Chris Peterson: Yes, I think it’s a good thought. And we obviously have an internal scorecard that’s very detailed that we have just sort of put together. So once we finalize the strategy, we effectively chartered capability improvement projects with clear KPIs, owners, timelines against each of them. And we are pursuing all of them simultaneously. They have different timelines relative to the execution. So the consumer and customer understanding capability improvement plan and timeline, for example, looks different than creating a brand management organization timeline. And so we will endeavor to provide some more clarity on that as we go forward. I think we’re at the place where we’ve commissioned all the projects. We have owners.
We have timelines. We have a clear plan. And we’re off and running. We’re not delaying on any project, which is why I mentioned in the prepared remarks that the pace of change that the company is accelerating dramatically, because we’re taking on a lot in terms of capability improvements. The last thing I would say is that if you were to rate how difficult is it to do these capability improvements. Typically, when you think about capability improvement, oftentimes people think about changing the people, the process, and/or the technology. We’ve made dramatic improvement in the supply chain and in the back office and simplification that we’ve been talking about over the last couple of years, whether it be the ERP systems, the IT applications, the fuel productivity program, the SKU count, et cetera.
All of that has gone well. That actually is harder to do than what we’re talking about on the frontend. And the supply chain in the backend, oftentimes there’s a meaningful technology component that is required that takes longer. In the frontend, it tends to be more people and process focused. So it doesn’t mean it’s easy, but it can happen faster. And so we have charted the projects and the owners on aggressive timelines to begin to make progress.
Stephen Powers: Okay. Thank you very much.
Operator: Thank you. And our last questioner comes from the line of Filippo Falorni from Citi. Your line is open.
Filippo Falorni: Hi. Good morning, everyone. I know we covered a lot of ground. I just want to add maybe, Chris, you clearly announced a lot of strategic changes is coming on. The more recent changes on the frontend, kind of the restructuring programs, change in capital allocation. Any other areas where you think like there’s more focus on your end, like in terms of potential further changes in the organization that we should be thinking about?
Chris Peterson: I think we’re at a point where — with the operating model change, with the capability assessment and the new strategy we’ve deployed, we’re at a point where I think we’ve done all of the strategy work from a company standpoint at this point, or at least we’ve got the 90 for the 10, let’s call it. Our focus now is shifting to drive that strategy into execution. And rather than sort of debate the strategy at this point, we think we’ve got the right strategy. And a strategy doesn’t really come to life unless you execute it at the point of attack. And we need to drive that strategy and execution. And that takes time because you have to communicate it to the segments, you’ve got to communicate it to the geographies, you have to communicate it to the functions, you’ve got to make sure that as you’re cascading that strategy throughout the organization, it ultimately gets into every individual’s work plan.
And as you do that, you begin to change the trajectory and the direction of the enterprise. And so I don’t expect that we’re going to have significant changes in strategy at this point. I expect what you’re going to hear us talk more about is our progress at driving the strategy into action and execution.
Filippo Falorni: Great. Thank you. That’s helpful.
Operator: Thank you. Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. A replay of today’s call will be available later today on the company’s Web site at ir.newellbrands.com. You may now disconnect. Everyone, have a great day.
