- After less than two years in the position
- Praise, thanks and good wishes for Clyburn
- Erik Fyrwald taking over
(exechange) — New York, January 11, 2024 — Frank Clyburn, chief executive of IFF, leaves his position. As announced by International Flavors & Fragrances Inc. in a news release and in a regulatory filing published on Thursday, January 11, 2024, Franklin K. (Frank) Clyburn leaves his post as chief executive officer at the manufacturer of flavors and fragrances, after less than two years in the role, effective February 6, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice and after a short tenure.
Frank Clyburn’s duties as CEO will be taken over by J.Erik Fyrwald, most recently Chief Executive Officer at Syngenta Group.
The fact that Frank Clyburn’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Significant value creation opportunities ahead of us”
IFF did not give an explicit reason for Frank Clyburn’s departure from the CEO post. Board Chair Roger W. Ferguson, Jr., stated: “Erik’s exceptional track record, passion for successful execution, customer-centric mindset and highly complementary industry experience will be invaluable as we capitalize on the significant value creation opportunities ahead of us.”
Precise information regarding Frank Clyburn’s future plans was not immediately available.
“Cease to serve as CEO”
IFF said: “IFF (NYSE: IFF) today announced the appointment of J. Erik Fyrwald to succeed Frank Clyburn as Chief Executive Officer and member of the IFF Board of Directors, effective Feb. 6, 2024.”
IFF further said: “Mr. Franklin K. Clyburn, Jr. who is currently Chief Executive Officer (“CEO”) of the Company and a director of the Company’s Board of Directors (the “Board”), will cease to serve as CEO and a director of the Board, effective February 6, 2024.”
Share price decline since February 2022
The announcement follows a decline in International Flavors & Fragrances Inc.’s share price of 40% since February 2022. February 2022 is the month in which Clyburn’s tenure as CEO began.
In the position of CEO since 2022
Frank Clyburn became CEO of the Company in 2022.
Clyburn will work closely with Fyrwald to ensure a seamless transition, remaining with IFF until March 31, 2024, and further serving in an advisory capacity through December 2024.
Clyburn is the Chief Executive Officer of IFF.
Prior to joining IFF, he was Executive Vice President and Division President of Human Health at Merck & Co., Inc. from 2021 to 2022.
After joining Merck in 2008, Clyburn held several leadership positions including Senior Vice President, Merck Bioventures, Merck Research Laboratories from 2008 to 2009, Senior Vice President, General Manager, Merck Bioventures, Merck Research Laboratories from 2009 to 2011, President, Primary Care and Women’s Health Business Line from 2011 to 2013, President Global Oncology Business Unit from 2013 to 2018, and Executive Vice President and Chief Commercial Officer from 2019 to 2021.
While at Merck, he was selected to live in Shanghai, China and Lucerne, Switzerland while leading their global pharmaceutical franchises.
Prior to his time at Merck, Clyburn served as Vice President & Head of U.S. Internal Medicine and Oncology Business at Sanofi and held various senior management positions of increasing responsibility from 1994 to 2008.
In addition, Clyburn held various sales positions at Marion Laboratories from 1987 to 1994.
Clyburn earned his Bachelor of Arts from Franklin & Marshall College and an MBA from the Arizona State University.
No statement by Frank Clyburn
In the release announcing his departure as CEO of International Flavors & Fragrances Inc., Frank Clyburn received praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Frank Clyburn.
Push-out Score for Frank Clyburn’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Frank Clyburn’s move on a scale of 0 to 10.
Read the full story in the exechange report 3.2024 ($).