- Push-out Score determined
- After seven years in the position
- Praise and good wishes for Fibig
- Search for a successor
- Fibig spoke at length and said 142 words
(exechange) — New York, September 30, 2021 — Andreas Fibig, chief executive of IFF, leaves. As announced by International Flavors & Fragrances Inc. in a news release and in a regulatory filing published on Thursday, September 30, 2021, Andreas Fibig leaves his post as chief executive officer at the corporation that produces flavors, fragrances and cosmetic actives, after seven years in the role.
IFF stated: “Mr. Fibig looks forward to continuing in his role as Chairman and CEO until a successor is named, which is expected by early 2022, and he has agreed to stay on for a period of time to support a seamless transition.”
IFF will undertake a search for a successor.
“I feel now is the right time”
Andreas Fibig’s departure from the CEO post is explained as follows. 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.”
Precise information regarding Andreas Fibig’s future plans was not immediately available.
IFF said: “Andreas Fibig, IFF’s Chairman and Chief Executive Officer, plans to retire after a 10-year tenure with the company and more than seven years as IFF’s Chairman and CEO.”
Share price decline since September 2016
The announcement follows a decline in International Flavors & Fragrances Inc.’s share price of 3% since September 2016.
In the position of CEO since 2014
Andreas Fibig became CEO of the Company in 2014.
At the time of his retirement, Fibig will also step down from IFF’s Board of Directors.
Fibig has also agreed to stay on after the appointment of a successor CEO to assist in the transition for a period of time to be mutually agreed by the Company and Fibig, but in no event later than June 30, 2022.
Fibig joined the Company’s Board in 2011 and has been the Company’s Chair and Chief Executive Officer since 2014.
Previously, he served as President and Chairman of the Board of Management of Bayer HealthCare Pharmaceuticals, the pharmaceutical division of Bayer AG, from September 2008 to September 2014.
Prior to that position, Fibig held a number of positions of increasing responsibility at Pfizer Inc., a research-based pharmaceutical company, including as Senior Vice President of the US Pharmaceutical Operations group from 2007 through 2008 and as President, Latin America, Africa and Middle East from 2006 through 2007.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Andreas Fibig’s move on a scale of 0 to 10.
exechange reached out to IFF and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2021 ($).