Every investor relations professional has experienced a major executive announcement, an unexpected market reaction, an analyst question that catches everyone off guard or even a rumor that begins circulating before anyone knows its origin.
Unexpected moments like these often have the biggest impact on how investors perceive a company and leave IR professionals wondering how to handle it.
That was the focus of the second episode of Confessions of an IRO, where Q4’s Jamie Stanton was joined by Francesca DeMartino, Chief Investor Relations Officer at Pfizer, along with Julie Dewey, Chief Investor Relations and Communications Officer at Orthofix. Rather than discussing textbook best practices, they shared real experiences from the moments that tested their judgment, challenged their communication skills and ultimately shaped how they lead today.
Throughout the conversation, one consistent message emerged: investor relations isn't defined by how well you manage predictable situations. It's defined by how you respond when uncertainty arrives.
Unexpected situations are part of every IR career. The difference lies in how quickly teams adapt while maintaining credibility.
DeMartino shared a recent example from Pfizer, where an important clinical data announcement had to be postponed after an unexpected CFO resignation. With two material events occurring almost simultaneously, the IR team needed to determine the right sequence for disclosure while navigating strict regulatory requirements and significant market attention.
As investor questions quickly shifted toward why the company had not reiterated guidance, the situation became less about executing an existing communications plan and more about recognizing a developing issue before it escalated.
Rather than pursuing multiple communications channels, DeMartino recommended issuing an 8-K that quickly clarified guidance while remaining fully compliant. The experience reinforced an important lesson for every IRO. During periods of uncertainty, maintaining composure and carefully evaluating available options often matters more than reacting immediately.
Dewey expanded on that idea by sharing a simple framework she uses whenever unexpected events arise.
She encourages IR teams to work through four questions before responding.
What are the legal disclosure requirements?
What message needs to be delivered?
Which disclosure method best fits the situation?
What questions should we expect immediately afterward?
Preparation also extends beyond the market. Internal employees, the board, executive leadership and other stakeholders all need aligned communication when significant news breaks.
Dewey also introduced one of the session's most memorable concepts, "Know your BATNA," or your Best Alternative to a Negotiated Agreement. While IR leaders often recommend a preferred course of action, executive teams may ultimately choose another direction. Having a well-developed alternative ready allows IROs to remain strategic advisors even when their first recommendation is not adopted.
DeMartino offered a complementary perspective with what she calls her "two rounds" rule. Present your recommendation. If there is pushback, explain it one more time from a different angle. If leadership still decides otherwise, support the decision and move forward rather than becoming argumentative.
Together, these approaches reflect an important reality of executive influence. Credibility comes from providing thoughtful guidance, remaining solutions-oriented and knowing when to pivot.
Modern investor relations teams have access to more data than ever before.
Ownership reports, surveillance platforms, analyst models, market commentary, trading activity, social media and investor meetings all produce valuable information. The challenge is determining which information actually matters.
For Dewey, the answer begins with the investment thesis.
Every company has a small number of variables that truly drive investor confidence. When new information directly affects those drivers, it deserves attention. If it does not, it may simply be noise.
She also applies two additional filters.
First, consider who is raising the issue. A recurring concern from large shareholders or influential analysts carries very different weight than a one-off comment.
Second, look for repetition. A single question reflects curiosity. The same question appearing repeatedly across independent investors often signals that market expectations are beginning to shift.
DeMartino built on this framework by encouraging IROs to validate potential signals before escalating them internally.
Rather than assuming a concern is widespread, she recommends reaching out to trusted buy-side and sell-side contacts to understand what they are hearing. These conversations help distinguish isolated opinions from emerging market themes while providing stronger evidence when advising executive leadership.
The combination of structured data and trusted relationships allows IR teams to move beyond simply collecting information. It helps them determine what deserves action.
Artificial intelligence was another major theme throughout the discussion, although neither speaker viewed it as a replacement for experienced investor relations professionals.
Instead, both described AI as a way to create more time for strategic work.
Dewey explained that, as the leader of a lean IR team, AI has become an important extension of her workflow. From preparing Q&A documents to surfacing issues she may not have initially considered, it helps improve efficiency while strengthening preparation.
DeMartino shared how Pfizer has spent several years building internal AI capabilities, creating a centralized knowledge repository that allows teams to quickly query historical materials, executive messaging, analyst questions and supporting documentation. More recently, those capabilities have expanded into rapid Q&A tools that help answer detailed product questions during meetings in real time.
She also described an internal exercise currently underway, where the IR team is tracking how time is spent across daily activities to identify opportunities where AI agents could assume repetitive work.
The objective is creating more space for the work that requires human judgment, including strategic planning, executive preparation and long-term investor engagement.
As Dewey summarized during the discussion, technology can tell you what is happening. Understanding why it matters and what to do next still depends on relationships, experience and judgment.
One of the strongest lessons from the session came from a concept DeMartino returns to frequently with her team.
Always ask yourself what the question behind the question is.
Analysts rarely ask questions in isolation. A seemingly random question about a product, executive or business segment may actually reveal a much broader concern about valuation, capital allocation, pipeline expectations or long-term strategy.
She shared an example of analysts unexpectedly revisiting a product that had not been discussed for quite some time. Rather than focusing only on the product itself, the team considered why the topic had resurfaced and whether investors were reevaluating broader assumptions within their financial models.
The same thinking applies to CEO succession rumors circulating in the market. Investors were ultimately questioning whether a future leadership transition could affect Pfizer's dividend policy.
Understanding those deeper motivations helps IR teams anticipate concerns earlier, strengthen executive preparation and address issues before they become larger market narratives.
The discussion concluded with a topic every IRO eventually encounters.
How do you build enough influence for leadership to trust your recommendations?
For Dewey, credibility is earned through preparation, consistency and experience.
That means anticipating investor questions before meetings occur, presenting leadership with multiple options rather than a single recommendation and drawing on previous situations to explain why a particular approach is likely to succeed.
Influence is rarely built during a crisis. It is built over time through thoughtful advice and consistently sound judgment.
For DeMartino, that also means being deliberate about what gets escalated. Before bringing an issue to executive leadership, validate what you are hearing, gather multiple supporting data points and arrive with a proposed solution instead of simply raising a concern.
Ultimately, that is the role of modern investor relations.
Not simply reporting what the market is saying, but interpreting it, validating it and helping leadership respond with confidence.
Throughout the session, one theme connected every discussion.
The best investor relations professionals do far more than communicate information. They help leadership understand what matters, filter out distractions and make better decisions during periods of uncertainty.
Judging by attendee feedback, those lessons resonated. Every survey respondent indicated they would attend another episode of Confessions of an IRO, reinforcing the value of candid conversations that move beyond best practices and into the realities of the role.
As market expectations continue to shift, those practical frameworks, from knowing your BATNA to recognizing the question behind the question, will remain valuable tools for investor relations teams navigating whatever comes next.
Judging by attendee feedback, these lessons resonated deeply. Every survey respondent indicated they would attend another episode of Confessions of an IRO, reinforcing the value of candid conversations that move beyond best practices and into the realities of the role.
If you missed the live session, you can request the playbook and catch the recap of Episode 1 here: Confessions of an IRO: Episode 1.