But it is the start of a turnaround. Very pleased with the progress that the team is making, the actions they’re taking, both with customers and on productivity and we’ll see how good we can do in ’24 and then we’ll focus on ’25, but making progress.
Glenn Richter: Yeah, I would just add to that, David. As we’ve mentioned in the past, we’ve stated, we didn’t think we’re going to get to sort of full recovery till ’25. We’re pleased by the start of this year. The service elements are 100% back to where they should be. Pricing actions have been effective, more innovation in the pipeline. The last piece of the equation is on the cost side, and we’re going through a very extensive review of our manufacturing and procurement operations that probably will be implemented late this year into early next year as the final piece to get to the margin structure in terms of where we need to be. Thanks for the question. Thank you.
Operator: Our next question comes from the line of Adam Samuelson with Goldman Sachs. Adam, your line is now open.
Adam Samuelson: Yes. Thank you. Good morning, everyone. I’d love to get your perspective on volume trends by region in the first quarter and if there’s anything you would call out as notable areas of outside strength or weakness versus the portfolio as a whole, up mid-single digits and I think we could probably exclude Pharma from that discussion and again, given that first quarter performance, is there anything where the regional performance would differ materially, kind of over the balance of the year? Thank you.
Erik Fyrwald: Hey, good morning, Adam. Good question. Regionally, we have seen greater strength in a combination of Asia and LATAM, so more the emerging markets from a volume standpoint and sort of across the board, generally a little softer in North America and in EMEA. That’s probably not dissimilar than what others are seeing in the marketplace. If we look by business, scent had a phenomenal start to the year, 9% plus volumes nourish and H&B in the 4% range. As we think about the balance of the year, we’re not planning on scent continuing at these very, very high levels. So some softening from these and then a little bit softer for H&B and nourish, and then Pharma actually improving because they were down about 9% in Q1 and actually getting to flattish as we move into Q2 in the balance of year, but generally where we’re seeing the regional balance, more emerging market. We’re expecting that to continue at least through the second quarter. Thank you.
Operator: Thank you. Our next question comes from the line of John Roberts with Mizuho. John, your line is now open.
John Roberts: Thank you and best wishes, Glenn. Thanks for all your help, Eric. IFF has had more opportunities than most companies to promote from within for the CEO and CFO positions, do you think there’s anything that needs to change in the organization to develop a deeper bench so these C-suite transitions are smoother, or is there just a culture on the board to look outside for C-suite positions?
Erik Fyrwald: Well, thanks for the question, John and I think it’s a really important one. To me, the most important thing we do as leaders is make sure that we have the right talent in the company, that we develop the right talent and we give them the opportunities through promotion to continue to advance their careers. And so I always prefer internal promotions, but sometimes external talent needs to come in to fill gaps or when we don’t have the right talent inside, but I can tell you that, like at Syngenta, I very much want to have my successor come from inside when I do retire at some point. And also, I’ll just point out that the one significant executive leadership change that we’ve made so far was Ana Paula Mendonça being promoted to run the Scent division as President of Scent and if you look at her background and if you talk to the people across the company and customers, there was great enthusiasm for her promotion.
And I like that. So I will continue to work with executive leadership team and with the board to make sure that we’re developing the right talent inside the company to make sure that we promote from within wherever we can.
Operator: Thank you. Our next question comes from the line of Ghansham Panjabi with Baird. Ghansham, your line is now open.
Ghansham Panjabi: Thank you, operator. Good morning, everybody. I guess, Eric, first off on the — as you sort of meet with customers and go on your listening tour, etcetera, how would you sort of objectively assess the moats of the residual businesses that are going to be part of IFF going forward. And then just related to that, in terms of scent, what did drive the first quarter in terms of outperformance, especially consumer fragrances, was that sort of share gains. And if it was, what was that driven by?
Erik Fyrwald: Thanks, Lawrence [ph]. It’s also good to be back with you. We’ve had some history that that dates back quite a ways. The way I would say it is that in the businesses that are remaining, we’ve got a lot of great innovation capability and a lot of really terrific people that understand customers, have great consumer insight capability. So we have the people and the capabilities, including the innovation capabilities, to be very successful. And what I would say is, even talking to our people, but also our customers, we haven’t realized our full potential. And that’s what it’s about. It’s the leadership team working to unleash the full potential by making things decision making clear, by having businesses be end to end, be able to drive clarity in their strategy and then clarity in their execution, but at the same time, having a collaborative culture so that we can collaborate across businesses wherever it makes sense to enhance our ability to bring solutions to customers or to drive healthy productivity and so I believe that we’re doing well with that, but we’ve got a lot more potential to unleash.
