In late 2022, Carvana was flirting with bankruptcy after its stock collapsed 99% in just 16 months. Now, the online used-car retailer is staging a stunning comeback, pouring billions into acquisitions, infrastructure, AI, and its signature car vending machines. 

In this episode of Next to Lead, Fortune’s C-suite and Leadership editor Ruth Umoh sits down with Carvana strategy chief Christina Keiser to discuss what it will take to sustain that momentum and how it came back from the brink.

00:00 Intro

01:05 What is Carvana

04:49 Carvana’s online shopping business model

06:32 Christina’s rise to the C-suite

08:20 Christina’s strategy role at Carvana

10:56 Carvana’s vision

11:51 Christina’s vision

12:34 Managing Carvana’s stock crash

16:37 Looking back at Carvana’s crisis

19:00 Staying focused in leadership

21:27 Carvana’s inventory strategy

23:04 Balancing rising interest rates

25:28 Carvana’s ADESA auction acquisition

28:55 Carvana’s car vending machines

31:30 Carvana’s AI strategy

33:47 Christina’s best leadership advice

34:13 Christina’s advice for recovering from a career mistake

34:37 Christina’s personal car and outro

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Gilead Sciences moves at a pace rarely seen in pharma, delivering breakthrough COVID-19 antivirals and HIV preventatives in record time. Yet, in an industry facing a massive trust deficit, speed isn’t always enough. 

In this episode of Next to Lead, Johanna Mercier, Gilead’s Chief Commercial & Corporate Affairs Officer, joins Fortune’s Leadership Editor Ruth Umoh to discuss how the company is rewriting its narrative and balancing its patients with its shareholders.

00:00 Intro

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Adobe built the modern creative economy, but as AI reshapes how content is made, its legacy may be its biggest risk. With a leadership shakeup and rising competition, will Adobe stay indispensable or will they'll be left behind? In a moment of transformational change, Adobe President of Customer Experience, Anil Chakravarthy, says the challenge is moving as fast as AI-- without losing sight of what their creatives, marketing professionals and businesses want.

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Airbnb is evolving from a hotel alternative into a full-scale travel concierge. In this episode of Next to Lead, Airbnb CFO Ellie Mertz joins Fortune’s Ruth Umoh to discuss the company’s expansion into end-to-end travel services and "white space" opportunities.

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To close out a year of great conversations with c-suite talent who may very well be the CEOs of tomorrow, Ruth speaks with one of the most interesting CEOs of today, Red Lobster’s Damola Adamolekun. Damola was only 31 when he became CEO of P.F. Chang’s. Five years later, he was tapped to turn around Red Lobster after bankruptcy. He talks to Ruth about his perspective on leadership, how his time working in private equity sharpened his skillset, and how he makes high stakes decisions.

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In 2016, Philip Morris International announced a bold new mission: to deliver a “smoke-free future.” Its U.S. division—Philip Morris U.S.—is now leading that charge with a portfolio of smoke-free products, including the widely known nicotine pouch brand ZYN. Yet globally, Philip Morris International continues to sell cigarettes, fueling the very addiction it says it aims to eliminate.

In this episode, Ruth Umoh sits down with Seth Kaufman, chief commercial officer of Philip Morris U.S., to discuss what success looks like for a company trying to move consumers away from cigarettes, the ethical tensions embedded in its business model, and whether a truly smoke-free future is possible.

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How does a company founded in 1908 survive the breakneck speed of the 21st century? For Shilpan Amin, General Motors’ global chief procurement and supply chain officer, the answer has been forged through crisis leadership and quiet reinvention over nearly three decades inside one of America’s auto giants. He joins Fortune’s Ruth Umoh to reflect on how mentorship accelerated his career, what it takes to move with speed inside a massive organization, and why supply chain risk is one of the few things that still keeps him up at night.

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BNY’s Chief Commercial Officer, Cathinka Wahlstrom, joins Fortune’s Ruth Umoh to unpack how a centuries old institution is transforming itself for the next era of finance. Drawing on her nearly three decades at Accenture and her time at Alight, she explains how client obsession and following her gut has shaped her career. 

She discusses why today’s leaders have to be comfortable “living in paradox,” how BNY is adopting AI, and how it's balancing tradition and innovation.

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From consoles to cloud, Xbox is reinventing itself for an era where players can game anywhere. Xbox president Sarah Bond sits down with Fortune to discuss the company’s sweeping transformation, her approach to leadership and innovation, and how she plays to redefine the future of gaming.

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As President of Winfield United and SVP at Land O’Lakes, Leah Anderson has a front-row seat to the challenges and opportunities shaping American agriculture. In conversation with Fortune’s Ruth Umoh, she discusses the macroeconomic headwinds facing farmers, how AI can strengthen the workforce, and the path that led her to the C-suite.

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