International Flavors & Fragrances Inc. has reappointed Richard O’Leary as chief financial officer.
O’Leary is currently senior vice president, controller and chief accounting officer. The news comes as previous cfo Alison Cornell, who also held the executive vice president title, stepped down. O’Leary previously served as interim cfo for IFF in 2008 and 2014. Cornell joined IFF in July 2015.
Before his time at IFF, which he joined in 2007, O’Leary was with International Paper Co. for 21 years. He held financial roles of increasing responsibility with jobs in Brazil, Belgium, France and the U.S. He began his career as a senior auditor with Arthur Young & Co.
Cornell will pursue other opportunities, the company said. “We thank Alison for her time with the organization and wish her the very best in her future pursuits,” said Andreas Fibig, chairman and chief executive officer of IFF.
“Rich has been an accomplished financial leader for IFF and a trusted business partner to the entire Executive Committee for nearly a decade,” Fibig said. “His strong financial acumen, deep understanding of IFF’s global business operations and ability to partner with our business leader to improve overall company performance make him the clear choice to assume the cfo role. With this natural and seamless transition, the board and I are confident that we have ensured continued focus on executing our Vision 2020 strategy to maximize shareholder value.”
Vision 2020 is the name of IFF’s business strategy to invest in innovation, forming partnerships with customers and broadening the company’s portfolio through acquisitions and collaborations.
The company report gains for its latest fiscal quarter, with net income up 11 percent to $116.7 million, and diluted earnings per share up 13 percent to $1.46. Net sales were up 3 percent, to $793.5 million. The fragrances business unit had a 5 percent increase in sales to $414 million, with a profit hike of 10 percent to $87.6 million.