International Flavors & Fragrances Inc. (NYSE: IFF) has announced the appointment of J. Erik Fyrwald as its new CEO, succeeding Frank Clyburn, effective from February 6, 2024. Clyburn will remain with IFF until March 31, 2024, to ensure a smooth transition and will serve in an advisory role through December 2024.
Fyrwald, a seasoned executive with over four decades of experience in the nutrition, agriculture, and chemicals industries, is set to bring his innovative and sustainable growth strategies to IFF. His previous roles include CEO positions at Syngenta, Univar Solutions, and Nalco, and various leadership roles at DuPont.
Board Chair Roger W. Ferguson, Jr. expressed confidence in Fyrwald’s ability to drive long-term, profitable growth for IFF, citing his exceptional track record and customer-centric approach. Ferguson also thanked Clyburn for his contributions to IFF, particularly in strengthening commercial execution and R&D initiatives.
Fyrwald expressed his excitement about joining IFF and his commitment to advancing its purpose of applying science and creativity for a better world. He plans to build on the company’s innovation, commercial, and productivity efforts, and continue to strengthen its capital structure through portfolio optimization.
IFF reaffirmed its full-year 2023 sales guidance range of $11.3 billion to $11.6 billion and expects its 2023 adjusted operating EBITDA to be at the mid to high end of its previously stated guidance range of $1.85 billion to $2.0 billion. The company also announced the sale of its Cosmetic Ingredients business unit for $810 million, expected to close in the first quarter of 2024, as part of its ongoing portfolio optimization initiatives.
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