IFF (NYSE: IFF) today announced the appointment of Frank
Clyburn, an accomplished leader and operational executive, to
succeed Andreas Fibig as Chief Executive Officer and a member of
the IFF Board of Directors, effective February 14, 2022.
Mr. Clyburn joins IFF from Merck & Co. (Merck), where he
currently serves as Executive Vice President and President of Human
Health and today has full P&L responsibility for nearly 90% of
Merck’s $48 billion business. He brings extensive experience
leading complex global businesses and executing with exceptional
operating discipline. Mr. Clyburn has an in-depth understanding of
R&D, extensive integration and M&A experience and a unique
ability to connect with customers and all stakeholders. He has
built his career around impactful execution and while at Merck,
built one of the leading oncology business in the world and the
largest business within Merck.
“Frank is the best executive to lead IFF into its next chapter
at the pace we need. His strong operating experience plus his
hands-on approach and customer-centric perspective will accelerate
the execution of IFF’s strategic and operating priorities,” said
Dale Morrison, IFF Director. Ed Breen, IFF Director, added “Frank
joins IFF at a time when there are significant value creation
opportunities ahead of us. We are confident in his ability to
unlock profitable growth, capture synergies, maximize the N&B
integration and optimize IFF’s portfolio to deliver strong value
for shareholders.”
“I am honored to serve as IFF’s next CEO,” said Frank Clyburn,
newly appointed Chief Executive Officer. “This is an iconic company
and industry leader with tremendous opportunity to deliver
outstanding customer experience and long-term, sustainable growth.
The purpose and vision of IFF is very closely linked with
accelerating global trends of nutrition, wellness and
sustainability, which means that together, colleagues around the
world can deliver significant value for both customers and
shareholders. Working with IFF’s world-class talent, unrivaled
offerings and impressive innovation platform, I am excited to bring
my approach to executional excellence to capitalize on IFF’s bright
future.”
“I am pleased to welcome Frank into the Chief Executive role,”
said Andreas Fibig. “He joins IFF at a time when we are delivering
our full year 2021 financial goals, with strong demand continuing
in the first quarter. I am confident that Frank will excite and
energize our teams around the world, and I wish him all the best as
IFF’s next chapter unfolds under his leadership.”
The company also announced its decision to separate the Chairman
and Chief Executive Officer roles. Dale Morrison, long-standing IFF
Director, will assume the role of non-executive Chairman of the
Board of Directors, effective on February 14, 2022. Ed will remain
on the Board as an Independent Director and the company will no
longer have the Lead Independent Director role.
About Frank Clyburn
Mr. Clyburn was most recently the Executive Vice President and
President of Human Health for Merck, where he had full P&L
responsibility of Merck’s largest business. During his time at
Merck, he was also responsible for building one of the leading
oncology business in the world which is now transforming cancer
care and is the largest business within Merck. He was an integral
part of the integration of Merck’s $41 billion acquisition of
Schering-Plough, where the company achieved strong top-line growth
and delivered significant cost synergies.
Prior to his most recent role, Mr. Clyburn was Chief Commercial
Officer for Merck, responsible for Human Health commercial
operations and the Human Health P&L. From 2013 to 2018, he was
the inaugural president of the company’s Global Oncology business.
He led the creation of this fully integrated global business unit,
the worldwide launch of Merck’s immuno-oncology medicine and the
establishment of Merck as a leader in oncology.
Previously, he was the President of the Primary Care and Women’s
Health businesses and market access function. He also led the
company’s global pharmaceutical franchises and lived in Shanghai
and Lucerne. Mr. Clyburn joined the company in 2008 to lead its
Biologics business.
Before joining Merck, Mr. Clyburn was Vice President of the
Oncology and Internal Medicine business units at Sanofi Aventis and
held a wide range of leadership roles with that company, in
addition to being actively involved in the $65 billion integration
of Sanofi and Aventis.
Mr. Clyburn received his Master of Business Administration
degree from Arizona State University and his Bachelor of Arts
degree from Franklin & Marshall College. Notably, he served on
the Board of Directors of DuPont from June 1, 2019 to January 20,
2022, giving him familiarity with the merger between IFF and
N&B to advance the integration. He currently serves on the
Board of Directors for the European Federation of Pharmaceutical
Industries and Associations (EFPIA). He also served as chairman to
the Thomas Edison State University Board of Trustees.
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 forward-looking statements are based on a series of
expectations, assumptions, estimates and projections about the
Company, are not guarantees of future results or performance, and
involve significant risks, uncertainties and other factors,
including assumptions and projections, for all forward periods. Our
actual results may differ materially from any future results
expressed or implied by such forward-looking statements. Such
uncertainties and other factors include, among others, the
following: (1) disruption in the development, manufacture,
distribution or sale of our products from COVID-19 and other public
health crises; (2) risks related to the integration of N&B and
the Frutarom business, including whether we will realize the
benefits anticipated from the acquisitions in the expected time
frame; (3) unanticipated costs, liabilities, charges or expenses
resulting from the Frutarom acquisition and the N&B
Transaction; risks related to the restrictions that we are required
to abide by in connection with the N&B Transaction; (4) our
ability to provide the same types and level of services to the
N&B Business that historically have been provided by DuPont,
and our ability to maintain relationships with third parties and
pre-existing customers of N&B; (5) our ability to realize
expected cost savings and increased efficiencies of the Frutarom
integration and our ongoing optimization of our manufacturing
facilities; (6) our ability to successfully establish and manage
acquisitions, collaborations, joint ventures or partnership and to
manage and complete divestitures or dispositions; (7) the increase
in our leverage resulting from the additional debt incurred to pay
a portion of the consideration for Frutarom and its impact on our
liquidity and ability to return capital to its shareholders; (8)
our ability to successfully market to our expanded and diverse
Taste customer base; (9) our ability to effectively compete in our
market and develop and introduce new products that meet customers’
needs; (10) our ability to retain key employees; (11) changes in
demand from large multi-national customers due to increased
competition and our ability to maintain “core list” status with
customers; (12) our ability to successfully develop innovative and
cost-effective products that allow customers to achieve their own
profitability expectations; (13) disruption in the development,
manufacture, distribution or sale of our products from natural
disasters, public health crises, international conflicts, terrorist
acts, labor strikes, political crisis, accidents and similar
events; (14) the impact of a disruption in our supply chain,
including the inability to obtain ingredients and raw materials
from third parties; (15) volatility and increases in the price of
raw materials, energy and transportation; (16) 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; (17) 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; (18) 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; (19) our ability to meet consumer, customer and
regulatory sustainability standards; (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 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 the failure to comply
with U.S. or foreign anti-corruption and anti-bribery laws and
regulations, including the U.S. Foreign Corrupt Practices Act; (27)
any impairment on our tangible or intangible long-lived assets,
including goodwill associated with the acquisition of Frutarom;
(28) our ability to protect our intellectual property rights; (29)
the impact of the outcome of legal claims, regulatory
investigations and litigation, including current and future
developments involving tax matters in Brazil; (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) risks associated with our CEO transition.
The foregoing list of important factors does not include all
such factors, nor necessarily present them in order of importance.
In addition, you should consult other disclosures made by the
Company (such as in our other filings with the SEC or in company
press releases) for other factors that may cause actual results to
differ materially from those projected by the Company. Please refer
to Part I. Item 1A., Risk Factors, of the Company’s Annual Report
on Form 10-K filed with the SEC on February 22, 2021 for additional
information regarding factors that could affect our results of
operations, financial condition and liquidity. We intend our
forward-looking statements to speak only as of the time of such
statements and do not undertake or plan to update or revise them as
more information becomes available or to reflect changes in
expectations, assumptions or results. We can give no assurance that
such expectations or forward-looking statements will prove to be
correct. An occurrence of, or any material adverse change in, one
or more of the risk factors or risks and uncertainties referred to
in this report or included in our other periodic reports filed with
the SEC could materially and adversely impact our operations and
our future financial results. Any public statements or disclosures
made by us following this report that modify or impact any of the
forward-looking statements contained in or accompanying this report
will be deemed to modify or supersede such outlook or other
forward-looking statements in or accompanying this report.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220119005912/en/
Michael DeVeau Chief Investor Relations & Communications
Officer 212.708.7164 Michael.DeVeau@iff.com
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