On Wednesday, Citi reiterated its Buy rating on shares of International Flavors & Fragrances (NYSE:IFF) with a consistent price target of $110.00. The firm's statement highlighted an upcoming change in the company's executive team, noting that Nicolas DeVeau is set to become the new CFO, taking over from Glenn Richter upon his retirement at the end of 2024.
Nicolas DeVeau, who has been with IFF since 2009, has held various senior finance leadership roles within the company. He has served as Senior Vice President of Corporate Finance and Investor Relations, as well as Divisional CFO for the Scent division.
Under the company's current financial structure, InvestingPro analysis shows IFF maintains strong liquidity with a current ratio of 2.62, while continuing its impressive 54-year streak of consistent dividend payments. His responsibilities in these roles included overseeing financial planning, forecasting, analysis, acquisitions, and performance management for IFF's largest division.
In addition to his financial leadership, DeVeau has played a significant role as Chief Strategy Officer, where he was instrumental in developing a refreshed corporate strategy aimed at long-term profitable growth and transformation of the company's portfolio.
Before his tenure at IFF, DeVeau had leadership experience at PepsiCo (NASDAQ:PEP) in investor relations, finance, and corporate development. His career began in equity research at Citigroup (NYSE:C) Investment Research. DeVeau's educational background includes a bachelor's degree from Fordham University and participation in a Global Executive Leadership Program at INSEAD.
The transition comes as Glenn Richter, the current CFO and Business Transformation Officer, prepares for his planned retirement at the conclusion of 2024. The announcement from Citi comes as IFF continues its strategic development under the guidance of its experienced leadership team.
Looking ahead, InvestingPro analysis reveals that net income is expected to grow this year, with analysts projecting a return to profitability. Discover more detailed insights and 8 additional ProTips about IFF's financial outlook in the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, International Flavors & Fragrances (IFF) has reported strong earnings and revenue results for the third quarter of 2024, leading to an upward revision of its full-year guidance. The company now expects net sales to reach between $11.3 billion and $11.4 billion, with adjusted operating EBITDA at the high end of the $2.1 billion to $2.17 billion range.
In a significant change in its executive team, IFF has named Michael DeVeau as the new CFO, effective January 2025, following the retirement of the current CFO, Glenn Richter. DeVeau, who has held various senior finance roles within the company, is expected to take over at a time when analysts predict the company to return to profitability.
In terms of analyst notes, BofA Securities has upgraded IFF stock from Neutral to Buy, while Citi reduced its price target for IFF shares but maintained a 'Buy' rating. Both firms have noted caution for Q4 due to possible deceleration and customer inventory adjustments.
In other company news, IFF has announced plans to divest its Pharma Solutions business in the first half of 2025 as part of its ongoing efforts to optimize operations and prioritize growth. These are recent developments that investors should keep in mind.
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