NEW YORK — Andreas Fibig, chairman and chief executive officer of IFF, plans to retire but will stay on until a successor is named, which is expected by early next year. The company’s board of directors is evaluating candidates to succeed him with the support of an executive search firm.
Mr. Fibig joined the company’s board of directors in 2011 and has been chairman and CEO since 2014. IFF, then known as International Flavors & Fragrances, acquired Ottens Flavors under his leadership in 2015. A merger with DuPont Nutrition & Biosciences, then a part of DuPont, was completed this year, creating a company now known as IFF with estimated 2020 pro forma revenue of more than $11 billion and EBITDA of about $2.5 billion.
“Over the past several years, Andreas has successfully led IFF through some of the most significant milestones in the company’s history,” said Ed Breen, lead independent director of IFF. “IFF has benefited from his experience and commitment to transformation that redefines the possibilities for our industry. Our future is bright as IFF is well-positioned to drive long-term value creation for all stakeholders.”
Before joining IFF, Mr. Fibig was president and chairman of the board of management at Bayer HealthCare Pharmaceuticals, which is part of Bayer AG, from 2008 to 2014. Previously he worked for Pfizer, Inc., including as senior vice president of the US pharmaceutical operations from 2007 to 2008.
“Leading this 132-year-old iconic company through a true transformation this past decade has been an honor,” Mr. Fibig said of IFF. “With the company delivering strong sales growth and the integration of Nutrition & Biosciences well underway, I feel now is the right time to let the next chapter of IFF’s legacy begin. We have created an unrivaled platform that is a true innovation partner to our customers and instilled a real purpose within our company to become a global leader in sustainability.”