Greek CEOs are reshaping their strategies in efforts to make their companies more resilient to shocks after facing the impact of Covid-19 and in view of geostrategic challenges such as the Russia-Ukraine war, a study released by EY found.
According to ΕΥ’s CEO Outlook Survey 2022 conducted on Greek executives from 12 main segments of the economy, executives are adjusting their investment program to address the impact of Covid-19 and taking actions in order to be prepared in cases of market shock.
-54 percent believe the pandemic caused short-term disruption while 16 percent said it had led to fundamental changes for the better and 12 percent for the worse; 12 percent said it had only accelerated existing trends in their industry
-62 percent said they were adjusting their strategic investments to manage the risks associated with geopolitical tensions
-55 percent (of the 62 percent) said growing uncertainty had forced them to delay or discontinue planned cross-border investments
-CEOs surveyed acknowledged that the post-pandemic reality holds significant opportunities
-41 percent (compared to 59 percent of CEOs worldwide) said they will actively seek mergers and acquisitions in the next 12 months
-as labor shortages intensify and consumer demand grows unexpectedly creating significant disruptions to global supply chains, Greek CEOs have taken steps to increase the operational resilience of their businesses and reduce logistics costs
– a key concern among Greek executives is the changing demographic trends and unstable economic growth (19 percent), the use of technology and data by competitors (16 percent), and uncertainty about the evolution of transformational technologies (15 percent)
-Greek business leaders acknowledge that investing in new technologies can accelerate organic growth and create value
-a growing number of Greek CEOs believe their strategy for sustainable development will provide them with a competitive advantage: 75 percent said their investors strongly supported rounded investment plans and 65 percent claimed such plans ran into resistance with investors citing costs and potential long-term returns as key concerns.
“In this rapidly changing environment, Greek CEOs, in parallel with the survival and growth of their businesses, must ensure a balance with an ever-expanding ecosystem of stakeholders. Digital transformation, attracting and retaining talents as well as the focus on ESG issues will be key priorities,” said Tassos Iossiphides, partner and chief advisor of corporate strategy and transactions EY Greece.
“At the same time, and while a conservative approach may seem like a safe choice in today’s environment, bold investment options that are transforming portfolios could prove to be crucial for future growth,” he added.