Shareholder capitalism is anything but good for shareholders

We know how to build companies that reward their owners for decades. Our governance machinery keeps pushing us in the wrong direction.

In February, Kraft Heinz’s new CEO, Steve Cahillane, did something unusual for an executive barely six weeks into the job. He paused the company’s planned breakup—the move, investors had been told, that would “unlock shareholder value.” He also announced $600 million of fresh spending on marketing, sales, and R&D. The same release reported a loss of nearly $6 billion for 2025, driven by goodwill impairments.