PARIS — Gerold Linzbach, Symrise’s chief executive officer, said he will not renew his contract with the Holzminden, Germany-based flavors and fragrance firm in October 2009.
This story first appeared in the December 17, 2008 issue of WWD. Subscribe Today.
“My decision to leave Symrise at the end of my contract has been made for personal reasons,” he stated. “The business remains strong and stable and is performing in line with market expectations. I have given the board my personal commitment to work with my colleagues to continue to develop the business in the meantime and to ensure an orderly hand over to my successor.”
In response to the resignation, Andreas Schmid, chairman of Symrise’s supervisory board, stated, “The board has reluctantly accepted Dr. Linzbach’s resignation. He has played a key role in the development of Symrise over the past years and can be proud of his achievements to date. The entire board welcomes his commitment to stay in his post until the end of October 2009. I will immediately initiate and lead a process to find Gerold’s successor.”
As reported, Symrise posted net profits down 24 percent in third-quarter 2008 to 24.1 million euros, or $36.3 million at average exchange. For the nine-month period, profits were up almost 1 percent to 84.9 million euros, or $129.3 million. Sales in the third quarter rose 2 percent year-on-year to 333.5 million euros, or $502.5 million, and increased 2 percent in the nine months to 1 billion euros, or $1.54 billion.