The Art of Building Resilience

Welcome to the NACD Directors Summit^™ 2025!

So great to be with all of you today, and an honor to be part of this incredible community. We’ve accomplished a tremendous amount over the years. I don’t think we could have made the inroads we have without the collaboration that we find right here within our NACD community.

You are the directors who will lead us into the future. Thank you for being here today and for your commitment to excellence in governance.

As [NACD chair Mary Winston] said, this is a landmark Summit for me: It’s my 25th year with NACD.

Looking back over my time working with directors across all industries, something that stands out to me is the power of resilience. There’s no doubt that it is essential to our collective success. I also believe that moving forward, resilience will matter more than ever—and here’s why: The twists and turns of the past few years will continue for the boardrooms of tomorrow. I know you all realize that.

Our latest Quarterly Survey data show that external issues are top of mind for directors. Shifting economic conditions—mostly the impact of tariffs—is the top issue for boards, followed by artificial intelligence, geopolitical volatility, and then cybersecurity. All these issues exemplify our volatile world and are impacting business as usual; they are rightly at the top of the list of issues concerning directors. 

Interestingly, CEOs have a slightly different take. According to the Conference Board’s latest report, CEO confidence jumped to 49 percent in the third quarter from 34 percent in the second quarter. While up, it’s still not “optimistic.” What’s more positive is the finding that “fear of recession in the next 12-18 months” dropped dramatically to 36 percent from 83 percent in the prior quarter. 

It's important to note the differential there: CEO confidence is rising, while directors’ top concern is still shifting economic conditions. Obviously, uncertainty abounds.

All of that means you’ll spend even more time overseeing issues such as supply chain disruptions, economic volatility, shifting politics, regulations, and labor markets. Shareholder activism is on the rise, as is CEO turnover. You’ll need to navigate polarizing issues to ensure corporate actions benefit long-term performance. You’ll want to expand your own knowledge while tapping into the expertise of others as AI opportunities and cybersecurity concerns mount. 

What’s more, the call for your foresight in assessing risk and contributing to strategy will get even louder. So, as complexity and scrutiny persist in driving a more hands-on approach, time commitments will increase even beyond the 300-plus hours that directors already set aside each year for each of their boards. 

Daunting? You bet. Doable? No doubt!

I know that each of you has the capacity to rise to the challenges ahead and recognize the distinct opportunities that exist amid the constant change. 

We’re entering an era in which our ability to foster resilience will propel us beyond what has been and into what can be.

Easier said than done, I know. So how do directors and CEOs build resilience when they are already under so much pressure amid jarring disruption? I believe it’s by anchoring ourselves in practices and structures that we design and control. NACD is here to help provide that anchor.

When I was growing up in New York, my parents used to say, “When things get tough, put your head down and keep pushing forward. … Don’t stop!” Simple but real advice. I was taught that change and challenge are parts of life, and to make a better world, we’ve got to keep pushing. My parents’ advice has gotten me through several hard stretches in my life.

A similar approach has been shared by great philosophers throughout time. Their perhaps loftier words have been repeated in speeches again and again. So, while we’re talking about resilience, I thought I’d quote one of the great philosophers of our time.

That’s right—Rocky Balboa: One of my favorite movies of all time. 

Rocky lectured his son about resilience—I believe it was in Rocky 37—when he said, “It ain’t about how hard you can hit. It’s about how hard you can get hit and keep moving forward.”

When we talk about resilience in governance, it’s about more than getting through the moment. It’s about building muscle, creative problem-solving, and thinking strategically, thoroughly understanding the risks and threats while spotting the opportunities. Above all, it’s about transformative growth fueled by confidence in the future that we’ll create together. Resilience is about thriving.

The building blocks of resilience are many. Beyond sheer perseverance, there’s adaptability, a growth mindset, continuous learning, strong working relationships, and a supportive community, all focused on a higher purpose and vision.

It’s a lot. But NACD is here with resources you can rely on to develop the kind of resilience that will enable you to identify solutions for today’s challenges and tomorrow’s new ideas. 

I know I’m preaching to the choir. You’re already here, keeping current. As Mary said, next year, I encourage you to bring the rest of your board along, too.

There are a variety of opportunities to engage across NACD. Whether at chapter meetings, Board Leader Exchanges, a Leading Minds program, or our [US Secret Service] Cybersecurity Board Academy, the NACD team and I see your untiring commitment. As quickly as we’re adding new programs, you’re there, learning, sharing, and shaping the future for the better.

It’s that coming together and sharing of collective wisdom across NACD’s total membership that make our community so powerful. Take this year’s Blue Ribbon Commission report: Building a High-Trust Board-CEO Relationship. The report explores how the board-CEO relationship can flourish under relentless stress. It’s the first Blue Ribbon Commission report to include recommendations not only for boards, but also for CEOs. 

Our Directorship Certification program is another example of resilience building. It’s a mark of distinction and a stamp of expertise that helps protect boards by demonstrating a commitment to staying current on critical issues. 

I also want to spotlight our nationwide network of chapters, which helps make our convening power unparalleled. Each month, [chapters] run in-depth programs—more than 400 every year—in local communities across the country, all of which are open to you, regardless of where your home base is.

Plus, about 40 more programs are run annually through NACD headquarters, including our soon-to-be-launched certification program on effective AI oversight. We’ve partnered with Carnegie Mellon University to help you elevate your company’s workforce capabilities, foster innovation, and lead enterprise-wide digital transformation initiatives.

Being part of the NACD community will take on even greater significance as we move into the future, where AI will make “being human” the greatest commodity. 

Our shared identity and vision for the future of governance offers stability, support, and space for learning, recalibrating, and continual improvement. Together, we can develop the resilience we’ll need to build the tomorrow we want to see. 

I’m really excited for what’s ahead in the next few days.

We’ve got an incredible lineup of speakers hitting on topics that are crucial for you all to be considering. From industry experts and leading directors to media figures, and more, we have 214 speakers lined up, so get ready.

One thing to remember: NACD is an apolitical organization. We’re neutral. That said, our speakers over next few days may represent views from either side of the aisle at a time when many issues have become quite polarized. I encourage you to listen and reflect. You may not agree; that’s OK. But we’re here to dive into the issues that matter for business and we’re here for open and respectful dialogue.

As a student of history, I can’t leave this stage without noting that we’re in the lead-up to the 250th anniversary of our country’s Declaration of Independence. 

Although that founding, visionary document was written by one man, it was based on the collective ideas and conversations of countless individuals across all 13 colonies. 

I mention it today because it embodies what we can accomplish when we come together in conversation, collaboration, and community. It reflects the enduring resilience that is in each of us.

In closing, I’d like to throw out one more quote, this one from management expert Peter Drucker, who said, “The best way to predict the future is to create it.”

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