Business Context and Reporting Period
This Form 8-K filing by International Flavors & Fragrances Inc. (IFF) reports a material corporate governance event. The report date is December 10, 2024, covering an event that occurred on December 6, 2024.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change is the appointment of Michael DeVeau as Executive Vice President and Chief Financial Officer, effective January 1, 2025. This follows the previously announced retirement of current CFO Glenn Richter, effective December 31, 2024.
Management Commentary and Compensation
The Human Capital & Compensation Committee approved the following compensatory arrangements for Mr. DeVeau:
- Base Salary: $700,000
- Annual Bonus Target: 90% of base salary
- Long-Term Incentive Plan Grant: Target grant date fair value of $2,200,000
- Total Target Value: $3,530,000
Mr. DeVeau has been with IFF since 2009, holding various senior finance roles including SVP, Corporate Finance and Investor Relations. Prior to IFF, he held leadership positions at PepsiCo and began his career at Citigroup Investment Research.
Investor Verification Checklist
- Verify the effective date of the CFO transition (January 1, 2025) and the retirement date of the outgoing CFO (December 31, 2024).
- Confirm the total target compensation package value of $3,530,000 for the new CFO.
- Review the prior Form 8-K filed on May 6, 2024, for details regarding Glenn Richter's retirement announcement.
- Note that no financial results or guidance are provided in this specific filing.