International Flavors & Fragrances (IFF) has announced it has reached an agreement with Sachem Head Capital Management LP, under which Sachem Head will have the option for managing partner Scott Ferguson to join IFF’s board of directors.
Related: IFF Declares Dividend for First Quarter 2021
Ferguson can join the board of directors between September 10, 2021 and December 31, 2021.
Should Sachem Head choose to have Ferguson join the IFF board, the board would expand to 14 directors.
IFF chairman and chief executive officer, Andreas Fibig, said, “We have engaged in constructive conversations with Sachem Head around our plans to achieve the full potential of our combination with DuPont’s N&B business for the benefit of all shareholders. This agreement reflects our commitment to continued shareholder engagement and long-term value creation as well as to ensuring we achieve the substantial cost and revenue synergies that we have identified in connection with the N&B transaction.”
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Scott Ferguson, managing partner of Sachem Head, said, “The recent actions taken by IFF underscore the company’s willingness to take action to generate long-term shareholder value. We appreciate the constructive and open dialogue we have had with IFF’s board and leadership team.”
Dale Morrison, lead independent director of IFF, said, “The IFF board of directors values the views and input of our shareholders. We believe this agreement is in the best interests of IFF and its shareholders.”
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