New York-based flavors and fragrance supplier International Flavors & Fragrances Inc. said Monday that its chairman and chief executive officer Robert M. Amen will resign Sept. 30 in a decision sources said to be mutual. He held the post for three years.
He is to be succeeded in the first quarter of next year by Douglas D. Tough, who is an IFF board member and ceo and managing director of Australia-based Ansell Limited.
In the interim, IFF will establish on Oct. 1 a temporary office of the ceo, which will be run by three IFF executives: Kevin Berryman, chief financial officer; Nicolas Mirzayantz, group president of fragrances, and Hernan Vaisman, group president of flavors.
Berryman, Mirzayantz and Vaisman will remain in their positions while carrying out the office of the ceo responsibilities and will report to Tough, who will take the post of nonexecutive chairman on Oct. 1.
Tough, who joined the board of IFF in October 2008, will begin as chairman and ceo of IFF when his contract with Ansell expires no later than the end of the first quarter of 2010, IFF stated. Ansell designs, develops and manufactures surgical, examination, industrial and household gloves, protective clothing and condoms.
Tough has been ceo of Ansell for five years. Prior to that, he spent 17 years with Cadbury Schweppes Plc, where he held a variety of senior positions overseeing consumer products divisions both in the U.S. and abroad, IFF stated.
“Doug is a veteran executive who has solid knowledge of IFF and extensive leadership experience in the consumer products space,” said Arthur Martinez, lead director of IFF. “He will be a tremendous asset to our company as we continue to execute on our growth strategy, build on our strong fundamentals and deliver profitable, sustainable growth.”
IFF posted a 28.3 percent drop in profits on lower revenues during the second quarter ended June 30 as the company’s fragrance business remained “challenging,” Amen said at the time.
The firm reported net earnings of $48.1 million, or 60 cents a diluted share, compared with $67 million, or 83 cents a share, in the same period a year ago. Revenues declined 10.7 percent to $568.3 million, from $636.1 million a year ago. Excluding the impact of foreign exchange, revenues were down 4 percent.