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International Flavors & Fragrances Inc. (NYSE: IFF), (“IFF” or ‘the Company”), today announced that the Company will be organized into two business units that reflect its flavor and fragrance businesses, effective January 1, 2007.
By creating a business unit structure, IFF will sharpen its focus and accountability across the organization and accelerate its growth. Hernan Vaisman and Nicolas Mirzayantz will each be responsible for strategy, commercial and creative execution, people development and the profit and loss of their respective global business units. Each will report directly to Robert M. Amen, Chairman and Chief Executive Officer of IFF.
“This new leadership structure is designed to enhance IFF's strong foundation in our principal businesses and unleash our potential,” said Amen. “Both Hernan and Nicolas have a deep understanding of the unique needs of IFF's customer segments. Their international experience and leadership skills will promote a culture of achievement and accountability. This structure allows IFF to improve focus on our businesses to best serve our stakeholders – our customers, shareholders and employees.”
Hernan Vaisman, 48, has served as Vice President and Regional Manager, Latin America, since October 2004. He has worked in the flavor and fragrance industry for more than 20 years, including the last six years at IFF.
Nicolas Mirzayantz, 43, has most recently served as Senior Vice President, Fine Fragrances & Beauty Care and Regional Manager North America. He has worked at IFF for more than 18 years, having joined IFF France as a member of the sales team.
Each of the Flavor and Fragrance business units will maintain a regional structure for sales, marketing and creative development that recognizes the diversity of IFF's customers and their consumers. The Company will also continue to leverage the operating and creative efficiencies achieved through a centralized support structure. Global marketing, supply chain management, research and development, human resources, finance, and legal will continue to report to the CEO.
IFF is a leading creator and manufacturer of flavors and fragrances used in a wide variety of consumer products – from fine fragrances and toiletries, to soaps, detergents and other household products, to beverages and food products. IFF is dedicated to The Pursuit of Excellence in every area of its business, using knowledge, creativity, innovation and technology to continually provide customers with the highest quality products and service and superior consumer understanding.
IFF has sales, manufacturing and creative facilities in 30 countries worldwide. For more information, please visit our Web site at www.iff.com .
Cautionary Statement Under the Private Securities Litigation Reform Act of 1995
Statements in this report, which are not historical facts or information, are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management's reasonable current assumptions and expectations. All information concerning future financial results or financial position constitutes forward-looking information. Such forward-looking statements are based on management's reasonable current assumptions and expectations. Such forward-looking statements involve significant risks, uncertainties and other factors. The Company intends its forward-looking statements to speak only as of the time of such statements and does not undertake to update or revise them as more information becomes available or to reflect changes in expectations, assumptions or results.
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