NEW YORK - International Flavors & Fragrances Inc. (NYSE: IFF), a global leader in flavors, fragrances, food ingredients, and other sensory-related products, has announced upcoming changes to its Board of Directors as part of its strategic plan for long-term growth. Kevin O'Byrne is set to become the new Board Chair at the 2025 Annual Shareholder Meeting, taking over from Roger W. Ferguson, Jr., who has decided not to stand for reelection after more than a decade of service.
The company also revealed the appointment of three new board members effective January 1, 2025. Cynthia Jamison, Dr. Mehmood Khan, and Vincent Intrieri will join the IFF Board, with Intrieri's appointment fulfilling a request from Icahn Capital LP in accordance with a cooperation agreement. Concurrently, Gary Hu will step down from the board at the end of December 2024.
Board members Christina Gold and John Davidson have also announced their intentions not to seek reelection during the next annual meeting. Once these changes take effect, the IFF board will consist of ten members. The company has demonstrated strong commitment to shareholder returns, maintaining dividend payments for 54 consecutive years and raising them for 21 straight years, as highlighted by InvestingPro analysis.
Roger W. Ferguson, Jr. expressed his pride in the company's direction and the progress made over the past year. Erik Fyrwald, IFF CEO and director, thanked the departing board members for their contributions and welcomed the new appointees, highlighting their expertise and the value they will bring to IFF's mission of delivering innovative and sustainable solutions.
Cynthia Jamison brings extensive corporate boardroom and financial leadership experience, currently chairing the boards of Darden Restaurants (NYSE:DRI) and Big Lots (NYSE:BIG). Dr. Mehmood Khan, CEO of Hevolution Foundation, has a rich background in global research and development, previously holding a vice-chairman position at PepsiCo (NASDAQ:PEP). Vincent Intrieri, founder and CEO of VDA Capital Management LLC, has a long history of investment roles with Carl Icahn-related entities.
These board changes are part of IFF's commitment to driving profitable market share growth and delivering value to its customers and stakeholders. With analysts expecting net income growth this year and the company maintaining a Fair financial health score, IFF appears positioned for potential recovery. For deeper insights into IFF's financial outlook and more exclusive ProTips, visit InvestingPro, where you'll find comprehensive analysis in the Pro Research Report, part of our coverage of over 1,400 US stocks. This news is based on a press release statement from IFF.
In other recent news, International Flavors & Fragrances (IFF) has undergone significant changes in its board and executive team. The company has announced that Michael DeVeau will succeed Glenn Richter as the new CFO at the end of 2024. IFF's board will also see changes, with three members not seeking re-election and new appointments set to join in 2025.
In terms of financial performance, IFF reported strong earnings and revenue results for the third quarter of 2024, with net sales estimated to reach between $11.3 billion and $11.4 billion. BofA Securities has upgraded IFF stock from Neutral to Buy, while Citi maintained its 'Buy' rating but reduced its price target for IFF shares.
These are recent developments that have unfolded as IFF continues its 54-year streak of consecutive dividend payments, indicating robust financial stability. The company also plans to divest its Pharma Solutions business in the first half of 2025 as part of its ongoing efforts to optimize operations and prioritize growth.
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