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"You need to think four or five steps ahead" - Yves Regniers, CFO What's Cooking? — Transcript

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0:02Ladies and gentlemen, welcome to a new
0:05episode of the CV podcast. Today my
0:07guest is Renier, CFO of Cooking. Over
0:11the past few years, Cooking has been
0:13fundamentally redesigned. With the sale
0:15of Savery, a significant portion of the
0:17group's revenue disappeared. At the
0:20same time, the company worked on a
0:22divestment and transformation from an
0:24enterprise of approximately one billion
0:26to one with a turnover of less than €
0:290.00 million. That makes the role of
0:32the CEO particularly interesting.
0:35Systems, cash management, processes,
0:37and competencies designed for a
0:39one-billion-euro enterprise are not
0:41automatically suitable for a smaller
0:44and more focused group. This is the Cel
0:47podcast with Eve Rier.
0:54>> Welcome to the new podcast. It gives me
0:56great pleasure to have you in our
0:58studios here in Antwerp, but I always
1:00start with the same question. Who is
1:02Evef? What is your story?
1:04>> First of all, thank you for the
1:05invitation. I am Renier, so indeed CFO
1:09of Watsk Cooking.
1:11>> Father of two children.
1:13>> Young ladies, let's say. How old are
1:16the children
1:16>> now? Um, 17 and 20, so uh, not exactly
1:20small anymore.
1:21>> Yeah.
1:22>> Right? Um, yeah, I...I've actually
1:25followed an atypical path, uh, let's
1:27say. I'm actually a lawyer by training.
1:30>> Okay.
1:31>> Albeit with a uh specialization in
1:33financial and economic law. Yeah.
1:35>> And then I went to work for uh PwC in
1:37external audit, you know. A fantastic
1:39experience, uh, visiting a lot of
1:41companies.
1:42>> Uh, a lot of diverse sectors. And
1:45that's how I actually ended up
1:47eventually at a packaging group, you
1:49know, which is now part of uh Smurfit
1:51Westrock, first as Financial Director
1:54uh Benelux, and
1:55>> then uh, moving to the US, you know,
1:58>> where I got a slightly broader role. A
2:02bit of transformation too, you know; it
2:04was a company that uh, regarding both
2:06governance and uh financial performance
2:09, let's say, uh, uh, was ready to take
2:11a big step forward.
2:13>> Uh, I also had the chance there to be
2:15more broadly responsible for IT,
2:17procurement, and HR. Um, ultimately, uh
2:21, it was a period of 2 years, right,
2:23turned into more than 5 years, uh, with
2:26an intermediate phase of a uh, a
2:28Chapter 11 during the financial crisis,
2:30uh,
2:31>> where, as a Belgian abroad, uh, well,
2:34it was certainly, uh, yes, a remarkable
2:37experience. A very, uh, educational
2:39period, but also a very stressful,
2:42stress-filled
2:43>> period,
2:44>> to then eventually, uh, move within the
2:46same group, uh, to the UK, right.
2:48Relocated the headquarters to, uh, to
2:51go back to working more closely within
2:54finance, uh, yes.
2:55>> Um, focused on, on the one hand, uh, 50
2:58%I'd say, done a number of M&
3:01acquisitions, done a number of
3:03divestments,
3:04>> uh, and on the other hand, responsible
3:06for controlling and financial reporting
3:09, right, which was also a, uh, a very
3:11fascinating period. Uh, private equity,
3:15then secondary private equity, uh, and
3:17finally a listing, right, where we did
3:19fantastic things with the team, reverse
3:22acquisition accounting, and then the
3:24run-up to the listing. Uh, a very
3:28fascinating experience and I learned a
3:30lot too, uh, with a very nice team. And
3:33then eventually, uh, after the listing,
3:36uh, acquired by uh, what is now Smurfit
3:39Westrock.
3:40>> And and that was kind of the circle for
3:42me.
3:42>> Yeah, right, uh,
3:43>> off the stock exchange, private equity,
3:46secondary, a whole lot of acquisitions,
3:49divestments, and then back, uh,
3:51relisted, and then as part of a uh,
3:53even bigger whole, I'm a bit afraid
3:55that the impact uh, would be a bit less
3:58. And so basically decided to come back
4:00to Belgium, you know, to my roots, so
4:02to speak. And so ended up at uh, then
4:05Teren, now Wat Cooking, uh, where I've
4:08been active uh for about uh, 10 years,
4:10and now, uh, as uh, CFO for a few years
4:13already.
4:14>> CFO. Yes, you've been through a
4:16>> lot. That is uh, that is, that is very
4:19clear.
4:23>> I want to zoom in on Wat Cooking for a
4:25moment. Can you describe the company
4:27for me a bit? As it is today.
4:29>> Today we are actually uh, a leader in
4:32uh, European prepared meals, you know.
4:34Um, diversified, uh, with a focus on uh
4:37, chilled fresh products, but also
4:39frozen products, right? We actually
4:43offer a very wide range of uh, prepared
4:45meals, both for retail and for uh, food
4:48service organizations, so butchers,
4:50restaurants, and uh, and the like. Um,
4:54and and there we are actually
4:56throughout Europe, uh, we sell from our
4:58uh, production locations, uh, through a
5:01European footprint like I...
5:02>> Yes, absolutely. In which countries are
5:05you? Uh,
5:06>> so we produce in the UK, in Belgium, in
5:09Poland, and in France, right, out of a
5:11cytus in each place.
5:14>> And from there, we can actually
5:16geographically uh, uh, serve all of
5:18Europe, right? So we are not focused on
5:21the ultra-fresh,
5:22>> uh, more on the slightly longer
5:24shelf-life products and the frozen
5:26products, uh, and the products with a
5:28bit more scale, which allows us to also
5:30enable that industrialization.
5:32>> Yes, indeed.
5:33>> Yes. Okay. You came back to Belgium. Um
5:36, what role did you actually take on at
5:38...
5:40>> I started as uh...
5:41>> I started as uh...group controller.
5:44Always with the intention of being able
5:46to, uh, well, let's say, grow into CFO.
5:49It was a very educational period,
5:51because ultimately
5:52>> I joined when it was still, uh, 300
5:54million, you know. And then, uh, well,
5:58being able to experience those
6:00acquisitions and see that transition
6:02happen, so to speak.
6:05>> Right, so, uh, it was very fascinating.
6:08And then, uh, well, just before COVID,
6:11uh, perfect timing, uh, became CFO of
6:14the group. Yes.
6:16>> Yes. How did the transition go for you?
6:18Because, well, when you become internal
6:21, uh, everyone knows you, uh, how did
6:23you experience that actually? Yes,
6:25everyone knows you and you naturally
6:27have a certain role and the role as a
6:29controller is not, uh, group controller
6:32is not the same as that of CFO. So you
6:34have to take a step back on some things
6:36.
6:38>> Um, and also, yes, take on a broader
6:40role within the executive committee. Hm
6:44>> hm.
6:44>> Right, but that transition actually
6:46went quite smoothly. I was already part
6:49of the executive committee a bit
6:51earlier, so then, yeah, you also come
6:53into more contact with the decisions in
6:55other, uh, departments within the
6:57company, so to speak. And I also got
7:00the chance to have that transition
7:02guided by a, uh, a coach.
7:04>> Okay. Right, what really helped was to
7:07look at, okay, what changes in the
7:09interaction with, uh, what colleagues
7:12were, right, where you now have to, uh,
7:14approach things a bit differently. And
7:17ultimately,
7:18>> why is it valuable to have a coach to
7:20facilitate that transition?
7:21>> I think to be able to, uh, let's say,
7:26reflect on, uh, where the company is
7:28going and also, uh, always keep the
7:30bigger picture, uh, in the back of your
7:33mind. Because you had already been CFO
7:35in the past.
7:37>> Yes, I was, uh, finance director, so I
7:40had responsibility indeed.
7:43>> Um,
7:44>> but anyway, yeah, it's different, isn't
7:46it? You have to adapt all the time,
7:48right? I also came from an environment
7:50that was much bigger, right? I think at
7:52one point we had more than 35 employees
7:55.
7:55>> Wow. Right, so then you really have to
7:57manage differently,
7:59>> organize yourself differently. Then
8:03back to that in-depth exploration,
8:05which was fantastic, because you get to
8:06know the product, you get to know the
8:08operations. So you have that knowledge
8:11of the details.
8:12>> But then, of course, you have to be
8:14able to let go a little bit. Letting go
8:16completely isn't possible, bright,
8:18right? And I remain who I am. So, you
8:20can't, you can't, you can't lose
8:22yourself, can you? You have to keep
8:24playing that role to some extent.
8:27>> Um, but perhaps in a different way, and
8:29that coaching has helped other
8:32>> people who obviously have the ambition
8:34to become CFO to find, during that
8:36transition, a mentor or a coach or
8:38someone who keeps an eye on things.
8:40>> Absolutely. Because, um,
8:44>> through that guidance, you can also
8:47find a better balance between, how much
8:49time do I spend on, for example,
8:51Treasury versus Tax? How am I organized
8:54, right? Um, also the focus on risk. Um
8:59, the dialogue with the board of
9:01directors, you know—that dynamic is
9:03always something different for every
9:05company, I think. Yes,
9:08>> to, uh, to be able to take a step back
9:10there, so to speak, and to be able to
9:12reflect. Yes. Um, to be able to spar
9:15with someone, you know, about issues.
9:17Um, I thought that, uh, okay, that, uh,
9:20>> that is quite full.
9:22>> What does it actually mean for you, Eve
9:24, to be a strategic CEFO in the context
9:26of what's cooking, actually?
9:28>> I think a strategic CFO is, I think,
9:30someone who, well, on the one hand,
9:32still keeps an eye on the drivers of
9:34the business. And with us, that is, you
9:36know, large volumes, small values. So
9:38you have to keep guarding yourself a
9:40bit, of course. Yes,
9:42>> but someone who has enough time to
9:44spend on, for example, MNA or other
9:46growth projects, you know, who can also
9:48reflect on what is happening in the
9:50broader market.
9:51>> Yes.
9:52>> And can connect things. Because
9:54ultimately, within finance, we have a
9:56very connecting role, you know. And
9:58something that happens in the
10:00purchasing area can have a direct or
10:02indirect major impact on, uh, the
10:04business
10:06>> and also on the strategic decisions
10:08that depend on it, you know. So,
10:10sufficient time to step back, so to
10:12speak. And those, yes, those business
10:15drivers, those things that are going to
10:17create that value—to understand them
10:19well, to be able to philosophize about
10:21them, you know, and start thinking out
10:23scenarios of what the impact is and if.
10:27>> Yes. Yes. Yes. And in that regard, you
10:30naturally need to have a very good
10:31knowledge of your value chain. How far
10:34do you go in the value chain to
10:36safeguard that value creation you just
10:38spoke about? Is that supplier-customer,
10:41or do you go much further? Uh,
10:44>> I think you have to do both, right? You
10:47need to have a picture in, well, FMCG,
10:50right. Fast-moving consumer goods. You
10:52need to have an idea of what is
10:54happening to the consumer?
10:55>> Right? Um, because that ultimately has
10:58a fundamental impact on, you know, our
11:00customer, you know, where ultimately
11:02everyone is going to do their shopping.
11:05>> So that is, that is important, right,
11:07and having good insights into that with
11:09the help of the marketing department
11:11and the like.
11:13>> But also having a good understanding of
11:15the drivers of cost, you know. The
11:18demographic drivers. So what is
11:20happening to the demographics? What
11:22does that mean for our business, for
11:24our footprint? Um, what does the, let's
11:28say, very rapidly changing evolution of
11:31geopolitics mean for our business? A
11:35>> good example, I think, is what is
11:37happening in Russia and Iran, right?
11:40>> Russia and Iran are two major producers
11:43of, well, let's say, basic materials
11:45for fertilizer, right? So, fertilizers.
11:50I'll
11:51>> say, "Yeah, what does that have to do
11:53with those brioche meals?" But
11:54ultimately, that is a source for
12:00growing soybeans and cultivating
12:02vegetables and the like, and it has an
12:04indirect impact on the cost
12:09>> of the product.
12:11>> If you can predict that to some extent,
12:13then you can capitalize on those trends
12:15to some extent. Try to translate that
12:18to the organization as well. So, yeah,
12:21>> clear. Now, one of the reasons why I
12:28obviously wanted to speak with you—of
12:30course—that has to do with your
12:32enormous experience, that listing
12:34carvouds job 11 already, so super
12:36interesting—and I was wondering how
12:38you, based on your experience, think
12:40about scenario planning in MN
12:42transactions. How do you see that? For
12:44me, that is, uh, something crucial,
12:47right? The uh, thinking through and
12:50working out, uh, those different
12:52scenarios, you know. Uh, what is your
12:55preferred scenario? What are the
12:58alternatives? Um, what is the impact of
13:01each of those scenarios? Not just on
13:03the balance sheet, the PNL, the cash
13:06flow, uh, dividend, uh,
13:08distributability, uh, covenant, etc.
13:11But also broader. Yeah, right? Um,
13:14really strategically, what will create
13:17more value
13:19>> in the long term, in the short term. Uh
13:22, where is the right moment to start
13:24doing things, I think is crucial. And
13:27that is where, uh, finance plays a very
13:30, very, uh, important role.
13:32>> Yeah. How far do you go with that? How
13:34detailed are the scenarios you work out
13:36, so to speak?
13:38>> I think you have to go very detailed
13:40there.
13:40>> Okay. Building a model, you know, where
13:44you have a lot of flexibility to run
13:46different scenarios, but on the other
13:49hand, also being able to take a step
13:51back, you know, so as not to lose the
13:53big picture,
13:54>> and always
13:56>> thinking four or five steps ahead and
13:58not just one or two steps ahead.
14:00>> Yeah.
14:01>> Huh? Um, so it is something very
14:03multidimensional, not purely financial,
14:06and I find that very fascinating. It is
14:09also not something you do alone. It is
14:12something you do with colleagues and
14:14the CEO to
14:15>> work out what the best steps are, and
14:17then ultimately have to take that to a
14:19board of directors to be, let's say,
14:21informed there
14:25>> about the direction you are heading.
14:27>> How embedded do you need to be in the
14:29business to do this as CO?
14:31>> Um, of course, you have to be close
14:33enough to the business to be involved,
14:35but you also have to be able to step
14:37back. How do you actually maintain that
14:39balance? That isn't always easy, is it?
14:42And I am by nature someone who likes to
14:44understand all the details and all the
14:46drivers very well, but I think
14:49>> just making time every now and then to
14:52—without spreadsheets, you know—
14:54just think about what the pros, cons,
14:57>> yeah,
14:59>> bigger picture items of a possible
15:01scenario are, you know,
15:03>> that helps, you know. And having a
15:05fantastic team. Bright is crucial in
15:07that regard. Yes, because if you can't
15:11rely on a team, then you also won't
15:14have the time to build in that
15:15reflection or to start working on those
15:18big programs, so to speak, or scenarios
15:20. Right, so having someone there who
15:24really guarantees that day-to-day 100%,
15:27someone you can trust blindly,
15:31>> is crucial, I think, to allow yourself
15:34to, to take a bit, yes, a step back to
15:36maintain more of that helicopter view.
15:40>> Yes, fantastic. Uh, just a moment,
15:43we're going to take a short break, and
15:45after that I'm particularly curious
15:46about the story surrounding the sale of
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16:22at CF studios.be.
16:28>> Welcome back to the CO podcast. My
16:30guest today is Ef Renier, CFO of What
16:33Cooking. Just before the break, we were
16:35talking about how a CFO needs to think
16:37strategically. I am naturally very
16:42curious about, well, the redesign of
16:44your group, and how the sale of your
16:46savory division went. Can you walk me
16:51through how that went for you as CFO? I
16:55>> think first and foremost, you naturally
16:57need to have alignment with the Board
16:59of Directors, the CEO, and the broader
17:01team regarding the direction you want
17:03to take. In that regard, I think that
17:06scenario analysis we talked about
17:08earlier is very important—
17:12>> to really work out what the impact of
17:14each of the possible scenarios is on
17:16the company—and to develop more than
17:18one scenario so that you have something
17:20to fall back on, should it not happen,
17:22so that you are prepared. For example,
17:28we ultimately first tried to acquire
17:30our biggest competitor in that savory
17:32business in the Benelux. Imperials
17:35Tegenman. Uh, we worked on that for a
17:37very long time, you know. It could have
17:39been a fantastic deal, but it
17:41>> ran into objections, you know, with the
17:43competition authorities, you know,
17:45which is why we ultimately called off
17:47the transaction, you know. But
17:49fortunately, we already had a number of
17:51alternatives, uh, I was talking about
17:52scenarios, so we
17:53>> worked them out. And then we said, okay
17:56, if we can't improve the profitability
17:58of that business that way, you know, uh
18:00, what is the best option for both the
18:02savory business and the ready meals
18:04business? And that was actually a sale
18:07of the savory business to, let's say,
18:10>> allow that business to take further
18:12steps and further improve profitability
18:14.
18:15>> Was that the motivation to sell the
18:17savory business? Was that the
18:18motivation for that? Yes, we just
18:22wanted to be sure that the two, uh,
18:24branches we were active in—savory and
18:27ready meals—were given the chance to
18:29grow and improve profitability, you
18:31know. So a sale allowed them, you know,
18:36to take further steps,
18:42>> and allowed the existing lagging
18:44business—readymails—to continue
18:46growing, so to speak, through
18:48acquisitions but also organically, you
18:50know, and gave us the necessary
18:52financial headroom to make those
18:54investments, you know. So, a bit of the
18:59oxygen a company needs. And I’ve
19:01sometimes compared it to, you know,
19:03when you have two children; you want
19:05the best for those two children.
19:07>> Yeah.
19:11>> Um, and the best solution, you know,
19:13when plan A didn't work was to, so to
19:16speak, hand over the meal business to
19:18someone else to let it grow further,
19:20and then invest heavily ourselves in
19:22the meals, you know, to broaden our
19:24portfolio. Geographical broadening, you
19:31know, partly through M and also partly
19:34by growing organically. We are working
19:37on a completely new plant in Poland.
19:41>> We probably wouldn't have been able to
19:43realize that
19:45>> without that strategic step.
19:48>> What role does a CFO actually play
19:50throughout that process? I think that
19:54the CFO, just like in many other
19:56decisions, has a fairly central and
19:58connecting role.
20:00>> Yes.
20:01>> Whereby you are naturally going to put
20:02a lot of time into the preparation,
20:04right? For me, every transaction,
20:07whether it is buying or selling a
20:09company, is 80%preparation and then 20%
20:12execution. And it really starts, right,
20:16because obviously it doesn't stop there
20:18. It is really doing that thorough
20:21preparation. So that you are, let's say
20:26, ready on all fronts, that the
20:28organization is ready, that there is
20:30alignment, to then ultimately, yes,
20:32take the next step.
20:35>> Yes. Yes. There is a bigger transaction
20:39, so to speak. You have become...based.
20:43Based on your past experience, I think
20:45that you are the right man for the job.
20:47What was that experience like for you,
20:50>> actually? With that listing, you know,
20:52if I'm being very honest, the role of
20:54finance is a bit more limited,
20:56>> right? You report to a great many
20:58financials. So the market already has
21:00financial data, uh, and just a little
21:03bit more, so to speak.
21:05>> And the bidder is basically doing their
21:07own homework, right? The role of the
21:09CFO and especially of the lead.
21:11>> You are sitting on the selling side, of
21:13course, as it were;
21:14>> you are sitting a bit...it's a bit like
21:16Switzerland, isn't it? You have to be
21:18able to maintain that neutrality
21:19between the majority shareholder, which
21:21in this case was the bidder.
21:23>> Yes.
21:24>> And the public, right, that a portion
21:27was invested in some cooking. Um, so
21:30the bidder is doing their homework,
21:33right, and has their advisors. You are
21:37trying, right, based on a long-term
21:39plan that fortunately already existed,
21:41to have the valuation assessed by
21:43someone who provides a fairness opinion
21:45. So, an independent expert who gives
21:48that fairness opinion on the valuation
21:51of the company. And you sit a bit in
21:54between there as CFO,
21:55>> right? But always in a supporting role,
21:58so to speak, for, uh, yes, that
22:00independent shareholder, right, to go
22:03and uh, guard that fairness. So, of
22:05course, it is crucial that you have a
22:07long-term plan with sufficient detail,
22:10right, sufficient credibility, and
22:12substantiated in a solid manner. But
22:15otherwise, I think the role of finance
22:17is a lot less than, for example, in a
22:19listing.
22:20>> Yes.
22:21>> Yes. If you compare it to the listing
22:23we did in the US—uh,
22:24>> that is a much heavier process, you
22:27mean? A
22:28>> US listing is a much heavier process,
22:30right, where you actually—uh, go from
22:33a situation where you have internal
22:35reporting and have to create a very
22:37extensive—uh, prospectus. Much more
22:41extensive than the prospectus for a
22:42listing. Hm
22:43>> hm, right, where there are also many
22:45more legal opinions involved. So there,
22:48the role of finance—uh, yes, the
22:50preparation phase you need is a lot
22:53longer and—uh, the road to get there
22:55is a lot steeper.
22:57>> Okay.
23:03>> Now, if we zoom back in on what's
23:05cooking today—um, the group has been
23:07massively restructured. Um, how has
23:10that changed for you and what kind of
23:12impact does it actually have on your
23:14finance department?
23:16>> It obviously has a huge impact on all
23:18central services, right, including
23:21finance, but certainly on IT too. If
23:24you think, uh, the, yes, the connection
23:27between those two, uh, divisions or
23:29business units, uh-wise.
23:32>> And then you have to separate that;
23:34that is obviously not easy, is it? So
23:37it is important, I think, to do a good
23:39carve-out. And for that, you need,
23:42again, preparation, preparation,
23:44preparation, and good people,
23:46>> because without them, it won't work.
23:47>> And then, of course, you have to make
23:49the shift, right. You have
23:52>> more tasks that you have to assign to
23:54the same person in order to, uh, yes,
23:57be able to handle it cost-wise. And you
24:00also have to—the whole organization
24:02actually has to make a mindshift, right
24:05. Our savory branch was actually a
24:07branch with very little, uh, organic
24:09growth. In Readymals, much more organic
24:13growth. So you have to be somewhat
24:15defensively offensive, right; you
24:17become a bit of a growth company.
24:20>> And that does cause a certain switch,
24:22right, that the entire organization has
24:24to make.
24:27>> Um, and communicating that well. That
24:30is, that isn't always easy. And
24:33fortunately, we have a good team, a CEO
24:36, and a broader team to carry that out
24:38and keep the organization focused on
24:41that new—yes,
24:43>> changed—goal, let's say, the new
24:46strategic direction.
24:47>> Yes. And specifically for your finance
24:50team, which one? Well, you probably had
24:53to implement a certain form of
24:55transformation to move from the larger
24:57group to a most focused one. How did
25:00you do that? But again, it starts with
25:03a good team, right? And people who have
25:05the necessary flexibility to switch
25:07gears, right? Just one example. We had
25:10a tax manager and a Treasury manager.
25:13>> Yes. As a smaller entity, you can't
25:15afford both anymore, right? So then you
25:18have to somehow ensure that we can
25:20bring that together, right? And now our
25:23tax manager is also a Treasury manager.
25:25Yes. Um, and everyone has really
25:28embraced that change in the role, so to
25:30speak, right? Started
25:32>> delving into it. Um, it does
25:34>> make it more interesting, because
25:36you're actually moving from a narrow
25:38role to a broader role.
25:39>> Makes it very fascinating, but also
25:41challenging of course, right? Because,
25:43uh,
25:44>> yeah, the transfer pricing uh issues
25:46aren't going away, are they? So you
25:49have to structure the day quite
25:50differently.
25:51>> Yes. But fortunately, I have a
25:53fantastic team, you know, that is going
25:56to respond to that, that has helped
25:58really hard to make that carvout
25:59possible, you know, to let
26:01>> the disentanglement, so to speak, of
26:04those two businesses
26:06>> proceed in a good, constructive,
26:08positive way,
26:11>> without the base business getting
26:12distracted—because that is, that is
26:14always a risk, of course—
26:17>> and at the same time, they are going to
26:19embrace that broader role and still
26:22keep moving forward during that process
26:24, for example, implementing new AP uh,
26:27automation software, etc. Because you
26:29can't stand still, can you? You really
26:32have to keep up.
26:33>> No. Yes.
26:34>> Uh, that is challenging. But thanks
26:36>> to change management, this is quite a
26:38lot for your team to handle all those
26:40processes—you go from large to
26:41smaller process changes. That is quite
26:43a lot in terms of change management.
26:45>> Yes, absolutely. And uh, and yes, it is
26:48a lot, isn't it? And the risk is that,
26:50uh, yeah, that people, let's say, won't
26:52be able to see the wood for the trees
26:54anymore.
26:54>> Yeah.
26:55>> And so it is good every now and then to
26:57, uh, to also pause and look back and
26:59see, okay, what have we actually
27:01achieved?
27:02>> Right, and then also to determine, okay
27:04, what are we going to do and what
27:06might we do a little later.
27:08>> Yeah.
27:08>> To ensure that we, uh, stay focused as
27:11a team.
27:11>> Stay. Yeah. Amazing. EV. I am
27:14particularly grateful. uh, for, uh, yes
27:16, showing us the way and for being able
27:18to realize the entire transformation
27:19that you have, uh, been able to realize
27:21. I always end with the same question.
27:23What other passions do you have?
27:24>> But I, uh, I like being outdoors when
27:26I'm not, uh, when I'm not working, you
27:28know. Then, uh, then I like working
27:30with my hands. I have, uh, I have
27:32horses. Uh, so horseback riding helps.
27:35When you are riding, you can't think of
27:37anything else than, uh, the horseback
27:39riding. So, to clear the head. And on
27:42the other hand, I have some sheep and
27:43my own vegetables that I grow. When
27:46you're busy there—that is actually,
27:48uh, you know—I often listen to a
27:50podcast and meanwhile I'm working with
27:52my hands, and sometimes it's a nice
27:55moment to, uh, to think about those
27:57strategic issues. Then you
27:58automatically take the time, I think,
28:00to, uh, to philosophize a bit about
28:03what if, uh, etc. So, uh, yes, but I
28:05really like being outdoors.
28:08>> Uh, have any
28:09>> good ideas emerged while, uh, horseback
28:12riding or, uh...
28:13>> But actually not while horseback riding
28:15, right? Because if I were to think
28:16about that, things would go wrong.
28:18>> I'm not a fantastic rider, uh, Bright.
28:21So it would definitely go wrong if I,
28:23uh, if I think too much about something
28:26while horseback riding, but when I'm
28:28mowing the grass, then, uh, that works
28:30perfectly fine, right?
28:31>> So, uh, yes, then sometimes, uh, ideas
28:35do come,
28:36>> and sometimes very creative ideas,
28:38let's say.
28:38>> Okay, great. Thank you very much. It
28:41was a very good conversation and see
28:43you soon.
28:43>> Thank you. Ladies and gentlemen, what
28:47makes this conversation immediately
28:49apparent is that the strategic redesign
28:51of a company goes much further than
28:53selling an activity or adjusting an
28:55organizational structure. A company
28:58transforming approximately 1 billion in
29:00revenue into less than 500 million does
29:02not simply become smaller. It must
29:06redefine what it stands for, which
29:08activities it creates, and what
29:10organization is needed to enable the
29:12next phase. The CF plays a central role
29:16in this. Finance helps to sharpen
29:19strategic options, makes the
29:20consequences of each scenario visible,
29:23and supports the company during the
29:25transaction. But perhaps the hardest
29:29work begins after that: realigning
29:31systems, processes, cash management,
29:33and competencies with the company that
29:36remains. Finance therefore does not
29:40stand alongside strategic redesign;
29:42finance is at its core. Thank you for
29:46watching this episode of the CV podcast
29:48. Next week, we will once again welcome
29:51a sharp CFO to our studios to inform,
29:53challenge, and who knows, inspire you.
29:56See you next week. Next week in the CO
30:03Playbookier CO of Cooking.

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