The five Canadian CEOs have set ambitious 2023 goals for their enterprises. The degree of success they achieve is bound to reflect on the strength of the economy as a whole.
In contrast with today’s economic uncertainty, 2023 is likely to be a swing year of improved business conditions, marked by sharp declines in inflation and borrowing costs. Most economists still expect a mild recession in the first half of 2023. But the year should end on a high note with a return to normal GDP growth.
At CN, Robinson will spend more than $2.4 billion in 2022 alone on upgrading CN’s rail network, an overhaul that will see the replacement of more than 400 kilometres of rail in Canada and the U.S. CN’s improved operating performance in 2022 has seen CN stock gain more than 12 per cent in value during Robinson’s tenure, well ahead of the S&P/TSX Composite Index, which has dropped by four per cent.
Senecal, a 30-year veteran of A&W, helped develop a socially conscious menu at A&W that eventually saw its roughly 1,000 locations doing more business in Canada than Wendys and Burger King combined prior to the pandemic, trailing only McDonald’s. To achieve her goal of a 25 per cent increase in last year’s $1.6 billion in revenues, Senecal will open 20 to 40 new stores a year despite the recession expected in 2023.
At the same time, though, Hannasch has boosted profits almost 62 per cent since 2018 by generating more profit from ACT’s existing 16,000 stores worldwide. Food has been a key to that, but only accounts for about 11 per cent of ACT’s North American sales. Hannasch wants to more than double that to as much as 25 per cent. That should be doable, given ACT’s success with fresh and prepared foods at its much smaller European division.
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