WEBVTT - Ocean Spray CEO on Adapting During Pandemic

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic from Bloomberg Radio. So who can

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<v Speaker 1>forget this TikTok video? It is definitely one of the

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<v Speaker 1>standout lighter moments of the pandemic. You know who I'm

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<v Speaker 1>talking about? Nathan Who? Nathan Abaca? He is or was

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<v Speaker 1>in Idaho riding on the back of his truck. He

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<v Speaker 1>was lip syncing to Fleetwood Mac while drinking Ocean Spray

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<v Speaker 1>canberry cranberry juice. While I watched it a lot, so

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<v Speaker 1>did everyone else, watching tens of millions of times. And

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<v Speaker 1>you know, I gotta say, this is a brand well

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<v Speaker 1>known in my home. And here to talk about all

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<v Speaker 1>of this in the pandemic and branding and surviving in

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<v Speaker 1>an ever changing and challenging consumer food, product and beverage

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<v Speaker 1>space is Tom Hayes, the president CEO of the agg

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<v Speaker 1>Cooperative Ocean Spray. Tom is also former CEO of Tyson Foods,

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<v Speaker 1>and he joins us on the phone in Lakeville, Massachusetts. Um,

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<v Speaker 1>Nathan Abutaka, I don't think I'm saying it right, Apo Dacca,

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<v Speaker 1>thank you, thank you, thank you, Apodaca. Um tell us

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<v Speaker 1>first of all, Tom, where you were when you first

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<v Speaker 1>heard and saw Nathan's video? Hey, First of all, thanks

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<v Speaker 1>for having me Carroll. It's it's great to be with you.

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<v Speaker 1>And when I first when I first heard it and

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<v Speaker 1>saw it, actually was a friend of mine sent me

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<v Speaker 1>a text and he said, you gotta check this out.

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<v Speaker 1>He guys, what an amazing opportunity for ocean sprice. It

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<v Speaker 1>was a buddy of mine sent it along, and it

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<v Speaker 1>was it was really cool. And I had the same

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<v Speaker 1>sort of impression I think everybody did when they saw

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<v Speaker 1>it that this this guy, Nathan was Apo Docca was

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<v Speaker 1>very sort of distraught on the one hand that he

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<v Speaker 1>has broke his struck, broke down and could get the work.

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<v Speaker 1>On the other hands, he sort of took in stride

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<v Speaker 1>and made this video and everybody's like, wow, Jeezon and

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<v Speaker 1>time when we need it, that need, that positivity he delivered.

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<v Speaker 1>And so that was that was the first time I

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<v Speaker 1>saw it. Was a lot of a lot of positivity.

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<v Speaker 1>I mean, I can we talked about it so much

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<v Speaker 1>of the newsroom and you guys and it up, you know,

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<v Speaker 1>giving him a new Cranberry red truck in a bunch

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<v Speaker 1>of ocean spray as well. Um so coodas to you guys,

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<v Speaker 1>you also did a similar video, um and and that's

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<v Speaker 1>pretty cool that you did that. Yeah. Thanks. You know,

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<v Speaker 1>the team really sprung to action and I said, how

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<v Speaker 1>can we take um full you know that to this

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<v Speaker 1>opportortunity and take it to its fullest extent and really

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<v Speaker 1>helped Nathan get you know, what he needs, which is

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<v Speaker 1>a truck of transportation. Uh. And the team jumped to

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<v Speaker 1>action and we said, this is fraid. If we're going

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<v Speaker 1>to do this for him and give him the transportation,

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<v Speaker 1>why not make the truck Cranberry red? And then why

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<v Speaker 1>not loaded up with you know, cranberry crand raspberry juice

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<v Speaker 1>in the back, which is what he was drinking on

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<v Speaker 1>the skateboard. And you know, when I was asked to

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<v Speaker 1>play a role, I said, you know, absolutely easy decision.

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<v Speaker 1>YEA happy to do it. And I was not a

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<v Speaker 1>skateboarder like he is, but I figured it out and

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<v Speaker 1>you know, if Nick Mick Fleetwood could do it, I figured,

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<v Speaker 1>well I should give it a show. We've been playing

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<v Speaker 1>it all for the folks watching right now on YouTube.

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<v Speaker 1>Hey listen, So one year into the pandemic, you know,

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<v Speaker 1>tell him what stays with you from a year ago

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<v Speaker 1>and how do things look today? Yea, So for a

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<v Speaker 1>year ago, things were obviously very different mood wise. People

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<v Speaker 1>were shocked and scared, not that they aren't now, but

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<v Speaker 1>it was just nobody knew what to do. Now we

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<v Speaker 1>do know what to do. Safety protocols and planks and

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<v Speaker 1>our plants. People you know, certainly social distancing where they can,

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<v Speaker 1>and we've you know, unfortunately learned to sort of live

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<v Speaker 1>with it. But I would say the thing that has

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<v Speaker 1>changed at Ocean Spray beyond just safety protocols is how

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<v Speaker 1>do we take this opportunity to build positivity in all

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<v Speaker 1>aspects of our business where we can so, whether it's

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<v Speaker 1>through products and innovation some of the new items. So

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<v Speaker 1>we've been coming out with Ocean Spray Wave, which is

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<v Speaker 1>a new sparkling beverage with caffeine, or Ocean Spray mentally

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<v Speaker 1>snacking items that are taking the joy of dried cranberries

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<v Speaker 1>and combining them with other cool new proofs to create

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<v Speaker 1>some special moments for consumers. There's been a lot of

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<v Speaker 1>talk about how do we take what was last year

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<v Speaker 1>sort of shocking and disturbing situation, And as we've moved through.

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<v Speaker 1>You know, it's been a full year, like, how do

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<v Speaker 1>we make that you know, a situation that's more of

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<v Speaker 1>a positive experience for people to the best extent that

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<v Speaker 1>we can well, and I do think about I want

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<v Speaker 1>to ask you about the new products in terms of

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<v Speaker 1>what consumers want, but I do want to ask you

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<v Speaker 1>about the past year because it has been something where

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<v Speaker 1>all of a sudden inequities that have been in society

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<v Speaker 1>for a long time, really we're front and center and

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<v Speaker 1>we're having discussions that maybe we weren't having before. What

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<v Speaker 1>is the role do you think of companies and CEOs

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<v Speaker 1>like yourself and leaders to help, you know, end the

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<v Speaker 1>conversations or create conversations that result in deliberate action that

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<v Speaker 1>actually make a difference. I think with all leaders, you know,

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<v Speaker 1>they are on top of organizations and leaders leadership teams,

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<v Speaker 1>so the organization and people that are attached to it,

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<v Speaker 1>whether they're consumers with the brand, where they're following on,

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<v Speaker 1>you know, of broadcasts like this, what leadership are doing.

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<v Speaker 1>They're all looking up and they're looking for role models

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<v Speaker 1>to you know, say and do what they expect. You know,

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<v Speaker 1>good people and differently than I think in past situations,

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<v Speaker 1>where people might have been slightly more distracted, they're really

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<v Speaker 1>tuned in that people were focused on the tombs in

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<v Speaker 1>front of them or the phones in front of them,

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<v Speaker 1>and they're they're just aware of what's happening. I think

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<v Speaker 1>the moments that leaders have to say, you know, here's

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<v Speaker 1>what we can do to help the situation versus exacerbate

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<v Speaker 1>it and bring you know, calm with insanity back is

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<v Speaker 1>really what we've tried to do with the company. And

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<v Speaker 1>I think a board of directors is very you know,

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<v Speaker 1>uh strong group of leaders that you know are farmers,

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<v Speaker 1>they you know, doing this for hundreds of years, the

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<v Speaker 1>families have it. They see an opportunity to say, look

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<v Speaker 1>what we we know stability, what it looks like, and

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<v Speaker 1>you know, team, we expect you to do that and

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<v Speaker 1>the fortunate position to lead and hopefully bring positivity and

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<v Speaker 1>you know stability, you know, some some amount of certainty

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<v Speaker 1>to where there's a lot of uncertainty. Hey, Tom, what's

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<v Speaker 1>interesting is and I think about like the last year,

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<v Speaker 1>I mean, companies continue to innovate, they continue to work

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<v Speaker 1>on their strategies. You guys you know, have new products

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<v Speaker 1>that have come out. Talked to us about what that

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<v Speaker 1>development process was like and what's been guiding you know,

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<v Speaker 1>what you the new offerings that you're coming out for consumers? Sure,

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<v Speaker 1>you know, it's um an interesting environment for sure because

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<v Speaker 1>retailers are not as excited about putting new products on

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<v Speaker 1>the shelf when they don't have consumers as much as

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<v Speaker 1>they have walking through the stores. It makes it you know,

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<v Speaker 1>spaces of premium. There's been certainly outages of products as

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<v Speaker 1>you all wear, and so for consumer products, companies making

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<v Speaker 1>sure that they're really unmarked with what their brands are

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<v Speaker 1>going to represent to that consumer. What the insight that

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<v Speaker 1>you're seeing and what we had benefited from is the

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<v Speaker 1>Ocean Spray brand, uh, you know is a hundred years old,

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<v Speaker 1>nearly ninety years was the last year or ninety harvest

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<v Speaker 1>and so that it's right, and so innovation is against

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<v Speaker 1>a brand that is well known and consumers find comfort in.

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<v Speaker 1>It is a space that we took advantage of. So

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<v Speaker 1>what we've been doing is trying to move ourselves from

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<v Speaker 1>not just the Norman Rockwell painting, but to be a

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<v Speaker 1>little more attached to you know, consumers that are newer

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<v Speaker 1>consumer sells, millennials and younger consumers and the way we

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<v Speaker 1>do that is to you know, make sure that we're

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<v Speaker 1>speaking to them in the channels that they want, but

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<v Speaker 1>importantly giving them the products they want. So Ocean Spray

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<v Speaker 1>Wave is a product that is a sparkling water is

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<v Speaker 1>infused with you know, natural caffeine from tea as well

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<v Speaker 1>as you know, the beautiful flavors that we offer an

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<v Speaker 1>Ocean Spray and the combinations that we're so known for.

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<v Speaker 1>So that's one of the things that we saw for

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<v Speaker 1>sure that that consumers are attracted to having, you know,

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<v Speaker 1>not only hydration all day, but also they want an

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<v Speaker 1>energy pickup. So having an infused beverage that Meso's needs

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<v Speaker 1>was was certainly first on the radar. The second thing

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<v Speaker 1>that we just introduced and have been making a big

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<v Speaker 1>deal of it actually today is our new Fruit Metal

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<v Speaker 1>East line. So that's thinking of you know, the dry

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<v Speaker 1>cranberry or crazy that we have all come to know

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<v Speaker 1>and love, combining that with other products that bring immunity, fiber,

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<v Speaker 1>and probiotics to consumers life and so as they are

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<v Speaker 1>looking for things that can help them get through this,

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<v Speaker 1>certainly immunity blends, fiber blends, probiotics are things that resonate

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<v Speaker 1>and having the Ocean Spray brand there as a trusted brand,

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<v Speaker 1>but also bringing in these new ideas is you know,

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<v Speaker 1>things that we hope we're going to be really successful

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<v Speaker 1>products for us as we give it away from uh

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<v Speaker 1>yet you know, sort of our old past when still

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<v Speaker 1>embrace the brand that has brought us to the party. Well,

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<v Speaker 1>and that's why I think a lot of brands that

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<v Speaker 1>have been around for a century right are trying to

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<v Speaker 1>figure out how to adapt to the new market. And

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<v Speaker 1>I think about I was listening to you as you

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<v Speaker 1>were going through the fruit medley dried fruit blend products

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<v Speaker 1>like check check check in terms of you know fruit. Um,

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<v Speaker 1>we're talking about no artificial colors, flavors, preservatives. You know,

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<v Speaker 1>people are increasingly and we talked about this a lot

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<v Speaker 1>in our air, you know, looking you know, turning around

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<v Speaker 1>looking at what's in a product. My teenager does it. Um,

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<v Speaker 1>this is what people are looking for. And you know,

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<v Speaker 1>you understand the food industry increasingly, is this where everything's

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<v Speaker 1>going as much as it can, as much as it

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<v Speaker 1>can and you call it I think important saying that

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<v Speaker 1>the consumer also wants to know that what they're buying

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<v Speaker 1>is not only healthy for them, but they're doing good

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<v Speaker 1>things for you know, the environment and so forth. So

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<v Speaker 1>many consumers, uh, you want to make sure that they're

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<v Speaker 1>buying from a purpose dripping brand. What better purpose than

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<v Speaker 1>the Ocean Spray House, which is to connect our farms

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<v Speaker 1>to families for a better life. Being in business for

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<v Speaker 1>ninety years and owned by farmers, are all the profit

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<v Speaker 1>we make goes back to you know, seven hundred farmer owners.

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<v Speaker 1>I mean, there's there's no better purpose drooping company my

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<v Speaker 1>view in the business of that. And then the other

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<v Speaker 1>thing is, you know, thinking about you know, what are

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<v Speaker 1>we doing going forward? Is we're not just happy with

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<v Speaker 1>the fact that you know, we are owned by farmers,

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<v Speaker 1>which we love, but what are we going to do

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<v Speaker 1>to represent what they believe they can do for their

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<v Speaker 1>future with regenerative farming, which you know, one of the

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<v Speaker 1>most beautiful things about agriculture and in this space is

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<v Speaker 1>that we can actually do things that are better for

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<v Speaker 1>the environment just by doing what we do, which is

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<v Speaker 1>raising you know, fully antioxidant loaded you know cranberry that

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<v Speaker 1>can help you help bring these wonderful products the market. Yeah,

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<v Speaker 1>but it's interesting what you talk about farming. We were

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<v Speaker 1>talking with CEO app Harvest who was formerly CFO uh

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<v Speaker 1>at impossible. And what's interesting too is just you know,

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<v Speaker 1>we are we looking at farming and how you do

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<v Speaker 1>it because it does impact the environment in big ways. Um.

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<v Speaker 1>Have you seen a lot of changes in terms of

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<v Speaker 1>the farmer families that are part of Ocean Spray in

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<v Speaker 1>terms of how they're doing things, not because they want

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<v Speaker 1>to and also because of out of necessity. Yeah, you

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<v Speaker 1>know they like uh so we all are concerned about

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<v Speaker 1>certainly the world we live in and having the impact

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<v Speaker 1>we're having, but thinking about the farmers that that's sort

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<v Speaker 1>of life they are. There's nobody's no better steward of

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<v Speaker 1>the land than a farmer, regardless of the profits that raising.

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<v Speaker 1>And you know, our farm is given that their regenera

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<v Speaker 1>of agriculture that revitalizes the soil. They look to the

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<v Speaker 1>water around them because they need it to harvest. They

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<v Speaker 1>want to make sure that they're actually improving the environment

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<v Speaker 1>and leaving it better than before. Because the multi generational

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<v Speaker 1>and let's send it this will be the third time

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<v Speaker 1>and being the just for years. Some of these storms

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<v Speaker 1>go back before the early eighteen hundreds of the insues

0:12:04.640 --> 0:12:07.320
<v Speaker 1>getting going and They want to make sure that they're

0:12:07.320 --> 0:12:10.600
<v Speaker 1>doing the right things, so they continue to push whether

0:12:10.640 --> 0:12:14.120
<v Speaker 1>it's um with the right pest management, and you know,

0:12:14.200 --> 0:12:18.880
<v Speaker 1>being more focused towards going organic and using categoryculture as

0:12:18.880 --> 0:12:22.280
<v Speaker 1>a way to you know, step into new technologies. You

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<v Speaker 1>wouldn't think there would be a lot, you know of

0:12:24.240 --> 0:12:26.240
<v Speaker 1>of that going on in the crammer industry that's been

0:12:26.280 --> 0:12:29.000
<v Speaker 1>around forever and extrambers, but they really do think about

0:12:29.280 --> 0:12:31.880
<v Speaker 1>technology and the things that you know, can even push

0:12:31.920 --> 0:12:34.480
<v Speaker 1>us further. Right, I can just imagine the innovation and

0:12:35.160 --> 0:12:38.559
<v Speaker 1>the adaptations over you know, a hundred years in terms

0:12:38.600 --> 0:12:41.680
<v Speaker 1>of doing this. Hey, um, quick last question. When you

0:12:41.720 --> 0:12:43.679
<v Speaker 1>look at the food industry again I mentioned you are,

0:12:43.920 --> 0:12:46.800
<v Speaker 1>you know, former head of Tyson Foods. Um, what do

0:12:46.800 --> 0:12:48.960
<v Speaker 1>you think the big trends like our audience investors need

0:12:48.960 --> 0:12:50.440
<v Speaker 1>to be keeping an eye and just got about forty

0:12:50.520 --> 0:12:57.080
<v Speaker 1>five seconds clean eating. People want food with fewer preservatives

0:12:57.679 --> 0:13:01.720
<v Speaker 1>and you know that it's sure your family is doing

0:13:01.720 --> 0:13:04.960
<v Speaker 1>the same thing. People want that, but they also want

0:13:04.960 --> 0:13:07.000
<v Speaker 1>a great taste, so it's not a new insight. People

0:13:07.000 --> 0:13:10.240
<v Speaker 1>want that. It's harder to get you know, fantastic tasting

0:13:10.320 --> 0:13:13.520
<v Speaker 1>products because some of the things that are are preservatives

0:13:13.600 --> 0:13:17.680
<v Speaker 1>and otherwise are things that help them keep their great taste.

0:13:18.080 --> 0:13:20.880
<v Speaker 1>So I think the investors should be looking for what

0:13:20.960 --> 0:13:24.480
<v Speaker 1>are those companies that are really threading the needle. They

0:13:24.520 --> 0:13:28.640
<v Speaker 1>have fewer ingredients that they're using and they're more clean ingredients,

0:13:28.800 --> 0:13:32.040
<v Speaker 1>but they're also resonating with consumers and they have fantastic

0:13:32.080 --> 0:13:35.560
<v Speaker 1>taste that that just excites people. Well, really great to

0:13:35.640 --> 0:13:37.719
<v Speaker 1>check in with you. Thank you so much for your time,

0:13:37.800 --> 0:13:40.520
<v Speaker 1>really really appreciated, and good luck and hopefully we can

0:13:40.600 --> 0:13:42.360
<v Speaker 1>check in with you again in the future. Tom Hayes,

0:13:42.360 --> 0:13:45.560
<v Speaker 1>President CEO of Ocean Spray, on the phone in Massachusetts,