Int'l Flavors & Fragrances (IFF) Appoints Glenn Richter as EVP and CFO, Raises Sales Guidance
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IFF (NYSE: IFF) today announced that Glenn Richter, an accomplished financial executive with nearly three decades of experience overseeing finance and corporate strategy for multinational companies, has been appointed Executive Vice President and Chief Financial Officer, effective September 27, 2021. Mr. Richter was most recently Chief Financial Officer of TIAA, a leading global provider of financial services with $1.3 trillion in assets under management. He succeeds Rustom Jilla, who will be leaving the Company following a period of transition. With this appointment, Mr. Richter becomes a member of IFF’s Executive Committee and will be based in the Company’s New York City headquarters.
“We are delighted to welcome Glenn to our leadership team. His experience leading large, global finance departments, implementing multi-year strategic productivity initiatives and managing transformative integrations will be a tremendous asset to our team,” said Andreas Fibig, Chairman and Chief Executive Officer. “We continue to see incredible potential across our business, as we leverage our enhanced portfolio, continue improving our operational performance and capture new growth as well as synergy opportunities. I am thankful for Rustom’s many contributions to IFF, as he played a critical role in supporting IFF in the execution of our growth strategy, and I wish him all the best in his future endeavors.”
“I am thrilled to join IFF, which has established a clear advantage in delivering essential solutions for some of the most exciting industries and consumer end markets,” said Glenn Richter, newly appointed Chief Financial Officer of IFF. “As the company executes on its long-term plan leveraging its recent transformative combination, I am particularly encouraged by IFF’s unique strengths and strong business model, including continued positive sales momentum, margin improvement, and portfolio optimization opportunities. I look forward to getting to work with the team to further strengthen our financial foundation and help drive continued execution of the company’s priorities to enhance value for shareholders.”
IFF today shared updated financial guidance for the full year 2021, increasing expectations for sales to account for strong demand and revising adjusted operating EBITDA margin to reflect increased inflationary pressures.
The Company now expects full year 2021 sales to grow greater than 8% on a combined company basis1, to approximately $11.55 billion, with double-digit growth anticipated for the third quarter. The Company also expects that adjusted operating EBITDA margin for the full year will be approximately 21.5%.
(Consensus sees FY revenue of $11.44 billion)
“While we are delivering consistently stronger sales growth, we continue to experience broad inflationary pressures across the supply chain similar to what we are seeing across the industry, with raw material and logistics costs challenging our margin profile. Even with thoughtful management of our pricing actions and incremental cost reduction efforts, we expect these pressures to persist for the remainder of the year. We remain confident in our ability to proactively address these challenges and are striving to fully offset our cost inflation on a run-rate basis as we end the year. I look forward to working with the team as we execute against our plan and continue to deliver strong and consistent returns to shareholders,” added Mr. Fibig.
About Glenn Richter
Mr. Richter brings to IFF nearly 30 years of financial and corporate strategy experience, including executive leadership roles overseeing complex transformations such as M&A and related integration processes. During his time at TIAA, he helped guide the company through the global pandemic, oversaw a multi-billion strategic transformation and led the integration of Nuveen. At TIAA, he consistently delivered results that realized meaningful productivity improvements, significant cost savings and strong return on invested capital. Prior to joining TIAA in 2015, Mr. Richter worked for Nuveen Investments as Chief Operating Officer and Chief Administrative Officer helping lead the lead integration of multiple businesses and the financial transformation of the business through the 2008 financial crisis. Before joining Nuveen Investments in 2006, he served as Executive Vice President, Chief Financial Officer for RR Donnelley & Sons, and prior to that was Executive Vice President & CFO of Sears, Roebuck and Co. and Chairman of Sears Canada, a publicly-traded affiliate. Earlier in his career, Mr. Richter held several finance and strategy leadership roles at Dade Behring and PepsiCo Frito-Lay and began his career as a strategy consultant at McKinsey & Company.
Mr. Richter received his bachelor’s degree in business administration from George Washington University and his M.B.A. from Duke University.
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