47 is the latest confidence reading of CEOs, down sharply from a score of 63 early this year.
Has your CEO lost his swagger? Chances are he or she is not alone. The confidence level of many CEOs has taken a plunge in recent months, according to the latest report from The Conference Board. In The Conference Board Measure of CEO Confidence, overall chief executive confidence has taken a double-digit dive, and the current index has slipped under the 50-mark, indicating a trend toward pessimism. All of this means that CIOs will likely face more scrutiny when it comes to getting new IT projects approved as cost-cutting remains a key objective. "CEOs began the year quite upbeat," says Lynn Franco, director of economic indicators at The Confidence Board. "But the lackluster performance of the economy so far, and expectations of more of the same, has clearly impacted attitudes." On the positive side, many CEOs feel that profits will continue to increase over the year. And CIOs will play a big role here, as senior leadership will depend greatly upon technology innovation to reduce costs and increase efficiencies. More than 80 CEOs took part in the research.
Dennis McCafferty is a freelance writer for Baseline Magazine.
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