The energy transition is not primarily a technical problem. It is a leadership problem. Isabelle Kocher de Leyritz spent years steering one of the world's largest energy companies through exactly that challenge. Here, she reflects on what it took and what this moment demands of leaders today.

You led Engie through a major transformation. What did that teach you about how business defines success?

When I was leading Engie, our financial indicators were strong and by traditional standards, everything seemed to be working well. Yet a large part of that success came from activities that were not built to last. This led to a difficult realization: if we wanted the company to survive the energy transition, we would have to stop one of our most profitable businesses, set up new ones at scale, and fundamentally rethink what success actually means.

What did that look like in practice?

Stopping coal-based power generation meant accepting something deeply uncomfortable. Shutting those plants down led to an immediate drop in earnings, and yet holding the line against short-term pressure was essential. Building the businesses that would replace the old ones took, by design, many years. Industrial systems don't turn quickly, and that is one of the deepest misalignments between companies and financial markets, which can exit a sector almost overnight.

What I learned is that the wrong question is how much. How much profit? How much cash this year? The right question is what. What businesses are you actually running? What portion will still matter in the future? What portion is 'future-proof’, and what portion is already living on borrowed time? Where is investment going, and does that reflect where the world is heading? In a crisis-driven environment, urgency crowds out this kind of thinking. That is exactly why it has to be a priority.

How does this connect to responsibility?

Usefulness to the world is the test. The businesses that will last are the ones that serve real, enduring needs, and asking that question honestly is something traditional frameworks have rarely demanded. Future-proofing isn't about measuring impact alongside the business. It means questioning the business itself.

Responsibility in times of transition means moving as fast as real constraints allow toward meeting those needs. Far from a compliance mindset, responsibility is about commitment – it means doing the maximum. Simply ticking the box is a starting point, not an answer.

How does all of this change what leadership looks like?

Fundamentally. The role of CEO has two new jobs.

The first is vision: not having all the answers, but bringing forth an ambitious direction in which teams can truly see themselves. And to do that, they must be actively involved. The best leaders spend their time questioning their teams. This is harder than it sounds in a world that still expects leaders to know everything. But it is the best way to minimize mistakes in choosing the right direction and to bring people along at scale.

The second is speed. It has never been clearer that certain businesses have no future, and yet what is meant to replace them is rarely ready. We experienced this with renewable energy in the early 2010s: expensive, intermittent, nothing like what it is today. We had to experiment, fail, and try again. The CEO then becomes a chief explorer: committed to a direction, and highly agile and fast in making adjustments to ensure performance.

Because the only way to sustain this kind of transition – which asks people to accept real sacrifices today for a future they cannot yet see – is to deliver results consistently, and beyond what anyone expected.

What would you say to leaders who feel the pressure to just keep running the business they have?

Break free from the definitions of success that were built for a different world. Excelling under outdated rules doesn't protect you. It deepens the problem.

We are living through a moment when AI is taking on more and more of what used to require human effort. What that leaves – judgment, courage, the ability to ask the question nobody else is asking – has never mattered more.

Isabelle Kocher de Leyritz is former CEO of Engie, chairman and co-founder of Blunomy and a B Team Leader. Learn more about Isabelle.

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