The food industry: We feel the pain of global warming instantly, here, and now, and today.
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20 YEARS IN PERSPECTIVE: It's been a juggle to combine two careers and raise a couple of healthy, good kids and particularly a career in a multinational on the one hand and a very local kind of rooted career in medicine on the other hand. The most difficult time by far was after the 2008 financial crisis, when I think a lot of businesses were under pressure and ours was no exception at the time. By far the toughest, but also very character building, so was a useful experience at the same time. One of the most fun things as that journey took me was in a food service role where I travelled across 75 countries around the world and got to eat the most incredible, but also the most disgusting things you can imagine in the world. I don't really regret anything. I just wish we had 3 lives, instead of one because there's so much more interesting things to do. On TOPIC: THE FOOD INDUSTRY, SUSTAINABILITY, HEALTH, INNOVATION, FOOD INFLATION AND MORE It took 170,000 hours of R&D, believe it or not, to develop that packaging There's a couple of driving forces which have always been drivers in the food industry and the first is taste. You can make something as sustainable, or as healthy or as whatever you can come up with, but if it doesn't taste good, people aren't going to eat it. We have taken 60mn pounds of sugar out of our products in the last couple of years. If you look at the supply side of things, things are changing dramatically due to deglobalization on the one hand, which has disrupted many different supply chains and climate change on the other hand and that's the "fun" part of being essentially agricultural business. We're the Number One tomato processor in the world, most of tomatoes that we source come out of California. California has been hit by drought, after drought, after drought. This is global warming impacting a big, big business right here and now. The war in the Ukraine has of course exacerbated that. And to give you an idea, I think 50% of the global sunflower produce comes out of the Ukraine, more than half of the global grain production... So, these are big, big disruptions and big shifts, also leading to huge cost inflation, which we hadn't seen in the industry either. The food industry, when it started at the end of the industrial revolution, was a high-tech industry and over time it kind of became a bit of a low-tech industry and I think you see now a new era of high-tech food industry emerging and that's fascinating. We're doing a lot in the innovation space to offer healthier alternatives. Heinz Tomato ketchup ZERO - a ketchup that has no added salt and no added sugars. 25% of regular ketchup consists of sugar. WHY GIVE BACK (TO INSEAD) Why on earth not? Firstly, because I'm just grateful for the amazing time we've had. Was fantastic year and it has been a life event for me. More fundamentally, there's a couple of things that I like to believe in and that come together in INSEAD. (1) I like to believe in Europe,  an amazing continent that still has so much potential and it needs to have its own strong business schools. (2) I also believe in the power of education in a big way and giving access to people with amazing potential to access education, irrespective of whether they can afford it normally or not; (3) Finally I believe in business potentially being a source of good in the world, and I think INSEAD has a cool agenda on that, so I like it. References, mentions: Unilever, Kraft Heinz, Miguel Patricio, 3G Capital, StartLife, Foodtech, Agrifoodtech, Oblomov (by Ivan Goncharov), Paul Polman, Deglobalisation, ESG, food supply chains disruptions, food inflation
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