IFF intends to reduce size of board to 10 from 14 directors

IFF Board of Directors plans to evolve its Board in line with best-in-class corporate governance standards, ensuring the company has the optimal support and oversight to advance its growth and transformation strategy. The Board intends to reduce the size of its Board from its current size of 14 directors to a target size of approximately ten directors by the May 2023 Annual Shareholder Meeting. The IFF Board also intends to evolve the composition of its Board by adding outside senior executives with specific management, strategy and operations expertise relevant to IFF’s current profile, and to progress toward best-in-class governance standards. IFF announced the appointment of Mark Costa, Chairman and CEO of Eastman, to the company’s Board of Directors, effective Jan. 1, 2023. Costa brings several decades of leadership experience in the specialty materials industry and oversaw a successful transformation and sustained growth at Eastman.