01—Abstract
Summary
Summary of the 8-K filed December 10, 2024. Cited figures are marked; the original filing is the authoritative source.
International Flavors & Fragrances Inc. (IFF) disclosed in this Form 8-K, filed December 10, 2024, a leadership change in its finance function under Item 5.02.
The Company announced that Mr. Michael DeVeau has been appointed Executive Vice President, Chief Financial Officer, effective January 1, 2025. The filing notes that Glenn Richter, the current Executive Vice President and Chief Financial Officer, will retire effective December 31, 2024, as previously announced in the Company's Form 8-K filed May 6, 2024. Mr. DeVeau, 44, joined the Company in 2009 and has held several senior finance roles, most recently SVP, Corporate Finance and Investor Relations, after serving as VP, Investor Relations, Communications and Chief of Staff from 2014.
He previously was Divisional CFO for Scent, the Company's largest division, and Chief Strategy Officer. Before IFF he held investor relations, finance and corporate development positions at PepsiCo and began his career as an equity research analyst at Citigroup Investment Research. In his current role he oversees corporate and divisional financial planning and analysis, corporate strategy and investor relations.
The Human Capital & Compensation Committee approved the following compensation for Mr. DeVeau: a base salary of $700,000,a an annual bonus target of 90% of base salary, and a long-term incentive grant with a target grant date fair value of $2,200,000, for a total target value of $3,530,000. The filing states there is no arrangement or understanding with any other person regarding his appointment, no family relationships with directors or executive officers, and no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K.
02—Key points
Key Highlights
- Michael DeVeau appointed Executive Vice President, Chief Financial Officer, effective January 1, 2025
- Glenn Richter, current EVP and CFO, retires effective December 31, 2024, as previously announced in a May 6, 2024 Form 8-K
- DeVeau has been with IFF since 2009 and most recently served as SVP, Corporate Finance and Investor Relations
- Base salary set at $700,000, with an annual bonus target of 90% of base salary
- Long-term incentive grant has a target grant date fair value of $2,200,000, for a total target compensation value of $3,530,000
- DeVeau oversees corporate and divisional FP&A, corporate strategy and investor relations in his current role
- Filing states no related-party transactions under Item 404(a) and no family relationships with directors or executive officers
03—Questions
Frequently Asked Questions
Who is IFF's new Chief Financial Officer?
Michael DeVeau, 44, a long-time IFF finance executive who joined the Company in 2009, has been appointed Executive Vice President, Chief Financial Officer, effective January 1, 2025.
Why is the CFO position changing?
Glenn Richter, the current Executive Vice President and Chief Financial Officer, will retire effective December 31, 2024, as previously announced in the Company's Form 8-K filed May 6, 2024.
What is DeVeau's background?
He held senior finance leadership roles at IFF, including SVP, Corporate Finance and Investor Relations, Divisional CFO for Scent, and Chief Strategy Officer. Before IFF he worked in investor relations, finance and corporate development at PepsiCo, and he began his career as an equity research analyst at Citigroup Investment Research. He holds a bachelor's degree from Fordham University and completed a Global Executive Leadership Program at INSEAD.
What compensation has been approved for the new CFO?
The Human Capital & Compensation Committee approved a base salary of $700,000, an annual bonus target of 90% of base salary, and a long-term incentive grant with a target grant date fair value of $2,200,000, for a total target value of $3,530,000.
Are there any undisclosed relationships or arrangements tied to the appointment?
The filing states there is no arrangement or understanding between Mr. DeVeau and any other person regarding his appointment, no family relationships with any director or executive officer, and no transaction requiring disclosure under Item 404(a) of Regulation S-K.
04—Continue