Earlier this week Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) hosted a “leadership update” webinar for both analysts and investors.
The two co-CEOs, Ms. An Steegen and Mr. Charles Beauduin, shared their initial assessments of Barco today and thoughts about capturing growth opportunities in the future.
In introducing themselves, both CEO’s noted how proud they are to help shape Barco’s future, building on the company’s key strengths including a committed and talented workforce with vast technological expertise and strong leadership positions in healthy markets.
In an open and honest assessment, they admitted that the #Covid19 pandemic revealed a number of weaknesses including a fragile supply chain, an under-leveraged value chain, an insufficient presence in China, a complex organisational structure and an unbalanced set of R&D investments.
An Steegen and Charles Beauduin jointly said, “Barco was hit hard by the covid pandemic. But in every crisis lies opportunity and while the impact of pandemic revealed a number of weaknesses in the company it also opened the way towards a number of exciting new opportunities for growth and enhanced efficiency and organizational effectiveness. By executing on these strategic opportunities, we intend to build a ‘One Barco’ company, deploying solutions that help make a visible impact, defined around our unique image processing capability and result in commanding market shares in healthy markets,”
To capture these opportunities, they presented a number of strategic objectives including a strengthened upstream value chain and expanded manufacturing footprint; a broader local presence in China; and a more effective new growth development portfolio.
Both CEO’s shared their reasoning for implementing a redesigned organisational structure as announced on October 21, 2021. This redesign is aimed at putting Barco in a stronger position to deliver on the growth opportunities ahead, with greater empowerment and accountability at the business unit level while enhancing customer and market responsiveness.
In addition, the two co-CEO’s presented their delineation of roles and responsibilities based on their complementary background and expertise and plans to maintain joint responsibility over strategy and transformational/break-through product innovation.
Presentation and webcast (including Q&A) of this webinar are available on the investor portal of the Company’s website here.
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