IFF appoints Brett Icahn and Richard Mulligan to board of directors

NEW YORK - International Flavors & Fragrances Inc. (NYSE:IFF) has appointed Brett Icahn and Richard Mulligan, Ph.D., to its board of directors, effective October 20, the company announced Wednesday.

The appointments follow a previously disclosed cooperation agreement with Icahn Capital LP and its affiliates. Icahn, who serves as the Icahn designee, replaces Vincent Intrieri, while Mulligan joins as a mutually agreed independent director, replacing Margarita Paláu-Hernández. These changes come as IFF works to improve its financial performance, with InvestingPro data showing expected profitability this year despite current challenges.

Icahn has been named to the board’s Audit Committee and Transaction Committee. He currently works as an investor and portfolio manager at Icahn Capital LP, where he has played a leading role in managing investment strategy since October 2020. He also serves on the boards of SandRidge Energy Inc. and CVR Energy.

Mulligan, appointed to the board’s Innovation Committee, is the Mallinckrodt Professor of Genetics emeritus at Harvard Medical School. His previous roles include visiting scientist at MIT’s Koch Institute for Integrative Cancer Research, portfolio manager at Icahn Capital LP, and founding partner at Sarissa Capital Management LP. He currently serves on the boards of Sana Biotechnology Inc. and Bausch Health Companies Inc.

"Brett brings a sharp investment acumen and deep understanding of corporate strategy, while Richard offers world-class scientific expertise and a track record of innovation," said Kevin O’Byrne, chair of the IFF board, in a statement released by the company.

IFF describes itself as a provider of flavors, fragrances, food ingredients, health and biosciences products. The company maintains a strong market position with $11.3 billion in revenue and has demonstrated its commitment to shareholder returns through 55 consecutive years of dividend payments. InvestingPro analysis indicates the company maintains a GOOD overall financial health score, with detailed metrics and additional insights available in the Pro Research Report.

In other recent news, International Flavors & Fragrances Inc. (IFF) reported strong financial results for the second quarter of 2025. The company exceeded expectations with earnings per share of $1.15, surpassing the forecasted $1.12. Revenue also outperformed projections, reaching $2.76 billion compared to the anticipated $2.7 billion. Additionally, IFF announced a strategic partnership with BASF to advance enzyme technologies for cleaning and personal care applications, leveraging both companies’ expertise in biotechnology and chemical capabilities. Meanwhile, analysts have adjusted their outlooks on IFF, with BofA Securities lowering its price target from $92.00 to $84.00, citing a slowdown in projected organic growth and margin pressures. Wells Fargo also revised its price target from $90.00 to $85.00, highlighting challenges in the Fragrance Ingredients segment due to competition in commodities. Despite these adjustments, both firms maintained their positive ratings on the stock. These developments reflect ongoing strategic and financial shifts within IFF.

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