IFF Appoints J. Erik Fyrwald as Chief Executive Officer and Board Director; Reaffirms Full Year 2023 Financial Guidance

IFF (NYSE:IFF) today announced the appointment of J. Erik Fyrwald to succeed Frank Clyburn as Chief Executive Officer and member of the IFF Board of Directors, effective Feb. 6, 2024. Clyburn will work closely with Fyrwald to ensure a seamless transition, remaining with IFF until March 31, 2024, and further serving in an advisory capacity through December 2024.

Fyrwald brings to IFF more than four decades of executive and operational experience driving innovation and profitable, sustainable growth at leading corporations in the nutrition, agriculture and chemicals industries. He most recently served as Chief Executive Officer of Syngenta, where he spearheaded the strategy that ultimately doubled the business and delivered exceptional shareholder value during his tenure. Prior to Syngenta, he served as Chief Executive Officer of Univar Solutions and Nalco, in addition to holding numerous global and regional executive leadership roles with DuPont, including in the company's Agriculture and Nutrition business.

"We are delighted to welcome Erik to IFF's Board and leadership team," said Board Chair Roger W. Ferguson, Jr. "Erik's exceptional track record, passion for successful execution, customer-centric mindset and highly complementary industry experience will be invaluable as we capitalize on the significant value creation opportunities ahead of us. The Board is confident that Erik is the right executive to shepherd IFF through its next chapter as we execute on our strategic plan with a focus on driving long-term, profitable growth."

Ferguson continued, "On behalf of the Board, I want to thank Frank for his leadership and contributions to IFF. During his tenure, Frank played an instrumental role in strengthening our commercial execution and Research & Development initiatives, executing our portfolio optimization efforts and guiding IFF through the initial stages of our refreshed strategic plan. We wish him all the best as he leaves IFF to pursue outside interests."

"I am thrilled to be joining the IFF team," said Fyrwald. "I have been an admirer of IFF for many years, including when I was leading DuPont's Agriculture and Nutrition business, and I'm excited to help advance its purpose of applying science and creativity for a better world. With its strong foundation, leading position across attractive categories and expansive global network, IFF remains at the forefront of bringing leading sustainable ingredient solutions to customers and communities globally. With strong progress made against IFF's strategic priorities, I look forward to doubling down on execution to accelerate financial performance by building on the company's innovation, commercial and productivity efforts, and continuing to strengthen its capital structure through portfolio optimization to drive value creation for all IFF stakeholders."

Reaffirming Full Year 2023 Guidance and Strategic Plan

The Company expects its full year 2023 sales to be in line with its previously stated guidance range of $11.3 billion to $11.6 billion. It also continues to expect full year 2023 adjusted operating EBITDA to be at the mid to high end of its previously stated guidance range of $1.85 billion to $2.0 billion.

IFF continues to execute its portfolio optimization initiatives, most recently through the announced sale of its Cosmetic Ingredients business unit for $810 million, which the Company continues to believe will close in the first quarter of 2024. The Company continues to progress additional divesture actions to strengthen its overall capital structure.

About Erik Fyrwald

Fyrwald most recently served as Chief Executive Officer of Syngenta, where he helped establish Syngenta Group as a leading player in agriculture for global food security, sustainability and regenerative agriculture. During his tenure, he oversaw the company's acquisition by ChemChina, the formation of the Syngenta Group, and the growth of the business from revenue of approximately $13 billion in 2016 to approximately $33 billion in 2022, and EBITDA of approximately $2.7 billion in 2016 to approximately $5.6 billion in 2022.

Prior to Syngenta, Fyrwald served as Chief Executive Officer of Univar Solutions, a leading global chemical and ingredient distributor and provider; President of EcoLab, a global leader in water, hygiene and infection prevention solutions and services; and Chairman and Chief Executive Officer of Nalco, a leading global provider of water treatment and oil and gas products and services that was acquired by EcoLab in 2011.

Prior to Nalco, Fyrwald spent 27 years at DuPont, where he held positions of increasing responsibility in technology, manufacturing, sales and marketing, strategic planning and regional and global business unit leadership. From 2003 to 2008, he served as Group Vice President of DuPont Agriculture and Nutrition, which included the Pioneer Seed, DuPont Crop Protection Products and Solae Food Ingredients Businesses. He also served as Chairman of Crop Life International for two years during this period.

Fyrwald has been a member of the Syngenta Board of Directors since 2004 and serves as an Advisor to the Chairman. He also serves on the Boards of Directors of Eli Lilly and the Swiss-American Chamber of Commerce.

Fyrwald received his bachelor's degree from University of Delaware in 1981 and participated in Harvard Business School's Advanced Management Program in 1998.

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 as statements about the transaction and the expected timetable for completing the transaction. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances.

Some of the important factors that could cause IFF's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (1) inflationary trends, including in the price of our input costs, such as raw materials, transportation and energy; (2) supply chain disruptions, geopolitical developments, including the Russia-Ukraine war, the Israel-Hamas war, or climate change related events (including severe weather events) that may affect our suppliers or procurement of raw materials; (3) our ability to successfully execute the next phase of our strategic transformation; (4) risks related to the integration of the N&B business, including whether we will realize the benefits anticipated from the merger in the expected time frame; (5) our substantial amount of indebtedness and its impact on our liquidity, credit ratings and ability to return capital to its shareholders; (6) our ability to enter into or close strategic transactions or divestment or successfully establish and manage acquisitions, collaborations, joint ventures or partnerships; (7) our ability to successfully market to our expanded and diverse customer base; (8) our ability to effectively compete in our market and develop and introduce new products that meet customers' needs; (9) our ability to retain key employees; (10) changes in demand from large multi-national customers due to increased competition and our ability to maintain "core list" status with customers; (11) our ability to successfully develop innovative and cost-effective products that allow customers to achieve their own profitability expectations; (12) the impact of global health crises, such as the COVID-19 pandemic, on our supply chains, global operations, our customers and our suppliers; (13) disruption in the development, manufacture, distribution or sale of our products from natural disasters (such as the COVID-19 pandemic), public health crises, international conflicts (such as the Russia-Ukraine war and the Israel-Hamas war), terrorist acts, labor strikes, political or economic crises (such as the uncertainty related to protracted U.S. federal debt ceiling negotiations), accidents and similar events; (14) volatility and increases in the price of raw materials, energy and transportation; (15) 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; (16) 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; (17) our ability to meet increasing customer, consumer, shareholder and regulatory focus on sustainability; (18) defects, quality issues (including product recalls), inadequate disclosure or misuse with respect to the products and capabilities; (19) 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; (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 (including increased inflation) 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 our or our counterparties' failure to comply with the U.S. Foreign Corrupt Practices Act, similar U.S. or foreign anti-bribery and anti-corruption laws and regulations, applicable sanctions laws and regulations in the jurisdictions in which we operate or ethical business practices and related laws and regulations; (27) any impairment on our tangible or intangible long lived assets, including goodwill associated with the N&B merger and the acquisition of Frutarom; (28) our ability to protect our intellectual property rights; (29) the impact of the outcomes of legal claims, disputes, regulatory investigations and litigation, related to intellectual property, product liability, competition and antitrust, environmental matters, indirect taxes or other matters; (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) the impact of any tax liability resulting from the N&B Transaction; (35) our ability to comply with data protection laws in the U.S. and abroad; and (36) other risks to IFF's business and operations, each as further discussed in IFF's most recent annual report and subsequent current and periodic reports filed with the U.S. Securities and Exchange Commission. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on IFF's consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. IFF assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

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.

© 2024 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240111554897/en/