Doug Tough to Step Down as CEO Effective September 1, 2014 and Remain
on Board as Chairman; Andreas Fibig, Senior Bayer Executive and IFF
Board Member, to Assume CEO Role
NEW YORK--(BUSINESS WIRE)--May 28, 2014--
IFF Inc. (NYSE:IFF), a leading global creator of flavors and fragrances
used in an array of consumer products, today announced that Doug Tough
will be stepping down as Chief Executive Officer, effective September 1,
2014. The Company’s Board of Directors has selected Andreas Fibig, a
member of IFF’s Board of Directors since 2011, to succeed Mr. Tough as
of that date. Mr. Tough, 64, will continue to serve as Chairman of IFF’s
Board of Directors after September 1st for a period to be
determined. At such time, Mr. Fibig will assume the additional role of
Chairman of the Board.
Mr. Fibig, 52, is a highly accomplished global business leader with
significant experience overseeing an international business portfolio
and expertise in emerging markets. Since 2008, he has served as
President and Chairman of the Board of Management of Bayer HealthCare
Pharmaceuticals, the pharmaceutical division of Bayer AG, where he has
driven meaningful organic growth and its successful acquisition
strategy. Prior to joining Bayer, Mr. Fibig held a number of positions
of increasing responsibility at Pfizer Inc., including as Senior Vice
President in the US Pharmaceutical Operations group and as President,
Latin America, Africa and Middle East. He also held positions with
Pharmacia GmbH and Boehringer Ingelheim GmbH.
Mr. Tough commented, “The Board and I are delighted that Andreas will
become IFF’s next CEO. He brings the right combination of experience and
skills to lead IFF’s continued growth and build on our success in
leveraging our geographic reach, strengthening our innovation platform
and maximizing our business portfolio. He has led businesses with an
international footprint similar to ours, has firsthand experience in key
emerging markets where we see further opportunity, and understands the
critical importance of science-based research in driving innovation and
competitiveness. In addition, we have valued his insightful
contributions as a Board member over the past three years, particularly
with respect to matters of international business, product development
and strategic planning. I look forward to working closely with Andreas
in the coming months on a smooth, seamless leadership transition.”
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.”
Mr. Tough added, “It has been a privilege to be associated with the
great people of IFF for the last five years. Together, we’ve
accomplished so much, putting IFF in excellent shape for the future with
a sharper strategic focus, stronger international reach, an exceptional
R&D pipeline, significantly higher sales and profitability, and an
outstanding global team and senior operating committee. This is good
news for IFF, our customers, employees and shareholders.”
Mr. Tough has served as Chairman and CEO since March 2010. Previously,
he served as CEO and Managing Director of Ansell Limited, a global
leader in healthcare barrier protection, from 2004 until March 2010. Mr.
Tough joined the IFF Board in 2008 and served as non-Executive Chairman
from October 2009 until he became CEO. Prior to joining Ansell, Mr.
Tough was employed for 17 years by Cadbury Schweppes Plc., a major food
and beverage company, where he served in a variety of executive
positions throughout North America and the rest of the world.
About International Flavors & Fragrances Inc.
International Flavors & Fragrances Inc. (NYSE:IFF) is a leading global
creator of flavors and fragrances used in a wide variety of consumer
products. Consumers experience these unique scents and tastes in fine
fragrances and beauty care, detergents and household goods, as well as
beverages, sweet goods and food products. The Company leverages its
competitive advantages of consumer insight, research and development,
creative expertise, and customer intimacy to provide customers with
innovative and differentiated product offerings. A member of the S&P 500
Index, IFF has more than 6,000 employees working in 31 countries
worldwide. For more information, please visit our website at www.iff.com.
Source: International Flavors & Fragrances Inc.
International Flavors & Fragrances Inc.
Shelley Young,
212-708-7271