01—Abstract
Summary
Summary of the 8-K filed May 6, 2024. Cited figures are marked; the original filing is the authoritative source.
International Flavors & Fragrances Inc. filed this Form 8-K dated May 6, 2024, reporting under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers) that Glenn Richter, the Company's Chief Financial and Business Transformation Officer, notified the Company on May 1, 2024 of his plan to retire from the CFO position effective December 31, 2024.
The Company has commenced a search for his successor. The filing states that Mr. Richter's retirement will qualify as a normal retirement under the terms of the Company's 2021 Stock Award and Incentive Plan and the outstanding incentive awards he holds under that plan. The filing does not disclose any financial results, guidance, or other operational information.
For investors, the key takeaway is a planned leadership transition in the finance function, with roughly eight months between the notice date and the retirement effective date, giving the Company time to identify a successor. The filing does not name a successor or describe the terms of any new arrangement.
02—Key points
Key Highlights
- Glenn Richter, Chief Financial and Business Transformation Officer, notified the Company on May 1, 2024 of his plan to retire from the CFO position.
- Retirement is effective December 31, 2024.
- The Company has commenced a search for Mr. Richter's successor.
- Mr. Richter's retirement will qualify as a normal retirement under the 2021 Stock Award and Incentive Plan.
- Outstanding incentive awards held by Mr. Richter under the 2021 plan are subject to normal retirement treatment, per the filing.
- The filing reports no financial results, guidance, or other operating information.
03—Questions
Frequently Asked Questions
Who is leaving the Company's CFO role?
Glenn Richter, who is currently Chief Financial and Business Transformation Officer, notified the Company on May 1, 2024 that he plans to retire from the position.
When will the retirement take effect?
The filing states that Mr. Richter's retirement from the CFO position is effective as of December 31, 2024.
Has the Company named a replacement?
No. The filing states that the Company has commenced a search for his successor and does not name a successor.
How will Mr. Richter's equity awards be treated?
The filing states that his retirement will qualify as a normal retirement under the terms of the Company's 2021 Stock Award and Incentive Plan and the outstanding incentive awards he holds under that plan.
Does this filing include financial results or guidance?
No. This Form 8-K reports only the executive retirement notice under Item 5.02 and does not contain financial results or guidance.
04—Continue