NAOS CEO Insights

December 15, 2023

CEO INSIGHTS – Week Ending 15 December 2023

“The market headwinds we anticipated have proven to be stronger and more persistent than planned. While we’re confident in the future of Hasbro, the current environment demands that we do more”

Chris Cocks, CEO, Hasbro Inc

Travel & Tourism

“Destinations like China, Vietnam, South Korea and the US are all above pre-pandemic capacity, but it’s really those Middle East and Europe flights that need to increase their load factors” Scott Charlton, CEO, Sydney Airport

Domestic Economy

“What I am seeing, and what I think will occur, is there will be a downturn into Easter. January, February and March will be very tough” Mark Mazurek, CEO, Linfox

“There is tremendous growth potential in the Australian convenience store market because the population there is forecast to grow at a faster pace than many other countries, including the United States, for the next 20 to 30 years” Ken Wakabayashi, co-CEO, 7-Eleven International

Resources & Diamonds

“Diamonds and PGMs [platinum-group metals] are a lot closer to the end consumer than the earlier cycle products and therefore, as we know more directly, and immediately impacted by changes in discretionary spending patterns. This is true in a slowdown and as history has shown us before, it will equally be true in the case of an upturn” Duncan Wanblad, CEO, Anglo American Plc

Food & Health

“The other thing I would say is that pizza is a treat. On average, people are buying it for 4, 4.3 times a year. So, you actually aren't really impacting their health when you think about that sort of frequency. However, even considering that we will do our best to always continue to work on health because we think that's the right thing to do” Andrew Rennie, CEO, Domino’s Pizza Group Plc

Toys & Games

“The market headwinds we anticipated have proven to be stronger and more persistent than planned. While we’re confident in the future of Hasbro, the current environment demands that we do more” Chris Cocks, CEO, Hasbro Inc


“We, at Chemist Warehouse, we have a theory, if you want to be a truly world-class iconic retail brand, it will take 100 years to achieve. Just have a look at people like Walgreens, Walmart, CVS and Boots, it took them 100 years of time and effort to get there” Mario Verrocchi, CEO, Chemist Warehouse Group

Supply Chain & Logistics

“We’re seeing much better supply in the new car market now” James Voortman, CEO, Australian Automotive Dealer Association

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Infrastructure & Energy Investment

“We transformed the company, we've created a company that we think is built for long-term secular trends, and those long-term trends are, first, long-term investment in infrastructure around the world. Secondly, the investments being made in the sustainability and resilience of infrastructure” Troy Rudd, CEO, AECOM Inc [multinational infrastructure consulting firm]

“One thing we're absolutely certain of is that the energy transition and the demand for energy is going to be a very important theme for investing over the next couple of decades” Todd Barlow, CEO, Washington H. Soul Pattinson & Co. Ltd

“Currently there’s not digital signalling across all of the Australian rail network, and so in a lot of respects we’re still working on an antiquated 1940s or 1950s light system. With some digitisation we would be able to run trains closer together and more safely, and that would increase the output of the rail network. You can’t gold-plate the Australian rail network, but there’s definitely more investment required to maintain the systems that we’ve got now” Mark Mazurek, CEO, Linfox

Labour Markets

“With an unprecedented $154bn investment over the next 15 years and the rollout of critical city-shaping projects across the country, we desperately need both skilled and unskilled workers to enter the rail industry now” Caroline Wilkie, CEO, Australasian Railway Association

Inflation & Deflation

“Inflation keeps coming down and the labour market keeps coming into balance…so far so good” Jerome Powell, Chair, US Federal Reserve

“The last 2 or 3 years since the middle of the early part of '21, really, that's when inflation really speeded ugly head. And when inflation comes, you chase it. So, you're chasing in payroll, you chase it in raw materials, and we've been chasing it for 2 or 3 years. Now, we moved into the deflationary period” Geoffrey Martin, CEO, CCL Industries Inc [world's largest making company]


“I want to move on to how we are seeing the industry demand at the moment and of course, 2023 will go down in history for the magnitude of demand outlook deteriorations. That is a fact that nobody can avoid” Pekka Lundmark, CEO, Nokia Group

“We see a number of new bandwidth heavy applications on the horizon that will really drive future data usage…New applications like AI drone surveillance and AR/VR or video devices that require bandwidth between 4x to 10x compared to, for example, 4K video streaming. With these drivers, we expect network traffic will continue to grow” Pekka Lundmark, CEO, Nokia Group


“The expected drier conditions in Australia ahead and ongoing water reform initiatives in the Murray Darling Basin have the propensity to affect the volume of Australian rice produced beyond CY25” Market Statement, Ricegrowers Ltd

Business Risks

“In truth, my greatest fear – the so-called 3am thought – is the threat of cyber-attacks” Joseph Healy, CEO, Judo Bank Ltd

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