Leadership that matters – a CEO perspective

At Days of Play 2026, Jacob Aarup-Andersen, CEO of Carlsberg, shared reflections on his personal leadership journey and learnings from a CEO perspective.

This is a summary of his insights:

1. Leadership is rarely planned – it emerges through opportunity

A recurring theme in senior leadership journeys is the absence of a master plan. Rather than following a predefined path, leadership often unfolds through unexpected opportunities and the encouragement of others who recognise potential early on.

In Jacobs’s case, pivotal career moves came from being pushed into roles he initially resisted. The lesson is less about careful planning and more about having the courage to step into uncertainty when opportunities arise.

2. Personal adversity can shape purpose and values

A near-death experience early in life became a defining moment that reshaped Jacob’s perspective on time, purpose, and impact. Confronting mortality created a heightened sense of intentionality – both in life and leadership.

This experience anchored his focus on meaning, values, and contribution, illustrating how profound personal events can accelerate leadership maturity and clarity.

3. Leadership is grounded in four core values

Jacob’s personal leadership foundation centres on four non-negotiable values: respect, compassion, positive energy, and high ambition.

These are not abstract ideals but practical filters for decision-making, hiring, and daily behaviour. Together, they create a balance between performance and humanity – ensuring that ambition does not come at the expense of how people are treated.

4. Positive energy outperforms fear-based leadership

Many organisations rely on pressure, fear, and performance anxiety to drive results. While this can produce short-term outcomes, it often limits long-term potential.

In contrast, leadership built on positive energy creates engagement, ownership, and resilience. When combined with high ambition, it enables organisations to perform at a high level without eroding trust or motivation.

5. Compassion is an underrated driver of performance

Compassion is rarely highlighted in corporate value statements, yet it is a defining trait of organisations that people genuinely enjoy working for. Employees who feel seen, supported, and cared for are more willing to contribute, collaborate, and go the extra mile. Over time, this creates stronger performance and a more sustainable organisational culture.

6. Culture is built through leadership behaviour – not words

There is often a disconnect between what organisations say and what they do. Values painted on office walls or presented in slides have little impact unless they are consistently demonstrated by leadership. Employees quickly detect inconsistencies, and even a single negative leadership behaviour can outweigh many positive signals.

Culture is shaped by daily actions – especially at the top.

7. Culture change requires structural effort and tough decisions

Transforming culture is not a communication exercise – it is a disciplined, organisation-wide effort. At Carlsberg, this meant defining clear cultural principles, engaging all employees in what those principles mean in practice, and embedding them into everyday work. It also required difficult personnel decisions, including replacing leaders who did not align with the desired culture.

Without these actions, cultural change remains superficial.

8. Execution – not strategy – is the real differentiator

While strategy often receives the most attention, most large organisations operate with similarly strategic frameworks. The real difference lies in execution – how consistently and effectively the strategy is brought to life.

Execution, in turn, is driven by culture and leadership behaviours, making them the true levers of competitive advantage.

9. Uncertainty is a leadership advantage, not a threat

In a world marked by geopolitical instability, technological disruption, and rapid change, uncertainty is unavoidable. Rather than viewing it as a constraint, strong leaders see it as an opportunity to move faster, adapt, and gain an edge.

Many of today’s most successful companies were shaped during periods of disruption, demonstrating that uncertainty can be a powerful catalyst for growth.

10. Bring solutions, not just problems

A key differentiator in organisational impact is how individuals approach challenges. Those who consistently advance their careers and influence outcomes are not the ones who simply highlight problems, but those who come prepared with potential solutions and a clear understanding of the underlying “why.”

This mindset contributes to organisational momentum and helps maintain a positive, forward-moving dynamic.

For all of Jacob’s insights, please watch this recording of the full session: