The Chairman and CEO of New York-based International Flavors & Fragrances (IFF), Andreas Fibig, plans to retire by early 2022. The company produces and sells flavors and fragrances for use in the food, beverage, personal care and household products industries.
Fibig has been with IFF for a decade. He has served as the company’s Chairman and CEO for more than seven years. He will also step down from IFF’s Board at the time of retirement. (See International Flavors & Fragrances stock chart on TipRanks)
The Lead Independent Director of IFF, Ed Breen, said, “Over the past several years, Andreas has successfully led IFF through some of the most significant milestones in the company’s history…IFF has benefited from his experience and commitment to the transformation that redefines the possibilities for our industry.”
Fibig said, “With the company delivering strong sales growth and the integration of Nutrition & Biosciences well underway, I feel now is the right time to let the next chapter of IFF’s legacy begin.”
The company is working with an executive search firm to find the successor of Fibig. Shares of IFF jumped 2.5% in extended trade on Thursday to close at $137.
On September 20, Wells Fargo (WFC) analyst Michael Sison maintained a Buy rating on the stock but lowered the price target to $160 from $170 (19.7% upside potential).
The analyst said, “IFF is one of the few companies raising its sales outlook where several are being impacted by logistics in meeting strong demand.”
Overall, the stock has a Moderate Buy consensus rating based on 6 Buys, 1 Hold and 1 Sell. The average International Flavors & Fragrances price target of $164.86 implies 23.3% upside potential. Shares have gained 27.3% year-to-date.
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