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Sensient Technologies Corporation Elects Sharad Jain to its Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Sensient Technologies Corporation (NYSE: SXT) announces the expansion of its Board of Directors from ten to eleven members, with Sharad Jain set to join effective December 1, 2021. Current director Edward Cichurski will retire following his term expiry at the 2022 annual meeting. Jain brings over 33 years of experience in audit services, having served at PricewaterhouseCoopers. His expertise includes financial oversight and risk management, which is expected to enhance the Board's capabilities in delivering value to shareholders.
Positive
Sharad Jain's extensive experience in audit and financial management may strengthen the Board's oversight.
Jain's background in mergers and acquisitions is likely to contribute positively to corporate strategy.
Negative
Cichurski's retirement may raise concerns about continuity and experience on the Board.
Current Director Edward Cichurski to Retire
MILWAUKEE--(BUSINESS WIRE)--
Sensient Technologies Corporation (NYSE: SXT) today announced that it will increase the size of the Board of Directors from ten to eleven, and will elect Sharad Jain to its Board of Directors, both effective December 1, 2021. The Company also announced that current director Edward Cichurski will not seek reelection and will retire from the Board at the end of his current term expiring at the 2022 annual meeting of shareholders.
“We are pleased to welcome Sharad to the Board,” said Paul Manning, Chairman, President, and Chief Executive Officer of Sensient Technologies Corporation. “Sharad brings extensive financial and audit expertise in both the consumer products and industrial space. He also has significant advisory experience in mergers and acquisitions, as well as supporting clients on tax strategies, systems implementations, and business risk management. I look forward to Sharad’s contributions to the Board as we pursue our goal of delivering value to shareholders.”
“I would like to thank Ed for his substantial service to Sensient since he joined the Board in 2013. Throughout his tenure the Company has changed significantly. Ed’s leadership and counsel during this period have been invaluable. I look forward to working with Ed through the rest of his term and wish him the best in his retirement,” said Mr. Manning.
Bio and Additional Information
Mr. Jain has more than 33 years of experience providing audit and audit-related services to large global companies with the international accounting firm PricewaterhouseCoopers (he retired from the firm in 2020). His experience includes service as the Global and US Automotive Assurance Sector Leader from 2012 until 2015, and service as a senior partner in the firm’s Governance Insights Center from 2018 until 2020. He also led the firm’s Consumer and Industrial Products Assurance teams in Detroit and Chicago and served on the firm’s Global Auditing Committee, which oversees the quality and consistency of the firm’s global audit methodology and tools.
Mr. Jain is a Certified Public Accountant, recipient of the Elijah Watt Sells Award, and was trained as a Chartered Accountant in the UK before moving to the USA with PricewaterhouseCoopers.
Mr. Jain will serve on the Audit and Scientific Advisory Committees of the Board.
About Sensient Technologies
Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients. Sensient uses advanced technologies and robust global supply chain capabilities to develop specialized solutions for food and beverages, as well as products that serve the pharmaceutical, nutraceutical, cosmetic, and personal care industries. Sensient’s customers range in size from small entrepreneurial businesses to major international manufacturers representing some of the world’s best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.
Who is Sharad Jain and what is his role at Sensient Technologies?
Sharad Jain is a newly appointed member of the Board of Directors of Sensient Technologies, effective December 1, 2021, bringing over 33 years of audit experience.
What changes are happening to the Board of Sensient Technologies?
Sensient Technologies is increasing its Board size from ten to eleven members, with Sharad Jain joining and Edward Cichurski retiring at the end of his term in 2022.
What expertise does Sharad Jain bring to Sensient Technologies?
Sharad Jain brings extensive financial and audit expertise, along with significant advisory experience in mergers and acquisitions and risk management.
When will Edward Cichurski retire from Sensient Technologies' Board?
Edward Cichurski will retire at the end of his current term, which expires at the 2022 annual meeting of shareholders.
