An Interview with Nancy MacKay: What Thousands of CEOs Have Taught Her About Leadership

What inspired you to start MacKay CEO Forums?

I started MacKay CEO Forums because I could see that CEOs face challenges that few people truly understand, yet many don’t have a trusted group of peers they can turn to for support, perspective, or advice.

The idea grew out of a strategic planning engagement I was leading. After the work wrapped up, I was invited by the head of the company to speak to a confidential peer group of CEOs he was a part of and following that session, I was asked whether I would consider stepping into a leadership role with the group.

At the time, the group didn’t allow women to join. In fact, I was the first female speaker they had ever invited into the room. I told them that if they were willing to open the opportunity to women, I would be happy to put my name forward. To their credit, they had the conversation, opened the process, and ultimately selected me to lead the group.

Looking back, that moment changed the trajectory of my career. Those 14 CEOs took a chance on me. Many became mentors, advisors, and champions who helped us grow MacKay CEO Forums over the years. If that group hadn’t opened the door, MacKay CEO Forums likely wouldn’t exist today.

Twenty years later, we’ve supported more than 5,000 Canadian CEOs and executives, but the mission remains the same: helping CEOs and Executives solve their toughest challenges, maximize their greatest opportunities, and realize that they don’t have to do it alone.

After working with more than 5,000 CEOs, what have you learned about what makes a great leader?

One of the biggest shifts in the landscape I’ve seen is the move away from the idea that the CEO is the boss, the smartest person in the room, and the person who is expected to have all the answers.

I’ve never viewed leadership that way. To me, great leadership starts with self-leadership.

We’re not waiting for someone else to inspire us, so as leaders, we need to know how to inspire ourselves first and learn how to show up as the best version of ourselves, especially in a world that feels increasingly complex and uncertain.

Great CEOs learn how to manage themselves, build strong relationships, and create meaningful impact through others, because ultimately, leadership isn’t about having all the answers. It’s about creating the conditions for people to do their best work and helping others succeed.

Your new book, It’s Lonely at the Top, draws on your experience working with CEOs. What inspired you to write it?

Over the past two decades I’ve had the privilege of working closely with many CEOs and one theme has come up again and again: leadership can be incredibly isolating.

That realization is what inspired me to write It’s Lonely at the Top.

People often assume that CEOs have access to all the support they need, but the reality is that many CEOs face challenges they can’t easily discuss with the people around them. They may not feel comfortable bringing an issue to their board because the board is evaluating their performance. Some challenges are too confidential to share with their leadership team, so even spouses and family members, while incredibly supportive, may not have the full knowledge of how to actually support them.

As a result, many leaders fall into what I call the “CEO loneliness trap.” They convince themselves that they need to figure everything out on their own.

The problem is that when we’re feeling isolated, overwhelmed, or exhausted, we’re rarely at our best. It’s much harder to make good decisions, think strategically, or show up as the leader our organizations need. The core message of the book is simple: it doesn’t have to be lonely at the top.

The book brings together many of the lessons we’ve learned through MacKay CEO Forums about how CEOs and Executives can inspire themselves and build the support systems they need to thrive. At the heart of it are three concepts: self-mastery, relationship mastery, and impact mastery.

Self-mastery is about managing your time, your health, and your energy. Without your health, you’ve got nothing, yet so many CEOs put themselves last. Relationship mastery is about recognizing that business is fundamentally about people. It requires us to park our egos, build meaningful relationships, and focus less on being the smartest person in the room and more on helping others succeed. Impact mastery is about contribution. It’s about innovation, purpose, and finding ways to create meaningful impact through the work we do.

My hope is that CEOs come away from the book with practical strategies they can use to inspire themselves every day, because when leaders learn how to lead themselves well and surround themselves with the right people, they put themselves in a much stronger position to lead others.

What is the difference between peer learning and networking?

Networking is about building relationships. Peer learning is about problem-solving. When you’re sitting in a confidential room with other CEOs who are facing similar challenges, you get access to honest conversations about the mistakes they’ve made, the lessons they’ve learned, and the things they wish they had known sooner.

We all have blind spots, so having a trusted group of peers gives leaders the opportunity to test ideas, challenge assumptions, and think through difficult decisions before they act.

At the end of the day, leadership doesn’t have to be lonely, and peer learning helps you realize you don’t have to carry every challenge on your own, which is what makes it so powerful.

In a world being reshaped by AI, economic uncertainty, and rapid change, what advice would you give leaders who are trying to navigate this environment successfully?

One of the biggest challenges facing leaders today is the sheer pace of change. Whether it’s AI, economic uncertainty, geopolitical shifts, or changing customer expectations, it can feel like every day brings a new challenge to navigate.

In that environment, I believe CEOs need to focus on their mental fitness as much as their business strategy.

I’ve learned that we make our best decisions when we’re in a positive emotional state. That’s when we’re most capable of thinking clearly, solving problems, and showing up as the best version of ourselves for our teams.

AI is a great example of this challenge. Some CEOs see it as just another tool they can delegate to someone else, but I believe that’s a mistake. AI is fundamentally changing how we work, lead, and create value. CEOs need to engage with it directly, understand its implications, and be willing to learn alongside their teams.

One of the biggest blind spots I see today is CEOs waiting to see how things unfold before taking action. The world of work is changing too quickly for that approach. That doesn’t mean having all the answers, but it does mean being willing to learn, adapt, and make decisions even when there isn’t a perfect roadmap.

Ultimately, uncertainty isn’t going away, so the leaders who thrive will be the ones who continue to learn, stay mentally strong, and move forward even when the path isn’t completely clear.

You’ve said before that confidence is overrated. In a world where leaders are constantly being told to be more confident, why do you believe this, and what should leaders focus on instead?

The phrase comes from Dr. Dana Sinclair, a performance psychologist whose work has had a significant impact on how I think about leadership and performance.

When I first heard her say that confidence is overrated, it really resonated with me.

We’re often told that we need to build confidence before we take on a new challenge, pursue a leadership opportunity, or make an important decision. But in reality, if we wait until we feel completely confident, the opportunity is often gone.

The CEOs I see succeeding today aren’t necessarily the ones who feel the most confident. They’re the ones who have the courage to say yes, even when they’re stepping into something unfamiliar or uncomfortable. They take action, build a plan, and learn as they go.

That’s especially important in today’s environment, where things are changing so quickly. CEOs don’t always have the luxury of waiting until they feel ready, so don’t let a lack of confidence hold you back. Commit to the opportunity in front of you and trust yourself to figure it out along the way.

Culture is a word that’s used a lot in business nowadays, but it could mean different things to different people. How do you define culture, and what role do leaders play in shaping it?

Culture is one of the most important aspects of any organization, but it’s also one of the hardest things to define.

The reality is that culture starts at the top. CEOs are the exemplars of culture, and people pay far more attention to what CEOs do than what they say. If leaders want to create a high-performing culture, they need to model the behaviours they want to see throughout the organization.

At MacKay CEO Forums, one of the principles we talk about often is leading with generosity. Whether we’re meeting with members, forum chairs, partners, or advisors, we encourage people to start with a simple question: How can I help this person be successful?

Over the years, one of the things I’ve come to appreciate is that culture is ultimately about how people show up. It’s reflected in the behaviours people demonstrate every day, the way they treat one another, how they approach challenges, and what they choose to prioritize.

What advice would you give to women aspiring to leadership roles?

One of the biggest challenges I continue to see for women in leadership is the lack of peers at the most senior levels. While we’ve made progress when it comes to representation, there is still tremendous value in having a network of people who understand your experiences, can challenge your thinking, and provide support as you navigate the opportunities and challenges that come with leadership.

Having those relationships matters because leadership can be difficult, and it’s much easier to move forward when you have people around you who can offer perspective and encouragement along the way.

The other piece of advice I would share are the wise words from Dr. Dana Sinclair. Too often, we convince ourselves that we need to feel confident before we take on a new opportunity or put ourselves forward for a leadership role. In reality, what matters more is having the courage to say yes, developing a plan, and trusting yourself to learn as you go.

Some of the greatest opportunities in our careers are the ones that challenge us to grow. Don’t let lack of confidence hold you back from pursuing something you’re capable of doing.

What continues to motivate you after more than 20 years of building MacKay CEO Forums?

I want to help populate the world with inspiring leaders.

That has been my purpose for more than 20 years, and if anything, I’m more excited about it today than I’ve ever been. I have the privilege of working with CEOs and senior executives every day, helping them navigate challenges, seize opportunities, and become the best leaders they can be. It’s incredibly rewarding work, and I still feel grateful every day that I get to do it.

Another source of joy has been seeing my children become part of the business, and having the opportunity to work alongside them has been an unexpected gift. Watching them contribute to the business and bring their own strengths and perspectives to the team has made the journey even more meaningful.

I still love being the CEO of this company. I still believe deeply in what we’re building, and I remain incredibly optimistic about the impact that great leadership can have on organizations, communities, and the people around them.

That’s what continues to motivate me every day.