The concept of the “American dream” has changed over time for Calvin Butler, the president and CEO of utility company Exelon. Speaking on a panel titled “Conscious Leadership: Bridging Purpose and Prosperity” at the TIME100 Summit in New York City on Wednesday, April 23, Butler said that in order to find success, Americans must redefine what prosperity means to them.
“What I had to share with my children was—‘redefine and understand what motivates you,’” Butler said. “Don’t let anyone define it. Always ask yourself: ‘What is your core? How are you leading?’”
Butler was joined on stage by Caroline Feeney, global head of retirement and insurance at Prudential Financial, Inc.—a sponsor of the TIME100 Summit—and Indra Nooyi, former chairman and CEO of PepsiCo. During the panel, moderated by TIME senior correspondent Charlotte Alter, the trio of business leaders discussed how, in their view, many Americans feel that the "American Dream" is “slipping away.” They provided thoughts on how Americans can find purpose amid trying times.
“We believe financial security should be within reach for everyone—and in [Prudential’s] 150 years, a lot has changed,” Feeney said, adding that Prudential, a financial services company, must “hold the hands” of their clients through important financial decisions, especially amid market volatility, specifically pointing to helping Americans with retirement.
“The majority of these people are feeling unprepared and scared to enter retirement because they don’t feel like they’re going to have economic security,” she told the audience. “We have to be there for our customers and for our clients for the long haul, not just for a one-year period of time.”
Feeney also discussed the changing responsibilities of businesses to the communities they are in, noting how Prudential has committed over a billion dollars to the city of Newark, New Jersey, during the past decade—just one example, per Feeney, of how the company is strategically working to invest in financial security for all.
“Newark to us was symbolic—to stay committed to our purpose and making sure that we were, in fact, a partner in the community, and we were making a difference in that future and economic stability,” Feeney said.
Butler also commented on the growing responsibility of purpose-driven leadership, pointing to his continued support of DEI measures being of “value” to him and his company, stating that Exelon is “that good” because of the diversity in their leadership, not in spite of it. “DEI is core to who we are,” he said. Butler’s work leading the company goes beyond delivering shareholder value as he works to serve as an example to young people, he said, specifically, as an African American CEO while DEI is “under attack.”
“As one of eight African American CEOs of Fortune 500 companies, I’m requested to show up and be present a lot more than some of my peers,” he said. “I have to be very intentional about community impact and how I show up, and how our company shows up, because I recognize that eyes are on us.”
Nooyi, the first female CEO of PepsiCo, discussed how CEOs of multinational companies must operate carefully in countries with different values and political scenes—something she said has become more precarious since she stepped down as PepsiCo CEO in 2018.
“To run a multinational [company], you're actually exporting soft power from the United States. And so you are a beneficiary or victim of the foreign policy of the country of domicile,” Nooyi said, emphasizing how the “American brand” has changed in recent times. “So, you’ve got to navigate the world very, very carefully.”
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The TIME100 Summit convenes leaders from the global TIME100 community to spotlight solutions and encourage action toward a better world. This year’s summit features a variety of speakers across a diverse range of sectors, including business, health and science, AI, culture, and more.
Speakers for the 2025 TIME100 Summit include human rights advocate Yulia Navalnaya; Meghan, Duchess of Sussex; comedian Nikki Glaser; climate justice activist Catherine Colman Flowers; Netflix CEO Ted Sarandos, and many more, plus a performance by Nicole Scherzinger.
The 2025 TIME100 Summit was presented by Booking.com, Circle, Diriyah Company, Prudential Financial, Toyota, Amazon, Absolut, Pfizer, and XPRIZE.