IFF appoints Fribourg and Mantas to board of directors

NEW YORK - International Flavors & Fragrances Inc. (NYSE:IFF) announced Wednesday the appointment of Paul J. Fribourg and Jesus B. Mantas to its board of directors, effective immediately.

Fribourg, who has served as Chairman and Chief Executive Officer of Continental Grain Company since 1976, brings over 40 years of experience in agribusiness, food and investment sectors. He currently serves as lead independent director of Loews Corp. and sits on the boards of The Estée Lauder Companies Inc., Syngenta Group Co. Ltd. and Wayne-Sanderson Farms LLC. His appointment comes at a crucial time as IFF maintains its impressive 55-year streak of consecutive dividend payments, despite recent profitability challenges.

Mantas recently retired from IBM, where he was global managing partner leading the $10 billion Business Transformation Services unit in IBM Consulting. He currently serves on the board of directors at Biogen Inc., where he chairs the Compensation and Management Development Committee.

"They bring a strong combination of digital innovation, global market insight and operational excellence," said Kevin O’Byrne, chair of the IFF board, in a press release statement.

The appointments come as IFF, which specializes in flavors, fragrances, food ingredients, health and biosciences, continues to focus on innovation and strengthening its market position. According to InvestingPro analysis, while the company faced headwinds in recent quarters, analysts expect a return to profitability this year. For detailed insights into IFF’s turnaround potential and comprehensive financial analysis, investors can access the full Pro Research Report, available exclusively on InvestingPro.

Mantas previously held leadership positions at IBM, including overseeing global strategy, offerings and acquisitions for IBM Consulting. Before joining IBM, he was a partner in the technology practice at PricewaterhouseCoopers Consulting.

Fribourg is also a member of several advisory boards, including the Rabobank International North American Agribusiness Advisory Board and the Council on Foreign Relations.

In other recent news, International Flavors & Fragrances (IFF) reported strong first-quarter performance, achieving 3% organic growth that aligned with BofA Securities’ forecasts. The company’s earnings exceeded expectations, leading BofA to raise its stock price target to $92 while maintaining a Buy rating. Tigress Financial Partners also initiated coverage with a Buy rating and a $105 price target, citing IFF’s strategic investments and robust product portfolio as growth drivers. UBS maintained a Neutral rating with an $83 target, noting the company’s successful Pharma divestment that reduced its net debt-to-EBITDA ratio.

Additionally, IFF launched ENVIROCAP, a sustainable fragrance delivery system for fabric care, which complies with European environmental standards. The company also welcomed Gina Drosos to its board of directors, bringing extensive leadership experience from her previous roles at Signet Jewelers and Procter & Gamble. These developments highlight IFF’s strategic focus on growth and sustainability amid current market dynamics.

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