The CEO Signal

Allstate CEO Tom Wilson on trust, purpose and why CEOs should speak up

"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

“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

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.

Emma Walmsley on Leading and Leaving GSK

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.