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IFF Chairman and Chief Executive Officer Andreas Fibig to Retire
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Rhea-AI Summary
Andreas Fibig, CEO and Chairman of IFF, will retire after a decade with the company. The Board is currently evaluating successors and expects to announce a new CEO by early 2022. Fibig noted IFF's strong sales growth and successful integration of Nutrition & Biosciences, expressing pride in transforming the company into a sustainability leader. His retirement marks a significant transition, but he will assist in the handover process. IFF aims to continue driving long-term value for stakeholders while navigating the ongoing challenges of the market.
Positive
Successful integration of Nutrition & Biosciences resulting in strong sales growth.
IFF is positioned as a sustainability leader in its industry.
Negative
Risks associated with the CEO transition and the identification of a successor.
NEW YORK--(BUSINESS WIRE)--
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.
