intl flavors & fragrances (IFF) Key Developments
International Flavors & Fragrances Inc. Announces Executive Changes
May 29 15
International Flavors & Fragrances Inc. announced that Alison A. Cornell will join its management team as Executive Vice President and Chief Financial Officer, effective July 8, 2015. Ms. Cornell’s career spans nearly 30 years in key leadership roles where she was responsible for accelerating revenue growth, improving operating performance, streamlining processes and developing talent. She joins IFF from Covance Inc. In her role as Covance’s Corporate Senior Vice President and Chief Financial Officer, Ms. Cornell was responsible for all financial management, including financial reporting and analytics, capital allocation and strategic planning. During her 10-year Covance career, she held successively senior roles in finance, including positions in Global Financial Planning & Analysis, and Finance for Late Stage Development Services. Ms. Cornell, has most recently served as Corporate Senior Vice President and Chief Financial Officer of Covance Inc. Richard A. O’Leary, who was serving as Interim Chief Financial Officer, will continue as the Company’s Senior Vice President, Controller and Chief Accounting Officer as of the Effective Date.
International Flavors & Fragrances Inc. - Analyst/Investor Day
May 12 15
To update on the company’s vision for 2020 and refreshed strategy geared towards driving growth and value creation
International Flavors & Fragrances Inc. Reports Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditure Guidance for the Year 2015
May 12 15
International Flavors & Fragrances Inc. reported unaudited consolidated financial results for the first quarter ended March 31, 2015. Reported sales increased $4.7 million, or 1%, to $774.9 million from $770.2 million in the prior year quarter. On a reported basis, operating profit rose $5.7 million, or 4%, to $161.8 million from $156.1 million in the prior year quarter and reported diluted EPS rose 21% to $1.57 from $1.30. Pretax income was $156.408 million against $142.933 million a year ago. Net income was $128.258 million against $106.707 million a year ago. Net cash provided by operating activities was $31.476 million against $34.993 million a year ago. Additions to property, plant and equipment was $19.381 million against $33.836 million a year ago. Adjusted operating profit grew 10% on a currency neutral basis to $163 million. This improvement was driven by strong sales growth combined with manufacturing and RSA cost leverage. Adjusted diluted EPS grew 10% to $1.45, driven by improvements in adjusted operating profit, foreign exchange gains on working capital and other income, a lower adjusted effective tax rate and interest expense as well as a reduced shares outstanding.
The company expects to capital expenditure to be between 4% and 4.5% of sales in 2015 on growth in infrastructure initiatives, specifically the company's new plants in Turkey and Indonesia.
International Flavors & Fragrances Inc. Elects John Ferraro to the Board of Directors
May 7 15
International Flavors & Fragrances Inc. announced that John Ferraro, former Global Chief Operating Officer of Ernst & Young, has been elected to the company's Board of Directors, effective immediately. John brings his extensive accounting, auditing and executive experience working with large and global corporations. Prior to this role, Mr. Ferraro served in several leadership positions, including as Global Vice Chair of Audit and as the senior advisory partner on some of the firm's global accounts. Mr. Ferraro also serves as a director of Advance Auto Parts, is a member of the Boston College High School board of trustees, and sits on the board of the Business Council for International Understanding. Mr. Ferraro also serves as Chair of the Marquette University Board of Trustees. He is a CPA and a member of the American Institute of Certified Public Accountants.
International Flavors & Fragrances Inc. Approves Amendment to By-Laws to Decrease the Number of Directors from Twelve to Ten, Effective May 6, 2015
May 6 15
International Flavors & Fragrances Inc. announced that in connection with the election of ten directors at the company's annual meeting held on May 6, 2015, the Board of Directors of the company approved an amendment to Article II, Section 2 of the company's By-Laws to decrease the number of directors from twelve (12) to ten (10) effective May 6, 2015.