International Flavors & Fragrances Inc. - IFF STOCK NEWS

International Flavors & Fragrances (NYSE: IFF) is evolving its Board of Directors to enhance its strategic transformation and financial vision. Effective March 10, 2023, Kevin O’Byrne, CFO of J Sainsbury Plc, will join the Board, bringing extensive experience in consumer retail. He will serve on the Audit, Innovation, and Transaction Committees. Meanwhile, Ed Breen, Matthias Heinzel, and Stephen Williamson will retire from the Board, with Williamson's departure also effective March 10. The Chairman expressed gratitude for their contributions, emphasizing the company’s commitment to long-term growth and innovation under new leadership.

IFF (NYSE: IFF) has agreed to sell its Flavor Specialty Ingredients (FSI) business to UK-based private equity firm Exponent for $220 million. The sale aims to strengthen IFF's financial profile by reducing outstanding debt and allowing the company to concentrate on core operations. FSI is a leading manufacturer of aroma chemicals for the flavor market, generating over $100 million in revenue in the past year. The transaction is expected to close by the end of Q3 2023, pending customary conditions.

IFF (NYSE: IFF) will present at the Consumer Analyst Group of New York (CAGNY) conference in Boca Raton, Florida, on Thursday, Feb. 23, at 1:00 PM ET. The event will be accessible via live webcast and slide presentation on the company's website.

Investors can also access a recorded version of the presentation afterward. IFF is a leader in food, beverage, scent, health, and biosciences, focusing on innovative solutions that enhance quality of life globally. More information about IFF can be found on their website at ir.iff.com.

International Flavors & Fragrances reported Q4 2022 net sales of $2.84 billion, a 6% decline year-over-year, but currency neutral sales rose 4%. The company experienced a loss before taxes of $5 million, with adjusted operating EBITDA at $441 million, reflecting a 15.5% margin. For the full year, sales reached $12.44 billion, marking a 7% increase, although a reported loss of $1.63 billion was noted. Management aims for around $12.5 billion in sales for 2023, with flat adjusted operating EBITDA growth. The anticipated divestiture of Savory Solutions is expected to impact these figures.

International Flavors & Fragrances (IFF) announced the promotion of three perfumers, Juliette Karagueuzoglou, Nicolas Beaulieu, and Jean-Christophe Hérault, to vice president perfumers. This title is awarded for exceptional creativity and significant contributions to the fragrance industry. The newly promoted individuals have a track record of creating iconic fragrances and participating in strategic innovation projects, focusing on natural ingredients and new technologies. Their leadership will continue to shape the future of perfumery at IFF, emphasizing mentorship and the application of both science and creativity for industry advancement.

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.

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.

IFF (NYSE: IFF) has appointed Dawn Willoughby as an independent director on its Board, effective February 1, 2023. Willoughby, the former COO of The Clorox Company, is recognized for driving sustainable growth in consumer products. Her experience spans various leadership roles, enhancing IFF's commitment to innovation and customer focus. Dale Morrison, chair of IFF’s Board, welcomes her as part of the company’s strategic evolution following plans announced during December’s Investor Day. Willoughby aims to leverage IFF’s offerings to unlock future growth for stakeholders.

IFF (NYSE: IFF) will announce its fourth quarter and full year 2022 earnings results post-market on February 8, 2023. A live webcast for discussing the results and future outlook will take place on February 9, 2023, at 9:00 a.m. ET. Investors can join via the company's website, with a recorded version available afterward.

As a leader in food, beverage, health, biosciences, and scent, IFF combines science and creativity to deliver essential solutions aimed at sustainability and innovation.