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

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0:03Being a CEO can be lonely, not because
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0:38free at cavudios.be. Ladies and
0:49gentlemen, welcome to a new episode of
0:51the CFO podcast. Today, my guest is
0:53Yves Renier, CFO of Vandemoortele. In
0:56recent years, Vandemoortele has been
0:58fundamentally redesigned. With the sale
1:01of Savencia, a significant part of the
1:03revenue disappeared from the group. At
1:06the same time, the company worked on a
1:08divestment and transformed from a
1:10company of about one billion to a
1:12turnover of less than € 500 million.
1:16That makes the role of the CFO
1:18particularly interesting. Systems, cash
1:21management, processes, and competencies
1:24that were designed for a
1:25one-billion-euro enterprise are not
1:27automatically suitable for a smaller
1:29and more focused group. This is the CFO
1:33podcast with Yves Renier.
1:39>> Welcome to the CFO podcast. It gives me
1:42great pleasure to have you in our
1:44studios here in Antwerp, but I always
1:45start with the same question. Who is
1:47Yves Renier? What is your story? First
1:50of all, thank you for the invitation. I
1:52am Yves Renier, indeed the CFO of
1:54Vandemoortele. A father of two children
1:58. Young ladies, I should say.
2:00>> How old are the children?
2:02>> How old are they now? Seventeen and
2:04twenty, so not so small anymore.
2:07>> Yes.
2:07>> Right. Well, I have actually followed
2:11an atypical path, so to speak. I am
2:14actually a lawyer by training.
2:16>> Okay. Admittedly with a specialization
2:18in financial and economic law.
2:20>> Yes.
2:21>> And then I went to work for PwC in
2:23external audit. A fantastic experience
2:25to get to see so many companies.
2:28>> A great variety of sectors.
2:31>> And that is how I ultimately ended up
2:33at a packaging group, which is now part
2:35of Smurfit Westrock, first as financial
2:38director for the Benelux.
2:41>> To then move to the US.
2:44>> Where I took on a somewhat broader role
2:45. Interesting.
2:48>> A bit of transformation as well, as it
2:50was a company that was ready to take a
2:53big step forward, both in terms of
2:54governance and financial performance.
2:59>> I also had the opportunity there to
3:01have broader responsibilities for IT,
3:03procurement, and HR. Um, ultimately, uh
3:06, a 2-year period, right, became more
3:09than 5 years, uh, with an intermediate
3:11phase of, uh, a Chapter 11, right,
3:14during the financial crisis.
3:17>> Uh, which, as a Belgian abroad, right,
3:20is quite, uh, yeah, a unique experience
3:23. A very, uh, instructive period, but
3:26also very stress-
3:28>> uh-filled period.
3:29>> To then ultimately, uh, move to the UK
3:32within the same group, right.
3:34Headquarters moved, uh, to then, uh, go
3:37back to working more closely within
3:39finance, uh, yeah.
3:41>> Um, focused on, on the one hand, I'd
3:44say 50%, M&A, done a number of
3:46acquisitions, done a number of
3:48divestments.
3:50>> Uh, and on the other hand, responsible
3:52for controlling and financial reporting
3:55, which was also, uh, a very
3:56fascinating period. Uh, private equity,
4:00then secondary private equity, and
4:02finally a listing, right, where we did
4:05fantastic things with the team, reverse
4:07acquisition accounting, and then the
4:09run-up to the, to the listing. Uh, very
4:13fascinating experience and learned a
4:16lot too, uh, with a very great team.
4:19And then ultimately, uh, after the
4:21listing, acquired by, uh, what is now
4:24Smurfit Westrock.
4:25>> And, and for me, that felt like the
4:27circle was complete.
4:28>> Yeah.
4:28>> Right, uh, from stock-listed, private
4:31equity, secondary, a lot of
4:33acquisitions, divestments, and then
4:35back, uh, back listed, and then as part
4:38of a larger, even larger entity, I fear
4:40a bit that the impact, uh, would be a
4:43bit less. And so, actually decided to
4:45come back to Belgium, right, to my
4:47roots, so to speak. And ended up at
4:50what was then Ter Beke, now What's
4:53Cooking, where I've been active for
4:55about, uh, 10 years, and now, for
4:57several years, as, uh, CFO.
4:59>> CFO. Yeah.
5:01>> You've been through a lot. That is, uh,
5:03that is, that is very clear. Uh, I want
5:05to zoom in on What's Cooking. Can you
5:08describe the company to me as it is
5:10today? Today, we are actually, uh, a
5:13leader in, uh, European prepared meals,
5:16right. Uh, diversified, with a focus on
5:19, uh, chilled products, but also frozen
5:21products, right; we offer a very broad
5:24range of, uh, prepared meals, both for
5:27retail, but also for, uh, food service
5:30organizations, so caterers, restaurants
5:33, and, and the like. Um, and, and we
5:37actually sell that throughout Europe
5:39from our, uh, production locations,
5:41through a European footprint, if I...
5:44>> Yes, absolutely. In which countries are
5:46you located? Uh.
5:48>> So we produce in the UK, in Belgium, in
5:51Poland, and in France, uh, each time at
5:54multiple sites.
5:56>> And from there, we can actually serve,
5:58uh, all of Europe geographically, right
6:01. So we are not focused on the
6:03ultra-fresh, uh, but rather on products
6:05with a longer shelf life and frozen
6:08products, and products with a bit more
6:10scale, which also allows us to
6:12>> make that industrialization possible.
6:14>> Yes, indeed.
6:15>> Yes. Okay. You returned to Belgium. Um,
6:18in what role did you join, actually, at
6:21>> I started as, uh, back then
6:23>> I started back then as, uh, group
6:25controller. Always with the intention,
6:27uh, to be able to, uh, grow into the
6:29CFO role, let's say. It was a very
6:32instructive period, because eventually
6:34>> I joined when it was still, uh, 300
6:36million, right. And then, uh, yeah,
6:39being able to experience some of those
6:42acquisitions and see that transition
6:44happen, let's say,
6:46>> right. So, uh, it was very fascinating.
6:50And then, uh, yeah, just before COVID,
6:53perfect timing, I became CFO of the, of
6:56the group. Yes.
6:58>> Yes. How did the transition go for you?
7:00Because, yes, if you become CFO
7:02internally, everyone knows you, how did
7:04you experience that, actually? Yes,
7:06everyone knows you, and you naturally
7:09have a certain role, and the role as
7:11controller, as group controller, is not
7:14the same as that of CFO. So you have to
7:17take a step back with some things.
7:20>> Um, and also, yeah, take on a broader
7:22role within the executive committee. Hm
7:25>> hm.
7:26>> Right, but that, that transition
7:28actually went quite smoothly. I, I was
7:30already part of the executive committee
7:33a bit earlier, so then, yeah, you also
7:35get more involved with the decisions in
7:37other departments within the company,
7:39let's say. And I also had the
7:42opportunity to be guided through that
7:44transition by a, a coach.
7:46>> Okay. Right, which, which did help to
7:49look at, okay, what, what changes in
7:52the interaction with what were
7:53colleagues/peers, right, where you now
7:56have to approach things differently.
7:58And ultimately is
8:00>> why is it valuable to have a coach to
8:02facilitate that transition?
8:05>> I think to be able to reflect a bit,
8:07let's say, on, uh, where the company is
8:09heading and also to always keep the
8:11bigger picture in the back of your mind
8:13. Because you had already been a CFO in
8:17the past.
8:17>> Yes, I, I was, uh, finance director, so
8:21I responsibility, indeed.
8:25>> Um
8:26>> but well, yeah, it is different, right.
8:28You have to keep adapting, right. I
8:30also came from an environment that was
8:32much larger, right. I think at one
8:35point we had more than 35 sites.
8:37>> Wow. Right, so then you really have to
8:39manage differently, manage differently,
8:41uh,
8:42>> yeah, organize yourself. Then back to
8:45that deepening, which was fantastic,
8:47because you get to know the product,
8:49you get to know, uh, the operations. So
8:52you have that knowledge of the details.
8:54>> But then, of course, you have to be
8:56able to let go a little bit again.
8:57Letting go completely doesn't work,
8:59right? And, and I remain who I am. So,
9:02uh, you can't, uh, deny yourself, can
9:05you? You have to keep playing that role
9:07a little bit.
9:09>> Um, but perhaps in a different way, and
9:11that coaching has helped other
9:13>> uh people who obviously have the
9:15ambition to become a CFO to still have
9:17a, yes, a guide or a coach or someone
9:19who keeps an eye on things during that
9:21transition.
9:22>> Absolutely. Because, um,
9:25>> yes, through that guidance you can also
9:28find more of a balance between, uh, how
9:30much time do I spend on, for example,
9:33Treasury versus Tax. How am I organized
9:36, right? Um, also the focus on risk. Um
9:41, the dialogue with the board of
9:43directors, which for every company, I
9:45think, well, that dynamic is always
9:47something different. Yes.
9:50>> To, uh, to be able to take a step back
9:52there, so to speak, and be able to
9:54reflect. Yes.
9:55>> Um, being able to spar with someone, uh
9:58, about issues. Um, I found that, uh,
10:01>> Okay. That is, uh, that is true.
10:03>> What does it actually mean for you, Eve
10:06, to be a strategic CFO
10:08>> in the context of What's Cooking,
10:09actually?
10:10>> I think a strategic CFO is, I think,
10:12someone who, uh, yes, on one hand still
10:14keeps an eye on the drivers of the
10:16business. And with us, that's, uh, high
10:19volumes, low values. So you have to
10:21keep guarding that a little bit, of
10:23course,
10:24>> but who also has enough time to spend
10:26on, for example, M&A or other growth
10:28projects, uh, who can also reflect on
10:30what is happening in the broader market
10:32.
10:33>> Yes.
10:34>> And can connect things. Because
10:36ultimately, within finance, we have a
10:38very connecting role, right? And
10:40something that happens in terms of
10:42purchasing can directly or indirectly
10:44have a big impact on, uh, the business.
10:47Correct.
10:48>> And also on the strategic decisions
10:50that depend on that, right? So, enough
10:52time to step back, so to speak. And
10:55those, yes, those drivers of the
10:57business, the things that are going to
10:59create value, to understand those well,
11:02to be able to, uh, philosophize about
11:04them and think up scenarios of what the
11:06impact is, what if.
11:09>> Yes. Yes. And in that regard, you must,
11:12of course, have a very good knowledge
11:14of your value chain. How far do you go
11:17into the value chain to guard that
11:19value creation you just spoke about? Is
11:22that supplier to customer, or do you go
11:24much further? Uh.
11:26>> I think you have to do both, right? You
11:28need to have an image of, in, yes, FMCG
11:31, right? Fast-moving consumer goods.
11:34You need an idea of what is happening
11:36with the consumer?
11:37>> Right? Um, because that ultimately has
11:40a fundamental impact on, you know, our
11:42customer, where everyone eventually
11:44goes to do their grocery shopping.
11:48>> So that is that is important, and
11:49having good insights there with the
11:51help of the marketing department and
11:53such.
11:55>> But also having a good understanding of
11:57the cost drivers, eh. The demographic
12:00drivers. So what is happening with
12:03demographics? What does that mean for
12:05our business, for our footprint? Um,
12:09what does the rapidly changing
12:11evolution, eh, geopolitically mean for
12:13our business?
12:17>> A good example, I think, is what is
12:19happening in Russia, Iran.
12:21>> Right. Russia and Iran are two large
12:24producers of, yes, let's say base
12:26materials for fertilizer, right? So,
12:30fertilizers.
12:32>> You might say, well, what does that
12:34have to do with those ready-made meals?
12:39But ultimately, that is then again a
12:41source for growing soy and cultivating
12:43vegetables and such, and has an
12:45indirect impact on the cost.
12:51>> of the product.
12:53>> If you can partly predict that, then
12:55you can partly respond to those trends.
12:58>> Also try to translate that to the
13:00organization. So, eh.
13:02>> Yes, clear. Now, one of the reasons why
13:05I naturally wanted to speak with you
13:07has to do with your vast experience,
13:10Delisting Carve-outs, all that, so
13:12super interesting, and I was wondering
13:14how you, from your experience, think
13:16about scenario planning in M&A
13:18transactions. How do you see that?
13:20>> For me, that is something, something
13:23crucial.
13:25>> Thinking out and working out those
13:27different scenarios, right? What is
13:31your preferred scenario? What are the
13:34alternatives? Um, what is the impact of
13:37each of those scenarios? Not only on
13:40the balance sheet, the P&L, the cash
13:43flow, dividend distributability,
13:45covenants, etc. But also more broadly.
13:49Yes.
13:50>> Eh, really strategically, what is going
13:52to create more value?
13:56>> In the long term, in the short term.
13:59Where is the right moment to start
14:01doing things, I think, is crucial, and
14:04that is where finance plays a very,
14:06very important role.
14:08>> How far do you go with that? How far,
14:10how detailed, as it were, are the
14:12scenarios that you then work out?
14:15>> I think you have to be very detailed
14:16there.
14:17>> Okay. Building a model where you have a
14:21lot of flexibility to run different
14:23scenarios, but on the other hand, also
14:25being able to take a step back, to not
14:27lose sight of the big picture.
14:31>> And each time also.
14:32>> Thinking four, five steps ahead and not
14:35just one or two steps ahead.
14:36>> Yes.
14:37>> Right? Um, so it is something very
14:40multidimensional, not purely financial,
14:42and I find that very fascinating. It's
14:45also not something you do alone. It's
14:48something you do with colleagues, with
14:50the CEO,
14:53>> to work out what the best steps are,
14:54and then ultimately take that to a
14:56board of directors to also,
15:00>> let's say, be aligned on the direction
15:02you are taking.
15:03>> How embedded do you need to be in the
15:05business as a CFO?
15:08>> Um, you obviously need to be close
15:09enough to the business to stay on top
15:11of things, but you also need to be able
15:13to step back. How do you actually
15:14maintain that balance? That is, that is
15:17not always easy, right? And I am
15:20naturally someone who likes to
15:22understand all the details and all the
15:24drivers very well, but I think just
15:26making time occasionally to, without
15:28spreadsheets, just think about what are
15:30the pros, cons,
15:33>> yes,
15:35>> bigger picture items of a potential
15:37scenario,
15:40>> that helps, right? And having a
15:42fantastic team. That is crucial in that
15:44regard. Yes, because if you can't rely
15:49on a team, then you won't have the time
15:51to build in that reflection or to work
15:53on those big programs or scenarios. So,
15:59having someone there who really covers
16:02the day-to-day 100%, someone you can
16:04trust blindly,
16:09>> is I think crucial to allow yourself to
16:11take a step back and to maintain that
16:13helicopter view.
16:16>> Yes, fantastic. Uh, we are going to
16:19take a short break, and after that, I
16:21am particularly curious about the story
16:24surrounding the sale of Savory. I am so
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17:04>> Welcome back to the CFO podcast. My
17:06guest today is Eline Renier, CFO of
17:09Cokamy. Just before the break, we
17:11talked about how a CFO should think
17:13strategically. I am of course very
17:18curious about, um, the reshaping of
17:20your group and how the sale of your
17:23savory division went. Can you walk me
17:27through how that went for you as CFO? I
17:31think first and foremost, you obviously
17:34need alignment with the board of
17:35directors, the CEO, and the wider team
17:38on the direction you want to take. In
17:41that, I think the scenario analysis we
17:43talked about earlier is very important
17:49>> to really work out the impact of each
17:51of the possible scenarios on the
17:53company, and to develop more than one
17:55scenario so that you can fall back on
17:56something should things not go as
17:58planned, so that you are prepared. For
18:04instance, we ultimately first tried to
18:06acquire our biggest competitor in that
18:08savory business in the Benelux region.
18:11Imperial Tegenman. We worked on that
18:13for a very long time. It could have
18:16been a fantastic deal, but it
18:19>> ran into objections from competition
18:21authorities, which led us to ultimately
18:23call off the transaction. But luckily,
18:25we had already worked out a number of
18:27alternatives, as I mentioned regarding
18:29scenarios.
18:29>> We had developed them. And then we said
18:32, okay, if we cannot improve the
18:34profitability of that business in that
18:36way, what is the best option for both
18:38that savory business and the ready
18:40meals business? And that was
18:43effectively a sale of the savory
18:44business to
18:47>> allow that business to take further
18:49steps and further improve profitability
18:51.
18:52>> Was that the motivation to sell the
18:53savory business? Was that the
18:55motivation for it? Yes, we just wanted
18:59to be sure that the two branches we
19:01were active in, savory and ready meals,
19:04were both given the chance to grow and
19:06improve their profitability. So a sale
19:12allowed them to take further steps
19:20>> and allowed the remaining business,
19:22ready meals, to continue growing
19:24through acquisitions but also
19:25organically, and gave us the necessary
19:27financial room to make those
19:29investments. So, it was a bit like the
19:35oxygen a company needs. And I sometimes
19:39compared it to having two children; you
19:41want the best for both of them.
19:43>> Yes.
19:49>> And the best solution, if plan A didn't
19:51work, was to let someone else take over
19:53the savory business to let it grow
19:55further, and then for us to invest
19:57heavily in the ready meals. To broaden
20:04our portfolio. Geographical expansion,
20:08partly through M&A and partly by
20:10growing organically. We are currently
20:13working on a completely new plant in
20:15Poland.
20:18>> We might not have been able to achieve
20:19that
20:21>> without that strategic step.
20:24>> What role does a CFO actually play
20:26throughout that process? I think that
20:31the CFO, just like in many other
20:32decisions, has a fairly central and
20:35connecting role.
20:36>> Yes.
20:37>> Where you naturally invest a lot of
20:39time in the preparation. For me, every
20:43transaction, whether it's buying or
20:45selling a company, is 80%preparation
20:48and 20%execution. And it really starts
20:52there, because it certainly doesn't end
20:54there. It is really about doing that
20:57very thorough preparation. In such a
21:03way that you are ready in all respects,
21:05that the organization is ready, and
21:06that there is alignment to finally take
21:08the next step.
21:12>> Yes. Yes. There is an even larger
21:15transaction, as it were. You have been
21:17delisted. Based on your past experience
21:21, I think you are the right man for the
21:23job. How has that experience been for
21:26you
21:27>> actually? With a delisting, to be quite
21:29honest, the role of finance is somewhat
21:31more limited,
21:32>> right. You are already reporting a
21:34great deal of financials. So the market
21:36already has financial data, and just a
21:39bit more, so to speak.
21:41>> And the bidder is actually doing their
21:44own homework; the role of the CFO and
21:46especially the lead.
21:47>> You were on the selling side, of course
21:49, as it were.
21:50>> You are, you are a bit...it's a bit
21:52like being Switzerland. You have to be
21:54able to maintain that neutrality
21:56between the majority shareholder, who
21:58in this case was the bidder.
22:00>> Yes.
22:02>> And the public that was partly invested
22:03in the company. So the bidder does
22:08their homework and has their advisors.
22:13You try, based on a long-term plan that
22:16fortunately already existed, to have
22:18the valuation assessed by someone
22:20providing a fairness opinion. So an
22:23independent expert who provides a
22:25fairness opinion on the company's
22:27valuation. And as CFO, you are somewhat
22:31in between,
22:32>> right. But still supporting, so to
22:36speak, that independent shareholder to
22:38safeguard that fairness. So it is
22:42naturally crucial to have a long-term
22:45plan with sufficient detail, sufficient
22:47credibility, and soundly substantiated.
22:51But other than that, I think the role
22:53of finance is quite a bit less than,
22:55for example, in a listing.
22:56>> Yes.
22:57>> Yes. If you compare it to the listing
23:00we did in the US,
23:01>> you mean it is a much heavier process.
23:03>> A US listing is a much heavier process,
23:06where you actually, uh
23:09>> yes, go from a situation where you have
23:12internal reporting to having to create
23:14a very extensive prospectus. Much more
23:17extensive than the prospectus for a
23:19listing here. Hm
23:20>> hm. Right, which also involves many
23:22more legal opinions. So there, the role
23:25of finance is, yes, the preparation
23:28trajectory you need is a lot longer,
23:30and the path toward it is much steeper.
23:34>> Okay. Now, if we zoom back in on
23:37Cooking today, the group has been
23:39completely redrawn. How has that
23:42changed things for you, and what kind
23:44of impact does it actually have on your
23:46finance department? It naturally has a
23:49huge impact on all central services,
23:52including finance, but certainly IT as
23:54well. When you think, uh, of the
23:58connection between those two divisions
24:00or business units,
24:03>> and then you have to pull that apart,
24:05that is, of course, not easy. So,
24:08>> it is important, I think, to execute a
24:11good carve-out. And for that, you need,
24:13once again, preparation, preparation,
24:15preparation.
24:16>> Yes. And you need good people, because
24:18without them, it won't work.
24:20>> And then you naturally have to make the
24:21shift. You have more tasks that you
24:25need to house under the same person to,
24:28yes, keep it manageable cost-wise. And
24:32you also have to, to some extent, have
24:34the whole organization make a mindshift
24:36. Our savory branch was actually a
24:39branch with relatively little organic
24:41growth. In ready meals, there is much
24:44more organic growth. So, you have to go
24:47from defensive to offensive; you become
24:49somewhat of a growth company.
24:52>> And that really requires a certain
24:54switch
24:55>> that the entire organization has to
24:57make.
24:59>> Um, and communicating that effectively.
25:02That is, that is not always easy. And
25:05luckily, we have a good team, a CEO,
25:08and a broader team to convey that and
25:10keep the organization focused on that
25:13new, yes,
25:15>> changed goal, shall we say, the new
25:18strategic direction.
25:19>> Yes. And concretely for your finance
25:23team, well, you probably had to
25:25implement a certain form of
25:26transformation to go from the larger
25:28group to a more focused one. How did
25:32you do that? Well, again, it starts
25:35with a good team. And people who have
25:37the necessary flexibility to be able to
25:39switch gears. Just one little example,
25:41for instance. We had a tax manager and
25:43a treasury manager.
25:45>> Yes. As a smaller entity, you can no
25:47longer afford both. So, you have to
25:51find a way to make sure we can bring
25:52those together. And our tax manager is
25:55now also Treasury manager. Yes. Um, and
25:59everyone has really embraced their role
26:01, so to speak,
26:03>> right? Really delved into it. Um,
26:06>> it does make it more interesting,
26:08because you go from a narrow role to a
26:10broader one.
26:11>> Makes it very engaging, but also
26:13challenging of course, because, uh,
26:16>> yeah, those transfer pricing issues
26:18don't just go away, do they? So you
26:20have to organize your day quite
26:22differently.
26:23>> Yes. But fortunately, I have a
26:26fantastic team that has responded to
26:28that, who helped very hard to make that
26:30carve-out possible,
26:33>> the disentanglement, so to speak, of
26:35those two businesses,
26:37>> in a good,
26:40>> constructive, positive way,
26:43>> without bleeding, because that is
26:45always a risk, of course. Yes.
26:49>> And at the same time embracing that
26:51broader role and still keep moving
26:54forward during that process, for
26:56example, by implementing new AP
26:58automation software, etc. Exactly.
27:01Because you can't stand still, right?
27:03You really have to keep up.
27:05>> No. No. Yes.
27:06>> Uh, that is challenging. But thanks to
27:09>> in terms of change management, is this
27:10a lot for your team? Changing all those
27:13processes, going from large to smaller?
27:15That’s quite a lot of change
27:16management. Absolutely. And, uh, and
27:19yeah, it is a lot, and the risk is that
27:21, well, that people can no longer see
27:24the forest for the trees.
27:26>> Yes.
27:27>> So it is good from time to time to
27:29pause, look back, and see: okay, what
27:32have we already achieved?
27:34>> Right, and then determine: okay, what
27:36are we going to do, and what will we
27:38perhaps do a bit later?
27:40>> Yes.
27:41>> To ensure that we remain focused as a
27:43team.
27:44>> Happy. Yes, fantastic. Ev, I am very
27:47grateful to you for guiding us through
27:49the entire transformation that you have
27:51been able to achieve. I always end with
27:54the same question. What other passions
27:56do you have?
27:57>> Well, I like to be outside when I'm not
27:59at work, right? Then I like to work
28:02with my hands. I have, uh, I have
28:04horses. So, horseback riding helps.
28:07When you're riding, you can't think
28:09about anything other than the riding
28:11itself. So it clears the mind. And on
28:14the other hand, I have some sheep and
28:15my own vegetables that I grow. When I'm
28:19doing that, actually, I often listen to
28:22a podcast, and meanwhile I'm working
28:24with my hands, and it's sometimes a
28:26great moment to think about those
28:28strategic issues. You automatically
28:32take the time, I think, to philosophize
28:35a bit about 'what if' and so on. So, uh
28:38,
28:38>> yeah, but I like being outdoors, uh,
28:41>> have any good ideas emerged while
28:43horseback riding, or, uh,
28:45>> Actually, not while horseback riding.
28:47Because if I were to think about that,
28:48then things would go wrong. I am not a
28:50fantastic
28:51>> I am not a fantastic rider, Bright. So
28:54it would certainly go wrong if I
28:56thought too much about strategy while
28:58horseback riding, but when I'm mowing
29:00the grass, then that works perfectly
29:02fine.
29:03>> Right. So, yeah, then sometimes there
29:06are, uh,
29:07>> ideas, and sometimes very creative
29:09ideas, let's say.
29:10>> Okay, great. Thank you very much. It
29:13was a very good conversation and I look
29:14forward to seeing you soon.
29:15>> Thank you. Ladies and gentlemen, what
29:19makes this conversation clear is that
29:21the strategic redesign of a company
29:23goes much further than selling an
29:25activity or adjusting an organizational
29:27structure. A company that transforms
29:31from roughly 1 billion in revenue to
29:33less than 500 million doesn't simply
29:35become smaller. It must redefine what
29:39it stands for, which activities create
29:41value, and what organization is needed
29:43to enable the next phase. The CFO plays
29:47a central role in that. Finance helps
29:50sharpen strategic options, makes the
29:52consequences of each scenario visible,
29:55and supports the company during the
29:57transaction. But afterward, perhaps the
30:00most difficult work begins. Realigning
30:03systems, processes, cash management,
30:06and competencies to the company that
30:08remains. So, Finance does not stand on
30:12the sidelines of strategic redesign.
30:14Finance is at the very core of it.
30:17Thank you for watching this episode of
30:19the CFO podcast. Next week, I will once
30:22again welcome a sharp CFO to our
30:24studios to inform you, trigger you, and
30:26who knows, inspire you. See you next
30:29week. Next week in the CFO Playbook.
30:36CEO of Bol Cooking.

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