CEO INSIGHTS
2024

P O S I T I V E I N A N U N C E R TA I NWORLD: CONFIDENT CEOs
RE S K ILL C O MPA NIE S FO R
AI-DRIVEN GROWTH
CEOs prepare for sustainable
future through increased
tech adoption, internaltalent development

CONTENT
FOREWORD

3

E XECUTIVE SUMMARY

51.

A N A LY S I S : 4 K E Y T R E N D S
F R O M T O D AY ’ S C E O s

2.

6

H O W S E C T O R S C O M PA R E

CONCLUSION: CEO LESSONS FOR SUCCESSFRANCESCO MARSELLA

MA XIMILIAN SCHERRManaging Partner
Global Practice Leader, Growth & Transformation
Rome

Partner
Practice Leader, Growth, Austria
ViennaPETTER KILEFORSRALF BARONManaging Partner
Head of Arthur D. Little Nordics
Stockholm

PartnerFrankfurt

20
24

SATYA EASWARAN
Partner
New Delhi

We would like to acknowledge all those who contributed in the review of this Report, especially:
Michael Eiden and Greg Smith

2

ARTHUR D. LITTLEFOREWORD
Across the globe, the last 12 months have seen

increased instability, driven by myriad factors, including
deepening geopolitical rivalries and conflicts, diverging
economic fortunes, and the growing impacts of climatechange and artificial intelligence (AI). All of this follows

a period when the pandemic accelerated the importanceof digitalization, driving wide-scale transformation,

which still needs to be completed in many cases. Year-over-year, the range and depth of risks are accelerating,meaning that CEOs truly find themselves and theircompanies having to navigate in a volatile, uncertain,
complex, and ambiguous (VUCA) world.

At Arthur D. Little (ADL), we have been working with CEOsof the world’s leading businesses for more than 137 years,
listening to their needs and helping them innovate andtransform to thrive in a fast-changing world and successive
industrial revolutions.
But changing times called for a new approach in exploring
how business leaders of the world’s US $1 billion-pluscompanies across different industries were reacting to a
turbulent present and uncertain future.
Thus, last year, we launched the first in our ongoing series offlagship “CEO Insights” research studies. Through hundredsof conversations and months of research, we looked toanswer key questions, such as:- How are CEOs reacting to current disruption?
- How has their outlook changed year-over-year?
- How are they structuring their strategies andorganizations moving forward?

- Where are they investing for growth?
- How are they coping with pressing trends, such as

AI and environmental, social, and governance (ESG)?

3R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

For this 2024 edition of “CEO Insights,” we found strong,
positive grounds for optimism. Hearteningly, CEOs of
leading businesses are not merely focusing on survival
but are increasingly confident about the prospects for theirorganizations and the wider economy. We found 66% to behighly positive about the global outlook over the next three
to five years, a result that has tripled since 2023.
Behind this optimism, CEOs are significantly increasing
their growth investments and navigating short-term
uncertainty through resilient strategies and organizations
built to handle a VUCA world. Moving forward, they are
enthusiastically embracing new opportunities like AI,
seeing it as a catalyst for growth, and are looking to develop
their people to unlock its potential. ESG is becoming aholistic part of strategies as CEOs embed it across theirorganizations.
At times of disruption, the natural but ultimately flawed
approach can be to concentrate only on the short-term
volatility and uncertainty of VUCA. Our study shows thattoday’s global CEOs are truly ambidextrous and are adopting
the opposite strategy, looking to deliver on the short term,by transforming short-term uncertainties into opportunities
while working on the long term — building a better future
for us all.

Ignacio García Alves
Chairman & Chief Executive Officer
Arthur D. Little

4

ARTHUR D. LITTLEEXECUTIVE SUMMARY
T HE F UT UR E I S BRIGH T & GETTINGBR I GHT ER D ES P ITE INSTABILITY
Looking beyond current turbulence, CEOs of the world’s
largest companies are increasingly positive about theprospects for growth and are positioning themselves —and their workforces — to seize the opportunities that
AI brings, according to the results of our 2024 “CEO Insights”
study.
While CEOs are navigating today’s choppy business waters
with caution, they are investing for a brighter future, basedon the resilient organizational structures they now havein place. As AI impacts their businesses, they are reskilling
their workforces and looking internally to develop the talent
they need to exploit opportunities moving forward.
Rather than being cowed by uncertainty, CEOs are thriving
in a time of turmoil, understanding that volatility is now
the new normal in the world of business. They are focusing
on ambidexterity,1 marrying innovation and productivity toenable success in a VUCA world. Combining longer-term
vision and innovation with short-term caution, CEOs arecommitted to driving business growth, centered around a
combination of their people and AI working in harmony.

1

We define ambidextrous organizations as those that balance the opposing needs of being agile andcreative with being productive and driven by scale. For more background on ambidexterity, see ADL’s
Prism article, “Ambidextrous Organizations — How to Embrace Disruption and Create Organizational
Advantage.”5

R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

1 . A N A LY S I S : 4 K E Y T R E N D S
F R O M T O D AY ’ S C E O sCEOs ARE POSITIVE
AND CONFIDENT ABOUTT H E M E D I U M -T E R M
ECONOMIC OUTLOOKIn-depth analysis of ADL’s latest “CEO Insights”
study enables us to draw four clear conclusions,which apply generally across both geographiesand different vertical sectors.

T R EN D 1 : PO S I T I V E F UTURE
O U TLOO K: S I G N I F I CANTS H IF T I N CON F I D EN CE

Two-thirds (66%) expect a positive global outlook— compared to just 22% in 2022 — implyingthat they believe the bottom of the market has

The last 12 months have seen CEOs face analready been reached or will be reached shortly.

expanding range of challenges, from conflict

Just 4% forecast a deterioration in the global

and geopolitical rivalry to rising costs. Despite

economic outlook, compared to 37% last year.

this, the headline finding is that CEOs are

Optimism is even stronger among larger ($10

positive and confident about the medium-termbillion+ revenue) companies, where 84% expect(three to five years) economic outlook (seethe medium-term outlook to be positive, against

Figure 1).

60% of their smaller peers.

Figure 1. CEO views on global economic outlook
Figure 1. CEO views on global economic outlook

How do you expect the global economic outlook to evolve in the next 3-5 years?
4%
29%

2%

3%

2%

5%

20%

26%
42%

30%

37%

6%
16%

0%

28%

25%

66%

Total

72%
55%

6

61%

Europe (Big 5) Europe (other) North America
Deteriorate

Source: Arthur D. Little

78%

66%

Middle East

StableImprove72%

55%

South America

Asia

AfricaARTHUR D. LITTLE

Global confidence, regional highlights

Over the same period, the perceived criticalityof environmental issues has dropped from

This turnaround in optimism is strongest in Asia,

10% to 2%, perhaps due to more advanced andwhere three-quarters (78%) of CEOs forecast

integrated ESG strategies being put in place.

positive growth, compared to 10% in 2023. CEOs

CEOs highlight social issues as among the least

within the Big Five economies of Europe (France,

relevant factors to their growth, with justGermany, Italy, Spain, UK) were equally bullish,

2% seeing it as critical.

with 72% predicting positive global growth,nearly doubling from 38% in 2023. Even in the

Examining growth factors by company size,

least positive regions (Latin America and Europe

CEOs of larger organizations express theoutside the Big Five), a majority of CEOs predictgreatest concern around energy prices, as

medium-term global growth.

well as seeing supply chain and globalization
challenges as more critical to growth (seeFigure 3). Organizations between $1-$10 billion

Stable perspective on external
growth factors

have a higher focus on technology innovation as

When asked to name the most critical external

concerns.

a driver but also worry more about geopoliticalfactors impacting their company’s future

When reporting the drivers that would havegrowth, CEOs generally focus on the samethe least impact on growth, environmental

themes as a year ago (see Figure 2). Technology

and climate change issues and social issues

innovation, including AI, remains the mostwere among the bottom three for organizations

critical factor globally to drive growth. However,in both groups.

concerns over supply chain stability havebeen overtaken by a need to cope with rising“Our objective is to leverage technology in orderraw material prices, including energy costs.

to benefit from increased operational efficiency,

Globally, this has nearly doubled from 11% todata insights, and improved decision-making

21% in the past year. This trend is particularly

during periods of high volatility.”strong in Europe and North America though its

CEO, energy & utilities

importance has dropped in the Middle East,
potentially due to easier access to energy

Figure 2. Critical factors to company growth

resources (e.g., oil and gas).

Figure 2. Critical factors to company growth

What are the most critical factors to your company’s future growth?
50%
Global average

25%

12%

Europe (Big 5)

28%

9%

Europe (other)
North America

17%
29%
22%

Middle East

21%

South America

21%
14%

4%

1%

13%
14%

12% 1% 5% 7% 5%

9%11%

3% 8% 4%11%1%
1%
1% 7% 1% 10% 3% 6% 1% 9%
16%
1%
4% 8%
8% 6% 10%
20%

4% 6% 6% 6%
0%
10%
12%
5% 7%0%34%

19%

2% 10% 2% 10% 2% 7% 5% 4%

8% 2% 9%

14%

Asia

Africa

13%

17%

14%

13% 0%

9% 2% 10% 1%

2% 10%

10%

5% 5%

0%8% 5% 3% 5% 3%0%
9%
13% 0%7% 7% 9%
16%Technology innovation
Raw material prices
Supply chain
Environmental & climate change issues
Disruptive competition
Cyber risks
Economic growth/GDP
Social issues
Inflation
Globalization
Geopolitical concerns
Energy prices

Multiple choice (2 choices/respondent)
Source: Arthur D. Little

Multiple choice (2 choices/respondent)
Source: Arthur D. Little

7

R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

Figure 3. Critical factors to company growth, by company
size
Figure 3. Critical factors to company growth, by company size

What are the two most critical global drivers to your company’s future growth?
27%$1-$10 bn$10+ bn24%

16% 16%

15%

15%

14%

11%

11%

9%
6%
4%

Technology
innovation

Supplychain

Raw material
pricesEnergyprices

Disruptivecompetition

6%
3%

Economic
Globalization
growth/GDP

6%2%

Geopoliticalconcerns

3%

2%

Inflation

3%

3%
1%

Environmental& climatechange issues

1%0%Socialissues1%

Cyber risks

Source: Arthur D. Little

Source: Arthur D. Little

Most important trends — past vs. future
The research also examined how the importanceof particular trends has changed over time. We
employed AI-based text analysis to understandfree text answers comparing trends CEOs felt
were important over the last three to five years
and which would be of primary importance forthe future three to five years (see Figure 4).
The results reveal a clear shift. For example,
where e-commerce and digital transformation
were the dominant trends listed by CEOs in thepast, looking forward they are focusing on AI
and automation and sustainability, reducing
the importance of e-commerce nearly byhalf. This reflects the impact of the pandemic
and its immediate aftermath, which required
every organization to embrace e-commerceand digitalization to operate effectively. Now
that businesses are moving out of survivalmode, CEOs are putting the onus on AI andsustainability for growth.
By region, the areas of focus for the future
include ESG (Asia), AI and automation (Northand South America, Europe), advanced
technology (Africa), fintech (Middle East),
and geopolitical challenges (Europe andSouth America).

8

CEOs from different industries are also
altering their focus moving forward. For
example, automotive CEOs see ESG as having
a dramatically increased focus for the futurethat has outpaced AI, unlike their peers in
the wider manufacturing sector. Leadersin the energy and utilities sector are also
concentrating on ESG, given their central rolein decarbonizing their own operations and thoseof wider ecosystems. Travel and transportation
CEOs have shifted from e-commerce to see
digital transformation as the most relevant
driver for their industry. Telco CEOs are also
focused on digital transformation and AI,
moving away from workforce transformation.
Healthcare CEOs have shifted their focus frome-commerce to advanced technology. For theirpart, financial services leaders worry about
geopolitical challenges, alongside the threat(and opportunity) of fintech.
When asked what specific technology areas they
were focusing on over the next three to five years,
CEOs demonstrated a broad range of knowledge
and understanding. In addition to AI, they citedadvanced technologies like quantum computing,personalized learning platforms, cognitive
smart cities, and, in the areas of transport, fullyautonomous cars, hyperloop, drone and selfdriving deliveries, and urban air transport.

ARTHUR D. LITTLE

Figure 4. Most important trends for CEOs
Figure 4. Most important trends for CEOs

What do you see as the most impactful trends driving growth?
+5pp
24%

AI & automation

+6pp
23%

Sustainability &environmental responsibility
Globalization &geopolitical challenges

17%

Past 3 years
Next 3 years

29%
29%

+10pp
27%

Digital transformation &Agile methodologies

27%
26%

Rapid technological advancements& adoption

23%
24%

E-commerce &personalization

35%

-17pp

18%

Figure 5. Attitudes to government intervention in key
industrial sectors
Open question — answers clustered by AI
Source: Arthur D. Little

Figure 5. Attitudes to government intervention in key industrial sectors
Open question — answers clustered by AI
Source: Arthur D. Little

How do you view renewed state intervention in key industrial sectors?

9%

10%
17%

27%

5%

6%

34%

32%

16%

2%
9%
29%

24%
74%

19%
41%

32%

55%

16%
28%

14%

45%
45%

33%

32%

31%

11%

38%

16%
Total

Europe (Big 5)

16%

Europe (other)

Destabilizing factor skewing competition

34%

Asia

Neutral effects

Middle East

South America

Useful support to short-term growth

AfricaNorth America

Useful support to long-term growth

Source: Arthur D. Little

Embracing state intervention to drive growth
Source: Arthur D. Little

The combination of greater protectionism
and increased programs and subsidies arounddecarbonization and other areas is providing
new opportunities and changing CEO attitudes
toward state intervention (see Figure 5). A third(33%) globally now see it as a useful driver for
long-term growth (up from 21% in 2023), with asimilar percentage (32%) viewing it as positive
for short-term growth, down from 37% last year.

Essentially, CEOs value this access to newinvestment resources and are factoring it into
their overall growth strategies, particularly as
they look to embrace new, more sustainablebusiness practices and opportunities.
“We are looking into potential government support
initiatives or economic stimulus plans that could
offer money during hard times economically.”
CEO, telco

9R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

This shift is particularly pronounced in North

economic conditions and more closely fought

America and among larger organizations. About

competition. Providing disruptive offeringsa third of North American CEOs see it as a(down 9%) and targeting new geographies (down

useful support for long-term growth, with the11%) are being de-prioritized compared to 2023

majority (55%) viewing it as a short-term growthas CEOs focus on maximizing existing strategies

driver. Just 2% see it as a destabilizing factor

over the short to medium-term.

that skews competition, compared to 29% of

The future focus on the core business isSouth American CEOs. Of larger ($10 billion+)

particularly strong among those companies

companies, 41% view state intervention as athat see themselves as market leaders,

useful support to long-term growth, with 33%

ahead of entering new geographies and costbelieving it drove short-term growth.

optimization. For those in the middle of thepack, the focus is shifting to new sales channels

T R EN D 2: CUR R EN T GROWTHST RAT EGI ES : N AV I GATINGU N CERTAI N T Y WI T H
C AU T I ON

(up 18%) and new client segments, showingthat they are searching for new opportunities
to grow. Among respondents, 38% of laggards
are looking to diversify their revenues(doubling from 19% over the past three years),demonstrating a shift away from a core business

A cautious approach to growth strategies

focus in order to unlock growth.

Driven by current market uncertainty, CEOs plan

“Through entering new markets, creating freshto continue their existing growth strategies,

goods and services, and forming clever alliances,with overall marginal differences between

we are broadening the scope of our businessthose used for the past three years and theactivities.”

next three years (see Figure 6). The only areas

CEO, financial services

that see a greater focus are diversification (up
14% compared to 2023) and fighting price wars
(up 13%), both of which look to be a reaction to

Figure 6. Most important growth strategies, leaders vs.
laggards
Figure 6. Most important growth strategies, leaders vs. laggards

What are your most important growth strategies (by performance category)?
Top quartile (n=98)

Middle of the pack (n=158)

New client segments

33%
36%

30%
32%
28%
34%

Cost optimization

36%
34%

32%

44%
47%

Core business focus

Disruptive offering
Diversification

27%

Change in regulation

22%
13%
13%

M&A for bus. portfolio opt.
5%

M&A for vertical int.

20%
6%

10%

27%

42%
38%

19%

38%
31%

42%

26%
25%

8%

27%

12%

34%

19%

13%

7%
9%

35%

23%

12%
12%
4%
29%
25%

11%

8%
23%

4%

Note: Performance category based on own perception vs. peers; multiple choice (3 choices/respondent)
Source: Arthur D. Little

Note: Performance category based on own perception vs. peers; multiple choice (3 choices/respondent)
Source: Arthur D. Little

31%

19%
Past 3 years

10

38%
35%

31%

39%
35%

8%

8%

Price war

38%
37%

34%

31%

42%

31%
27%

20%
17%

33%
35%

New geographies

M&A for consolidation

19%

21%
22%
18%
26%

New sales channels

Lagging (n=26)

Next 3 years

ARTHUR D. LITTLE

Increasing investments in growth

Organic growth outpaces M&A,

The turmoil of the past 12 months has led someparticularly around consolidation

CEOs to recalibrate their growth ambitions (seeCEOs increasingly understand that while

Figure 7). While a similar percentage (33% versus

acquisitions can drive growth, they need to

30% in 2023) are adopting offensive strategies

be focused and targeted. Overall, two-thirds

to achieve faster-than-market growth, the(68%) of M&A activities met expectations, thenumber focusing on cautious strategies

same figure as organic growth programs, and(achieve market growth) dropped by 7% as

up from 2023 (see Figure 8). Yet when it comes

more embraced defensive strategies (aiming

to exceeding expectations, organic growth isfor slower-than-market growth). This increase

the clear winner: 26% of CEOs reported thatin defensive strategies could also indicate asuch programs delivered above-expected

belief that AI can reduce barriers to entry andbenefits, with only 6% disappointed with theirbring disruption and new players into existingorganic growth strategies.

markets. Larger companies are more likely tobe pushing for above-average growth, with
45% adopting offensive strategies compared

In contrast, more than a fifth (21%) of CEOs said
M&A performed below expectations, particularly

to 26% of smaller organizations.

around consolidation. Here just 11% of CEOs felt

What is striking is that across all three groups,

44% of CEOs saying they failed to deliver on theirCEOs are willing to increase their investments inpotential. This demonstrates the importance ofgrowth, perhaps pointing to greater funds being

picking the right targets for the right reasons,required than initially thought necessary toeven at a time of market volatility when moreachieve success. For example, 92% of defensive

companies may be available at what appears

CEOs expect to increase or keep their growth

to be the right price. Large-scale consolidation

investment constant.

brings key challenges around integrating thedeals had exceeded their expectations, with“We recognize the importance of building strong
partnerships and collaborations. In times of
uncertainty, having a network of reliable partners
can provide additional support and resources.”
CEO, healthcareacquired business, its people, and productportfolios. At the same time, regulators aroundthe world are increasingly active in reviewing
such acquisitions, often demanding large-scalechanges to deals that can ultimately reduce oreven eliminate the value they bring.

Figure 7. Growth ambitions and change in investment levels

Figure 7. Growth ambitions and change in investment levels

What are your plans for investment growth relative to the last 3 years?
33%

53%

Key insights

14%

Regardless of the growthambition, CEOs hardly 38%(Cautions
5%, Defensive 14%) plan todecrease their growthinvestment relative to the past
3 years
2 As anticipated CEOs with a set
ambition to growth above54%
market growth, are alsoplanning to increase their
growth investment while thelower the growth ambitions
8% thehigher the share of stable
Defensive
growth investments(slower thanmarket growth)
1

70%

86%

23%

10%
4%
Offensive(faster than market growth)

6%
Cautious(meet market growth)
Increase

Stay constant

Decrease

Source: Arthur D. Little

11

Figure 8. Success rates of organic vs. M&A activities
R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

Figure 8. Success rates of organic vs. M&A activities

How satisfied are you with the results of your organic and M&A activities to drive growth?
Organic growth

M&A growth68%

Past growth focus vs. success rate M&A

68%

Exceeds expectations
Meets expectations

17%

Below expectations

5%

11%

44%
26%

21%
11%

85%

69%

44%

6%
14%

Exceeds expectations

Meets expectations

Below expectations

10%

M&A for bus.
M&A forportfolio opt. consolidation

M&A forverticalintegration

Source: Arthur D. Little

Source: Arthur D. Little

Understanding needs in a VUCA world
Increasing growth investments is part of a wider
realization among CEOs that we now live in aworld characterized by VUCA. Of CEOs, 80%
expect to pay more management attention to

WE NOW LIVEIN A WORLDCHAR AC TERIZEDBY VUCAVUCA and related topics over the next three tofive years, with just 2% believing it will be lessimportant than today.

“The real-time data we are integrating into models“Flexibility is one of the most crucial traits abusiness can have in a volatile industry. Being able
to quickly alter course when required can mean thethat forecast from supply chain disruptions,consumer behavior, and market trends can enable
a more adaptable and fluid approach.”
CEO, manufacturing

difference between success and failure.”CEO, financial services
Recognizing VUCA is one thing but adapting theorganization to meet its requirements for agility,
resilience, and efficiency is more difficult. When
asked how they aim to cope with volatility, themost common answers involve greater customer
focus, closer links with suppliers, increasing
sophisticated risk management, businessintelligence, and scenario planning, as well as
creating more innovative, flexible organizations
that empower their people. As a result of theseapproaches, half (50%) of CEOs feel that theircompany has a high level of readiness to adapt
to VUCA, and 16% feel their structures are superior
to the wider market (see Figure 9).

12This shift in adaptation is led by larger
organizations, where 28% judge theircapabilities as superior. However, 68% of thisgroup feel that they still have a strong/verystrong need to reskill staff to adapt to a morevolatile environment, compared to 52% of the$1-$10 billion group. On average, 92% of CEOs
feel that some reskilling is required for successin the VUCA world.

ARTHUR D. LITTLE

Figure 9. Structural readiness for VUCA, by compa
Figure 9. Structural readiness for VUCA, by company size

A key to success in a VUCA world is balancing
productivity and innovation, creatingambidextrous organizations that succeed in

What level of readiness do you see
in your organization for it to rapidly
adapt to market VUCA?

both dimensions of creativity and scale (seeFigure 10). CEOs understand this, with 96%
believing ambidexterity will be important totheir success over the coming three to five2%

years. Among different sectors, more than
three-quarters of CEOs in financial services,

0%

1%

33%

0%

3%

1%

25%

37%

energy and utilities, and healthcare reported
becoming ambidextrous as very important,ahead of manufacturing and travel and42%transportation, where CEOs feel it will be

50%

52%

less of a focus over the medium term.
“We are in a better position to adjust to changes

28%

16%

in the market because we consistently invest in

10%

Total

R&D and promote an innovative culture.”CEO, travel & transportation$1 billion to$10 billion

Very low/not adequate
Low/limited

More than$10 billion

Good enoughHigh/strong

Very high/superior

Source: Arthur D. Little

Source: Arthur D. Little

Figure 10. The importance of ambidexterity to CEO successFigure 10. The importance of ambidexterity to CEO success

How important will ambidexterity be for a CEO to succeed over the coming 3-5 years?

4% 0%
21%

75%

Total

5%

0%

2%

0%

18%
28%

80%

67%

TelcosEnergy &utilities

Not important at all

5%

2%

6%

0%

23%

25%

70%

69%

Travel &Manufacturing(including automotive) transportation

Not really important

Somewhat important

5%

0%

3%

0%

16%

16%

79%

81%

Healthcare

Financialservices

Very important

Source: Arthur D. Little

13

R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

T R EN D 3: PR EPAR I N G FOR
T HE F UT UR E: AI LEADS TOR E SKI LLI N G PAR AD I GM
S H IF T

CEOs feeling structures are superior, compared
to 3% in 2023), telcos (from 0% superior to 13%),and financial services (up again, from 0% to10%). Overall, CEOs are confident that they
have strong organizational structures in place
to move forward and target their growth goals.

Organizational structures thrive
in testing times

In 2023, half of CEOs expressed confidence that
their existing organizational structures were

Embrace AI to achieve growth ambitions
Since 2023, AI usage has accelerated
dramatically. To measure CEO attitudes, thisstrong enough to navigate business priorities

year’s study introduced new questions aroundand market volatility, although just 4% classed
them as superior.

AI and its adoption. In many ways, progress has“To remain competitive in the industry, we will

implemented an AI strategy within at least one

been swift — 96% of executives claim to havedevote more attention to realizing the wants anddemands of our customers. Developing a solid
rapport with customers might help us throughdepartment of their organization, with 47%
having a strategic view toward AI.
However, just 13% have adopted a comprehensive

difficult times in the economy.”
CEO, travel & transportationcompany-wide AI strategy, demonstrating thatthey are still on a transformation path to fully
understand the impact of AI and integrate it

The testing conditions of the last 12 months

across the organization. In our experience, fully

demonstrated that CEOs were underselling

benefiting from AI requires enormous structural

the benefits of the structures they had put inplace; while half still feel their organizations arestrong, 16% now see them as superior and none

and workforce change, which is achievable onlywith time. There are major challenges to movingfrom a strategic view to a strategy and thensees them as inadequate (see Figure 11). This
improved confidence is visible across all sectors

implementing it.

— particularly energy and utilities (with 32% of

Figure 11. Satisfaction with current organizational structure

Figure 11. Satisfaction with current organizational structure

How adequate is your current organization to face your business priorities and market volatility?
58%

56%

55%

50%

33%

16%
0%2%
Total

16%

0%

Telcos14

Source: Arthur D. Little

14%

10%
0%

2%

0%

Energy &utilities
Not adequate

Source: Arthur D. Little

28%

24%
13%

3%

34%

34%

32%

28%

44%
42%

44%

42%

3%

3% 3%

Manufacturing(including
automotive)

LimitedGood enoughTravel &transportation
Strong0%0%
Healthcare

Superior

10%0%0%Financialservices

ARTHUR D. LITTLE

AI usage: Efficiency & innovation

Figure 12 illustrates the strongest performers
by region, with 75% of companies within Asia
reporting a company-wide strategy or strategic
view. The strongest performers by industry andsize are those in the financial services (79%)

How are CEOs turning their AI strategies
into practice? Analysis shows that they are
predominantly focused on making core functions
better by increasing efficiency and effectiveness,

and $10 billion+ organizations (67%). A clear

such as through automation (see Figure 13).

divide also exists between organizations that

Efficiency is the leading use case in four out offeel that they are leading their markets, where
Figure12. Company AI strategies
seven sectors, showing that companies are at a
24% have a company-wide strategy in place, andlaggards, none of which have implemented such

relatively early stage of their AI journey.

a compelling strategy.
Figure 12. Company AI strategies

To what extent does your company have a holistic AI strategy across all departments?
5%

4%

7%

13%

0% 0%
12%

1%

0%

2%

13%

16%

7%
47%
39%

43%
63%

54%

48%

37%

24%
Total

14%

10%

31%

27%

47%

9%

5%

24%
32%

0% 5%
11%

19%

Asia

EuropeMiddle East

South America

Africa32%

North America

Not implemented
We have a compelling company-wide AI strategy
We have a strategic view
Figure 13.
of AI use for different
performance
SingleAveragedepartment/OpCo degree
Several departments/OpCos
vectors per industry (0-100)
Source: Arthur D. Little

Figure 13. Average degree of AI use for different performance vectors per industry (0-100)
Source: Arthur D. Little

Distribution

TelcosEnergy &utilities

Increase
efficiency forcore functions

58

61

47

54

64

66

64

55

56

44

51

59

60

58

47

49

40

45

51

51

50

63

59

50

59

59

57

58

Increase
effectivenessfor corefunctionsImprove noncore functions

Create new
businessmodels< 50

50 <= x <= 60

Manufacturing

Travel &transportation

Healthcare

Financialservices

Automotive>60

Note: For this question, automotive was split from the overall manufacturing sector, as it provided radically different results in terms of AI usage
Source: Arthur D. Little

100

100

Note: For this question, automotive was split from the overall manufacturing sector, as it provided radically different results in terms of AI
usage

15

R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

Reskill for AI-driven future

The exceptions are telcos, travel andtransportation, and manufacturing, which are

While AI is not yet changing corporate

focusing on using AI to create new businessstructures, it is having an immediate andmodels. However, manufacturing is clearly lagging
other sectors on each performance vector, scoringan overall average of less than 50 for AI use. This

enormous impact on the skills required
for success. To maximize results from AI,
CEOs believe they need to transform theircan be linked to the sector’s pressing need toworkforces, with 59% seeing a strong or very

reskill employees, as we highlight in the nextstrong requirement to reskill their employees,

section.

up from just 13% in 2023 (see Figure 14). This
demonstrates the speed and wide-ranging“Our target is to use technology to improve

impact of AI’s rapid rise. For example, 68% of

operational effectiveness while cutting

manufacturing CEOs see a strong or very strong

expenses.”
CEO, healthcare

need to reskill in 2024 compared to 5% in 2023,
attesting to the sector’s lack of AI maturity.
Across sectors, about 1% report no need

“To predict market movements, we are using AI

for reskilling, a fall from 11% in 2023.

and machine learning, which we are using more
and more for scenario analysis and predictive“We encourage creativity and a willingness

modeling.”
CEO, telco

to explore novel concepts. A firm with anentrepreneurial atmosphere might be able todevelop business strategies that give it an edge
over competitors in volatile markets.”
CEO, automotive

Figure 14. The need for reskilling among current employees

Figure 14. The need for reskilling among current employees

To what extent do you need to reskill your employees?
59%

58%
51%

50%

46%

34%

44%

42%42%

38%

33%

33%

31%
24%
19%

7%
1%

8%

Total

10%
3%

8%
0%

TelcosEnergy &utilities
No needSource: Arthur D. Little

16

Source: Arthur D. Little

9%7%

Limited

8%

10%

7%
0%

Manufacturing(including
automotive)

Travel &transportation

Moderate

Strong

6%

5%

0%

0%

Healthcare

Very strong

2%

3%
Financialservices

3%

ARTHUR D. LITTLE

Look internally & externally to develop talent
In 2023, CEOs reported relying on externalsources, primarily headhunters and cooperation

TREND 4: A SH IFT IN
P RIORITIES AROUND ESG

with universities, to provide them with new

ESG becomes one of many business priorities

capabilities and talent to drive growth. In

How CEOs approach and prioritize ESG

2024, the focus has shifted, with the largest
percentage (30%) looking to internal academies
to deliver talent and skills, up from 21% in 2023
(see Figure 15). This trend is potentially driven
by multiple factors, including the difficulty offinding AI talent due to global skills shortages
and a realization that technical knowledge
needs to be married to business understanding
to deliver effective results, tailored to theindividual company and its objectives.

initiatives is undergoing a notable shift as
sustainability develops (see Figure 16). Whereas
in our 2023 study, 41% gave it a higher priority
than other activities, in 2024 this has diminishedto just 24%.
Essentially, most CEOs consider ESG as partof “business as usual,” with their approaches
maturing over the course of the last 12 months.
Clearly, CEOs still see ESG as important, but 71%“In order to identify fresh opportunities fordevelopment and build strong business models,
we are encouraging creative thinking andentrepreneurial behavior within our company.”CEO, energy & utilities

now rank it on a par with other priorities, up from
58% in 2023.
“As the emphasis on renewable energy sourcesand ecologically friendly operations grows,
we are making long-term investments in andadoption of sustainable practices.”
CEO, energy & utilities

Figure 15. Where CEOs plan to source new talent andcapabilities
Figure 15. Where CEOs plan to source new talent and capabilities

What are your plans to source new capabilities & talent needed for growth?

14%
14%
20%

12%

10%

10%

10%

10%

10%

11%

25%

25%

22%
29%

10%
18%
17%

20%

21%

14%

30%

32%

Total

Telecom

Corporate venture capital

27%

17%
11%

28%

27%
Energy &utilities

23%

18%

22%
19%

32%

32%

33%

Manufacturing(including
automotive)

Travel &transportation

Healthcare

Financialservices

Headhunters

Acquisitions

Internal academy

Cooperation with universities and academia

27%

Source: Arthur D. Little

Source: Arthur D. Little

17

Figure 16. Priority given to ESG compared to other corporate
initiatives

R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

Figure 16. Priority given to ESG compared to other corporate initiatives

What priority does your company give ESG compared to other company initiatives?
5%

8%

24%

28%

71%

64%

2%
28%

70%

5%

9%

27%

22%

68%

69%

Energy &Manufacturing
Travel &Total
Telecom
7. The roleof ESG
initiatives
incompanies
utilities(inclusive
automotive) transportation
Lower priority

Higher priority

5%

5%
16%

23%

79%

72%

Healthcare

Financialservices

Same priority

Source: Arthur D. Little

Figure 17. The role of ESG initiatives in companies

Source: Arthur D. Little

What character do your ESG initiatives
have in your company?

it as more important than other initiatives,compared to 22% of those with revenues
between $1-$10 billion.
A divided picture on ESG approaches

23%
Embedding ESG holistically(”everywhere, everything”)

0%Compared to 2023, the gap between
perspectives of CEOs on ESG seems to have

Strategic ESG focus

widened. Demonstrating its importance to theIslands of ESG focus

overall business, Figure 17 shows that 77% ofexecutives have a clear holistic approach that77%

embeds ESG across their organization (up from24%). Essentially, they are looking at ESG in
every activity and department, led from the top,

Source: Arthur D. Little

working together to monitor progress and meetsustainability goals.

This shift is particularly noticeable inmanufacturing, where 35% fewer CEOs see it
as a higher priority than in 2023, and travel andtransportation, where it has declined by 25%.
In fact, 9% of travel and transportation CEOs

ittlereport that ESG is now less important than otherpriorities, pointing to either increased maturity(which means it has become an integral part ofbusiness operations) or that other more pressing
factors have overtaken it in terms of focus. By
organizational size, while the overall trend istoward reduced prioritization of ESG, larger
organizations are still more likely to focus on it
above other activities, with a third (33%) seeing

18“Our commitment to corporate social
responsibility [CSR] is not just a checkbox;
it’s our moral compass.”
CEO, travel & transportation
However, the remaining 23% characterize theirapproach as creating islands of ESG focus (upfrom 2% in 2023). Not taking a holistic view may
mean that they are concentrating resources
and time where it is required most, such as indecarbonizing specific activities or processes,
taking a pragmatic approach based on their
specific circumstances.

ARTHUR D. LITTLE

Seeing ESG as a differentiator

CEOs are creating and spreading a sense offor long-term successpurpose and ethical standards across their

Large organizations in many regions face
regulatory requirements to become moresustainable and to demonstrate transparency
and good governance. However, CEOs see thebenefits of embracing ESG for multiple reasons,from attracting and retaining customers, staff,
and investors to more altruistic desires toprotect the planet and leave a positive legacy.
“Our attention is directed toward ESG aspects,
which have the potential to draw in a larger poolof investors and foster closer ties with customers
who value social responsibility.”
CEO, telco“It is important to set a good example around CSR
initiatives by making meaningful contributions tothe communities where the business is located.”business, helping to increase financial andreputational strengths. In many cases, focusing
on ESG provides a way to cope with volatility,
providing a “North Star” for the business tofollow.
“The most important thing in a company is
its purpose. We want to manufacture the bestproducts while respecting the environment andall other manufacturers. Employees, especially
younger ones, are important to us and the futureof our company.”CEO, manufacturing“We adopt sustainability practices to appeal
to environmentally conscious consumers andmanage continuous market volatility.”
CEO, healthcare

CEO, financial services

19

R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

2 . H OW S EC TO RS C O MPA RE

While our study demonstrates global trends,“We will incorporate more sustainable practices

there are also considerable variations among

since they support long-term resilience inthe attitudes and actions of CEOs acrossaddition to being in line with larger societal

different geographic regions, company sizes,

trends.”and sectors. We have covered regional and size
variations in the main analysis; in this chapter,
we drill down into the notable differencesamong sectors.

CEO, energy & utilities- Manufacturing. Manufacturers, particularly inthe automotive sector, must master the green

As in 2023, each industry has its own pressing
challenges and opportunities that CEOs need tounderstand and act on. Often these are driven
by digitalization and convergence — particularly
for traditional industries — and achieving
decarbonization in the case of energy suppliers
and manufacturing companies:- Telcos. Telcos face huge pressure on company
valuations and stock performance due toincreasing costs and the fact that network
access is becoming a commodity, particularlyas tech/media giants enter the market. Thisis leading to increased fragmentation (e.g.,
splitting off infrastructure) and a need for both
greater efficiency and hyper-personalization
for customers, both of which AI enables.
“In order to streamline processes, boost
productivity, and cut expenses, we are embracing
automation technologies like AI and machinelearning.”
CEO, telcotransformation, electrifying their operations
and creating more circular, sustainableeconomies — all while digitizing and building
stronger direct relationships with customers.
AI is at the heart of more digital, autonomous
systems, whether it is factory/supply chain
digital twins or self-driving cars.
“We intend to increase our investments incustomer relationship management, solicit
feedback, and modify our products and services
in response to evolving consumer demands.”
CEO, manufacturing- Travel & transportation. The travel andtransportation industry was severely impacted
by COVID-19 lockdowns, and in many areas
demand patterns have changed dramatically.
Success requires a focus on more personalized,
electrified, and end-to-end mobility
solutions, with AI used to optimize transport
networks, predict demand, and deliver amore personalized, sustainable experience
to customers.

- Energy & utilities. Energy and utility players“In order to spot new dangers and possibilities,

from fossil fuels while incorporating changing

and market trends. A proactive strategy enables

must successfully decarbonize and move away
energy consumption/production patterns, allagainst a backdrop of market disruption due
to geopolitical events. Business models must

we keep a close eye on geopolitical developments
prompt strategy modifications for businesses.”
CEO, travel & transportation

adapt, while grids must become more agile
and resilient to cope with increased demand.
AI helps increase network reliability andoptimize performance in a fast-changing
environment.

20

20

ARTHUR D. LITTLE- Healthcare. Increasing global demand is being
matched by advances in medical science anddrug discovery, accelerating innovation anddramatically reducing time to market. However,development and regulatory costs remain high,requiring greater digitalization and increased
use of AI to streamline and accelerate theend-to-end discovery, development, anddelivery process.

N E A R LY H A L F O F
ALL CEOs E XPECTCONVERGENCE TOA C C E L E R AT E O V E R
THE NEXT THREE
TO FIVE YEARS“We will make an effort to establish strategic
alliances with other businesses that will benefit

Figure 18 shows that nearly half of all CEOs

both parties and enable more efficient problem

expect convergence to accelerate over the next

solving.”

three to five years, and just 4% expect it to slow
CEO, healthcare- Financial services. The combination of new

down. CEOs in industries that have already been
subject to extensive convergence (e.g., telcos,
financial services, healthcare, and travel andniche players, convergence, and the rise oftransportation) believe it is more likely to remaintech companies in financial services meansat its current pace. By contrast, energy andthat banks must rethink their business models

utilities and manufacturing expect convergenceto survive. That requires a greater focus on

to increase over the same period.

innovation, ESG, adding value, and increasing

These differences between sectors are

efficiency. AI will redefine how financial

particularly highlighted in three areas:

services operate, optimizing processes,
enabling hyper-personalization, and improving
pricing and risk management.

(1) growth expectations, (2) challenges togrowth, and (3) meeting changing talent needs.

“We are embracing ESG considerations in oursustainable banking practices. The bank’s
standing and ability to withstand market

Figure18.
Industry
convergence
fluctuations canbothbe improved by its
commitment to sustainability.”

CEO, financial services
Figure 18. Industry convergence

How do you expect industry convergence in your sector to develop in the next 3-5 years?

4%

47%

49%

Total

8%

2%

3%

42%

38%

51%

56%

58%

41%

TelcosEnergy &utilities
Slow down

3%

50%

47%

Travel &Manufacturing(including automotive) transportation
Remain at current pace

2%

5%

58%

48%

40%

Healthcare

47%

Financialservices

Accelerate

Source: Arthur D. Little

Source: Arthur D. Little

21

R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

G ROWT H EXPECTAT I ONSCH ALLENGES TO GROWTH

CEOs from every sector share optimism for

The study also examined the specific challenges

the future, believing that the global economic

that CEOs in different sectors face and how

outlook will evolve positively over the next threethese have changed over the last 12 months

to five years (see Figure 19). For example, 77%(see Figure 20). While overall the obstaclesof healthcare CEOs predict that the economy

remain constant, there are significant sectoral

will grow, with a further 21% believing it will

differences. For example, market volatility hasremain stable. Telco CEOs are equally positive.

increased in manufacturing (again, likely driven

In contrast, sectors such as manufacturing

by rising raw material costs), while competitive(where 10% of CEOs see a worsening outlook),pressures from start-ups have decreased. CEOs

travel and transportation, and financial services

in every other sector are much more concerned

are more cautious. This aligns with individual

about competition from nimble start-ups,

sector factors. For example, manufacturers areespecially in telcos, where 33% of leaders

grappling with rising raw material/energy prices

named it as their biggest obstacle (doubling

and the need to decarbonize, both of whichfrom 2023), and travel and transportation (28%).

increase costs and complexity. However, it isThis demonstrates the potential lowering ofimportant to note that the majority of CEOs inbarriers to entry in these industries thanks toevery sector expect a positive future — a major

digital disruption, while manufacturing stillchange from the year prior.

requires heavy investment to establish and“We are utilizing real-time data on market trends,

grow operations.

resource availability, and consumer preferences“We are expanding into multiple markets, andto adjust our product offerings in response todiversifying our offerings of goods and services

changing demands and to help us make informed

can help us become less dependent on any one

production decisions.”

source of income or area.”CEO, manufacturing

CEO, travel & transportation“We are practicing scenario planning in order to“We are focusing more on ESG factors because

be ready for a range of possible future events.

they can help us position ourselves more

Figure 19.
CEO views
onforglobal
economic outlook CEO, healthcare
and formulatingplans of action
variousThis assists us in determining important factors

favorably for long-term success.”circumstances.”

CEO, telco
Figure 19. CEO views on global economic outlook

How do you expect the global economic outlook to evolve in the next 3-5 years?
5%

3%
21%

29%

66%

Total

4%

22

41%

30%

77%

5%

41%

77%

74%
60%

Telcos

2%
21%

22%

Energy &utilities

56%

Travel &Manufacturing(including automotive) transportation

Decrease
Source: Arthur D. Little

3%

10%

StableIncrease

53%

Healthcare

Financialservices

ARTHUR D. LITTLE

Figure 20. Obstacles to growth
Figure 20. Obstacles to growth

Among the following, which is the biggest obstacle that your company might face?

15%
18%
20%

10%

12%

15%

10%
16%

9%

22%

13%

13%

28%

33%
28%

21%

7%

23%

Total

Telcos

26%

23%

22%

34%

Energy &utilities

37%

34%

19%
12%

22%

18%

28%

9%

19%

28%

Manufacturing
Travel &(including automotive) transportation

16%

23%

19%

Healthcare

Financialservices

Complexity in data interpretation & augmented decision-making process

Blurry business boundaries

Talent hiring/retention or reskillingHigh market volatility & long time-to-market for large corporations

Competitive pressure from start-up reduced scale-up time
Source: Arthur D. Little

Source: Arthur D. Little

ME E T IN G C HAN GI N G
TA LE N T N E E D S
As described earlier, all CEOs understand theneed to reskill their workforces to embrace
opportunities such as AI. However, how andwhere they source talent varies considerably(refer back to Figure 15). CEOs in the telco,

A L L C E O s U N D E R S TA N D
THE NEED TO RESKILL
THEIR WORKFORCESTO EMBR ACE
OPPORTUNITIESSUCH AS AI

manufacturing, travel and transportation,and healthcare sectors are looking within thebusiness for skills and are most enthusiastic
about internal academies. Healthcareorganizations are also increasing their focus
on building talents through acquisition at
the expense of traditional cooperation with
universities and academia, perhaps pointing
to the growth in the start-up ecosystem inthis area. Energy and utilities CEOs also aim
to source new talents via acquisition, while
financial services CEOs look to corporate
venture capital, investing in fintechs to plug
their skills gaps. Travel and transportation is
the only sector to increase (slightly) its relianceon headhunters, although they are seen as an“We support originality and an openness to trying
new things. A corporation with an innovative
culture may find ways to create business models
that offer it a competitive advantage in erratic
marketplaces.”
CEO, financial services“It’s critical to have the flexibility to quickly adjust
to changing conditions. This entails establishingan innovative culture, rewarding employee
adaptability, and putting procedures in place thatfacilitate quick decision-making.”
CEO, energy & utilities

integral part of the recruitment mix in most
sectors, albeit with a noticeable drop in thefinancial services sector compared to 2023.

23

R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

CONCLUSION: CEO LESSONSFOR SUCCESSC E O s T H E M S E LV E S
U N D E R S TA N D T H AT
SUCCESS IS NOTA GIVEN

2. BUILD AMBIDEXTE RITY
INTO TH E ORGANIZ ATIONThe companies that will win in the VUCA world
are built on strong foundations that enable
them to combine scale and productivity withcreativity and innovation. These ambidextrous

ADL’s 2024 “CEO Insights” study highlights apositive and heartening vision of the future.
Optimistic and confident global CEOs arefocused on growth and believe they are wellequipped to operate effectively in a VUCA world,
thanks to a combination of strong structures,clear strategies, and a workforce reskilled tomake the most of AI.
However, CEOs themselves understand thatsuccess is not a given — for them or theircompanies. Analyzing the research andaugmenting it with the many conversations
we have had with CEOs, we have defined sevenkey areas of focus that will help companies toachieve their growth objectives:

organizations are both efficient and groundbreaking, allowing them both to seize newopportunities and to maximize existing ones.

3. CONCE NTRATE ONP EOP LE, SKILLS &CAPABILITIE S
Investing in technology alone is not enoughto deliver growth. CEOs must ensure that they
have the right internal skills and capabilities
to deliver an ambidextrous, agile organization.
This relies on a fundamental reskilling of theworkforce to ensure that they have the correct
talent mix to drive the business forward. CEOs
are therefore focusing heavily on ensuring
they have access to these skills, sourced from

1 . U ND ER STAN D T HAT
VO L AT I LI T Y I S HER E TO STAY
The turmoil caused by the pandemic was not a
one-off event. We now live in an interconnected,
integrated, and always-on world characterizedby constant uncertainty — from geopolitics toclimate change. VUCA does not mean the endof strategy, but it does mean that monolithic,
long-term strategies must be replaced bymore nimble, short-term ones. Successful
CEOs understand that this volatility brings
opportunity and are focused on creating agileorganizations that can respond quickly tochange, however it impacts their operations.
They need to keep their hands on the corporatesteering wheel, driving organizations forward
rather than switching to autopilot.

24

multiple areas.

4. E X TE ND AI
BE YOND EFFICIENCY
CEOs are rapidly adopting AI, not just in
departments or pilots, but across the wider
business. However, the current focus is on AI for
scale and productivity, essentially improving
business as usual. The creativity and innovationside of ambidextrous organizations is therefore
ripe for the positive impact of AI. CEOs must
be bold and explore how AI can transform theirstrategies across all dimensions to remaincompetitive in a changing world.

ARTHUR D. LITTLE

5 . K E E P T H E FOCUS O N ES G

7. BE WARY OF ACQUISITIONSExtreme weather events and rising global

Turmoil brings new opportunities around M&A,

temperatures served as a post-pandemic

both in terms of distressed competitors andwake-up call to the entire world. CEOs

cash-strapped start-ups that can provide

responded enthusiastically, increasing theirtechnology, innovation, and talent. However,focus on ESG priorities in 2023. Moving forward,

CEOs know that despite their alluring promise,the majority are taking a more holistic approach,many acquisitions disappoint, proving to be aincorporating it into their wider strategy

drain on management resources rather thanand operations so that it infuses the entire

adding value. Careful due diligence is required toorganization. Those that are not, and are instead

ensure that supposed bargains deliver on growth

focusing on specific areas, need to widen theirstrategies rather than becoming expensive

reach to cover the entire business. Otherwise,

distractions.

they risk not only their own competitivenessbut also imperil the wider environment.

6. LO O K I NT ER N ALLY &E X T E R N A LLY FO R SUCCESS
When it comes to growth, CEOs are focusing
on maximizing internal strategies around theircore business. They are more satisfied with theresults of organic growth initiatives comparedto acquisitions and are increasingly looking
internally to reskill their existing people rather
than looking to outside sources for capabilities
and talent. However, CEOs must balance thisapproach with the fact that they operate incomplex, interconnected ecosystems and supply
chains. They therefore must work openly withothers, particularly to achieve ESG goals, meetsustainability targets, and unlock innovation.

About ADL’s 2024 CEO Insights study- Following a consistent methodology, theglobal survey interviewed 282 CEOs fromcompanies with turnover of more than
$1 billion.

- Of respondents, 61% led businesses witha turnover between $1-$10 billion, with 39%
having annual revenues of over $10 billion.

- CEOs were equally distributed amongorganizations in six key industries (telcos,
energy & utilities, manufacturing [including
automotive], travel & transportation,
healthcare, and financial services).

- To give a representative, truly global

view, CEOs were based in Europe, Asia,
the Middle East, Africa, and South andNorth America.

25

R E P O R T: P O S I T I V E I N A N U N C E R TA I N W O R L D

NOTES

26

ARTHUR D. LITTLE

27

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Our consultants have strong practical industry experience
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