Ingredient solutions firm International Flavors & Fragrances (IFF) will soon launch a search for a new chief executive officer as Andreas Fibig prepares to retire from the company’s top post after a seven-year tenure in the role. The executive also plans to step down from his role as the chairman of IFF’s Board of Directors.
“Over the past several years, Andreas has successfully led IFF through some of the most significant milestones in the company’s history,” Ed Breen, lead independent director of IFF, said in a recent company release. “IFF has benefited from his experience and commitment to transformation that redefines the possibilities for our industry. Our future is bright as IFF is well-positioned to drive long-term value creation for all stakeholders. The board and I are grateful for everything Andreas has helped IFF accomplish.”
Fibig intends to remain on as CEO and chairman until the company appoints a successor to the roles. IFF said the transition should occur in early 2022.
“With the company delivering strong sales growth and the integration of the Nutrition & Biosciences well underway, I feel now is the right time to let the next chapter of IFF’s legacy begin. We have created an unrivaled platform that is a true innovation partner to our customers and instilled a real purpose within our company to become a global leader in sustainability,” said Fibig in the release. “Of all we have accomplished at IFF, what I am most proud of is that IFF has returned to its rightful place as the clear leader in our field, extending its illustrious legacy and poised to define the evolution of our industry for years to come. IFF has never been in a better position, and I look forward to watching its next chapter unfold.”
This August, IFF agreed to sell its Microbial Control business to LANXESS for $1.3 billion. The deal will transform the chemicals firm into one of the world’s biggest providers of microbial control solutions and bolster its existing specialty chemicals portfolio.