IFF Appoints Margarita Paláu-Hernández to Board of Directors

Rhea-AI Summary

IFF (NYSE: IFF) has appointed Margarita Paláu-Hernández to its Board of Directors, effective June 3, 2024. This appointment aligns with IFF's cooperation agreement with Icahn Capital LP. The Board will now consist of 11 members, 10 of whom are independent. Roger Ferguson, lead director of IFF, emphasized Paláu-Hernández's legal expertise and consumer insights as critical assets for IFF's growth and transformation plan. Carl Icahn, CEO of Icahn Capital, also expressed confidence in Paláu-Hernández's ability to contribute to IFF's strategic advancements and shareholder value.

Positive

• Appointment of Margarita Paláu-Hernández adds legal expertise and consumer insights to the Board.
• Board will now have 10 out of 11 members as independent directors, which may enhance governance.
• Alignment with Icahn Capital LP indicates strong cooperation and strategic planning.
• Carl Icahn's endorsement suggests confidence in IFF's current strategy and future growth potential.

Negative

• No immediate financial or operational impact from the appointment has been disclosed.
• Potential risks if the new appointment does not lead to expected growth or transformation.

NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) today announced the appointment of Margarita Paláu-Hernández to its Board of Directors, effective June 3, 2024. Paláu-Hernández joins as a mutually agreed independent Director in connection with IFF’s previously disclosed cooperation agreement with Icahn Capital LP and its affiliates. Following the appointment of Paláu-Hernández, the Board will be comprised of 11 members, ten of which are independent.

"We are pleased to welcome Maggie to the IFF Board," said Roger Ferguson, lead director of IFF. "Her legal expertise, consumer insights, and her experience in emerging markets will be invaluable to IFF as we continue to execute on our growth and transformation plan to drive increased shareholder value.”

“I am confident that Maggie will be an excellent addition to the IFF Board,” said Carl Icahn, CEO of Icahn Capital. “As IFF continues to advance its strategy, I believe that the Board and management team are poised to capture further opportunities for growth.”

About Margarita Paláu-Hernández

Paláu-Hernández is Founder and Chief Executive Officer of Hernández Ventures, a privately held enterprise involved in Spanish media, business and real estate ventures. Prior to founding Hernández Ventures, Paláu-Hernández was an attorney with the law firm of McCutcheon, Black, Verleger & Shea where she focused on domestic and international business.

Paláu-Hernández has served on the board of Apartment Income REIT Corporation since 2021, and Conduent Incorporated since 2019. She also serves on the Board of Trustees of the National Museum of the American Latino at the Smithsonian, the Yale School of Management Council of Global Advisors, the Ronald Reagan UCLA Medical Center Board of Advisors, and is an ex-officio Board Member of the Yale School of Management Board of Advisors. She is a founding Board Member of UCLA Law Women L.E.A.D. She is currently a Trustee Emeritus of UCLA School of Law Board of Advisors and the University of San Diego Board of Trustees.

In September of 2018, Paláu-Hernández was nominated to serve as a Representative of the United States of America to the Seventy-third Session of the General Assembly of the United Nations, with the personal Rank of Ambassador. She earned a bachelor’s degree, Magna Cum Laude, from the University of San Diego and a Juris Doctor degree from UCLA School of Law.

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.

© 2024 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/20240530809941/en/

Media Relations:

Paulina Heinkel

332.877.5339

Media.request@iff.com



Investor Relations:

Michael Bender

212.708.7263

Investor.Relations@iff.com

Source: IFF

FAQ

When will Margarita Paláu-Hernández join the IFF Board of Directors?

Margarita Paláu-Hernández will join the IFF Board of Directors effective June 3, 2024.

What is the significance of Margarita Paláu-Hernández's appointment to IFF?

Her legal expertise and consumer insights are expected to be invaluable for IFF's growth and transformation plan.

How many independent directors will IFF have after this appointment?

IFF will have 10 independent directors out of a total of 11 board members.

What does Carl Icahn say about the new appointment to IFF's Board?

Carl Icahn expressed confidence in Paláu-Hernández’s ability to contribute to IFF’s strategic advancements and shareholder value.

How does this appointment relate to Icahn Capital LP?

The appointment is part of IFF's previously disclosed cooperation agreement with Icahn Capital LP.