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IFF Announces CEO Succession Plan

Stocks in this article: IFF

IFF Inc. (NYSE:IFF), a leading global creator of flavors and fragrances used in an array of consumer products, today announced that Doug Tough will be stepping down as Chief Executive Officer, effective September 1, 2014. The Company’s Board of Directors has selected Andreas Fibig, a member of IFF’s Board of Directors since 2011, to succeed Mr. Tough as of that date. Mr. Tough, 64, will continue to serve as Chairman of IFF’s Board of Directors after September 1 st for a period to be determined. At such time, Mr. Fibig will assume the additional role of Chairman of the Board.

Mr. Fibig, 52, is a highly accomplished global business leader with significant experience overseeing an international business portfolio and expertise in emerging markets. Since 2008, he has served as President and Chairman of the Board of Management of Bayer HealthCare Pharmaceuticals, the pharmaceutical division of Bayer AG, where he has driven meaningful organic growth and its successful acquisition strategy. Prior to joining Bayer, Mr. Fibig held a number of positions of increasing responsibility at Pfizer Inc., including as Senior Vice President in the US Pharmaceutical Operations group and as President, Latin America, Africa and Middle East. He also held positions with Pharmacia GmbH and Boehringer Ingelheim GmbH.

Mr. Tough commented, “The Board and I are delighted that Andreas will become IFF’s next CEO. He brings the right combination of experience and skills to lead IFF’s continued growth and build on our success in leveraging our geographic reach, strengthening our innovation platform and maximizing our business portfolio. He has led businesses with an international footprint similar to ours, has firsthand experience in key emerging markets where we see further opportunity, and understands the critical importance of science-based research in driving innovation and competitiveness. In addition, we have valued his insightful contributions as a Board member over the past three years, particularly with respect to matters of international business, product development and strategic planning. I look forward to working closely with Andreas in the coming months on a smooth, seamless leadership transition.”

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