pwc.com/usceosurvey

Leading in extraordinary timesThe 2015 US CEO Survey, in CEOs’ words

18th Annual Global CEO Survey

1,322CEOs interviewed in 77 countries

103CEOs in the US

28US CEO in-depth interviews

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rvey Leading in

extraordinary times Welcome to the 18th Annual Global CEO Survey. In this report, we take a close look at how US CEOs see the future shaping up for their businesses in 2015 and beyond.

We’re living in extraordinary times. US CEOs are forging ahead in an environment they believe is more volatile and unpredictable. Yet most believe there are more opportunities today for their companies than existed three years ago. What’s more, according to PwC’s 2015 US CEO Survey, 46% of US CEOs are ‘very confident’ of achieving revenue growth this year, a five-year Survey high.

PwC surveyed 1,322 business leaders across 77 countries between September 25 and December 9 in 2014, including 103 CEOs based in the US.

What’s changed?

For one, as the US recovery gains traction, it is gaining more adherents. The world’s CEOs are looking to the US for business growth in 2015.

Yet we believe there’s more fuelling CEO confidence than domestic eco-nomic growth. Great advances in technology and science are giving us building blocks to solve problems. For business it means great opportuni-ties to extract value in areas they have not gone into before by combining the right building blocks together.

Initiatives US CEOs are planning for 2015 show how US businesses are being positioned for this new era where growth in their important mar-kets balance more evenly between developed and emerging economies, and where mainstream adoption rates for digital technologies every-where are surging.

Overview

US CEOs intend on making their company smarter

They are seeking to move their organization up the learning curve in dis-tinct ways. This year, the interviews and responses reveal:

• CEOs are innovating and accelerating the impact of technology for their customers. CEOs say they are seeing real payoffs from these investments. They expect to take risks to operate within diverse and fluid networks.

• Yet as CEOs spiral up to better performance with a new set of technology capabilities, tensions are surfacing inside the organization that are acute and are not going to get better. Activist investors and competitors are pressuring businesses to find new ways to extract value. Half of US CEOs (50%) believe a significant competitor is emerging or could emerge from the technology sector versus 32% of CEOs globally.

• Much within their own portfolios are under review—hard assets as well as capabilities. Over half of US CEOs (54%) say they expect to complete a domestic acquisition this year, up from 39% a year ago. This year, 23% plan to divest a majority stake or exit a business, up from 15% a year ago.

• But it’s not all about buying (or selling) assets. US CEOs are widening their use of alliances to secure new technology and speed up innovation. They are significantly more willing than peers globally to consider part-nering with competitors or customers. Traditional industry boundaries are blurring, and CEOs expect cross-industry competition to accelerate. Over a fifth (24%) says their business entered or considered entering the tech sector within the past three years.

• Businesses are recruiting for a wider range of skills and looking for the right fit in more places. They want to better reflect increasingly global and dynamic customer sets of their organizations as well as meet growing technology demands within their organizations. Over half (59%) expect to expand headcount this year.

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Wearable sensors become good enough to transmit streams of highly accurate biometric data? What if devices start to dominate the volume of Internet conversations? What if cash disappears? Or our cars are networked to the surrounding infrastructure? Or hospitals become so inviting that we’ll meet there for lunch after our annual flu shot at the drug-store? What if we’re fitted for blue jeans by a scanner on our mobiles?

These all are real scenarios that US companies are working with now. Within the past five years, each has moved closer to reality. And they truly are scenarios, not just incremental product or service enhancements. The knock-on effects will have nth-degree implications for their business models, dis-tributors, and suppliers.

As the ‘what if’ scenarios take shape, so does the opportunity. Connected devices are smarter devices; connected customers and employees are smarter; connected industries are smarter. Businesses need to get smarter. When asked what one attribute they think CEOs should have to succeed in the future, we heard this: Tomorrow’s CEO is a continuous learner. A connected leader. A trusted partner. An orchestrator of talents and capabilities.

Tomorrow’s CEO builds a company that is genius-friendly, not just performer-friendly.We would like to thank all of the CEOs who participated in the survey, particularly the 28 US CEOs who took the time to share their per-spectives with us in interviews. Their insights greatly informed our survey. You can view these US interviews as well as our full analysis of the US CEO findings, at www.pwc.com/usceosurvey. You can also find interviews and perspectives from CEOs around the world at www.pwc.com/gx/en/ceo-survey.

CEOs are asking themselves ‘what if’…

Base: 1,322 CEOs globally and 103 US CEOs (2015)Sources: Oxford Economics analysis and projections; PwC, 2015 US CEO Survey, January 2015.

Reasons for confidence in US economy in 2015 and downside risks

Global risks materializeA Eurozone recession or a ‘hard landing’ in China; strong dollar offsets cheaper fuel prices. Such scenarios could trim US growth in 2015 and beyond.

Potential headwindsTailwinds

Lower energy pricesBrent crude at an average of $55 a barrel in 2015 could boost US GDP by 0.9% for the year.

Manufacturing lights onOutput projected to outpace GDP growth over next ten years. Electronics, precision equipment among fastest-growing sectors.

Consumer activatedDeclining unemployment rate with signs of rising wages in 2014 lend crucial support, can spread economic vigor to soft spots like home sales.

Talent shortfalls stymie34% of US CEOs are ‘extremely concerned’ over availability of key skills versus 28% of CEOs globally.

Competition heats upNearly half of CEOs in Asia (48%) and 40% in Europe rank the US market as a top-three overseas market this year.

46%of US CEOs are very confident

of revenue growth in 2015, up from 36% at the same time last year.

What changed?

I see the United States economy growing due to the natural gas infrastructure. Commodity costs are very competitive. Electric prices are competitive. We have a lot of natural resources in this country, including the infrastructure to enable development. We may be underplaying the potential that national resources play here in the United States

— John G. Russell, President and CEO, CMS Energy Corporation and Consumers Energy Company

The global economy is a little bit confusing to those of us that are in a cyclical capital goods business. The positives point directly to the developed markets. What’s hard for us to handicap is what’s happening in the developing market. Net-net, you’ve got to look for the developed markets to be your growth, but the developing markets are where the action is going to be. You can’t walk away from them, but you can’t put all your eggs in that basket today.

— Ronald M. De Feo, Chairman and CEO, Terex Corporation

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% CEOs globally ranking China or US a top overseas market

World’s CEOs look to the US for business growth in 2015

China

US

20152014201320122011

0

10

20

30

40

50%

CEOs in Latin America

CEOs in AsiaPacific

CEOs in Western Europe

20152014201320122011

… and who ranks the US a top overseas market?

38%

21%34%

39%

Q: Rank the three countries, excluding the country in which you are based, that you consider most important for your organization's overall growth prospects over the next 12 months, ranked 1, 2 or 3.

Base: 1,322 CEOs globally in 2015; 1,331 in 2014; 1,330 in 2013; 1,258 in 2012; 1,201 in 2011.Source: PwC, 2015 US CEO Survey, January 2015.

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Top overseas markets for US CEOs, 2011 vs. 2015

For US CEOs, China still leads, but a shuffling of other marketsis evident in 2015

20152011

Emerging economies

Developed economies

Mexico 16%

Canada 16%

Germany 16%

Brazil 30%

India 31%

China 69%

Japan 15%

Brazil 15%

Mexico 16%

Canada 16%

UK 29%

Germany 30%

China 55%

Q: Rank the three countries, excluding the country in which you are based, that you consider most important for your organization’s overall growth prospects over the next 12 month, ranked 1, 2 or 3.

Base: 103 US CEOs in 2015; 108 in 2011. Only economies for which at least 15% of US CEOs ranked as a top-three market were included.

Source: PwC, 2015 US CEO Survey, January 2015.

Europe has been challenging. I can’t say that we anticipated it to the degree that it’s happened, but we certainly anticipated it to some degree. What we did was to basically reengineer some of our products, with the philosophy that Europe is going to be a value proposition for a while. So in our business, that means more in the focused-service business, Hilton Garden Inn, Hampton by Hilton and growing the Doubletree by Hilton brand.

We did a massive amount of customer research to tightly engineer those products to meet the needs of those customers, but in keeping with the DNA of those brands. We deployed incremental resources in terms of development of our commercial platforms when many of our competitors were pulling back.

— Christopher J. Nassetta, President and CEO, Hilton Worldwide, Inc.

We find in emerging markets that women are very entrepreneurial. That’s the key for us. You have a demand for Western products, and you have women, who may not have the greatest opportunities, willing to take risks and who want to run their own business. That’s a match made in heaven. — David Holl, President and CEO, Mary Kay Inc.

China is a very important player for global economic growth as well as for our company. The automobile industry there is right around 20 million units, the largest market on the planet, and that will go to 30 million units by 2017 or 2018. Those ten million units are very important for us, because the vast majority of those vehicles will contain heavily Western-type content, with technologies in safety, green, and connectivity. — Rodney O’Neal, CEO and President, Delphi Automotive Systems LLC

The role of any Internet company is to protect its customers and provide them the safest possible experience and to be as transparent as possible around privacy. Now, when you step back and look at the role of a company versus the role of a government, clearly if we’re going to provide the safest possible experience in aggregate, government and companies need to work together.

And I think we’re still in the early days of that being done in effective ways. Some of the legal norms and standards haven’t yet been developed as they are in the physical world. They’ve not been developed in the digital world, but that’s a direction I think where we need to make progress. — John Donahoe, President and CEO, eBay Inc.

Our business has always been very risky, but when we think about the risks we have going forward, they’re not more, they’re not less. They’re just different. The risks we’ve dealt with historically are around capital deployment, when to invest, how to invest and capacity.

The risks we encounter going forward are, which customers do we get really close to, and how do we deploy our technology in ways that create value add for the customers? It’s a different dynamic and a different type of risk, but one that provides lots of opportunity as well.

— D. Mark Durcan, CEO, Micron Technology, Inc.

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Q: How concerned you are, if at all, about the [given threats] to your organization?

Base: 103 (2015); 162 (2014). US CEOs, showing responses by % ‘extremely concerned’.Source: PwC, 2015 US CEO Survey, January 2015.

4949

3131

2222

2020

1212

2626

1717

41%41%

5757

3737

2015

0 10% 20% 30% 40% 50% 60%

New market entrants

Speed of technological change

Availability of key skills

Cyber threats, includinglack of data security

Increasing tax burden

Over-regulation

Government response tofiscal deficit and debt burden

2014

4545

3434

55%55%

5252

Percentage US CEOs ‘extremely concerned’ (2014 vs 2015)

Tech-related threats rise as some policy risks recede for US CEOs in 2015

Q: How concerned you are, if at all, about the [given threats] to your organization?

Base: 103 (US CEOs); 1,322 (CEOs globally); showing responses by % ‘extremely concerned’.Source: PwC, 2015 US CEO Survey, January 2015.

1010

2929

3131

2828

2121

1717

1919

1616

2323

2222

1919

1616

2020

2626

1717

1414

57%57%

4545

4141

US

0 10% 20% 30% 40% 50% 60%

Bribery and corruption

Supply chain disruption

Inadequate basic infrastructure

Shift in consumer spending and behaviors

High or volatile energy costs

Lack of trust in business

Protectionist tendencies of national governments

New market entrants

Speed of technological change

Availability of key skills

Increasing tax burden

Government response tofiscal deficit and debt burden

Cyber threats includinglack of data security

Over-regulation

Global

3737

3434

1212

1212

1111

43%43%

2121

66

66

Percentage of Global and US CEOs ‘extremely concerned’ in 2015

In 2015, CEOs globally more concerned about energy volatility and consumer shifts than US CEOs

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Extraordinary times: US CEOs see more opportunities even in slow- growing, increasingly risky world

Compared to three years ago:

60%see morethreats

see moreopportunities

67%

Q: To what extent do you agree or disagree ...There are more growth opportunities for my company today than there were 3 years ago. Q: To what extent do you agree or disagree ...There are more threats for my company today than there were 3 years ago.

Base: 103 US CEOs.Source: PwC, 2015 US CEO Survey, January 2015. © 2015 PwC. All rights reserved.

Technology is at the center of all the big changes in the world, and there are plenty of competitors, but the industry’s expanding. Nobody has an enormous lock on the market. The markets are always changing, and it’s a great time to be listening, learning, figuring out what problems are unsolved with customers, because there are always emergent problems. And that’s how you win. — Michael Dell, Chairman and CEO, Dell Inc.

If you think about the Ball brand home canning jar—which is the jar in Jarden—that is a traditional American product that years ago was about your grandmother preserving food for the winter, and now it’s about eco-friendliness, mom, sustainability, organic, healthy living. So we’re taking a uniquely American product that we’ve changed the marketing on, created new products, and taking those around the globe and leveraging our sister companies.

So that business is now in Australia, it’s heading into the UK, it will soon be in France and in Brazil, and, again, not because those are necessarily emerging markets, but we have products that have been underinvested into in the past. — James E. Lillie, CEO, Jarden Corporation

We’re seeing a fragmentation of the consumer in more developed markets. We’re seeing the consumer looking for different alternatives. We’re in the food business, and there’s interest in organic, gluten-free, low sodium, low fat, high flavor, indulgence. It’s not just a small move to one thing or another, it’s a diversification and fragmentation of where the consumer is, and that’s opened up the opportunity for a lot of competitors, as well as opportunities for us, to grow. — Alan D. Wilson, Chairman, President, and CEO, McCormick & Company

Our understanding of this whole new science of genomics caused great excitement around 2000. It was an immature science then, and the techniques were not as powerful as people had thought they might be, and the understanding of how to use them was poorly developed. Now the techniques are more powerful. More importantly, the understanding of how to use those techniques and how they integrate with other technologies is tremendously more powerful today than it was a few years ago. — George A. Scangos, Ph.D., CEO, Biogen Idec Inc.

I am positive that at some point in time we will be able to tailor a pair of jeans to a body scan that you’ve taken on your smartphone or on your webcam and be able to turn that around in a couple of weeks, tailored for you, one unit at a time. That’s amazing, and it will completely change everything when that capability comes along.

— Chip Bergh, President and CEO, Levi Strauss & Company

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Although we expect to beat anybody we can compete against, we can’t compete against everybody, because we’re a chip company and don’t necessarily know how to talk to people in other industries. But opportunity by opportunity, we’re finding things where we can do the job better than the downstream company, and we will take that business.

— T.J. Rodgers, Founder, President, and CEO, Cypress Semiconductor Corporation

The technology we are most interested in right now is customer-facing technology. We have lots of technology involved behind the walls in running a hotel—point of sale, property management systems, spa management systems. They are utilities in many respects. — Arne M. Sorenson, President and CEO, Marriott International, Inc.

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Customerexperience

Data anddata analytics

Digital trust,includingcybersecurity

Operationalefficiency

Innovationcapacity

Finding,developing

and retaining talent

%

5055

4222

4137Q: To what extent are digital technologies creating value for your organization in these areas?

Base: 103 US CEOs. Showing ‘very high value’ responses only.Source: PwC, 2015 US CEO Survey, January 2015.

US CEOs see high value from digital technologies that deliver better,safer customer experiences

% of CEOs who see very high value of digital technology in …

We can see technology coming into every part of the customer experience, in the store, driving efficiency in our delivery system, and there’s many ways how we can access the customer for marketing purposes. We just continue to find more and new and interesting areas that we can apply technology to, and it all has a terrific return on investment

— J. Patrick Doyle, President and CEO, Domino’s Pizza, Inc.

There’s no doubt in my mind that this mobile digital experience has increasingly become a preference. We already see in mobile and digital channels twice the level of transactions that we see in our thousand branches. Just five years ago, that would have been a glimmer versus the predominant way people want to do business with you. It is an accelerating trend, this shifting view of convenience and relationship. We’re going to all have to be very mindful, nimble, as well as proactive to meet this evolving landscape.

— Beth E. Mooney, Chairman and CEO, KeyCorp

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Complete a domesticM&A

Complete a cross-border M&A

20152014 20152014

39%

23%28%

39%

21%

15%

42%44%

51%

44%

23%13% 13%

27%29%

54%

GlobalUS

Sell majority interest in a business or exit a significant market

Enter into a new strategic allianceor joint venture

Q: Which of the following restructuring activities do you plan to initiate in the coming 12 months?

Base: 1,322 CEOs globally and 103 US CEOs (2015); 1,344 CEOs globally and 162 US CEOs (2014).Source: PwC, 2015 US CEO Survey, January 2015.

In 2015, CEOs plan to …

US CEOs plan on being active, if not the most active, dealmakers

Inaction is the biggest risk for us. If we did not act, we’d be vulnerable to activists. We’d be vulnerable to other companies that see our strong assets, strong channels, and our technology would become outdated. So not moving is more risky than moving. We will make more acquisitions, but they’ll probably be larger in nature, more transformative. That’s a big part of what we’re trying to accomplish. —Alex A. Molinaroli, Chairman, President, and CEO, Johnson Controls, Inc.

ITT is looking to grow not only organically but also through M&A. We have great platforms, and want to invest and grow those platforms organically. At the same time, when you think about entering new geographical regions or about new technology you want to acquire, many times the best way to do that is by acquiring that expertise, because you can do it quicker and meet your customers’ expectations. Our strategy is to both invest organically and through acquisitions to get a stronger portfolio.

— Denise Ramos, CEO and President, ITT Corporation

The healthcare industry is going through a lot of change right now. It’s still a very strong growth opportunity. The merger of Baylor Scott & White Health was really a response to asking, “How do we prepare for the future and continue to meet the needs of our communities, and how can we best do that in a rapidly changing environment?” We’re going to continue to see consolidation in the healthcare arena. It will be consolidations of hospitals, health systems, and also consolidation of managed care companies. You’ll see consolidations of physician groups. — Joel Allison, CEO, Baylor Scott & White Health

Most of our business is what I’d call customer semi-custom design. So you need to be there early. If you’re not in with a major automaker three, four or five years in advance of when they expect to have the car on the road, the chances are you’re not going to get designed in. — Thomas J. Lynch, Chairman and CEO, TE Connectivity

A company can’t ever think that whatever business it’s in today is going to keep them whole for the future. Somehow people have decided that big companies are safe and stable, and I would say the facts over the last 50 years suggest the opposite; if companies aren’t rapidly changing on a continuing basis, their risk is increasing, not decreasing.

— Douglas M. Baker, Jr., Chairman and CEO, Ecolab, Inc.

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Q: Rank your top three reasons for collaborating in joint ventures, strategic alliances or informal collaborations.

Base: 103 US CEOs, percentage ranking 1, 2 or 3 reason.Source: PwC, 2015 US CEO Survey, January 2015.

Traditionaldrivers

45%Access to new customers

30%Access totalent

26%Ability to strengthenbrand or reputation

22%Sharing of risks

46%Access to newgeographic markets

Newdrivers

51%Access to new/emerging technologies

49%Ability to strengthen our innovationcapabilities

17%Access to new industries

US CEOs want innovation as much as new markets and customersfrom future alliances

Partnering is more important than ever today, and the technological environment lends itself to that. It’s essential. It’s not historically something we’ve done tremendously well in telecom. We’ve wanted to do our own thing, but as we look at our customers’ needs, it’s an expertise that’s going to be very important. We’re going to have to get better at it.

— Jeff Gardner, former President and CEO, Windstream Corporation

Collaboration is becoming much more standard in terms of how you build partnerships between third-party providers and companies. But it’s also becoming more complex as data security, cybersecurity, is more important. Some of the threats in the marketplace around cybersecurity, some of those partnerships with outside providers have created a point of penetration. With that, it brings complexity in the sense that you have to make sure that your third-party provider is approaching security at as great or a better level of protection than you are, and so that has made it easier and complex at the same time. — D. Bryan Jordan, Chairman, President, and CEO, First Horizon National Corporation

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For a view from CEOs outside the US, find PwC’s video interviews at www.pwc.com/gx/en/ceo-survey. Interviews include:

Andrew Mackenzie, BHP, AustraliaVictor Kislyi, Wargaming Public Company Limited, CyprusDr. Vishal Sikka, Infosys, IndiaAnnika Falkengren, SEB, Sweden

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Current alliances Future alliances

Customers

Suppliers

Business networks

Academia

Start-ups

Firms from other industries

Competitors

Government

NGOs

Q: Are you currently engaged with or considering engaging with, any of following types of partners through joint ventures, strategic alliances or informal collaborations?

Base: 103 US CEOs, showing ‘yes’ responses as current alliances and ‘considering’ responses as future alliances only.Source: PwC, 2015 US CEO Survey, January 2015.

0% 10 20 30 40 50

Future alliances will increasingly be with rivals, firmsin different industries, and start-ups

On one side, you have massive social problems that are still not solved, like Alzheimer’s, mental health disorders, oncology, and on the other side, you have science moving at a breathtaking pace. The combination of these medical needs and the pace of change in science create a host of opportunities like we have never seen in healthcare. In order to capitalize on that, we have created innovation centers. They are emerging in places where you have the combination of research institutions, strong universities, and academic hospitals, entrepreneurial bases thriving and giving us the opportunity to partner and collaborate. — Joaquin Duato, Worldwide Chairman, Pharmaceuticals,

There is a general trend towards partnering and strategic alliances being more important in the industry. I think what’s driving that, at least in our space, are a couple of things. Governments tend to be larger, the programs are larger, and unfortunately they don’t have an overflow or an excess capacity to deal with these programs, so they need additional help. And the programs are more complex. Given there’s more people in these programs, technology plays an increasing role. It’s very difficult for one vendor to bring all of those resources to the table, so that vendor has to work with other vendors to offer the most efficient, optimal solution. — Richard A. Montoni, CEO, MAXIMUS, Inc.

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We have had a significant technical center in Shanghai, and essentially we’d outgrown it twice already. We were looking for something rather larger, where we could bring every part of TRW’s technological base together into not just the building, but also all of the testing and capabilities that we would have there. We made a major investment by acquiring the land, building the building, fitting it out, providing a huge array of futuristic test development capabilities for engineering cars in China, done by people in China, rather than developing that core engineering from outside and then doing basic applications in China. It is a major commitment for us in terms of both people and money.

— John C. Plant, Chairman, President, and CEO, TRW Automotive

The most significant challenge you face when you’re partnering with somebody else is that you no longer control your destiny. When you build all of your content yourself or develop your technology, it costs you more, but you have control of the scope. Whether you decide to spend the money or not, you know what you want to build. When you partner with somebody else, you have to compromise, so you have to figure out what’s a compromise between you and the other partner.

— Nate Davis, Chairman and CEO, K12 Inc.

There are really two elements that are critical to creating a strong leadership team in healthcare today. One is balance between outside people and internal people and then also being open to bringing disruptive leadership. And we did that a few years ago when we hired an executive from the Ritz-Carlton chain to run our new hospital. He had never worked in healthcare. People thought I had lost my mind, but I will tell you that without his vision for what that hospital could be, we never would have advanced as far as we have, particularly in health and wellness, in creating an environment that really brings the community in, and we teach and support people in managing their own health. That never would have happened with our traditional thinking, including my own.

— Nancy M. Schlichting, CEO, Henry Ford Health System

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% Agree% Strongly agree

We always use multiple channels to find talent, including online platforms and social networks

We actively search for talent in different geographies, industries and/or demographic segments

We always equip employees with new skills through continuous learning or mobility programs

We look for a much broader range of skills when hiring than we did in the past

77%59

18

80%5624

85%61 2492%

55

37

Q: To what extent do you agree or disagree with the following statements about your organization’s talent activities?

Base: 103 US CEOs, showing ‘agree’ and ‘strongly agree’ responses only. Source: PwC, 2015 US CEO Survey, January 2015.

US businesses are casting wider nets for skills to support bigger bets

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PwC conducted 103 interviews with US-based CEOs as a part of the 18th Annual PwC Global CEO Survey. In all, PwC conducted 1,322 interviews with business leaders across 77 countries between September 25 and December 9 in 2014, selecting the sample based on the percentage of the total GDP of countries included in the survey to ensure CEOs’ views are fairly represented across all major countries and regions of the world.

The interviews were spread across a range of industries. All interviews were conducted in confidence and on an unattributable basis.

To better appreciate the CEOs’ perspective, PwC also conducted in-depth interviews with CEOs from six continents over the fourth quarter of 2014, including 28 in the US. Their interviews are quoted in this report, and more extensive extracts can be found on our website at http://www.pwc.com/usceosurvey. Explore global responses by sector and location at http://www.pwc.com/ceosurvey.

Note: Not all figures add up to 100% due to rounding of percentages and to the exclusion of ‘neither/nor’ and ‘don’t know’ responses.

About the 2015 US CEO Survey

For further information on the survey content, please contact:

Cristina Ampil, US Thought Leadership646 471 5003cristina.ampil@us.pwc.com

For media related enquiries, please contact:Caroline Nolan202 312 7510caroline.s.nolan@us.pwc.com

To have a discussion about the 2015 US CEO Survey findings, please contact:

Bob MoritzUS Chairman and Senior Partner646 471 8486robert.moritz@us.pwc.com

Rob GittingsUS Vice Chairman, Client Service646 471 7586robert.gittings@us.pwc.com

John SvioklaHead of Global Thought Leadership617 530 5359john.sviokla@us.pwc.com

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