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Sensient Technologies Corp.'s board has appointed Elaine R. Wedral to the newly created position of lead director. Wedral joined Sensient’s board in 2006 and will continue to serve on the board's finance and scientific advisory committees.
Sensient also announced that, beginning in December 2014, 100% of the equity grants to company officers under its long-term equity incentive compensation plan, as outlined in the 2007 stock plan, will be performance-based in accordance with performance requirements established by the board’s compensation and development committee. Previously, 50% of equity grants were performance-based. In her new role, Wedral will, among other responsibilities, coordinate the activities of the independent and non-management directors, serve as principal liaison between the chairman and the independent directors and review all information sent to the board.
Separately, Sensient said in a letter to its shareholders, ahead of its April 24 annual shareholders meeting, that it's taking steps to transform its flavors and fragrances group "into a provider of sophisticated, high-margin customer solutions." This includes a strategic shift from basic ingredients to more value-added products. "To this end, we are focused on a specific set of actions to bolster our top line while expanding our margins and increasing our return on invested capital," the company said.
Click here to view the statement to shareholders.