I’ve sat in those rooms, when a bold idea starts to lose its shine and the board has to decide whether to double down or pivot.

Those moments test everything: conviction, humility, and courage. Over Warren Buffett’s objections, Kraft Heinz is planning to split its business. A merger once billed as transformative, promising billions in synergies, has underperformed for years, and now directors are making the call to reverse course.

That reversal says something important about strategy, governance, and humility.

Mergers often get sold on projected value that never materializes. I’ve historically been cautious around M&A because the gap between “deal logic” and “real outcomes” can be wide. The Kraft Heinz story is a vivid reminder that even the largest companies, with legendary investors at the table, can miscalculate.

And here’s the tension: not everyone agrees with the decision. Buffett and Berkshire Hathaway helped orchestrate the original merger in 2015, but the stock has performed well below expectations since then. Now, Kraft Heinz is preparing to split its condiments and sauces business from its North American grocery division.

This illustrates something directors know well: governance is rarely black and white. Investors, management, and boards bring different perspectives. Sometimes, that means weighing the counsel of respected voices, and still making a different call. That’s not defiance; that’s stewardship.

Because being a director isn’t about cheering for management or yielding to star investors. It’s about stewarding long-term value. It’s about making unpopular calls when the scoreboard tells you a course correction is needed. That’s real governance.

But there’s a bigger blind spot here too: strategy doesn’t live in a vacuum. Consumer preferences shift. Processed foods are under scrutiny. And when public support programs like food stamps change, it reshapes the very demand models companies rely on. A cut in SNAP benefits doesn’t just hurt households—it reverberates into the bottom line of businesses that serve them. Public policy and private strategy are far more connected than we sometimes want to admit.

Whether you’re leading a Fortune 500 company or a small community business, the principle is the same: when value doesn’t show up where you expected, leadership means stepping back to ask, not who’s to blame, but what’s changed.

That’s where courage comes in. The courage to acknowledge reality. The courage to pivot, even when others would rather defend the past. The courage to act with humility when ego wants control.

Because courage in leadership isn’t just about bold moves forward. It’s about the humility to course-correct when the scoreboard tells a different story. Real value doesn’t always show up where you first expected it. It shows up when you have the courage to pivot, the wisdom to listen, and the faith to start again.

This reflection was inspired by a piece in the Wall Street Journal.
—A reflection from The Accidental Banker: where leadership, faith, and finance meet real life.