When CEOs are being prepped on results presentations, they quite often pick a word or two to inject into their comments that they hope will be latched on to by media and analysts. The idea, I suppose, is to emphasise something they believe will highlight what they’re trying to achieve in a memorable and quotable way. Sometimes this will be at the instigation of the PR advisor, at other times that of the CEO.
A recent example was Debra Crew, the newish chief executive of Diageo, who after a disastrous profit warning in November was obviously determined to get her comments during the company’s half-year results word perfect. Le mot du jour? RESTLESS.
She said that, having conducted a review of inventory levels and monitored performance in the key holiday season, the group had taken action to reduce inventory to more appropriate levels for the current consumer environment in the region by the end of 2024. “This is a key priority,” she said. “We are not satisfied by these results and I’m personally restless to get this business to perform.”
To be fair to Debra, restless is also mentioned in the company’s four values: “We strive to be better. We are restless, always learning, always improving.” And in its core competencies: “As an organisation, we are restless and we work hard to operate with agility and urgency to deliver consistent quality growth.”
It also uses a variation of the theme in its learning and development processes: “At Diageo you’ll have the chance to explore your passions and develop new skills, unleashing your restlessness to be better and keep improving.”
In a post-results interview with Oliver Shah, the business editor of the Sunday Times, she is asked whether she feels under pressure. “Do I feel under pressure? I’m restless but the pressure comes from myself, first and foremost. We have everything we need [to succeed] we’re just not living up to our potential.”
A search of a media database throws up numerous further examples on results day. Among them is MCA, which quotes Debra as saying: “Let me be clear, we are not satisfied with these results, and I personally am restless to get this business to perform to its full potential.”
Then there’s the Daily Mail, the Financial Times, Reuters, the Daily Telegraph, the Irish Examiner and Just-Drinks. Just for good measure, The Times adds a couple of restlesses – in Alistair Osborne’s business and commentary and yours truly’s results news story.
So on the basis of all these mentions, it is clear that Debra’s choice of “restless” as her word of the day worked a treat. Or is it? I’m not convinced that it’s the right word in the context in which it is used.
A word or phrase that stands out for hitting the nail on the head is one thing, but deploying a word that, at best, grates somewhat, and at worst, makes no sense at all, looks a little bizarre. I fear the new Diageo boss may have to find a more appropriate word for the next results. If she doesn’t she may continue to feel a little restless.
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The wheels of commerce roll slowly in the world of Caffè Nero. At the of last month, the premium coffee shop chain announced plans to open its first drive-thru store on the planet, at Stansted Airport, this spring. It is fair to say Nero is some way behind its rivals. Costa Coffee has opened its first drive-thru coffee shop in the UK at Nottingham’s Castle Marina retail park, in 2011. Starbucks was even earlier, opening the UK’s first drive-through in Cardiff Bay in 2008.
So why has Nero waited so long? Founder and group CEO Gerry Ford said: “I didn’t want to open such a store until we found a location that had a format where we could offer a premium experience, combined with the convenience you would look for in a drive thru. Our partnership with Stansted Airport allowed us to achieve just that. This store is an experiment for us. It allows Caffè Nero to expand its store format, and it will be the template for further drive thru stores in the future.”
Still sounds a long time, but Gerry’s always been a bit of a perfectionist and if he wants to wait until he’s ticked every single box, then good for him. He’s the man at the helm.
I seem to recall that the Nero boss adopted a similarly cautious approach to adding a flat white to its menu of coffees. While Starbucks and Costa both launched flat whites in early 2010, Nero waited until 2016. Why? I’m not sure, though given the strength of a Nero lattè compared to a Starbucks equivalent, Gerry probably felt there was no need to rush into a flat white. He would also have wanted to make sure Nero’s version was the very best it could be. Or maybe he just got bored of being asked about it.
