NEW YORK - International Flavors & Fragrances Inc. (NYSE: IFF), a global leader in the creation of flavors, fragrances, and other sensory experiences, has announced the appointment of Michael DeVeau as its new Executive Vice President and Chief Financial Officer. DeVeau, currently serving as the company's Senior Vice President of Corporate Finance and Investor Relations, will assume his new role on January 1, 2025, succeeding Glenn Richter upon his retirement at the end of 2024.
DeVeau brings a wealth of experience to the CFO position, having played a significant role in IFF's financial operations over his 15-year tenure with the company. His previous roles within IFF include Divisional CFO for the Scent division and Chief Strategy Officer, where he was instrumental in guiding corporate strategy towards long-term growth and transformation. InvestingPro analysis reveals the company has maintained dividend payments for 54 consecutive years and currently offers a 1.8% dividend yield, demonstrating long-term financial stability.
Erik Fyrwald, CEO of IFF, expressed confidence in DeVeau's capabilities, highlighting his extensive industry experience and strong relationships with the investment community and global colleagues. Fyrwald also extended gratitude to Glenn Richter for his contributions and wished him well in his retirement.
DeVeau expressed his gratitude for the opportunity and is poised to build on the company's strong business momentum, working closely with the leadership team to continue driving shareholder value creation.
Prior to his time at IFF, DeVeau held leadership positions at PepsiCo (NASDAQ:PEP) and began his career as an equity research analyst at Citigroup (NYSE:C) Investment Research. He is a graduate of Fordham University and has completed a Global Executive Leadership Program at INSEAD.
DeVeau's appointment is part of IFF's ongoing commitment to strong corporate leadership and financial stability. As he prepares to take on the CFO role, DeVeau will remain based in New York and continue as a key member of IFF's Executive Leadership Team. The company maintains strong liquidity with a current ratio of 2.62, and InvestingPro subscribers can access detailed financial health scores and 8 additional exclusive ProTips about IFF's performance and outlook in the comprehensive Pro Research Report.
This information is based on a press release statement from IFF.
In other recent news, International Flavors & Fragrances (IFF) has seen a series of notable developments. The company has reported strong third-quarter performance for 2024, leading to an upward revision in its full-year guidance. IFF now expects net sales to reach between $11.3 billion and $11.4 billion, and adjusted operating EBITDA at the high end of the $2.1 billion to $2.17 billion range.
In terms of analyst outlook, BofA Securities has upgraded IFF stock from Neutral to Buy, setting a price target of $107. This comes despite a recent significant sell-off, which BofA Securities deemed unwarranted, given IFF's consistent earnings beats in recent quarters. On the other hand, Citi has reduced its price target for IFF shares from $117 to $110, maintaining a 'Buy' rating on the stock amid Q4 caution.
IFF has also been actively revitalizing its research and development organization and product pipeline, which are expected to contribute to improved end-market demand in the years 2025-2026. The company plans to complete the divestiture of its Pharma Solutions business in the first half of 2025. However, IFF anticipates a possible deceleration trend and customer inventory adjustments towards the year's end, along with a sequential margin contraction ranging from 50 to 90 basis points in the fourth quarter of 2024 in the Nourish segment. These are recent developments and investors should keep them in mind.
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