USA – International Flavors & Fragrances (IFF), a bioscience, chemistry, flavors and fragrance company, is announcing the retirement of its chief financial and business transformation officer, Glenn Richter.
Set for December 31, 2024, he will leave after a three-year tenure.
The company is beginning the process of selecting Richter’s successor, considering candidates both internally and externally.
Richter, who joined IFF in 2021 as the head of global finance, previously held various senior roles at PepsiCo subsidiary Frito-Lay from 1989 to 1996.
IFF’s CEO, Erik Fyrwald, praises Richter’s contributions, stating, “During his time at IFF, Glenn is driving multiple initiatives to improve our balance sheet and position the company for financial success. We are benefiting from his experience and commitment to transformation. His leadership in portfolio optimization, strategy development, and our shared services agenda is positioning IFF for long-term profitable market share growth.”
Fyrwald adds, “The board and I are grateful for all Glenn has helped IFF accomplish. We appreciate his ongoing leadership of the finance function and his support in identifying his successor, ensuring a smooth transition.”
His retirement comes after IFF reports mixed results, especially for the fourth quarter of 2023 where net sales are at $2.70 billion, reflecting a 5% decrease compared to the previous year.
However, on a comparable and currency-neutral basis, sales are increasing by 1%, driven by growth in the Scent and Health & Biosciences divisions.
The company is reporting a loss before taxes of $2.64 billion for the fourth quarter, largely due to a non-cash goodwill impairment charge of $2.6 billion.
Adjusted operating EBITDA stands at $461 million, with a 17% increase on a comparable and currency-neutral basis, driven by favorable net pricing and productivity gains.
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