WESTCHESTER, Ill. - Ingredion Incorporated (NYSE:INGR), a global provider of ingredient solutions, today announced the appointment of Dr. Michael Leonard as Senior Vice President, Chief Innovation Officer, and Head of Protein Fortification, effective May 13, 2024. Leonard will join the executive leadership team and report directly to President and CEO Jim Zallie.
Leonard brings over two decades of experience in product development and commercialization within the food and beverage sector. His career has spanned various roles, including global R&D, process technology, and business development, with a notable emphasis on growth and productivity. His previous tenure includes leadership positions at MycoTechnology, where he served as CEO, and Motif FoodWorks, where he was both CEO and CTO, focusing on plant-based food ingredient innovation.
"Mike's broad industry leadership experience in both developed and emerging markets, with multinationals as well as high-growth startup companies, will be a tremendous asset to Ingredion and our customers," Zallie commented on the appointment.
Leonard's extensive background is expected to bolster Ingredion's efforts in advancing innovation and expanding its diversified portfolio of ingredients and solutions. He holds a BS in Chemistry, a Ph.D. in Polymer Science and Engineering, and an MBA from the MIT Sloan School of Management.
Ingredion, headquartered near Chicago, operates in nearly 120 countries and generated approximately $8 billion in net sales in 2023. The company is known for transforming grains, fruits, vegetables, and other plant-based materials into value-added ingredients for various markets, including food, beverage, animal nutrition, brewing, and industrial applications.
This appointment is based on a press release statement and reflects the company's strategy to enhance its leadership team and reinforce its commitment to innovation in the ingredient solutions space.
InvestingPro Insights
As Ingredion Incorporated (NYSE:INGR) welcomes Dr. Michael Leonard to its executive leadership, the company's financial health and market performance continue to show promising signs. Ingredion boasts a robust Piotroski Score of 9, indicating high financial strength, which could be a reassuring factor for investors as Leonard spearheads new initiatives in protein fortification and innovation.
With a commitment to consistent shareholder returns, Ingredion has raised its dividend for 13 consecutive years, showcasing a stable and investor-friendly approach amidst its growth strategies. The company's dedication to dividends is further emphasized by its track record of maintaining dividend payments for 27 consecutive years.
InvestingPro Data further enriches our understanding of the company's financial standing with a market capitalization of $7.22 billion USD and an attractive P/E ratio of 11.31, adjusted to 11.08 for the last twelve months as of Q4 2023. This low P/E ratio, in relation to near-term earnings growth, coupled with a strong free cash flow yield, suggests that Ingredion's stock may be undervalued, offering potential upside for investors.
For those looking to delve deeper into Ingredion's financials and market performance, InvestingPro provides additional insights. With more tips available, such as the company's low earnings multiple and low price volatility, investors can gain a comprehensive understanding of Ingredion's investment profile. To access these valuable insights, visit https://www.investing.com/pro/INGR and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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