Faced with geopolitical turmoil, the uncertainty of a second Trump administration, an increasingly polarized country and a public that has lost faith in big business. Existential questions arise about the role of America’s biggest companies in such a tumultuous time, but also who is best to lead them.

These intersecting questions will inform most of the events of the business world in the coming year. The critical points:

CEOs vs. Trump. CEOs were willing to act as a moral counterweight during Trump’s first presidency, speaking out against actions that ran counter to their values, such as the travel ban from Muslim countries and the January 6 riots.

Things are expected to be very different during Trump 2.0. Most CEOs remained silent during the campaign, while some flirted with Trump behind the scenes and were quick to publicly congratulate him after his victory. Now, as Meta Platforms Inc. and Amazon.com Inc. take things a step further by donating to Trump.

The questions being raised are: Where do big businesses draw their red lines, and how will they respond when Trump inevitably crosses them?

The Great DEI Rollback. Corporate America has continued to back down on its diversity, equity and inclusion efforts under pressure from right-wing activist Robby Starbuck, whose latest and greatest victory is Walmart Inc.

There are some signs that employers are still investing in DEI – just quietly and without using the acronym. But failing to publicly champion the importance of diversity will have real consequences. We’ve already seen a slowdown underway, for example for women in business. It is now expected to take more than five years longer than previously estimated for women to reach the C-suite, and fewer management roles are now held by women and blacks.

It is likely that there will be more setbacks for underrepresented groups next year.

Crisis of confidence. After the killing of UnitedHealthcare CEO Brian Thompson in early December, C-suites across the country focused on the anger expressed toward the company rather than the killer.

At its core, the anger is a symptom of the continued erosion of trust in big business. Will the collapse continue in 2025? Or will companies and executives work to restore it, rather than simply doubling down on their own security?

The C-Suite in the Age of Emergency. This has been a tough year to be a CEO, with an unprecedented number resigning, according to Bloomberg News. It all boils down to one Wall Street word: urgency. Shareholders are increasingly impatient and boards are giving their CEOs less time to complete their plans or reverse the business strategy.

Despite the turnover, there is still no consensus on the best CEO succession model. This year we’ve seen big companies go in-house (CVS Health Corp.) and out-house (Starbucks Corp., Boeing Co.). A CEO’s job won’t get any easier or less complicated in 2025, so boards will continue to struggle with how much time to give chief executives to execute their strategies—and who is best to replace them when they pull the plug.

Disney, Starbucks and ???. These two companies have been the bellwether for some of the hottest corporate narratives in 2024: CEO succession and compensation, work organizing, corporate governance, the return to the office. Their next strategies will be revealed in 2025: Can Walt Disney Co. find a capable replacement for longtime CEO Bob Iger? Will new Starbucks chief Brian Niccol upend the coffee giant’s strategies and prove he’s worth his huge pay package?

And while all this is happening, the story of another company (or companies) will come into focus next year. If I had to bet, I’d put my money on Intel Corp. and its future, Boeing and its ongoing crisis, but also in healthcare businesses facing increased public and political scrutiny. But I’d be interested to hear what you think – any guesses?

Beth Kowitt is a Bloomberg Opinion columnist covering the US business industry. She was an editor at Fortune magazine.