There are some predictable paths to the CEO’s office, with many climbing the ladder through stints as CFO or COO—jobs that are about both strategy and action. Ann Fairchild, the new CEO of Siemens USA, took a different route. She’s been a part of Siemens’ legal and compliance team for 27 years, serving as general counsel for the last eight. And even though general counsel is often at the top executive level, with a wealth of strategic company and industry knowledge, they are often overlooked for the CEO’s job.

In one of Fairchild’s first interviews since taking the helm of Siemens’ largest business region, I talked to her about her path to the corner office and plans for the company. An excerpt from our conversation is later in this newsletter.

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Fresh data last week showed how high prices driven by the ongoing war in Iran are hurting Americans. Social feeds blew up when President Donald Trump said he doesn’t think about Americans’ financial situations “even a little bit,” but the ongoing conflict—which has led to shortages worldwide of oil, helium, sulfur, tungsten and fertilizer, to name a few—is weighing heavily on consumers.

Inflation hit 3.8% in April, approaching a three-year high, according to the Bureau of Labor Statistics. The largest increase was unsurprisingly for energy costs, which rose 17.9% in the last 12 months. The spike in gas prices—nearly $4.52 a gallon on average today, according to AAA—essentially is a hidden pay cut for those who must drive to work, writes Forbes senior contributor Bryan Robinson. And it’s unlikely with this degree of inflation that workers will get ahead, even with raises, writes Forbes senior contributor Bill Conerly. Inflation rates are creeping above average wage increases, and could stay there until the situation in Iran is resolved. But it’s not just gas prices: A typical bag of groceries costs more than 50% more today than in 2020, Forbes’ Ty Roush writes.

But in the realm of big business, the last week has been bountiful. On Thursday, the S&P 500 hit 7,500 for the first time, boosted by AI optimism. And Nvidia—already the world’s most valuable company—hit an all-time record market cap of $5.5 trillion. It’s unclear when Wall Street’s finances will meet those of Main Street, though stocks finished the week down as traders digested Friday’s inflation report.

Businesses often replace their CEO in difficult times, but new leadership doesn’t necessarily fix everything. A new study from PwC quantified how much a CEO change helped companies. The........

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