International Flavors & Fragrances Inc. (NYSE:IFF), a leader in the industrial organic chemicals industry, has announced a significant change in its executive team. Michael DeVeau will take over as the company's Executive Vice President and Chief Financial Officer starting January 1, 2025. This appointment follows the retirement of the current CFO, Glenn Richter, effective December 31, 2024.
Michael DeVeau, 44, has been with the company since 2009 and has served in various senior finance roles within the organization. Most recently, he held the position of SVP, Corporate Finance and Investor Relations.
His appointment comes at a crucial time, with InvestingPro data showing analysts expect the company to return to profitability this year, with a consensus EPS forecast of $4.25 for 2024.
For deeper insights into IFF's financial outlook and detailed analysis, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
His tenure at International Flavors & Fragrances includes time as the Divisional CFO for the Scent division and Chief Strategy Officer, where he played a crucial role in steering corporate strategy towards long-term profitable growth.
Before joining International Flavors & Fragrances, DeVeau held leadership positions at PepsiCo (NASDAQ:PEP) and started his career as an equity research analyst at Citigroup (NYSE:C) Investment Research. He is a Fordham University graduate and has completed a Global Executive Leadership Program at INSEAD.
The company's Human Capital & Compensation Committee has approved DeVeau's compensation package, which includes a base salary of $700,000, an annual bonus target of 90% of his base salary, and a long-term incentive plan grant valued at $2,200,000, bringing the total target compensation to $3,530,000.
There is no reported arrangement or understanding between Mr. DeVeau and any other individuals concerning his appointment, nor are there any family relationships between him and any of the company's directors or executive officers. Furthermore, DeVeau has no involvement in any transactions that are reportable under the SEC regulations.
This executive transition and compensation arrangement was disclosed in a Form 8-K filed with the SEC on December 10, 2024, reflecting the company's commitment to transparency and regulatory compliance. The information is based on a press release statement.
In other recent news, International Flavors & Fragrances Inc. (IFF) has announced the appointment of Michael DeVeau as its new CFO, effective January 2025. DeVeau will succeed Glenn Richter, who is set to retire at the end of 2024.
IFF also reported strong third-quarter performance for 2024, revising its full-year guidance upwards with net sales expected to reach between $11.3 billion and $11.4 billion, and adjusted operating EBITDA at the high end of the $2.1 billion to $2.17 billion range.
BofA Securities upgraded IFF stock from Neutral to Buy, setting a price target of $107, while Citi reduced its price target for IFF shares from $117 to $110, maintaining a 'Buy' rating amid Q4 caution. IFF is also planning to divest its Pharma Solutions business in the first half of 2025 as part of its ongoing efforts to optimize operations and prioritize growth.
However, IFF anticipates a possible deceleration trend and customer inventory adjustments towards the end of the year, along with a sequential margin contraction ranging from 50 to 90 basis points in the fourth quarter of 2024 in the Nourish segment. These developments are part of the company's recent news and should be noted by investors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.