But Laidler says positive loan growth and improving operating efficiency support a higher price for Unibanco.
Eschewing her game-changing acquisitions and grand strategies, Mr Hurd concentrated on operating efficiency, execution, financial performance and customers.
Higher sales volumes, improved operating efficiency and better terms from suppliers should raise operating margins in the years ahead.
Cisco executives said that a shift to cloud computing would help to create better business models for customers and increase the operating efficiency of the network.
Doug Webb, QinetiQ's chief financial officer, points to acquisitions in America, giving QinetiQ's core defence business access to a far bigger market, and to increases in operating efficiency.
In fact, Immelt's drive for transparency in his first year matches former chief Jack Welch 's demand for operating efficiency in a company with more than 300, 000 employees.
The railroad has instituted a number of business reforms over the years, some of them under pressure from Congress, lowered debt, and has been able to make infrastructure improvements to boost operating efficiency.
When a retailing system is operating at peak efficiency, a delivery truck arriving late or carrying the wrong goods immediately triggers messages to a decision maker who can quickly order more.
He will also set tough new efficiency and operating targets which Railtrack must meet if it is to avoid big fines.
Proof of this commitment to efficiency shows in its operating margins, which are consistently higher than its competitors.
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With a gas turbine for a second stage, one is now operating at a 56% electrical efficiency and at natural gas pipeline stepdown substations, they operate at 60% efficiency.
Operating margins, a key measure of efficiency, rose from 13.5% to 15.1% since he took over.
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Although costs are steadily decreasing due to greater efficiency, reliability and simplicity in operating deep-sea equipment, they remain relatively high.
The planes, set to arrive between 2014 and 2018, will provide improved reliability, a 30% increase in fuel efficiency, and a 20% reduction in unit operating costs.
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To address these risks, companies should consider their operating models, in an effort designed to define an optimum balance between financial efficiency and assuredness of a stable supply chain.
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