Less than 10% of employees believe their bosses are demonstrating moral leadership

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• In today’s CEO Daily: Diane Brady on the state of moral leadership in business.
• The big story: Alphabet could double capex spending; investors aren’t enthused.
• The markets: Mostly down.
• Plus: All the news and watercooler chat from Fortune.

Good morning. Good morning. As someone who has covered CEOs for decades, I think a lot about what makes a good leader, especially in this environment. It comes down to behaviors and practices, not intent. Dov Seidman, founder and chairman of LRN and the HOW Institute for Society, has studied the metrics around behaviors in leaders for as long as I’ve been reporting on them. I got an exclusive look at the institute’s 2026 study of the state of moral leadership in business, which asked more than 2,500 U.S. workers to assess the presence of moral leadership practices in their organization, ranked managers and companies into five tiers, and correlated that with business outcomes.