Mr. Fibig said, “I am deeply honored to have been chosen to succeed Doug and to take the reins at this exciting time in IFF’s history. With its global reach, strong innovation pipeline and market position, IFF has established an enviable track record and is well-positioned for the future. The Company’s cutting-edge research and development, consumer insight and creative expertise continue to provide an exceptional foundation for strong customer partnerships around the world. From my vantage point on the Board, I know IFF has an incredibly talented and dedicated team, and I look forward to collaborating with them to build on the Company’s positive momentum, capitalize on new opportunities and deliver continued growth and increased value for our shareholders, customers and business partners.”Arthur Martinez, IFF’s Lead Director, added, “Doug has been an outstanding leader for IFF at a critical time in the Company’s 125 year history. During his tenure, the Company has sharpened its strategic focus and achieved remarkable results, expanding its business base, delivering top-line growth and increased profitability, and generating strong shareholder returns. In fact, since 2010, the Company’s annual net income has increased by a compound annual growth rate of 11% on average annual local currency sales growth of 4% to 6%, in line with our long-term targets; while total return to shareholders has increased by approximately 125%. Doug will be leaving IFF in excellent shape with an exceptionally strong global organization. His focus on Economic Profit helped increase the profitability of the Company’s portfolio. We are grateful for his many contributions to the Company and wish him all the best for the future.”
IFF Announces CEO Succession Plan
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