25 September 2023
Read CEO Stefan Bomhard's speech to the 2023 Global Tobacco & Nicotine Forum, a hybrid event hosted online and in South Korea.
In this video extract from his presentation to the GTNF, Stefan explains why the investments Imperial has made since 2021 have made the business a stronger challenger.
Two years on from his first appearance at the GTNF, Stefan again addressed the world’s leading annual conference on the future of the tobacco and nicotine industries.
In 2021 – having earlier in the year laid out a new strategic plan for the business – Stefan had explained how Imperial could play a distinctive role in the industry’s exciting transformation.
“I said that Imperial, as the smallest of the global tobacco and nicotine companies, should be the industry’s challenger”, Stefan reminded this year’s GTNF participants.
Outlining Imperial’s progress since 2021, he added: “I would be the first to admit we haven’t always got it right. But, overall, we are pleased with where we are.”
He pointed to the assembly of a new leadership team; the building of new capabilities; investment in data and systems to support better-informed and faster decision making; and a new collaborative approach to innovation.
One milestone achievement – representing the largest piece of consumer research ever conducted in Imperial’s history – led to two important messages for the industry, Stefan said.
“First, we can see that next generation products are no longer a niche category. In certain occasions, they have already become a mainstream, well-established alternative to cigarettes.
“Second, however … the fact that there are large spaces in people’s lives where our new products have yet to find a firm footing means, together, we still have much work to do."
Consumers were not converging around a single product or category, said Stefan.
“For us at Imperial, this is really exciting. These insights tell us that there is room for many players in this industry, each with different propositions targeting different consumer niches.”
I believe that if, collectively, we continue to stay close to our consumers and continue to work openly and collaboratively, there is a bright and healthier future ahead.
