IFF Appoints Gary Hu to Board of Directors

Rhea-AI Summary

IFF announced the appointment of Gary Hu to its Board of Directors effective February 1, 2023. Hu is a portfolio manager at Icahn Capital and will serve on the Audit and Transaction Committees. This appointment follows a cooperation agreement with Icahn Capital.

Dale Morrison, IFF’s Board chairman, expressed confidence that Hu's experience will enhance the board's efforts to drive shareholder value. Hu stated his enthusiasm to contribute to IFF’s strategic goals during a pivotal growth phase. Barry Bruno will continue as an independent director, while Icahn Capital will adhere to standard provisions in the cooperation agreement.

Positive

• Gary Hu's board experience and financial expertise may enhance strategic decision-making.
• The cooperation with Icahn Capital suggests strong financial backing and potential for growth.

Negative

• Concerns about continuity with the addition of a new board member.
• Possible experience gaps in board dynamics with recent changes.

NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) today announced the appointment of Gary Hu to the Company’s Board of Directors, effective Feb. 1, 2023. Hu, a portfolio manager at Icahn Capital, will be appointed to the Board’s Audit and Transaction Committees. In connection with this appointment, IFF has entered into a cooperation agreement with Icahn Capital LP and its affiliates.

“On behalf of the IFF Board of Directors, I would like to welcome Gary to the Board,” said Dale Morrison, chairman of IFF’s Board of Directors. “We expect that Gary’s board experience – coupled with his financial and investment expertise – will prove a solid addition to our Board. We look forward to working alongside him as we continue to execute on our growth and transformation plan to drive increased shareholder value.”

“As a member of IFF’s Board, I am excited to help the Company realize its strategic goals and execute on its initiatives for 2023 and beyond,” said Hu. IFF is on the precipice of its next phase of growth, and I am excited to join the Board at this pivotal time.”

“I am confident that Gary will be an excellent addition to the IFF Board,” said Carl Icahn, CEO of Icahn Capital. “As IFF continues to advance its strategic efforts, I believe that the Board and management team are poised to capture further opportunities for growth, deploying innovation across the portfolio to create value for shareholders.”

Additionally, Barry Bruno – who was appointed to the IFF Board in connection with a previous cooperation agreement with Icahn Capital announced on Feb. 8, 2022 – will continue to serve as an independent Director. Icahn Capital has agreed to customary standstill, voting and other provisions. The full agreement between IFF and Icahn Capital will be filed on a Form 8-K with the SEC.

About Gary Hu

Hu currently serves as a portfolio manager at Icahn Capital LP, a subsidiary of Icahn Enterprises L.P., which is a diversified holding company engaged in a variety of businesses. Prior to joining Icahn Capital LP, he worked at Silver Point Capital LP, a credit-focused investment firm from 2012 to 2020, and Stockbridge Investors, the public securities affiliate of Berkshire Partners LLC from 2010 to 2012. Hu has been serving as a board member of Bausch & Lomb and Dana Incorporated since 2022, and previously served on the boards of Occidental Petroleum Corporation and Cloudera Incorporated. He graduated from the University of Pennsylvania with a B.S. in Finance and Accounting and a B.A.S. in Computer Science.

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.

© 2023 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230201006076/en/

Media Relations:

Paula Heinkel

332.877.5339

Media.request@iff.com

Investor Relations:

Michael Bender

212.708.7263

Investor.Relations@iff.com

Source: IFF

FAQ

Who is Gary Hu and what is his role at IFF?

Gary Hu is a portfolio manager at Icahn Capital, appointed to IFF's Board of Directors effective February 1, 2023.

What committees will Gary Hu serve on at IFF?

Hu will serve on the Audit and Transaction Committees.

What is the significance of the cooperation agreement with Icahn Capital?

The agreement indicates strategic partnership and financial support to help IFF achieve its growth objectives.

When did Gary Hu join the IFF Board?

Gary Hu joined the IFF Board on February 1, 2023.

What impact could Hu's appointment have on IFF's future?

Hu's extensive financial expertise may strengthen IFF's financial strategies and enhance shareholder value.