Episode 38: Larry Hilsheimer

In this episode of the Titanium Economy podcast, Gaurav Batra, CEO of Ayna, sits down with Greif CFO Larry Hilsheimer to unpack how a 150-year-old industrial packaging company has reinvented itself through disciplined capital allocation, portfolio transformation, and customer-centric strategy. Larry shares how Greif improved margins by prioritizing value over volume, exited non-core businesses, and built a high-performing culture grounded in customer intimacy. They also explore AI adoption, ERP transformation, and how industrial companies can thrive through prolonged economic cycles. This conversation is a must-watch for leaders interested in resilient growth, operational excellence, and long-term value creation.

Larry Hilsheimer is Executive Vice President and CFO of Greif, Inc., a global industrial packaging leader with approximately $4.5 billion in annual revenue across 40 countries. He brings nearly three decades of experience from Deloitte, spanning tax advisory, corporate transactions, and senior executive roles, before serving as CFO of Nationwide Mutual Insurance during the 2008 financial crisis and taking on financial leadership at Scotts Miracle-Gro. At Greif, he has been the financial architect of a transformational decade defined by $2.5 billion in strategic acquisitions, approximately $3.5 billion in dispositions, and a deliberate shift toward less-cyclical end markets.

Discussion Points

• (00:00) Greif's Industrial Legacy, Market Position & Community Philosophy Nearing its 150th year, Greif manufactures industrial containers underpinning global supply chains for chemicals, food, and consumer goods. Its service-profit-chain philosophy treats colleague engagement, customer excellence, and community vitality as interdependent operational pillars.
• (04:59) Industrial Packaging Investment Thesis & Strategic Portfolio Transformation Greif's evolution from wooden cooperage to a $4.5 billion global packaging leader reflects relentless capital reallocation toward defensible market leadership across 35 countries. Deliberate divestitures — including the containerboard exit to PCA — reduced cyclicality while unlocking capital for higher-margin repositioning.
• (09:34) Capital Structure Optimization, Margin Discipline & Customer Intimacy Divestitures have driven leverage to 1.2x, enabling organic growth and tuck-in acquisitions aligned to Greif's end-market thesis. Closing 100+ underperforming plants and enforcing value-over-volume discipline elevated Net Promoter Scores from below the 30th percentile to the world-class mid-70s.
• (15:17) ERP Consolidation, Data Harmonization & AI Integration Consolidating 100+ legacy systems into a single ERP built the data infrastructure required for AI deployment at scale. AI is already driving productivity gains across finance, legal, HR, and supply chain, with agentic capabilities displacing manual processes such as global statutory reporting.
• (22:36) Macroeconomic Outlook, Industrial Sector Valuation & the Evolving CFO A multi-year industrial recession — tied to home resales at 1983 lows and weakening global auto production — continues suppressing packaging demand. Simultaneously, the CFO role has evolved into a strategic mandate requiring intellectual curiosity, operational fluency, and adaptability in an AI-accelerated environment.

For More Information

Greif

The Titanium Economy

Ayna Website