Show
The CEO Signal is Semafor's interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.
Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.
Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a former Financial Times journalist who has spent decades covering global companies and corporate leadership.
Cisco CEO Chuck Robbins on AI transformation, hard decisions, and leading at speed
Thursday, May 28, 2026 • Duration 44:07
In this episode of The CEO Signal, Chuck Robbins talks about the people decisions behind a transformation as sweeping as Cisco's repositioning for the age of AI. He says executives need to “disagree and commit,” but warns that CEOs shouldn't tolerate people who aren't on board with the strategy. “The one thing that is like death in an organization is passive aggressive behavior,” he says.
Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the conversation explores how Robbins has pushed Cisco beyond its traditional networking hardware roots toward software, security, recurring revenue and the infrastructure behind AI. He describes Cisco’s role in the AI buildout as supplying the connectivity, silicon and security layer that allows large-scale AI to run. “At the end of the day, you have to connect all these things,” he says.
Robbins reflects on how his own leadership has changed after more than 10 years as CEO, including when to step out of the room, so the CEO’s viewpoint doesn’t distort the decision-making process.
He says the decisions that reach the his desk usually involve “two bad choices,” with major unknowns, or choosing between two respected leaders who fundamentally disagree. In those moments, he argues, delay can be worse than error: “A bad decision that is reversed is better than a delayed decision.”
His advice to other CEOs trying to keep large organizations moving at the speed of AI is to “be the pace car.” For Robbins, that means setting the pace on communication, learning, and responsiveness, from regular company-wide communication to AI training for employees and even the board. “If you want your team to move faster,” he says, “you have to move faster.”
About the show
The CEO Signal is Semafor’s interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.
Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.
Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a former Financial Times journalist who has spent decades covering global companies and corporate leadership.
Max Levchin on why Affirm wants to be your smarter older sister
Thursday, July 30, 2026 • Duration 44:45
Affirm founder and CEO Max Levchin built his company to behave like your “smarter older sister”: helping customers make better decisions rather than profiting from their mistakes.
In this episode of The CEO Signal, he explains how that philosophy shaped Affirm and why it may become even more important as AI transforms consumer finance.
Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the conversation explores how Levchin has translated that philosophy into Affirm’s products, culture and decision-making as the company has grown. He also explains how his identity as an “immigrant engineer” shapes his leadership, and why he studies dystopian science fiction to help prevent the AI future he is “working very hard to prevent.”
The CEO Signal is Semafor's interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.
Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.
Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a former Financial Times journalist who has spent decades covering global companies and corporate leadership.
Reed Hastings on life after Netflix and the next wave of AI
Thursday, August 13, 2026 • Duration 47:31
Netflix co-founder and former CEO Reed Hastings says AI could unleash a new wave of “creative destruction” as companies use rapidly improving technology not just to cut costs, but to challenge competitors and build new businesses.
In this episode of The CEO Signal, Hastings notes that AI has been getting “roughly twice as good every year” and says CEOs should think of it as the equivalent of doubling their workforce. He also explains why it’s not the paranoid who survive “it’s really the people who have judgment” — leaders who can distinguish the threats and opportunities that truly matter.
Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the conversation also explores the culture Hastings built at Netflix, why he's taken on the "really hard" challenge of turning around a Utah ski resort, and how he knew when it was time to step away and let Ted Sarandos and Greg Peters lead without him.
The CEO Signal is Semafor's interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.
Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.
Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a former Financial Times journalist who has spent decades covering global companies and corporate leadership.
