IFF Announces Board Changes, new appointments

Published 20/12/2024, 08:20 am
IFF
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International Flavors & Fragrances Inc. (NYSE:IFF) disclosed significant changes to its board of directors, as reported in a recent SEC filing. Three board members, Roger W. Ferguson, Jr., John Davidson, and Christina Gold, have decided not to seek re-election at the upcoming 2025 Annual Meeting of Stockholders. They intend to serve until their current terms end. Their departures are not due to disagreements with the company.

Kevin O'Byrne is set to succeed Ferguson as Chair of the Board, contingent on his re-election at the 2025 Annual Meeting. Meanwhile, Gary Hu will step down from the board on December 31, 2024, and will be replaced by Vincent Intrieri as the Icahn Designee director, in line with a Cooperation Agreement with the Icahn Group. This leadership transition comes as IFF maintains its impressive 54-year streak of consecutive dividend payments, with a current yield of 1.87%.

Effective January 1, 2025, Cynthia Jamison, Mehmood Khan, and Vincent Intrieri will join the board. Jamison brings over two decades of boardroom and financial experience, currently chairing the boards of Darden Restaurants (NYSE:DRI) and Big Lots (NYSE:BIG). Khan is CEO of Hevolution Foundation and holds positions on several other boards.

Intrieri, founder and CEO of VDA Capital Management, has a history with Icahn-related entities and serves on multiple boards. InvestingPro data shows the company maintains strong liquidity with a current ratio of 2.62, indicating robust financial stability during this transition period.

These appointments follow the non-employee director compensation arrangements outlined in IFF's 2023 Proxy Statement. There are no other arrangements or transactions involving the new appointees that exceed $120,000 since the start of IFF's last fiscal year.

In other recent news, International Flavors & Fragrances (IFF) has announced a change in its executive team with Michael DeVeau set to become the new CFO, succeeding Glenn Richter upon his retirement at the end of 2024. This comes as IFF reports strong earnings and revenue results for the third quarter of 2024, with net sales expected to reach between $11.3 billion and $11.4 billion, and adjusted operating EBITDA at the high end of the $2.1 billion to $2.17 billion range.

In terms of analyst notes, BofA Securities has upgraded IFF stock from Neutral to Buy, while Citi reduced its price target for IFF shares but maintained a 'Buy' rating. Both firms have noted caution for Q4 due to possible deceleration and customer inventory adjustments.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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