'We threw out any plans we had': CEOs are forced to embrace uncertainty

In normal times, there are few words that C.E.O.s like more than “certainty.” Certainty allows executives to issue sales forecasts with oracle-like conviction. Certainty instills leaders with the confidence they need to invest $500 million in a new factory, or spend $20 billion buying a competitor. Certainty gives them the verve they need to preside over virtual town hall meetings with their employees and discuss race relations, furloughs, remote work and more.

But at companies large and small, new and old, public and private, 2021 was a year that played havoc with expectations. Through it all, C.E.O.s swapped some of their