RFK Jr appointed Health Secretary US President-Elect, Donald Trump, has announced that Robert F Kennedy Jr (RFK), will be appointed Secretary of Health. One area in which RFK appears to hold strong views is food where he has spoken of his desire for Americans to eat healthier. For example, he has spoken of: banning artificial food colouring and certain additives; ending FDA scrutiny of things like supplements; changing rules on food stamps (e.g. not being able to buy ultra processed foods with SNAP benefits) and banning ultra processed foods in school lunches. BNPP Exane View: While rhetoric is one thing and reality is quite another, the appointment adds weight (no pun intended) to the headwinds facing segments of the US packaged food industry. As to relevant exposures, in the figure below we outline both relevant US exposures (est. % of FY23 revenues) and those that we estimate are relevant: / In conclusion, across our coverage, Lindt appears to have the most exposure to this thematic and JDE Peet''s the least.