IFF Provides Update on Evolution of Board of Directors

Rhea-AI Summary

IFF (NYSE: IFF) has announced significant changes to its Board of Directors, aiming to align with best-in-class corporate governance standards. Effective from the 2023 Annual Shareholder Meeting, Roger W. Ferguson, Jr. will succeed Dale F. Morrison as Chair following Morrison's retirement for health reasons. Newly appointed directors include Mark J. Costa, Dawn Willoughby, and Gary Hu, while Michael Ducker, Ilene Gordon, and Kare Schultz will retire. The Board will be reduced to ten members by the upcoming meeting, reflecting a strategic transformation as IFF continues to enhance leadership and governance.

Positive

• Appointment of experienced directors may strengthen Board performance.
• Reduction in Board size could enhance decision-making efficiency.

Negative

• Retirement of long-serving directors may disrupt continuity.
• Potential experience gaps with new appointments may pose risks.

NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF) today outlined the recent changes to its Board of Directors, consistent with its plans to evolve its Board in line with best-in-class corporate governance standards, announced in connection with its long-term strategic and financial vision on Dec. 7, 2022.

• New Board Chair: Roger W. Ferguson, Jr., experienced IFF Board member, has been named Chair of the IFF Board as of the 2023 Annual Shareholder Meeting. He will succeed Dale F. Morrison, who has been a member of the IFF Board since 2011, most recently serving as Chair since 2022. Morrison has notified IFF of his intent to retire from the Board as of the 2023 Annual Shareholder Meeting due to health reasons;
• Board Appointments: Mark J. Costa, Dawn Willoughby and Gary Hu have been appointed to the IFF Board; and
• Board Retirements: Michael Ducker, Ilene Gordon and Kare Schultz have retired as IFF directors.

These changes will result in the Board reducing its size to no more than 10 IFF directors and one Icahn Capital designee director by the 2023 Annual Shareholder Meeting.

“It has been a delight and honor to serve on the IFF Board over the past 12 years, and most recently as Chair of the Board during this transformational period,” said Morrison. “IFF is a leader in its industry, who has built a world-class portfolio, and a robust R&D pipeline to be a premier partner to its customers. I’m proud of the great strides the company has taken at the nexus between creativity and science, and though it is time for me to take a step back and focus on my health, I’m eager to see IFF accelerate ahead in the years to come.”

“We are very grateful for the years of tremendous contributions made by Dale, Ilene, Michael and Kare to help build upon IFF’s strong foundation and guide its future success,” said Ferguson. “In particular, Dale’s leadership as Chair over the past year was pivotal in the development of our refreshed strategic plan and we thank him for his service to IFF. As we progress along our strategic transformation journey, we look forward to welcoming Mark, Dawn and Gary and benefitting from their insights and relevant expertise.”

Mr. Ferguson continued, “The IFF Board and management team remain committed to the successful execution of the next phase of IFF’s strategic transformation, meeting the evolving needs of our customers and maximizing the Company’s long-term profitable growth potential.”

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/20230201006084/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

What are the recent changes to the IFF Board of Directors?

IFF has appointed Roger W. Ferguson, Jr. as the new Board Chair, succeeding Dale F. Morrison, who is retiring due to health reasons. Three new directors have been appointed while three have retired.

When will the new Board changes take effect for IFF?

The new Board changes will take effect at the 2023 Annual Shareholder Meeting.

What is the reason for Dale Morrison's retirement from the IFF Board?

Dale Morrison is retiring from the IFF Board due to health reasons.

How will the IFF Board's composition change in 2023?

The IFF Board will be reduced to ten directors plus one Icahn Capital designee by the 2023 Annual Shareholder Meeting.

Who are the new directors appointed to the IFF Board?

The new directors appointed to the IFF Board are Mark J. Costa, Dawn Willoughby, and Gary Hu.