IFF (NYSE: IFF) today announced the appointment of J. Erik
Fyrwald to succeed Frank Clyburn as Chief Executive Officer and
member of the IFF Board of Directors, effective Feb. 6, 2024.
Clyburn will work closely with Fyrwald to ensure a seamless
transition, remaining with IFF until March 31, 2024, and further
serving in an advisory capacity through December 2024.
Fyrwald brings to IFF more than four decades of executive and
operational experience driving innovation and profitable,
sustainable growth at leading corporations in the nutrition,
agriculture and chemicals industries. He most recently served as
Chief Executive Officer of Syngenta, where he spearheaded the
strategy that ultimately doubled the business and delivered
exceptional shareholder value during his tenure. Prior to Syngenta,
he served as Chief Executive Officer of Univar Solutions and Nalco,
in addition to holding numerous global and regional executive
leadership roles with DuPont, including in the company’s
Agriculture and Nutrition business.
“We are delighted to welcome Erik to IFF’s Board and leadership
team,” said Board Chair Roger W. Ferguson, Jr. “Erik’s exceptional
track record, passion for successful execution, customer-centric
mindset and highly complementary industry experience will be
invaluable as we capitalize on the significant value creation
opportunities ahead of us. The Board is confident that Erik is the
right executive to shepherd IFF through its next chapter as we
execute on our strategic plan with a focus on driving long-term,
profitable growth.”
Ferguson continued, “On behalf of the Board, I want to thank
Frank for his leadership and contributions to IFF. During his
tenure, Frank played an instrumental role in strengthening our
commercial execution and Research & Development initiatives,
executing our portfolio optimization efforts and guiding IFF
through the initial stages of our refreshed strategic plan. We wish
him all the best as he leaves IFF to pursue outside interests.”
“I am thrilled to be joining the IFF team,” said Fyrwald. “I
have been an admirer of IFF for many years, including when I was
leading DuPont’s Agriculture and Nutrition business, and I’m
excited to help advance its purpose of applying science and
creativity for a better world. With its strong foundation, leading
position across attractive categories and expansive global network,
IFF remains at the forefront of bringing leading sustainable
ingredient solutions to customers and communities globally. With
strong progress made against IFF’s strategic priorities, I look
forward to doubling down on execution to accelerate financial
performance by building on the company’s innovation, commercial and
productivity efforts, and continuing to strengthen its capital
structure through portfolio optimization to drive value creation
for all IFF stakeholders.”
Reaffirming Full Year 2023 Guidance and Strategic Plan
The Company expects its full year 2023 sales to be in line with its
previously stated guidance range of $11.3 billion to $11.6 billion.
It also continues to expect full year 2023 adjusted operating
EBITDA to be at the mid to high end of its previously stated
guidance range of $1.85 billion to $2.0 billion.
IFF continues to execute its portfolio optimization initiatives,
most recently through the announced sale of its Cosmetic
Ingredients business unit for $810 million, which the Company
continues to believe will close in the first quarter of 2024. The
Company continues to progress additional divesture actions to
strengthen its overall capital structure.
About Erik Fyrwald Fyrwald most recently served as Chief
Executive Officer of Syngenta, where he helped establish Syngenta
Group as a leading player in agriculture for global food security,
sustainability and regenerative agriculture. During his tenure, he
oversaw the company’s acquisition by ChemChina, the formation of
the Syngenta Group, and the growth of the business from revenue of
approximately $13 billion in 2016 to approximately $33 billion in
2022, and EBITDA of approximately $2.7 billion in 2016 to
approximately $5.6 billion in 2022.
Prior to Syngenta, Fyrwald served as Chief Executive Officer of
Univar Solutions, a leading global chemical and ingredient
distributor and provider; President of EcoLab, a global leader in
water, hygiene and infection prevention solutions and services; and
Chairman and Chief Executive Officer of Nalco, a leading global
provider of water treatment and oil and gas products and services
that was acquired by EcoLab in 2011.
Prior to Nalco, Fyrwald spent 27 years at DuPont, where he held
positions of increasing responsibility in technology,
manufacturing, sales and marketing, strategic planning and regional
and global business unit leadership. From 2003 to 2008, he served
as Group Vice President of DuPont Agriculture and Nutrition, which
included the Pioneer Seed, DuPont Crop Protection Products and
Solae Food Ingredients Businesses. He also served as Chairman of
Crop Life International for two years during this period.
Fyrwald has been a member of the Syngenta Board of Directors
since 2004 and serves as an Advisor to the Chairman. He also serves
on the Boards of Directors of Eli Lilly and the Swiss-American
Chamber of Commerce.
Fyrwald received his bachelor’s degree from University of
Delaware in 1981 and participated in Harvard Business School’s
Advanced Management Program in 1998.
Cautionary Statement under the Private Securities Litigation
Reform Act of 1995 This press release contains “forward-looking
statement” within the meaning of the federal securities laws,
including Section 27A of the Securities Act, and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Forward-looking statements often address expected future business
and financial performance and financial condition, and often
contain words such as “expect,” “anticipate,” “intend,” “plan,”
“believe,” “seek,” “see,” “will,” “would,” “target,” similar
expressions, and variations or negatives of these words.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, such as statements about the
transaction and the expected timetable for completing the
transaction. The forward-looking statements included in this
release are made only as of the date hereof, and we undertake no
obligation to update the forward-looking statement to reflect
subsequent events or circumstances.
Some of the important factors that could cause IFF’s actual
results to differ materially from those projected in any such
forward-looking statements include, but are not limited to: (1)
inflationary trends, including in the price of our input costs,
such as raw materials, transportation and energy; (2) supply chain
disruptions, geopolitical developments, including the
Russia-Ukraine war, the Israel-Hamas war, or climate change related
events (including severe weather events) that may affect our
suppliers or procurement of raw materials; (3) our ability to
successfully execute the next phase of our strategic
transformation; (4) risks related to the integration of the N&B
business, including whether we will realize the benefits
anticipated from the merger in the expected time frame; (5) our
substantial amount of indebtedness and its impact on our liquidity,
credit ratings and ability to return capital to its shareholders;
(6) our ability to enter into or close strategic transactions or
divestment or successfully establish and manage acquisitions,
collaborations, joint ventures or partnerships; (7) our ability to
successfully market to our expanded and diverse customer base; (8)
our ability to effectively compete in our market and develop and
introduce new products that meet customers’ needs; (9) our ability
to retain key employees; (10) changes in demand from large
multi-national customers due to increased competition and our
ability to maintain “core list” status with customers; (11) our
ability to successfully develop innovative and cost-effective
products that allow customers to achieve their own profitability
expectations; (12) the impact of global health crises, such as the
COVID-19 pandemic, on our supply chains, global operations, our
customers and our suppliers; (13) disruption in the development,
manufacture, distribution or sale of our products from natural
disasters (such as the COVID-19 pandemic), public health crises,
international conflicts (such as the Russia-Ukraine war and the
Israel-Hamas war), terrorist acts, labor strikes, political or
economic crises (such as the uncertainty related to protracted U.S.
federal debt ceiling negotiations), accidents and similar events;
(14) volatility and increases in the price of raw materials, energy
and transportation; (15) the impact of a significant data breach or
other disruption in our information technology systems, and our
ability to comply with data protection laws in the U.S. and abroad;
(16) our ability to comply with, and the costs associated with
compliance with, regulatory requirements and industry standards,
including regarding product safety, quality, efficacy and
environmental impact; (17) our ability to meet increasing customer,
consumer, shareholder and regulatory focus on sustainability; (18)
defects, quality issues (including product recalls), inadequate
disclosure or misuse with respect to the products and capabilities;
(19) our ability to react in a timely and cost-effective manner to
changes in consumer preferences and demands, including increased
awareness of health and wellness; (20) our ability to benefit from
our investments and expansion in emerging markets; (21) the impact
of currency fluctuations or devaluations in the principal foreign
markets in which we operate; (22) economic, regulatory and
political risks associated with our international operations; (23)
the impact of global economic uncertainty (including increased
inflation) on demand for consumer products; (24) our ability to
comply with, and the costs associated with compliance with, U.S.
and foreign environmental protection laws; (25) our ability to
successfully manage our working capital and inventory balances;
(26) the impact of our or our counterparties’ failure to comply
with the U.S. Foreign Corrupt Practices Act, similar U.S. or
foreign anti-bribery and anti-corruption laws and regulations,
applicable sanctions laws and regulations in the jurisdictions in
which we operate or ethical business practices and related laws and
regulations; (27) any impairment on our tangible or intangible long
lived assets, including goodwill associated with the N&B merger
and the acquisition of Frutarom; (28) our ability to protect our
intellectual property rights; (29) the impact of the outcomes of
legal claims, disputes, regulatory investigations and litigation,
related to intellectual property, product liability, competition
and antitrust, environmental matters, indirect taxes or other
matters; (30) changes in market conditions or governmental
regulations relating to our pension and postretirement obligations;
(31) the impact of changes in federal, state, local and
international tax legislation or policies, including the Tax Cuts
and Jobs Act, with respect to transfer pricing and state aid, and
adverse results of tax audits, assessments, or disputes; (32) the
impact of the United Kingdom’s departure from the European Union;
(33) the impact of the phase out of the London Interbank Offered
Rate (LIBOR) on interest expense; and (34) the impact of any tax
liability resulting from the N&B Transaction; (35) our ability
to comply with data protection laws in the U.S. and abroad; and
(36) other risks to IFF’s business and operations, each as further
discussed in IFF’s most recent annual report and subsequent current
and periodic reports filed with the U.S. Securities and Exchange
Commission. Unlisted factors may present significant additional
obstacles to the realization of forward-looking statements.
Consequences of material differences in results as compared with
those anticipated in the forward-looking statements could include,
among other things, business or supply chain disruption,
operational problems, financial loss, legal liability to third
parties and similar risks, any of which could have a material
adverse effect on IFF’s consolidated financial condition, results
of operations, credit rating or liquidity. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. IFF assumes no obligation to publicly
provide revisions or updates to any forward-looking statements
whether as a result of new information, future developments or
otherwise, should circumstances change, except as otherwise
required by securities and other applicable laws.
Welcome to IFF At IFF (NYSE: IFF), an industry leader in
food, beverage, scent, health and biosciences, science and
creativity meet to create essential solutions for a better world –
from global icons to unexpected innovations and experiences. With
the beauty of art and the precision of science, we are an
international collective of thinkers who partners with customers to
bring scents, tastes, experiences, ingredients and solutions for
products the world craves. Together, we will do more good for
people and planet. Learn more at iff.com, Twitter, Facebook,
Instagram, and LinkedIn.
© 2024 by International Flavors & Fragrances Inc. IFF is a
Registered Trademark. All Rights Reserved.
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Media Relations: Paulina Heinkel 332.877.5339
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Investor Relations: Michael Bender 212.708.7263
Investor.Relations@iff.com
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