Business Wire

IFF Chairman and Chief Executive Officer Andreas Fibig to Retire

Share

IFF (NYSE: IFF) today announced that Andreas Fibig, IFF’s Chairman and Chief Executive Officer, plans to retire after a 10-year tenure with the company and more than seven years as IFF’s Chairman and CEO. The Board of Directors is evaluating candidates to succeed Mr. Fibig as CEO with the support of a leading executive search firm. Mr. Fibig looks forward to continuing in his role as Chairman and CEO until a successor is named, which is expected by early 2022, and he has agreed to stay on for a period of time to support a seamless transition. At the time of his retirement, Mr. Fibig will also step down from IFF’s Board of Directors.

“Over the past several years, Andreas has successfully led IFF through some of the most significant milestones in the company’s history,” said Ed Breen, Lead Independent Director of IFF. “IFF has benefited from his experience and commitment to transformation that redefines the possibilities for our industry. Our future is bright as IFF is well-positioned to drive long-term value creation for all stakeholders. The Board and I are grateful for everything Andreas has helped IFF accomplish. We wish him all the best and appreciate his ongoing leadership to ensure a smooth transition as we search for his successor.”

“Leading this 132-year-old iconic company through a true transformation this past decade has been an honor,” said Andreas Fibig, Chairman and CEO. “With the company delivering strong sales growth and the integration of Nutrition & Biosciences well underway, I feel now is the right time to let the next chapter of IFF’s legacy begin. We have created an unrivaled platform that is a true innovation partner to our customers and instilled a real purpose within our company to become a global leader in sustainability. Of all we have accomplished at IFF, what I am most proud of is that IFF has returned to its rightful place as the clear leader in our field, extending its illustrious legacy and poised to define the evolution of our industry for years to come. IFF has never been in a better position, and I look forward to watching its next chapter unfold.”

Cautionary Statement under the Private Securities Litigation Reform Act of 1995
This press release contains “forward-looking statement” within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Such forward-looking statements are based on a series of expectations, assumptions, estimates and projections about the Company, are not guarantees of future results or performance, and involve significant risks, uncertainties and other factors, including assumptions and projections, for all forward periods. Our actual results may differ materially from any future results expressed or implied by such forward-looking statements. Such uncertainties and other factors include, among others, the following: (1) disruption in the development, manufacture, distribution or sale of our products from COVID-19 and other public health crises; (2) risks related to the integration of N&B and the Frutarom business, including whether we will realize the benefits anticipated from the acquisitions in the expected time frame; (3) unanticipated costs, liabilities, charges or expenses resulting from the Frutarom acquisition and the N&B Transaction; risks related to the restrictions that we are required to abide by in connection with the N&B Transaction; (4) our ability to provide the same types and level of services to the N&B Business that historically have been provided by DuPont, and our ability to maintain relationships with third parties and pre-existing customers of N&B; (5) our ability to realize expected cost savings and increased efficiencies of the Frutarom integration and our ongoing optimization of our manufacturing facilities; (6) our ability to successfully establish and manage acquisitions, collaborations, joint ventures or partnership and to manage and complete divestitures or dispositions; (7) the increase in our leverage resulting from the additional debt incurred to pay a portion of the consideration for Frutarom and its impact on our liquidity and ability to return capital to its shareholders; (8) our ability to successfully market to our expanded and diverse Taste customer base; (9) our ability to effectively compete in our market and develop and introduce new products that meet customers’ needs; (10) our ability to retain key employees; (11) changes in demand from large multi-national customers due to increased competition and our ability to maintain “core list” status with customers; (12) our ability to successfully develop innovative and cost-effective products that allow customers to achieve their own profitability expectations; (13) disruption in the development, manufacture, distribution or sale of our products from natural disasters, public health crises, international conflicts, terrorist acts, labor strikes, political crisis, accidents and similar events; (14) the impact of a disruption in our supply chain, including the inability to obtain ingredients and raw materials from third parties; (15) volatility and increases in the price of raw materials, energy and transportation; (16) the impact of a significant data breach or other disruption in our information technology systems, and our ability to comply with data protection laws in the U.S. and abroad; (17) our ability to comply with, and the costs associated with compliance with, regulatory requirements and industry standards, including regarding product safety, quality, efficacy and environmental impact; (18) our ability to react in a timely and cost-effective manner to changes in consumer preferences and demands, including increased awareness of health and wellness; (19) our ability to meet consumer, customer and regulatory sustainability standards; (20) our ability to benefit from our investments and expansion in emerging markets; (21) the impact of currency fluctuations or devaluations in the principal foreign markets in which we operate; (22) economic, regulatory and political risks associated with our international operations; (23) the impact of global economic uncertainty on demand for consumer products; (24) our ability to comply with, and the costs associated with compliance with, U.S. and foreign environmental protection laws; (25) our ability to successfully manage our working capital and inventory balances; (26) the impact of the failure to comply with U.S. or foreign anti-corruption and anti-bribery laws and regulations, including the U.S. Foreign Corrupt Practices Act; (27) any impairment on our tangible or intangible long-lived assets, including goodwill associated with the acquisition of Frutarom; (28) our ability to protect our intellectual property rights; (29) the impact of the outcome of legal claims, regulatory investigations and litigation, including current and future developments involving tax matters in Brazil; (30) changes in market conditions or governmental regulations relating to our pension and postretirement obligations; (31) the impact of changes in federal, state, local and international tax legislation or policies, including the Tax Cuts and Jobs Act, with respect to transfer pricing and state aid, and adverse results of tax audits, assessments, or disputes; (32) the impact of the United Kingdom’s departure from the European Union; (33) the impact of the phase out of the London Interbank Offered Rate (LIBOR) on interest expense; and 34) risks associated with our CEO transition, including the timely identification of a successor CEO and the impact on employee hiring and retention.

The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other disclosures made by the Company (such as in our other filings with the SEC or in company press releases) for other factors that may cause actual results to differ materially from those projected by the Company. Please refer to Part I. Item 1A., Risk Factors, of the Company’s Annual Report on Form 10-K filed with the SEC on February 22, 2021 for additional information regarding factors that could affect our results of operations, financial condition and liquidity. We intend our forward-looking statements to speak only as of the time of such statements and do not undertake or plan to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this report or included in our other periodic reports filed with the SEC could materially and adversely impact our operations and our future financial results. Any public statements or disclosures made by us following this report that modify or impact any of the forward-looking statements contained in or accompanying this report will be deemed to modify or supersede such outlook or other forward-looking statements in or accompanying this report.

Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Michael DeVeau
Chief Investor Relations & Communications Officer
212.708.7164
Michael.DeVeau@iff.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Suzano announces record operating cash generation of R$5.2 billion in 3Q2129.10.2021 00:57:00 EEST | Press release

Suzano , the global benchmark in the manufacture of bioproducts developed from eucalyptus, announces its results for the three months to September (3Q21), with operating cash generation reaching R$5.2 billion, a new quarterly record since the merger with Fibria in January 2019. Adjusted EBITDA reached a record of R$6.3 billion in 3Q21. Due to the increase in adjusted EBITDA, combined with the fresh reduction in net debt to US$10.7 billion, ratio of net debt to EBITDA ended the quarter at 2.7 times in USD. With this, the company concludes its financial deleveraging cycle after the merger and kickstarts a new phase of expansion with the construction of a pulp mill in Ribas do Rio Pardo, Mato Grosso do Sul state. Suzano’s strong results in recent quarters underline its competitive strength and cash generation potential. “This new quarterly record was achieved in spite of inflationary pressures, especially on commodities, and the logistics challenges that have marked international trade in

IFF to Release Third Quarter 2021 Results November 828.10.2021 23:15:00 EEST | Press release

IFF (NYSE:IFF), today announced that it will release its third quarter 2021 earnings results following the market close on Monday, November 8. The management team will host a live webcast on Tuesday, November 9, 2021 at 10:00 a.m. ET to discuss results and outlook with the investor community. Investors may access the live webcast and accompanying slide presentation on the Company's website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available for replay. Welcome to IFF At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do mo

Norsk Titanium Announces Deployment of RPD Builder™ Tool28.10.2021 19:54:00 EEST | Press release

Norsk Titanium AS (Norsk Titanium; Euronext: NTI), a global leader in Directed Energy Deposition (DED) additive manufacturing of aerospace-grade structural titanium components, announces today a significant advancement to their Rapid Plasma Deposition® (RPD®) process. The company has successfully deployed and validated the internally developed RPD Builder™ computer-aided manufacturing tool for the first time, significantly shortening part development timelines. “This is a tremendous accomplishment for Norsk Titanium,” said Nicholas Mayer, Norsk Titanium’s Vice President of Commercial. “RPD Builder™ is a significant enabler as we move into more industrial manufacturing and engineering services markets. It will give our customers added flexibility and allow them to explore part design options independent from our manufacturing engineering team.” RPD Builder™ has been developed over the past three years and incorporates the full knowledge base of Norsk Titanium’s process metallurgy and ma

FINVASIA Acquires Gini Health, Expands Into Healthcare Services28.10.2021 19:49:00 EEST | Press release

FINVASIA, today, announced its investment in Gini Health, a Canada based healthcare technology company that pioneered DNA and lifestyle data based personalized health to prevent diseases. This acquisition furthers FINVASIA’s strategic business objectives of investing in traditional business and transforming them. The partnership supports FINVASIA’s commitment to health care to accelerate technology-led innovation in preventive and personalized healthcare services. Effective immediately, all the previous investors have exited, making FINVASIA and Gini Health’s founder and CEO Gurjot Narwal key stakeholders in the company. This move by FINVASIA is a step towards making the company’s capital structure lean, providing them more room to support their business strategy. Gini Health’s founder and CEO Gurjot Narwal will keep leading the company. Finvasia along with the investment will provide group resources, operational experience, technology, infrastructure, and its reach as a multidisciplin

Philippine Airlines Boosts Digital Transformation by Switching to Rimini Street Support for its Oracle Footprint28.10.2021 19:00:00 EEST | Press release

Rimini Street, Inc. (NASDAQ: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that Philippine Airlines (PAL), the flagship carrier of the Philippines, has switched to Rimini Street Support for its Oracle E-Business Suite, Fusion Middleware and Database software portfolio. The airline made a strategic decision to move to Rimini Street to help it address the challenges faced by the commercial aviation sector as a result of the global pandemic. By turning over complete support of its Oracle footprint, the airline was able to accelerate key digital innovation projects that support the growth of its business including modernizing its cargo system, integrating its mobile and remote capabilities for more efficiencies and launching its passenger analytics for improving its Know Your Customer program. This press release features multimedia. View the full

Verimatrix Video Protection To Be Deployed Inside New WISI Professional ABR Receiver for Hospitality Networks28.10.2021 18:55:00 EEST | Press release

Regulatory News: Verimatrix, (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, and WISI, a world leader in edge video delivery solutions, today announced that Verimatrix video protection technologies are set to be deployed within the new WISI Professional ABR Receiver that enables video operators to connect multiscreen PayTV offerings to the edge while still maintaining existing infrastructure at hospitality sites. Designed to allow video operators that service the world’s major hospitality organizations to avoid costly upgrades, WISI’s Professional ABR (Adaptive Bitrate Streaming) Receiver, along with Verimatrix’s protection technologies, eliminate the need for new set-top boxes or TVs. “By providing operators with a simple path toward migrating to ABR services while still supporting Linear TV deployments at the edge, this WISI-Verimatrix solution stands as a notable example of how close industry collaboration can translate into ma

Ben Cousins Appointed Head of Studio Operations for FunPlus’ European Studios28.10.2021 18:00:00 EEST | Press release

FunPlus, a leading independent mobile game developer and publisher, announced today that Ben Cousins has been appointed Head of Studio Operations, supervising projects in development at FunPlus’ studios in Moscow and Stockholm. Based in Stockholm, and in close collaboration with studio leadership in both locations, Cousins will help to optimize the studios’ working environment and align all studio activities to contribute to successful product development and continued company growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211028005417/en/ Ben Cousins Appointed Head of Studio Operations for FunPlus’ European Studios; Free-to-play and games-as-a-service expert brings more than two decades of experience to the role (Photo: Business Wire) A game industry thought leader, Cousins created Battlefield Heroes, one of the western world’s first free-to-play games. A former Executive Producer of the Battlefield franchise at DIC

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom