Subscribe
Share
Share
Embed
Join NABR in partnership with Corp! Magazine for our CEO & Executive Thought Leadership Series, where Jennifer Kluge sits down with C-Suite Leaders to get their insight and expertise.
NABR is a service organization igniting greatness in companies and their people.
00:00:00:00 - 00:00:38:07
Jennifer
Hello everyone, and welcome back to another episode of CEO Thought Leadership. And I am your host, Jennifer Kluge. And today we have a very special guest with us, Denis Neville. He is the CEO and founder of CoreFX Ingredients, and it was started in 2016. So not too long ago is a strategic partnership with Ornual, CoreFX ingredients now operates independently and is the leading supplier of dry nutritional ingredients, driven by science and science based innovations and technology.
00:00:38:11 - 00:00:44:04
Jennifer
It's a pleasure to have you on the program, Denis, and you're joining us from Ireland. Welcome.
00:00:44:06 - 00:00:46:19
Denis
Ciaran. Yeah, pleasure to be here, Jennifer.
00:00:46:21 - 00:00:53:11
Jennifer
I think I think I want to I want to switch roles. I think I want to go to Ireland and you will sweat.
00:00:53:11 - 00:01:06:20
Denis
It's always great to be here. It's you know, we've got a very typical Irish afternoon here. Soft rain. So like, the weather always changes. As I say around it, you don't like it with ten minutes. So.
00:01:06:22 - 00:01:29:09
Jennifer
Yeah, we we say the same thing where I am to. The weather's always changing. Well, well, let's get started. I, I know that you make proprietary ingredients that you sell them and to manufacture features to put inside their food products. Many of these are clean. They're allergen free. There's a lot of science that goes behind that. You are a scientist.
00:01:29:10 - 00:01:37:17
Jennifer
But tell us, you know, how did you get involved in this business? And, tell us, tell us your story.
00:01:37:19 - 00:02:13:03
Denis
Yeah, that could take a while. But I try and keep it brief. You know, I was born and raised in a dairy farm in Ireland. Love farming, and. But I always knew that I had to do more than stay in North Korea, where I was born and raised, and be a farmer. There was a bigger calling. Not that farming isn't, you know, one of the most noble pursuits you could have in life, but I knew I had to go above and beyond that, and I figured out that science was around today to particularly dairy science.
00:02:13:04 - 00:02:35:21
Denis
And I set my sights on University College Cork. I'm doing a food science degree there, which had a lot of fundamentals in dairy science. From there I did a master's in dairy chemistry. From there I worked in research at the Dairy Products Research Center in Moore Park and Fermoy in Ireland. So you can see the trend here. So that's that's how I got going.
00:02:35:21 - 00:02:58:19
Denis
And even in research I felt that, you know, it wasn't also my ultimate calling to stay in research. So you know, I think we'll probably talk about this later on about how how I ended up where I ended up. But it it was really to ultimately have as much impact as I possibly could positively on the world.
00:02:58:21 - 00:03:02:04
Jennifer
And wellness is important to you as well, correct?
00:03:02:04 - 00:03:32:20
Denis
Yeah, yeah. I mean, what we do today versus what we've been doing up to today is a little bit different. You know, our, our, our evolution now is very much on the high end of wellness, true nutrition. We launched Core Enhanced last October with the the purpose of optimizing nutrient delivery through what we call controlled release, transporting of nutrients through the body.
00:03:32:22 - 00:03:59:10
Denis
So it's it's a lofty endeavor. Basically what I've done is taken the the mantra of the pharmaceutical world from decades ago of controlled release of drugs, but applying a a food friendly way of delivering natural, organic nutrients that are derived from plants and other natural sources, but making them better by delivering them in the way that they will be optimized in the body for bioavailability.
00:03:59:12 - 00:04:29:11
Denis
So it's it's a lot of a lot of a lot of very strict endeavor in terms of doing the research and proving clinically that what we do will work in the body, while also skilled, focusing and being very dedicated to what we've done to date, which has been very successful, which is functional ingredients that work in applications for all these wonderful brands we work, work with so that something tastes really good while also getting a nutritional benefit.
00:04:29:13 - 00:04:59:05
Jennifer
That's fantastic. You know, multiple disciplines coming together in your case, science with food ingredients, merging those in, so to speak, to go to the next level. Most big moves come from looking at industry from different disciplines. So congratulations on that. Also congratulations or new US sold the majority stake hold of Core Effects this year and is now operating independently.
00:04:59:07 - 00:05:09:14
Jennifer
Can you for those that are in partnerships, what led to this and the eventual separation of the two? And what are you looking forward to most?
00:05:09:16 - 00:05:33:12
Denis
Yeah, I just correction it happened last year, but it was in March of last year. You know, it was really a determination on my part to go a different direction with core effects. And Ottawa is still the minority partner and was a wonderful partner. I am an Irish owned, dairy co-op with deep roots and dairy and doing everything right.
00:05:33:13 - 00:06:06:12
Denis
You know, the flagship Kerrygold brand as well. But you know, the direction I needed to go in is what I just explained. And that is not strategically the direction of our new the co-operative or carrying all the brand. So it was it was it was just a difference of of strategic direction really, and what needed to focus their resources on what's their strategy of strategic direction was so but you still got to figure out a way to part ways amicably.
00:06:06:12 - 00:06:38:11
Denis
So I figured out how to do get an MBA. And behold, on March of last year and that allowed me to have controlling ownership of core effects. So what I said to my own people the day of getting this done was, you know, control for me equals freedom. And our control is such item is the freedom to do what we always aspire to do, which is optimize nutrition for as many as we can brands, people, the world.
00:06:38:13 - 00:06:42:06
Denis
And thankfully it's working out so well.
00:06:42:06 - 00:07:07:00
Jennifer
This takes courage and and vision. And it also is, is one part caregiving, caregiving. That relationship with the financial partners to make sure it's a win win. So congratulations on successfully doing that. I know there's many businesses out there that want to do something like that, and they either failed at it or dissolved the business as a result.
00:07:07:00 - 00:07:36:22
Jennifer
So congratulations on the success there. There's a lot going on in the world. You have international roots. There's much change in manufacturing, distribution, sourcing right now. What are some challenges in that area. And I hate to use this word because it's overused, but have you had to pivot in the last six months to a year, given all of the changes going on with world distribution and what have you?
00:07:36:24 - 00:08:20:15
Denis
Yeah, no doubt it it is very tumultuous time, a lot of uncertainty and it's a very used word at the moment. But it's real. And you know, I think as an entrepreneurial business that embraces change, we we deal with uncertainty at core effects. I it's more maybe more the more. So everything that's happened on the supply chain side of it is something we were prepared for in a, in a in many ways, but also prepared in terms of having relationships and partnerships of trust that have been built over years and thankfully that, you know, comes through in a positive way when you need it most.
00:08:20:17 - 00:08:42:03
Denis
So I think we've been able to handle this quite well, but I will say it is still challenging. I think we're going to continue to see that just because, you know, with the best of intentions, costs go up and then it's how do you manage those costs, which are customers, ultimately consumers. You know, inflation is something that's thrown around a lot.
00:08:42:05 - 00:09:11:18
Denis
You know, some tried to say it's not as real as it is, but I could just say from the personal experience of being in mainland Europe over the last couple of months, it certainly feels like inflation and the cost of living in the US is significantly higher than other parts of the world. So it is real. So we're very conscious of trying to maintain and keep costs down so that things don't get out of control because then, you know, nobody wins.
00:09:11:20 - 00:09:27:22
Denis
Yeah. But like I said, we have great partnerships and we're keeping a very close eye on everything that happens. From a supply chain perspective, raw materials is one of our biggest costs. So we have to do everything we can to keep that in check.
00:09:27:24 - 00:09:53:24
Jennifer
Yeah, I would imagine. And you just described what we're hearing a lot of navigating rising costs. And the squeeze between profits and trying to have scalable growth without losing customers in the process. I think that's the number one issue that a lot of CEOs are facing. Are there any other pressing issues that you're facing right now as a CEO?
00:09:54:03 - 00:10:16:24
Denis
For us, it's actually a good problem. So we say that's growth with because of the freedom. As I explained earlier, you know, and the plans we had in place up to for to prepare for freedom, you know, we've grown quite significantly. You know, we've doubled in size in the last 18 months, and we plan to do that again in the next 18 months.
00:10:17:01 - 00:11:04:15
Denis
So, you know, my biggest challenge right now is ensuring that we can handle this growth phase that we're in in terms of keeping everybody sane, keeping everybody organized, making sure that I give everybody what they need to be successful in that phase, because it's quite challenging for everybody, you know? I mean, some is an hour and it's trying to slow everything down to make sure that we do everything right while still growing and then there's also, of course, the the pressure on cash, banking, relationships, all the rest of, well, so, you know, all the stuff that is critically important, but even more so when you're in a quite a good growth phase.
00:11:04:15 - 00:11:05:11
Denis
Yeah.
00:11:05:13 - 00:11:32:21
Jennifer
Well, rapid growth in, in any economic change or in any legislative change or market condition change, there are the companies that have very aggressive, rapid growth. And it is an issue because there's people, there's costs, there's chaos. There's is this truly increasing profits or are we just growing, you know, those kind of things. And there's many companies that do it wrong.
00:11:32:23 - 00:11:38:14
Jennifer
Any lesson learned there and your rapid growth for other organizations really growing right now?
00:11:38:17 - 00:12:12:07
Denis
Yeah, I would say, you know, it's it's like everything else I would say, you know, you got to believe in yourself. You got to absolutely stay true to what you know is right. And then you got to get super disciplined on executing and also, of course, get great people around you. You know, I put a lot of effort into that in the last 18 months, getting, getting people that were working directly with me the best that I can get, you know, that that's made a big difference as well.
00:12:12:09 - 00:12:37:08
Jennifer
Oh that's fantastic. Congrats on your success there. We've had other guests on the program, and there's an underlying theme that leadership is a privilege and all that comes with it, right? The good, the bad, the ugly. But the end of the day, it's a privilege for those going into leadership or starting their careers as CEOs or or what have you.
00:12:37:10 - 00:12:49:14
Jennifer
What advice or inspiration can you give them based off of your career and your success? You're a very successful executive, so what can you pass down to others?
00:12:49:16 - 00:13:21:24
Denis
Yeah, I mean, I think it's just like I was saying about your last question, it's about believing in yourself. If you don't do that and you're going to fail and you're going to come up with a, you're going to come up against a lot of challenges and failures. But it's, you know, learning from those. But ultimately believing in yourself and then be even even though you're in an entrepreneurial environment, which most new leaders are, even if they're with big corporations, they're almost creating their own entrepreneurial environment.
00:13:21:24 - 00:13:57:09
Denis
If they want to really separate themselves and be hugely successful, then it's about discipline, true entrepreneurial ism. And that's sometimes where entrepreneurial companies and environments fail because they don't double down on discipline. I push that a lot within our organization. And you gotta you gotta think about it all, all the time, every day. Then the other thing is, like I said earlier, getting great people around you, if you, you know, it's it's very important to learn very quickly early on.
00:13:57:09 - 00:14:17:08
Denis
Now, at the very start, if it's your business, you're starting out like I did with Core Effects back in 2009. You're doing it yourself. So you got to work in this all the time while trying to work on it. But as you scale, as you grow, you really have to figure out how to work on the business. You and I have talked about this before.
00:14:17:08 - 00:14:45:08
Denis
I said, yeah, honest. And not in this, you know, to get out of the weeds, to trust those that you hire to do phenomenal work and really just be the inspiration for them and set them up for success, like you're basically working for them, not the other way around. That's what I keep saying anyway. Yeah, I know it's about working for everybody is like setting the infrastructure up for their success.
00:14:45:10 - 00:15:01:02
Jennifer
Yeah. And to clarify, you mentioned discipline and everyone has a different definition of discipline. For me it's accountability and seeing things through enforcing success. How do you define discipline in your success?
00:15:01:05 - 00:15:32:19
Denis
Yeah, that's a good question. I think one of the keys is communication and doing it effectively. Yeah, a lot of times we can get distracted by many things in a day, in a week, in the month. But if you don't have very clear, precise communication and a disciplined way of doing it, things can start to unravel. So for me, it starts with starts and ends with communication.
00:15:32:21 - 00:15:59:11
Denis
Then it's about having, you know, your own self discipline of processes you have in the day, what you do, how you do it, and then it's about how you have maybe systems or structures are routines which are own people that work directly with you. So that it's also a disciplined that's a difficult to do in an environment that's quite entrepreneurial and where you have a lot of growth as well.
00:15:59:13 - 00:16:19:06
Denis
I get that, but I, you know, I've seen that if you do it right, it takes care of a lot of the other noise and goes on every day. And when you don't do it right, you start to run into a lot of problems of miscommunication and misfires.
00:16:19:08 - 00:16:42:00
Jennifer
Well said, well said. Were there any tools, products, systems or anything that was a game changer for you in your career? Whether it was an app or a software or what have you worked? What's your go to solution that you use to help your organization grow, especially with the rapid growth you've had?
00:16:42:02 - 00:17:05:11
Denis
Yeah, that's a good question. You know, we've always been pretty bootstrapped when it comes to this, even with the partnership with our new we never because they had a whole different ERP system and we couldn't really jump on. We were pretty much bootstrapped and figured it out along the way. So I think we've learned more from what didn't work than what did.
00:17:05:13 - 00:17:45:07
Denis
And then when we when we have and more recently we have applied really good products for whether it's R&D formulations or an ERP system, which we are currently implementing or, you know, CRM for selling, then we've been able to use the bootstrapping learnings to really adapt those systems to our needs. So I think we've done a good job of, you know, kind of creating boutique solutions for ourselves from what would be out of the box type systems that companies offer that are like systems companies.
00:17:45:09 - 00:18:08:12
Denis
So my advice would be to not just take something that a company says, here you go, it's out of the box. Have fun with it. I would say use the learnings that you have from when you have nothing, but it works to then take something that says it's going to work and apply what you've learned and and test those companies before you ever use it.
00:18:08:12 - 00:18:14:01
Denis
Like actually create a test that to the hilt and make sure it's true.
00:18:14:06 - 00:18:40:17
Jennifer
There's so many companies that want some sort of software and it's out of the box. And then they learn after the hours and hours of testing and integration into the organization, that it's not a fit, it's not a fit, but everyone else is using that. But it's it's not doing what you need it to do. Really good advice there.
00:18:40:19 - 00:19:04:12
Jennifer
Gosh, everyone has monumental moments in their career. Some of them are very positive and inspirational, while some some people, their styles, they learn from the challenges. There's a challenge and you move on for it. From it. Could you please share a monumental moment and what you learned from that experience?
00:19:04:14 - 00:19:26:15
Denis
Yeah, I suppose you know there are many, as you say, there's there's never one moment that defines you. And I can remember I don't remember this. I was told, I was told by my mother and relations about a grandma to mine. When she asked everybody when we were 7 or 8 years old, what are you going to be when you grow up?
00:19:26:15 - 00:19:55:16
Denis
And everybody says, I'm going to be a doctor or a farmer or whatever else. And her name was Peggy and I, apparently I said to Peggy, I don't know what I'm going to be. Yes, but I know it's going to be something big. So I always had an aspiration of doing something significant. I think the monumental, one monumental moment was, you know, deciding clearly that I was going to make the jump from research to to getting into commercial enterprise.
00:19:55:16 - 00:20:19:02
Denis
The ultimate the, you know, start a company and do something significant. And that meant that the actual decision meant that I had to leave Ireland and move to the US. And, you know, being in a research role, being a scientist, you know, it's a comfortable enough role. No disrespect to all my fellow scientists out there, but, you know, you you you have a routine, you have projects.
00:20:19:02 - 00:20:38:00
Denis
You know what? It is always in front of you. So going from that to what I decided to do was what was certainly a big leap and a leap of faith and in myself. And then, you know, you just you go for it. You know, if you're going to go for it, you're going to go for it. Right?
00:20:38:00 - 00:21:00:00
Jennifer
So yeah, I love that. I'm going to be something big. I just don't know what yet. And then believing in yourself and finding the path. Yeah. Some sometimes they say and I just saw a documentary on this. Sometimes success comes in a whisper. It's a whisper. It's not a across your face kind of thing. And you slowly figure it out over time.
00:21:00:00 - 00:21:27:07
Jennifer
So thank you for sharing that. Now you have been a best and brightest company to work for for many years, and you've received a lot of accolades there. And it's it's very hard to get that award. What do you believe has led to receiving that honor? And congratulations, by the way, tell us a little bit about your secret sauce of creating that kind of culture and workplace.
00:21:27:09 - 00:21:57:11
Denis
Yeah. Well, first of all, I and everyone, the core of folks are truly honored to have received this award for a number of years. It's not just me. Everybody gets super excited and pumped when we find out that we've won this every year. So it truly is an honor. And you know, it's an anonymous survey. So it's that's the beauty of it that like, if our people and all of us don't believe in each other, you're not going to win the award.
00:21:57:11 - 00:22:19:14
Denis
Because the questions I try to lead to, to the your judgment of whether, you know, the company is, is Marissa to get the award or not. But you know, this came about originally because my dear friend and mentor, Jill Soloway, who was formerly the CEO of owner and.
00:22:19:14 - 00:22:23:05
Jennifer
Owner and founder, another amazing leader, by the way.
00:22:23:07 - 00:22:42:08
Denis
I mean the best. And we learned so much from him. But he he told me to go for it. He said, you know, when he got to know me, he was like, listen, you got to go for the best and brightest of or, you know, your culture aligns so well with what it's about. I see so much of you in me.
00:22:42:08 - 00:23:02:17
Denis
I see so much of your company and what we've done, and I think you should go for it, and I'm sure you'll be hugely successful and said, you know, Joel, John always, you know. And so it was a it was a great you know, I'm honored that he would even say it first of all. But then believing that we we should do this and, and go for it.
00:23:02:17 - 00:23:29:03
Denis
So why you know, you know, I, I think it comes down to a lot of things like, you know, the Joel also talks about it many times in the past. You know, a core of X is a place of transparency, an open dialog. I think it's a place where everybody looks out for each other and, you know, the we know that we're always there to serve each other's best interests.
00:23:29:05 - 00:23:53:23
Denis
And we have genuine care for each other. So, you know, when you combine all those, it's a place where there's mutual trust. And when you start there, you know, it's a it's it's a great platform to go do what we always need to do. And that's like drive it every day and, you know, really push and push hard.
00:23:54:00 - 00:24:12:05
Denis
But you can only do that if the trust is there and the transparency is there. So we can have, you know, arguments with each other. We can disagree but figure it out. And I don't think anybody is above being able to have those arguments. We're all we're all in it together.
00:24:12:07 - 00:24:40:17
Jennifer
That's important point. And anybody that studies radical candor and and trust and transparency, allowing people to argue and debate takes the team and the company to the next level. And then people leaving that argument, still liking each other and still agreeing to disagree and moving, moving forward so that that's a hidden gem there. And some of the best teams have that.
00:24:40:17 - 00:25:07:16
Jennifer
And I'd like to shift gears for a second. You know, everyone looks at leaders, very successful leaders like yourself as something that they're not. So we'd like to ask a few questions to peel back the layer behind the person versus the title. Right. Yeah, yeah, we're all people. Are there any feeling rituals that you do that keep you sharp and motivated and focused as a human?
00:25:07:18 - 00:25:26:21
Denis
Yeah. Well, I like to look I like to try to take care of, you know, my body and try to stay in as good a shape as I can. So, you know, but I've learned over time that you don't have to, like, do all the cardio that I used to do in the past. I mean, I did a lot of soccer back in my day.
00:25:26:21 - 00:25:44:17
Denis
I did a lot of sports. And as as time goes on, you're not able to do as much of that. And it's a lot of running. But, you know, through advice and everything else, I don't do as much of that either. I'm trying to get I'm trying to get as I'm trying to get, you know, the the 10,000 plus steps a day.
00:25:44:17 - 00:26:03:04
Denis
And yeah, I try to lift like, heavy weights couple of times a week. It's kind of difficult to do here in Ireland when you're in somebody's home and you're away from your routine, but try to do stuff like that and then read. Of course, I try to read as much as I possibly can. I try to.
00:26:03:06 - 00:26:05:05
Jennifer
Denis, what are you reading?
00:26:05:07 - 00:26:37:08
Denis
You know, there was a couple a couple of different things, but there's a book about about about sorry, about creating a category, a category King book. And you know, when when you look at what we're doing with Core enhanced at the moment, that's exactly the endeavor that I aspiring to. And one don't have to go into the details of it, but that that world of arena of of nutrients and making sure that there actually effectively working is highly fragmented.
00:26:37:08 - 00:27:01:11
Denis
So my belief and from inspiration from others and, and talking with others who are in this world is that there an opportunity to create that category. And, and then, you know, how do you actually make sure you create it? And then all the category. So that's some reading I'm doing on that at the moment. Then, you know, just there's autobiographies.
00:27:01:13 - 00:27:16:22
Denis
And I don't actually get much time at the moment to read fiction. I'd love to. My son is doing a lot of it. So I'm very jealous. But yeah. So it's more more learning and autobiography. Autobiography, biography.
00:27:16:24 - 00:27:38:21
Jennifer
And for you who's made a lasting impression on you as a human, is there been anybody in your life that cheerleading for you or inspired you? Either. Sometimes it's a it's a criticism that you get your inspiration from. Sometimes it's a you can do it because it make lasting impression on you.
00:27:38:23 - 00:28:05:01
Denis
Does bit lots thankfully and like you say, some more tougher than others. You know it was there was a famous, you know, coach in Ireland of Gaelic games and he said that, you know, there's two ways to deal. There is two types of, of of players in, in that he experienced. There is the one that you put your arm around their shoulder and there's the one you kick up the ass.
00:28:05:03 - 00:28:32:02
Denis
So I think I've experienced definitely both types in in my lifetime. But you know, in terms of lasting impression, you know, I have to call out my dad because he passed away in January. And so it's been very recent. And, you know, obviously your your father, your, your parents have always leave a lasting impression. But, you know, he was a very humble, hardworking farmer.
00:28:32:04 - 00:28:54:08
Denis
Never asked for anything of anybody, but he was also an entrepreneur. And, you know, I figured this out, and I was thinking when I was doing the eulogy for him as well and, and preparing that. And I always thought this anyway, that like, he went out of his way to pioneer farming methods when nobody else was doing it back in the 80s in Ireland, where I'm from, Kerry was like a very poor country.
00:28:54:08 - 00:29:15:00
Denis
Then. There was not a lot going on except surviving, but he went out of his way to change farming methods that were for the better to advance farming. And these local groups or national groups that were advancing farming as well, actually came by our farm many times to like, do walkthroughs the show and this is how you can do it.
00:29:15:02 - 00:29:44:21
Denis
But he when he did all of this and not just farming methods outside, there was also milking methods that he changed as well. He always told us why he was doing it and he always taught us and he took the time to do it, even though he had no time for anything except farming, but because he felt it was his duty, I guess so, because, you know, he he wanted us to learn from what worked and what didn't work, that he he always took that time.
00:29:44:23 - 00:30:06:16
Denis
So and the humility he showed and, and everything he did was, was something that last taught me. So I always think of that and I always try to do that in, in my own environment and core effects with my kids, with, with other partnerships I have. I try to do as much, you know, giving back work as well with others that that I can.
00:30:06:18 - 00:30:12:05
Denis
And I think everything he did has had a lasting effect and all of that.
00:30:12:07 - 00:30:42:22
Jennifer
Yeah. Will have comfort that that does exude from you. And it it has been the undertone theme of, of this entire conversation. You know, this underlying theme of innovation and ingenuity and learning from different disciplines and learning from the farm and learning from science and learning from entrepreneurs and learning from others that have done different things. That that is part of your theme.
00:30:42:22 - 00:31:12:05
Jennifer
You also reminded us about discipline, process, structure, self discipline, holding yourself accountable, holding others accountable, and then the underlying theme of believing in yourself, even if you don't know how it's going to happen, you know it's going to happen. So congratulations on your success. Thank you for sharing your insight, your wisdom, your leadership, and all of the things that have made you great that we can learn from.
00:31:12:05 - 00:31:20:00
Jennifer
So thank you for being on the program. Congratulations and keep shining bright, Denis. Keep shining bright.
00:31:20:02 - 00:31:31:05
Denis
And thanks for everything you do. It's it's it's it's such an honor and a pleasure to be involved with you all. I also enjoy our CEO forums and we we meet up. So it's it's always inspirational.
00:31:31:07 - 00:31:43:18
Jennifer
Thank you very much. So that's it for today everyone be well. And please take something that you learned from today's conversation and apply it to your own lives. Thank you very much. Bye bye everybody.
00:31:43:20 - 00:31:43:22
Denis
My.