When a CEO makes the decision to leave their job, most transitions take place over a matter of months. The incoming CEO has some time to learn about all aspects of the company, sit in with the departing CEO on some decision making, and get a front seat view of what the top job is all about.When digital identity security company Entrust’s 18-year CEO Todd Wilkinson stepped down at the end of March, his successor Tony Ball had been in transition for about a year. Ball, who’s a 10-year veteran of the company himself, told me the lengthy transition helped him to feel more fully prepared to take on the company’s future. An excerpt from our conversation is later in this newsletter. Until next time.This is the published version of Forbes’ CEO newsletter, which offers the latest news for today’s and tomorrow’s business leaders and decision makers. Click here to get it delivered to your inbox every week.Economic IndicatorsFederal Reserve Chair Kevin Warsh speaks after last week's meeting of the Open Market Committee.Li Yuanqing/Xinhua via Getty ImagesIn its first meeting chaired by Kevin Warsh last week, the Federal Reserve did as expected and unanimously voted to hold interest rates steady at between 3.5% and 3.75%. Nine of the board’s 18 members favored at least one interest rate hike later this year—but Warsh, who has said he wants the Fed’s deliberations to be less public, said he did not make any projections of his own. The policy statement issued after the meeting shifted toward that end. Under Warsh’s predecessors, it would explain the reasoning behind the decisions made, as well as provide forward guidance about how policymakers expect rates to move. Last week’s statement was much shorter and included no forward guidance. At the post-meeting press conference, Forbes senior contributor Simon Moore writes Warsh said the statement just provides the facts. Warsh also has said he wants to omit the forward guidance because he feels markets should interpret policy based on actual economic data, not Fed projections. Markets and gold and silver futures dropped following the Fed’s announcement, but the stock market started creeping back up as the week ended. President Donald Trump signed an interim peace deal between the U.S. and Iran on Thursday, causing the markets and gas prices to ease up. Actual negotiations have been tenuous, proceeding over the weekend between Vice President JD Vance and Iranian officials, and mediated by Pakistan and Qatar, in Switzerland. Negotiators said Monday there has been “encouraging progress,” despite disruptions caused by threats against Iran made by Trump in both social media and U.S. media interviews. But given Iran’s importance in global oil supply and shipping through the Strait of Hormuz—which Iran reportedly claimed to close on Saturday—an agreement is important to the global economy. While Wall Street may be quick to respond to diplomatic overtures, experts say that even the most ideal resolution of the conflict will take some time to trickle down to consumers, if it does at all. In May, inflation hit a three-year high of 4.2%, with prices for groceries and energy trending higher largely because of the war—though at the G7 Summit last week, Trump dismissed consumer concerns, calling affordability “a fake word made up by the Democrats.”Big DealsFox moved toward having a larger piece of the entertainment pie last week, announcing a deal to buy streaming platform Roku for $22 billion. Fox CEO Lachlan Murdoch called the deal a “defining moment” for Fox, joining “the most valuable live content portfolio and video consumption with the preeminent streaming platform through which America watches it.” The deal, if it goes through, would make Fox the third-largest player in U.S. television, the companies said.Forbes senior contributor Andy Meek writes this acquisition plays into Fox’s longtime strategy of cautiously watching the market and making investments in new areas when the technology and business case is proven. With ownership of Roku, Fox would control not only the entertainment side of the business, but also the streaming ecosystem used to deliver the entertainment itself. Meek writes that instead of making expensive bets on the newest thing, Fox has made more careful—growth assured—investments. In 2020, Fox bought ad-supported streaming service Tubi for $440 million. Last year, it launched the subscription livestreaming service Fox One, which is streaming every match of the ongoing FIFA World Cup.Stock Market NewsSpaceX seems to be coming back to Earth. Following its blockbuster IPO on June 12 and skyrocketing value that took the company’s market cap close to $2.8 trillion, the company’s stock started dropping last Wednesday and hasn’t stopped. Part of the pullback can be attributed to a lull in investors’ enthusiasm, but part is attributable to analysts questioning SpaceX’s $60 billion purchase of AI coding startup Cursor, disclosed in an SEC filing last week.As SpaceX’s shares decline, it’s still one of the most valuable companies with the world’s seventh-largest market cap. CEO Elon Musk is still the world’s richest person by far, worth $1.2 trillion. And while these swings impact the stock market as a whole, SpaceX isn’t yet part of many major subindexes or most 401(k) plans because it’s so new to the market. Forbes’ Ty Roush writes it may most quickly start impacting regular investors when it becomes eligible for the Nasdaq-100—that happens in early July, after 15 days of trading—and other indexes including the Russell 1000 or large ETFs and asset funds. However, it won’t be on the S&P 500 for some time—S&P Dow Jones Indices announced earlier this month it wasn’t waiving requirements to be publicly traded for 12 months, or to have positive earnings across four quarters combined.Tomorrow’s TrendsHow A Lengthy CEO Transition Can Pay OffEntrust CEO Tony Ball.EntrustIn general, CEO succession happens over the course of a few months, during which the new leader is given a crash course in the many intricacies of the company, its lines of business, its finances and its opportunities. It can be a lot to learn even for internal successors who have been working in the business. Tony Ball, the new CEO of digital identity security Entrust, spent close to a year in transition to the role, which he officially took over from 18-year CEO Todd Wilkinson on April 1, moving up from his role as the president of the Payment & Identity business. I talked to Tony soon after he became CEO about how such a long transition went and how prepared he was when the position actually was his. This interview has been edited for length, clarity and continuity.What was it like to work during such a long transition period? How did the handoff go about and take place?Ball: I had a job to do. I was the head of two-thirds of the business, so I ran what we term the payment identity business. Keep running that, making sure that we delivered on our promise, and start to pick up and learn. That was [not] a lift that was too difficult because I’d spent time in the data security business previously from other roles I had prior to Entrust, and I had some of the knowledge there.Learn that other part of the business. Spend your time really leaning into where you think the next phase of the growth trajectory of the company should be. Think about it in terms of taking more leadership in the strategic planning process, build the next three-year plan, think about taking on some of the quarterly business review approaches. Then making that transition from being a little bit more back seat in the first phase to becoming more front seat as we got to the turn of the calendar year.I felt like I was running the business absent of the final day-to-day operation before taking over the reins in April. Very intentional is probably the words I would use.A lot of transitions, especially when there is an internal successor, happen over a few months. They’re usually not as long as this one. Why do you think this one was designed to be so long?One of the abiding benefits of being a privately held company is we are able to look at customers and markets through a long-term lens. When we are making investments and thinking about the future of this company, we have more patience, more resilience, and more intentionality, in my view, being able to fulfill all those ambitions by having that level of support. I don’t have to operate to a quarterly cadence of hitting the market or having to meet external investors’, shareholder expectations. It gave me the opportunity to make sure I knew what was really working and where we had the good proof points, and take my time to really think if I wanted to make any recommended changes. I had the opportunity to think that through with the organization before coming to conclusions and actually making recommendations. I think that’s an often-overlooked opportunity, particularly when a new CEO comes in with a very short remit, and expectation of making a very quick impact in the organization—which can have some benefits, but also can have some risks associated with it.Based on the transition you just went through, what advice would you give to CEOs and companies in succession planning?Patience is an often overlooked commodity, both at board and leadership levels. I think it is important to be very intentional and take time, and I think it is something that should be valued more.Afford the new CEO the opportunity to look at the future state and invite the opportunity for change during the transition, rather than be thrust into the day-to-day too quickly and not necessarily be afforded the opportunity to take a step back and look at what the future might hold. Boards obviously have expectations of immediate results and success, and those balances have to be struck.Comings + GoingsNetworking and telecommunications firm Ericsson appointed Per Narvinger as its new president and chief executive officer, effective October 1. Narvinger began at the company in 1997 and most recently worked as Ericsson’s executive vice president and head of business area networks. He will succeed Börje Ekholm, who is retiring.Financial index provider Bloomberg Index Services Limited selected Emanuele Di Stefano as its new chief executive officer and head of index product. Di Stefano previously worked as the firm’s head of index product development, and was the global head of QIS at Macquarie prior to that.Agricultural cooperative Ocean Spray tapped Abigail Buckwalter to be its next president and chief executive officer, effective June 22. Buckwalter joins the company from Nestlé Health Science U.S., where she worked as CEO.Strategies + AdviceForbes chose Oprah Winfrey for the top slot in our list of the 250 Greatest Self-Made Americans published earlier this year. At an event last week, the media mogul shared several life and business lessons that took her from childhood on a Mississippi farm with no plumbing to being one of the world’s most influential people. Executive coaching can make a difference in a leader’s performance, especially when they have the right skills, and just need better execution strategies. Here are five signs of a leader who could use executive coaching, and how to recommend it to them.QuizUFC CEO Dana White said a much-talked-about cage fight between two tech CEOs had actually been in the works at one point—he’d even priced holding the event at the Colosseum in Rome. Which CEOs were planning to duke it out?A. Mark Zuckerberg and Elon MuskB. Elon Musk and Sam AltmanC. Mark Zuckerberg and Jack DorseyD. Elon Musk and Jeff BezosSee if you got the answer right here.