ServiceNow is a long-term sponsor of the CEO of the Year category, which recognized the best management performance from the previous fiscal year.

The independent judging criteria include the performance of the winner’s organization and the extent to which he or she has contributed to that performance and current strategy.

Fonterra’s Miles Hurrell, Port of Auckland’s Roger Gray and Meridian Energy’s Neale Barclay have been named finalists in the category.

The latest Mood of the Boardroom survey found New Zealand’s top business executives were most concerned about managing profit expectations and achieving revenue growth. The good news is that although the economy remains weak, cuts in the official cash rate should help stimulate economic growth and reduce the cost of funding for businesses. Tulp says balancing short-term business needs with long-term strategies is a key issue for CEOs at the moment.

“The key is to have an unwavering vision and mission that is anchored in your values, but the key high-performing differentiator is to have a dynamic approach to how you implement strategy.

“We’re beyond the time when you can have a set-and-forget five, 10-year strategy — the world, the technology and the workforce are evolving too quickly for that.

“Finding a healthy balance will always be a challenge. With finite resources, a CEO’s biggest task will be to optimize how you allocate those resources so that you can maintain this balance even as circumstances change.”

How CEOs respond to technological advances, particularly artificial intelligence (AI), is another key issue, says Tulp.

Globally, CEOs are realizing that with proper guardrails in place, generative AI can unlock new opportunities and accelerate, scale or otherwise improve existing business cases.

“In my opinion, AI and automation are critical to addressing ongoing economic challenges. If CEOs focus on streamlining processes and increasing efficiency, companies can control costs more effectively while increasing productivity. Facing challenging conditions now will be the secret the sauce for navigating the next economic cycle.

“One of the biggest barriers to using AI is that it requires a change in a company’s culture and processes. This must be led from the top. Leaders who want to effectively navigate their teams through this new AI era must foster a culture of experimentation and adaptability .

“AI also requires some housekeeping. Effective AI systems rely on high-quality data, strong governance and an AI-savvy workforce. These are the basics that should be the top priority for every business leader in the coming year.”

The Deloitte Top 200 Awards were established in 1990 and are held annually to recognize and applaud outstanding individual and management team achievements among New Zealand’s largest companies and trade organisations.

All Deloitte Top 200 winners will be revealed at a gala event on Wednesday, December 5. The event will be streamed live from Herald website.

Last year’s winner of the CEO award was Grant Webster of Tourism Holdings.

Finalists for CEO of the Year – sponsored by ServiceNow

– This was produced in collaboration with the Deloitte Top 200 Awards and sponsors