| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
International Flavors & Fragrances Inc. (the “Company”) has announced that Mr. Michael DeVeau has been appointed Executive Vice President, Chief Financial Officer, effective as of January 1, 2025.
As previously announced in the Current Report on Form 8-K filed by the Company with the SEC on May 6, 2024, Glenn Richter, who is currently the Executive Vice President, Chief Financial Officer of the Company, will retire from the Company, effective December 31, 2024.
Since joining the Company in 2009, Mr. DeVeau, 44, has held multiple senior finance leadership roles across the global organization, including most recently as SVP, Corporate Finance and Investor Relations and VP, Investor Relations, Communications, and Chief of Staff from 2014 to becoming SVP in 2021, and previously as Divisional CFO, Scent, where he led financial planning, forecasting, analysis, acquisitions and performance management for the company’s largest division; and Chief Strategy Officer, where he guided a refreshed corporate strategy focused on long-term profitable growth, portfolio development and transformation. In his current role, Mr. DeVeau oversees the company’s corporate and divisional financial planning and analysis team, with responsibility for corporate strategy and investor relations. Prior to joining the Company, Mr. DeVeau served in leadership positions in investor relations, finance and corporate development at PepsiCo. Mr. DeVeau began his career as an equity research analyst at Citigroup Investment Research. He holds a bachelor’s degree from Fordham University and completed a Global Executive Leadership Program at INSEAD.
In connection with Mr. DeVeau’s appointment, the Human Capital & Compensation Committee of the Board of Directors (the “Committee”) approved a base salary of $700,000, an annual bonus target of 90% of Mr. DeVeau’s base salary, a long-term incentive plan grant with a target grant date fair value of $2,200,000, with a total target value of $3,530,000.
There is no arrangement or understanding between Mr. DeVeau and any other person pursuant to which Mr. DeVeau has been appointed as the Company’s Chief Financial Officer. There are no family relationships between Mr. DeVeau and any of the Company’s directors or executive officers, and Mr. DeVeau is not a party to any transaction, or any proposed transaction, required to be disclosed pursuant to Item 404(a) of Regulation S-K.