PepsiCo CEO Indra Nooyi at the White House in February. Photo: Evan Vucci / AP

The entrance of millennials into the workforce has forced corporate leaders to "weave purpose into the core business [models]" of their companies, according to Indra Nooyi, PepsiCo's chairperson and CEO, at TIME and Fortune's CEO Initiative.

More from the panel discussion:

  • Mark Bertolini, Aetna's CEO, outlined how corporations want to lead in 2017: "We have a responsibility to have a point of view beyond our four walls…Our responsibility to lead is at a local level — everywhere we are."
  • Bertolini argued that the U.S. must retool capitalism: "We have a model today that works for too few people…There's a loss of hope in our nation around who we are and what our opportunities are — and that's because we haven't brought people along with our recovery."
  • One big problem: Nooyi thinks that climate change will only be definitively proven once it's too late to act, so she wants her company to think ahead: "From our perspective, we see evidence of changes in the environment affecting our business…We have to lean in and do things on the environmental front."

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 4 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.