International Flavors and Fragrances (IFF) announced the appointment of J. Erik Fyrwald to succeed Frank Clyburn as Chief Executive Officer and member of the IFF Board of Directors, effective Feb. 6, 2024.

Clyburn will work closely with Fyrwald to ensure a seamless transition, remaining with IFF until March 31, 2024, and further serving in an advisory capacity through December 2024.

Fyrwald brings to IFF more than four decades of executive and operational experience driving innovation and profitable, sustainable growth at leading corporations in the nutrition, agriculture and chemicals industries. He most recently served as Chief Executive Officer of Syngenta, where he spearheaded the strategy that ultimately doubled the business and delivered exceptional shareholder value during his tenure.

Prior to Syngenta, he served as Chief Executive Officer of Univar Solutions and Nalco, in addition to holding numerous global and regional executive leadership roles with DuPont, including in the company’s Agriculture and Nutrition business.

“We are delighted to welcome Erik to IFF’s Board and leadership team,” said Board Chair Roger W. Ferguson, Jr. “Erik’s exceptional track record, passion for successful execution, customer-centric mindset and highly complementary industry experience will be invaluable as we capitalize on the significant value creation opportunities ahead of us. The Board is confident that Erik is the right executive to shepherd IFF through its next chapter as we execute on our strategic plan with a focus on driving long-term, profitable growth.”

Ferguson continued, “On behalf of the Board, I want to thank Frank for his leadership and contributions to IFF. During his tenure, Frank played an instrumental role in strengthening our commercial execution and Research & Development initiatives, executing our portfolio optimization efforts and guiding IFF through the initial stages of our refreshed strategic plan. We wish him all the best as he leaves IFF to pursue outside interests.”

IFF expects its full year 2023 sales to be in line with its previously stated guidance range of $11.3 billion to $11.6 billion. It also continues to expect full year 2023 adjusted operating EBITDA to be at the mid to high end of its previously stated guidance range of $1.85 billion to $2.0 billion.

IFF continues to execute its portfolio optimization initiatives, most recently through the announced sale of its Cosmetic Ingredients business unit for $810 million, which the Company continues to believe will close in the first quarter of 2024. The Company continues to progress additional divesture actions to strengthen its overall capital structure.