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Fortune | FORTUNE

One man can kill Bill Ackman’s $64 billion bid for Universal Music Group—and no one knows what he’ll do | Fortune Poppi’s cofounder pitched her startup on Shark Tank while 9 months pregnant and landed a $400,000 deal—now it's worth $2 billion | Fortune Teen boys are choosing AI girlfriends over real ones for 'maximum control, zero rejection'—experts say it could make them unemployable | Fortune A United American merger is by no means impossible given the president 'loves big deals' | Fortune Reed Hastings’s planned exit from $455 billion Netflix ‘had nothing to do with’ the failed deal for Warner Bros., says Ted Sarandos | Fortune Meet Joe McCann: The high-flying crypto trader held in Tanzania after sudden death of his influencer fiancée Ashly Robinson | Fortune Gen Z is carving a different path in the housing market by doing it alone | Fortune U.S. Catholic leaders criticize Trump for ‘disparaging words’ about the pope as Vatican clash risks alienating Catholic voters | Fortune China has ‘nearly erased’ America’s lead in AI—and the flow of tech experts moving to the U.S. is slowing to a trickle, Stanford report says | Fortune Self-made millionaire behind $5 billion Skims Emma Grede says it all began with a cold call to Kris Jenner: Emma Grede—the self-made millionaire behind the $5 billion Skims empire—says it all began with an audacious cold call to Kris Jenner: ‘The difference between me and someone else is, I made it happen’ | Fortune Americans have never been this gloomy about the economy. Wall Street has never cashed in harder | Fortune ‘The college grading system [is] almost meaningless’: People see the Ivy League as an easy A and with flawed admissions standards | Fortune The CEO of $8.5 billion Japanese car giant Nissan plays the drums in a band and hits the tennis courts to destress from the top job | Fortune New York governor's take on a millionaires tax: fancy pied-à-terre second apartments worth over $5 million | Fortune Pope Leo XIV: A ‘handful of tyrants’ are ravaging earth with war and exploitation | Fortune Trump has no plan to cut the $39 trillion national debt, but he does want to cut childcare. His budget director is scrambling to clarify | Fortune China's economy grows 5% in first quarter, surprising economists to the upside | Fortune Everyone was wondering what Trump wanted more: Warsh smoothly seated at the Fed, or for Powell to pay. We have our answer | Fortune Palantir exec: the biggest mistake retailers are making with AI? Trying to do it all with one agent | Fortune American YouTuber who calls himself a 'troll' sentenced to 6 months in Korean prison for literally dancing on wartime graves | Fortune BBC plans to cut up to 2,000 jobs to save 10% of annual budget | Fortune Canva debuts a new suite of agentic tools, as the design app quietly becomes one of the world’s most used AI services | Fortune Moody's CEO: AI has a trust problem – better models won’t fix it | Fortune Top New York surgeon: Americans have better data for choosing restaurants than surgeons. That has to change | Fortune The Iran war’s fertilizer shock is hammering American farmers, and 70% can’t afford what they need for this year’s growing season | Fortune Education experts to Mamdani: Why are you foisting AI on our kids? | Fortune This CEO pirated video games as a teen and became a hacker for the Air Force. Now he’s built a $3 billion cyber firm | Fortune Teacher, blame thyself: Yale report savages Ivy League schools for destroying American trust in higher education | Fortune Fed chair nominee Kevin Warsh is worth more than $100 million and has stakes in SpaceX and Polymarket | Fortune From wool sneakers to GPUs: Allbirds’ desperate AI pivot and 600% stock surge, explained | Fortune
ESG may be fading—but moral leadership isn’t | Fortune
Diane Brady · 2026-05-19 · via Fortune | FORTUNE

Good morning. I first met Dov Seidman in 2007 when he published a book called HOW: Why HOW We Do Anything Means Everything. In it, he built the case for creating a culture of moral leadership, based on his philosophy and experience in building LRN, an ethics and compliance training company. As Seidman put it: “How we do anything means everything.” The message resonated with leaders, especially as attention surged around “stakeholder capitalism.” (Seidman addressed CEOs on the topic at the 2016 Fortune-Time Global Forum.)

While interest in stakeholder capitalism ebbed amid an ESG backlash and other issues, moral leadership has become increasingly important in an atmosphere of growing distrust, dishonesty, and divisiveness. Seidman founded and chairs the How Institute for Society, which convened a group of leaders in business, academia, philanthropy and media yesterday to talk about the state of How in advance of Seidman being honored by 92NY. Because the conversation took place under the Chatham House Rule, I’ll share some top-line takeaways:

Model behaviors, not values. One business leader pointed out what Seidman has long talked about with me: Generic values are meaningless in most contexts. Talk about the behaviors that you want to see modeled in interactions—in short, how people treat each other—and reward that.

Look to Minnesota. A few people mentioned the remarkable surge of civic engagement that we saw in Minnesota during the ICE raids and how that seemed to turn the tide on immigration policy. What anchored it was a sense of people being their neighbors’ keeper. That hyper-local, hyper-personal sense of trust and the village green is becoming an important bulwark against the erosion of values in other realms. Several spoke about the hunger for a middle ground anchored in community.

AI requires a new type of How. We are creating synthetic workforces that have to have a moral model in which to operate. Yes, we need guidelines for humans and a way to keep us in the loop. But we also need principles, guardrails, and a stronger organizing structure for keeping agents and AI in check when the human is not there. And several shared views on what’s lost when we direct AI to serve up an answer, denying ourselves the joy of discovery, education, curiosity, and the journey to reach that conclusion.

Share the light. This was the theme of the afternoon and the evening. Lots of people right now are grabbing the spotlight, redirecting the light and, in some cases, trying to turn it off. Great leaders—and I’ve seen this consistently over my career—make an effort to share the light so that it’s a two-way conversation and others can benefit from the attention. Wise words and behavior that others notice.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

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The markets

S&P 500 futures are down 0.19% this morning. The last session closed down 0.07%. The STOXX Europe 600 was up 0.76% in early trading. The U.K.’s FTSE 100 was up 0.68% in early trading. Japan’s Nikkei 225 was down 0.44%. South Korea’s KOSPI was down 3.25%. China’s CSI 300 was up 0.40%. Hong Kong’s Hang Seng was up 0.48%. India’s NIFTY 50 is up 0.28%. Bitcoin was at $77K.

Around the watercooler

Pope Leo launches an AI commission days before he releases a papal letter alongside Anthropic cofounder Christopher Olah by Catherina Gioino

New York Fed warns about $69 trillion foreign investment ‘burden’ on U.S. economy by Tristan Bove

6.7 million people thought they were ripping apart an AI-generated Monet painting. But it was real by Nick Lichtenberg

Ryanair’s CFO says the airline has plans for an ‘armageddon situation’ as the jet fuel crisis threatens weaker European airlines this winter by Marco Quiroz-Gutierrez

Goldman Sachs CEO David Solomon had 2 jobs as a teenager while also juggling 3 sports. Now, he’s telling Gen Z to stop wasting time by Preston Fore

CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.