NAOS CEO Insights

April 5, 2024

CEO INSIGHTS – Week Ending 5 April 2024

“We’ve got a shortage of drivers and an increasing market without enough people to do the work. Our company is 100 drivers short, and everybody is short”

Ron Finemore, Executive. Chair, Ron Finemore Transport

Internet & Connectivity

“The reality is that enterprise customers want affordable, low latency broadband connectivity, which we've been talking about for quite some time. If anything, the transition to LEO [low earth orbit satellite-based internet connectivity] is happening a little faster than even we expected” Daniel Goldberg, CEO, Telesat Corp [major global satellite operator]

Retailers & Inventory

“In terms of promotion, I think, that as you've seen most of the brand update was around the fact that stock in the market is in the right place. We are in the right place. We believe that most of our competitors are now there” Régis Schultz, CEO, JD Sports Fashion Plc

Packaging & Tariffs

“The continued strong performance from cans is expected to offset the ongoing softness in customer demand in glass, with no immediate benefit expected in FY24 from the removal of tariffs on the export of Australian wine to China. Volume growth from exports to China is expected from FY25” Market Statement, Orora Ltd

Sports & Entertainment

“Consumer spend on high-quality live entertainment is fuelling the tailwinds in live sports and the entertainment market. We've seen growth in in-person attendance, media rights and sponsorship. The share of wallet on sports and experiences has rebounded and grown further post-COVID, and sports is hugely valuable for broadcasters… Also, the number and type of broadcasters bidding on sports rights has grown, and we see increasing demand and competition among them” Gregory Maffei, CEO, Liberty Media Inc [media conglomerate and owner of Formula One]

Recreational Vehicles

“As mentioned last quarter, we started to see gradual signs that the macroeconomic environment was affecting our industry, leading to softer market conditions, especially in EMEA and Asia-Pacific. The fourth quarter played essentially in line with this view" Jose Boisjoli, CEO, Bombardier Recreational Products Inc [Boat, ATV, Jet Ski & Snowmobile conglomerate]

Pharmacies & Vaccines

“If you think about it, it's actually quite amazing, 5 to 10 years ago and let's go 10 years ago, pharma had pretty much abandoned vaccines on a large-scale basis. A lot of the companies had moved away. There was not a strong, strong incremental demand. Today, we see it as one of the key areas of innovation inside pharma companies” Timothy Wentworth, CEO, Walgreens Boots Alliance Inc

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“We’ve got a shortage of drivers and an increasing market without enough people to do the work. Our company is 100 drivers short, and everybody is short” Ron Finemore, Executive. Chair, Ron Finemore Transport


“Looking ahead, we continue to closely monitor the relative health of household balance sheets, employment conditions and consumer discretionary spending. Change in consumer behaviour has pressured discretionary spending in most of our categories. We expect consumer demand to remain relatively soft as these trends continue into 2024” Walter Glazer, CEO, Escalade Inc [indoor & outdoor games conglomerate]

Energy Services

“I believe that the market and the strategic priority of our customer [oil companies] is increasingly turning towards production and recovery [rather than exploration]” Olivier Le Peuch, CEO, Schlumberger Inc

“No one seems to be able to get a new gas field approved – we’ve got plenty of gas [in Australia] but nobody can get the approval” Lindsay Partridge, CEO, Brickworks Ltd

Europe & UK

“Since we spoke in December, we have seen consumer sentiment further slow across Europe, especially in our 2 biggest markets, Germany and the UK” Stefan Larsson, CEO, PVH Corp [parent co. of Tommy Hilfiger & Calvin Klein]


“In many, many cases, landlords have agreed that keeping us operating [given they are in administration] in the building on a new structure was going to be value creating to them” David Tolley, CEO, WeWork Inc


“Large offshore institutional capital invests actively in this asset class in other markets, as do almost all the Australian super funds. But to date, their investment in BTR in Australia has been woefully low” Bernie Armstrong, CEO, Cedar Pacific


“The recent data does not...materially change the overall picture, which continues to be one of solid growth, a strong but rebalancing labour market, and inflation moving down toward 2 per cent on a sometimes bumpy path” Jerome Powell, Chairman, US Federal Reserve


“Before Uber, taxi firms had an office and people would dispatch taxis. And we replaced that with big data that anticipates supply and demand or in fact matches it, maybe using price signals to make sure that they meet everyone’s needs. That’s what we need energy to look like” Greg Jackson, CEO, Octopus Energy [major UK energy retailer]

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