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Unlike Jensen Huang, this CEO embraces work-life balance and is proud he takes vacations and coached his kids’ baseball team

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Each year, nearly half of U.S. workers forgo their dream vacation—like a trip to Paris or Hawaii—and instead log more hours in the office. The result: more than 700 million unused paid time off (PTO) days, according to a 2019 study.

For some employers, this culture of loving time in the office is good news for the bottom line, thanks to more than $65 billion-worth of benefits going unused. But for others, including Bill Cassidy, CEO of Lactalis U.S. Yogurt, the trend is a warning sign.

As the leader behind $750-million-a-year cooler-aisle names like Yoplait, Go-Gurt, and Siggi’s, Cassidy promotes a philosophy that runs counter to high-profile billionaires like Jensen Huang and Elon Musk, who proudly embrace 24/7 work. 

Cassidy’s alternate stance is simple: “I work to live.”

“Work is an enabler to do all the other stuff that we want to accomplish in our lives,” he tells Fortune. “I love what I do. I love my family and friends more than work. But when you put the two together, you have that right level of balance.”

At a time when many CEOs view advancing technology and AI disruption as reasons to double-down on hustle culture, Cassidy said he believes striking the appropriate balance is what will lead to success for workers and leaders alike.

“To be a better leader, I also need that right amount of time to disconnect from the business, spend time with family and friends and come back—whether it’s a two-day vacation, a week’s vacation—that’s kind of irrelevant, but I come back recharge with more energy to drive the business,” he adds.

Encouraging employees to take PTO

While some business leaders may take pride in working all the time—seven days a week, with no vacations—Cassidy says that’s not a lifestyle he ever planned to embrace.

“One thing I never wanted in life was to have regrets that I did not spend the right amount of time with my kids, in particular,” he says. 

In fact, even while climbing the corporate ranks, he continued to coach his kids’ football, baseball, and soccer teams—even if it meant he had to substitute responding to emails for team practice.

It’s a workplace culture he’s tried to build as CEO by encouraging all employees to use their full PTO benefits each year—and avoid being among the millions of workers who don’t. 

That mindset even spilled into marketing. Earlier this year, Siggi’s launched a PTO-focused campaign with the goal of calling attention to the lack of vacation days throughout the business world. The company gave 10 winners $5,000 and a flight voucher to go take their time off—something Cassidy says all companies should encourage.

“Don’t feel as if you’re not here, work’s not going to get done,” Cassidy says.  “It’s more about the culture of taking time off and it being okay to take time off.” 

Younger workers in particular are taking this philosophy to heart and  believe working to live is a top priority. More than 42% of all Gen Z and millennials say their managers should help set boundaries and facilitate work-life balance, according to a 2025 Deloitte study.

Striking the right PTO balance

Determining how much PTO is awarded for employees is a major consideration of many job seekers—and can even be a make-or-break factor. In fact, one survey found 1 in 5 workers would turn down a job without unlimited PTO, even though it’s only found at about 6% of companies, according to SHRM.

Beyond being an enticing perk for new-hires, unlimited PTO is viewed as something that could give companies a competitive edge. Some 57% of retail investors expressed the belief that companies offering unlimited vacation could fare better than the top 500 companies listed on the U.S. stock exchange, according to a survey by Bloomberg.

Netflix is considered one of the companies that brought the policy into the mainstream—thanks in part to an affinity for time off by its billionaire cofounder Reed Hastings. He takes around six weeks of vacation each year and hopes his employees will do the same.

“I take a lot of vacation and I’m hoping that certainly sets an example,” the former Netflix CEO said in 2015. “It is helpful. You often do your best thinking when you’re off hiking in some mountain or something. You get a different perspective on things.”

But other companies have tried unlimited PTO—and reversed course. A LinkedIn post from Ryan Breslow, the CEO of fintech startup Bolt, went viral earlier this year for announcing the death of unlimited PTO at his company due it causing more harm than good for employees.

“We just killed unlimited PTO at Bolt,” Breslow wrote. “It sounds progressive, but it’s totally broken. When time off is undefined, the good ones don’t take PTO. The bad ones take too much.”

And while Lactalis did not provide specifics of their PTO policy besides being “generous and flexible,” Cassidy said he believes the companies that thrive won’t be the ones that glorify constant work, but the ones that help employees take time off—without guilt.

Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list.



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Fortune Brainstorm AI San Francisco starts today, with Databricks, OpenAI, Cursor, and more on deck

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It’s been a crazy few weeks in AI.

Granted, it feels like it’s always been a crazy few weeks in AI. But this cycle has been especially notable: Reports that Sam Altman has declared a “code red” around improving ChatGPT have made waves, while Databricks is reportedly in talks to raise at a jaw-dropping $134 billion valuation. Anthropic is reportedly looking at a real-life IPO, and everyone’s always watching for news from perhaps the biggest ascent of the year: Cursor, the AI coding juggernaut that’s now valued at more than $29 billion. 

And today, Brainstorm AI starts, and so many of these key players will be with us live in San Francisco, including Databricks CEO Ali Ghodsi, OpenAI COO Brad Lightcap, Cursor CEO Michael Truell, San Francisco Mayor Daniel Lurie, Google Cloud CEO Thomas Kurian, and Rivian CEO RJ Scaringe, plus some starpower from Joseph Gordon-Levitt and Natasha Lyonne. 

If you’re attending the conference, come find me! I’ll realistically be the one running around in a bright pantsuit. And if you can’t make it, we’ll be livestreaming the show, too – tune in here.

See you soon,

See you tomorrow,

Allie Garfinkle
X:
@agarfinks
Email:alexandra.garfinkle@fortune.com
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Joey Abrams curated the deals section of today’s newsletter.Subscribe here.

Venture Deals

Antithesis, a Tysons Corner, Va.-based platform designed to validate that software works before it launches, raised $105 million in Series A funding. JaneStreet led the round and was joined by AmplifyVenturePartners, SparkCapital, and others.

ParadigmHealth, a Columbus, Ohio-based clinical research platform, raised $78 million in Series B funding. ARCHVenturePartners led the round and was joined by DFJGrowth and existing investors.

Oxzo, a Santiago, Chile-based provider of oxygenation services for aquaculture, raised $25 million in funding from S2GInvestments.

Quanta, a San Francisco-based accounting platform, raised $15 million in Series A funding. Accel led the round and was joined by OperatorCollective, NavalRavikant, DesignerFund, and others.

LizzyAI, a New York City-based AI-powered talent interviewing company, raised $5 million in seed funding. NEA led the round and was joined by Speedinvest and ZeroPrimeVentures

PvX, a Singapore-based provider of user-acquisition financing for gaming companies, raised $4.7 million in a seed extension from Z Venture Capital, DrivebyDraftKings, and existing investors.

Corma, a Paris, France-based developer of a copilot for AI teams, raised €3.5 million ($4.1 million) in seed funding. XTXVentures led the round and was joined by TuesdayCapital, KimaVentures, 50Partners, OlympeCapital, and angel investors.

Private Equity

NITEOProducts, a portfolio company of HighlanderPartners, acquired Folexport, a Tualatin, Ore.-based manufacturer of carpet, fabric, and hard surface cleaning products. Financial terms were not disclosed.



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Why the worst leaders sometimes rise the fastest

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History is crowded with CEOs who have flamed out in very public ways. Yet when the reckoning arrives, the same question often lingers: How did this person keep getting promoted? In corporate America, the phenomenon is known as “failing up,” the steady rise of executives whose performance rarely matches their trajectory. Organizational psychologists say it’s not an anomaly. It’s a feature of how many companies evaluate leadership.

At the core is a well-documented bias toward confidence over competence. Studies consistently show that people who speak decisively, project certainty, and take credit for wins—whether earned or not—are more likely to be perceived as leadership material. In ambiguous environments, boards and senior managers often mistake boldness for ability. As long as a leader can narrate failure convincingly—blaming market headwinds, legacy systems, or uncooperative teams—their upward momentum may continue.

Another driver is asymmetric accountability. Senior executives typically oversee vast, complex systems where outcomes are hard to tie directly to individual decisions. When results are good, credit flows upward. When results are bad, blame diffuses downward, and middle managers, project leads, and market conditions become convenient shock absorbers. This allows underperforming leaders to survive long enough to secure their next promotion.

Then there’s the mobility illusion. In many industries, frequent job changes are read as ambition and momentum rather than warning signs. An executive who leaves after short, uneven tenures can reframe each exit as a “growth opportunity” or a strategic pivot. Recruiters and boards, under pressure to fill top roles quickly, often rely on résumé signals, like brand-name firms, inflated titles, and elite networks, rather than deep performance audits.

Ironically, early visibility can also accelerate failure upward. High-profile roles magnify both success and failure, but they also increase name recognition. An executive who runs a troubled division at a global firm may preside over mediocre results, yet emerge with a reputation as a “big-company leader,” making them attractive for a CEO role elsewhere.

The reckoning usually comes only at the top. As CEO, the buffers disappear. There is no one left to blame, and performance is judged in the blunt language of earnings, stock price, profitability, or layoffs. The traits that once fueled ascent, such as overconfidence, risk-shifting, and narrative control, become liabilities under full scrutiny.

The central lesson for aspiring CEOs is that the very system that rewards confidence, visibility, and narrative control on the way up often masks weak execution until the top job strips those protections away. Future leaders who want to avoid “failing upward” must deliberately build careers grounded in verifiable results and direct ownership of outcomes because at the CEO level, there is no narrative strong enough to substitute for performance.

Ruth Umoh
ruth.umoh@fortune.com

Smarter in seconds

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Pressure test. Inside the Fortune 500 CEO pressure cooker: surviving is harder than ever and requires an ‘odd combination’ of traits

Rank racing. The one-upmanship driving CEOs

Leadership lesson

Anthropic’s Dario Amodei on when a startup gets too big to know all employees: “It’s an inevitable part of growth.”

News to know

Investors are questioning OpenAI’s profitability amid its massive spending while increasingly viewing Alphabet as the deeper-pocketed winner in the AI race. Fortune

Trump warned that Netflix’s $72 billion bid for Warner Bros. Discovery could face antitrust scrutiny, suggesting it would create an overly dominant force in streaming. Fortune

An etiquette camp is trying to help Silicon Valley shed its sloppy image by teaching tech elites how to dress and behave as their influence grows. WaPo

IBM is reportedly in advanced talks to buy data-infrastructure firm Confluent for about $11 billion, bolstering its AI data capabilities. WSJ

Even as women reach top roles in politics and business at record levels, public confidence in their leadership is stagnating or declining. Bloomberg

Terence “Bud” Crawford, the undefeated 38-year-old boxing champion, has earned more than $100 million and even turned Warren Buffett into a fan. Forbes

Big Tech leaders now warn that artificial intelligence is advancing to the point where it could begin replacing even CEOs, reshaping the very top of corporate leadership. WSJ

This is the web version of the Fortune Next to Lead newsletter, which offers strategies on how to make it to the corner office. Sign up for free.



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The workforce is becoming AI-native. Leadership has to evolve

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One of the most insightful conversations I have had recently about artificial intelligence was not with policymakers or peers. It was with a group of Nokia early-careers talents in their early 20s. What stood out was their impatience. They wanted to move faster in using AI to strengthen their innovation capabilities. 

That makes perfect sense. This generation began university when ChatGPT launched in 2022. They now account for roughly half of all ChatGPT usage, applying it to everything from research to better decision-making in knowledge-intensive work. 

Some people worry that AI-driven hiring slowdowns are disproportionately impacting younger workers. Yet the greater opportunity lies in a new generation of AI-native professionals entering the workforce equipped for how technology is transforming roles, teams, and leadership.

Better human connectivity 

One of the first tangible benefits of generative AI is that it allows individual contributors to take on tasks once handled by managers. Research by Harvard Business School found that access to Copilot increased employee productivity by 5% in core tasks. As productivity rises and hierarchies flatten, early-career employees using AI are empowered to focus on outcomes, learn faster, and contribute at a higher level.

Yet personal productivity is not the real measure of progress. What matters most is how well teams perform together. Individual AI gains only create business impact when they align with team goals and that requires greater transparency, alignment, and accountability.

At Nokia, we ensure that everyone has clear, measurable goals that support their teams’ objectives. Leaders need to be open about their goals to their managers and to their reports. And everyone means everyone. Me included. That way goals are not only about recognition and reward. They become an ongoing dialogue between leaders and their teams. It’s how we’re building a continuous learning culture that thrives on feedback and agility, both essential in the AI era. 

Humans empowered with AI, not humans versus AI

AI’s true power lies in augmenting human skills. Every role has a core purpose – whether in strategy, creativity, or technical problem-solving – and AI helps people focus on that. 

During the COVID-19 pandemic, more than 60 chatbots were deployed in 30 countries to handle routine public health queries, freeing up healthcare workers to focus on critical patient care. Most health services never looked back. 

The same pattern applies inside companies. Some of the routine tasks given to new hires are drudge work and not a learning experience. AI gives us a chance to rethink the onboarding, training, and career development process.

Take an early-career engineer. Onboarding can be a slow process of documentation and waiting for reviews. AI can act as an always-on coach that gives quick guidance and helps people ramp up. Mentors then spend less time on the basics and more time helping engineers solve real problems. Engineers can also have smart agents testing their designs, ideas, and simulating potential outcomes. In this way, AI strengthens, rather than substitutes, the human connection between junior engineers and their mentors and helps unlock potential faster.

Encourage experimentation and entrepreneurship 

During two decades of the Internet Supercycle (1998-2018), start-ups created trillions of dollars in economic value and roughly half of all new jobs in OECD countries

As AI lowers the barriers to launching and scaling ventures, established companies must find new ways to encourage experimentation, nurture innovation through rapid iterations, and give employees the chance to commercialize and scale their ideas.

There is a generational shift that increases the urgency: more than 60% of Gen Z Europeans hope to start their own businesses within five years, according to one survey. To secure this talent, large organizations must provide the attributes that make entrepreneurship attractive. Empowering people with agility, autonomy, and faster decision-making creates an edge in attracting and keeping top talent.

At Nokia, our Technology and AI Organization is designed to strengthen innovation capabilities, encourage entrepreneurial thinking, and give teams the support to turn ideas into real outcomes.

More coaching, less managing 

Sporting analogies are often overused in business as the two worlds don’t perfectly align, yet the evolution of leadership in elite football offers useful lessons. Traditionally, managers oversaw everything on and off the pitch. Today, head coaches focus on building the right team and culture to win. 

Luis Enrique, the manager of Paris-St. Germain football club, last season’s UEFA Champion’s League winner, exemplifies this shift. He transformed a team of stars into a star team, while also evolving his coaching style, elevating both individual and collective potential.

Of course, CEOs must switch between both roles (as I said, the worlds don’t perfectly align) – setting vision and strategy while also cultivating the right team and culture to succeed. AI can help leaders do both with more focus. It gives us quicker insight into what is working, what is not, and where teams need support.

I have been testing these tools with my own leadership team. We are using generative AI to help us evaluate our decisions and to understand how we work together. It has revealed patterns we might have missed, and it has helped us get to the real issues faster. It does not replace judgment or experience. It supports them.

Yet the core of leadership does not change. AI cannot build trust. It cannot set expectations. It cannot create a culture that learns, improves, and takes responsibility. That still comes from people. And in a world shaped by AI, the leaders who succeed will be the ones who coach, who listen, and who help teams move faster with confidence.

Nokia’s technology connects intelligence around the world. Inside the company, connecting intelligence is about how people work together. It means giving teams the tools, support and culture they need to grow and perform with confidence. Connecting intelligence is how teams win.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.



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