NAOS CEO Insights

September 8, 2023

CEO INSIGHTS – Week Ending 8 September 2023

“We are seeing that nearly all manufacturers have had to cut back production to some extent due to weakening demand consistent across the broader marine industry”

Jack Springer, Malibu Boats Inc

Retirement & Superannuation

“As an industry, it's critical that we build a resilient retirement income system on par with our first-class accumulation system” Nicolas Hamilton, CEO, Challenger Ltd

Food & Supermarkets

“Just broadly in terms of what we're seeing, we still see a very pressured, financially stretched consumer and in many ways, they're really driving towards value in a lot of their decisions across the store. But we're also seeing, though, at the same time, just an elevated element of cooking at home. It's still there compared to pre-pandemic levels” Brendan Foley, CEO, McCormick Company Inc


“We are seeing long green grass, not just green shoots in terms of the recovery of macadamia prices and there is exceptionally good demand for macadamia products going into China” David Bryant, CEO, Rural Funds Group

Mail & Postage

“If we do everything in our power to run this business well and we get a favourable regulatory response towards modernisation, I’m confident that Australia Post will return to profit. Without this support, the FY23 loss will be followed by many more” Paul Graham, CEO, Australia Post Group

Retail & Ecommerce

“The retail environment has been exceptionally challenging and the cost and living crisis impacted our Superdry customers, and the decline in our wholesale segment has caused liquidity challenges, particularly in the second half of the year” Julian Dunkerton, CEO, Superdry Plc

“I've been talking for a few quarters now about how I thought we would be seeing a stabilisation as we could lap some of the COVID dynamics that are out there, that we would see a stabilisation even in this macro environment, and that's what we're seeing. So our enthusiast buyers are stable quarter-over-quarter at 16 million. We're actually seeing their spend increase” Jamie Iannone, CEO, eBay Inc

Payments & Trade

“We've also seen stability outside the U.S. in our domestic payments market and a slight uptick in some of the key markets around the world as well. And then as it relates to cross-border, we've also seen continued measured improvement in that business” Ryan McInerney, CEO, Visa Inc

Mining & Energy

“What’s our fundamental position? Right from the get-go that has been for the world to decarbonise and all options have to be on the table. And we’ve always been proponents of a technology agnostic approach to decarbonisation, and that’s really what we’re advocating for, as opposed to saying we’re advocating specifically for nuclear” Mike Henry, CEO, BHP Group Ltd

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Automotive & Transport

“The base car market segment will either vanish or will not be done by European manufacturers” Oliver Zipse, CEO, BMW AG

“It has certainly been a good trading period for the last three or four months” Carl Bizon, CEO, AMA Group Ltd

Streaming, Entertainment &Consumer Electronics

“If you think about the total consumer spend in the areas that we serve, in the countries that we serve. So, this is ex-China, consumers spend about $620 billion in the areas that we play in and we win about 5% of that consumer spend” Gregory Peters, Co-CEO, Netflix Inc

“Our industry continues to experience lower consumer demand due to the pandemic pull-forward of tech purchases and the shift back into services spend outside the home like travel and entertainment” Corie Barry, CEO, Best Buy [world’s largest consumer electronics retailers]

Dating & Social

“What we realised over the last several years is that, this is a product that is as sticky as love, which anyone in consumer internet understands how hard that is to do. Very few products on planet earth have the same engagement levels as a dating app” Whitney Herd, CEO, Bumble Inc

Discretionary Spend

“We are seeing that nearly all manufacturers have had to cut back production to some extent due to weakening demand consistent across the broader marine industry” Jack Springer, Malibu Boats Inc

“We've seen that in the research and conversations we've had with our customers, which is they look at dating as something that is a necessity. They look at it as something that is a low price point that they don't have to cancel even if they're thinking about cancelling other spend” Whitney Herd, CEO, Bumble Inc

Building & Housing

“Fundamentally there is a demand out there to build more houses in Australia” Ben McIntosh, COO, Bunnings Commercial

Internet & Telecommunication

“I think we’re seeing around the world increasing proof points that subsea cables… have been repeatedly proven and we’re constantly setting records for depths and links of subsea cables” Mike Cannon-Brookes, Co-CEO, Atlassian Inc

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