IFF makes three important executive appointments
Chwat will take up her role from April 14th and will serve as the company’s legal officer, primarily overseeing all aspects of global legal and regulatory affairs concerning both the company’s flavors and fragrance operations.
With regulatory and legal matters playing an increasingly important role for companies operating in the personal care and cosmetics arena, Chwat’s 20 years of international experience in this field will serve to provide IFF with strategic advice in this specific area.
Building on executive experience
Chwat’s experience most recently includes holding the same position at the Burger King Corpoartion, whilst she previously held the position of chief ethics and compliance officer at BMG Music.
Meanwhile the company has also appointed Andreas Fibig and Dale Morrison to the board of executive directors at the company, with immediate effect.
Morrison is currently president and chief executive officer of McCain Foods Limited, while Fibig is chair of the board management of Bayer Shering Pharma AG.
The appointment of the two executives brings the number of company board directors to 12 independent members, with the addition of IFF chief executive officer Doug Tough, bringing the total to 13.
IFF growth being driven by developing markets
Last month IFF reported strong sales and profits growth in Q4 from both its fragrance and flavors divisions on the back of big gains in its Latin America and Greater Asia markets.
The company said its sales revenue grew by 8 percent during the quarter to reach $629.87m, a figure that was negatively impacted by foreign currency exchange by 1 percent.
Net income increased by 17 percent to $55.57m, a figure that would have been higher had it not been for the impact of costs related to company restructuring as well as the rising cost of raw materials.
Fragrance is overshadowed by growth in flavors
In the company's fragrance division, which serves the cosmetics and personal care industry, local currency sales increased 5 percent on a report basis to $331.6m and 8 percent on a local currency basis. Flavors sales were up 10 percent on a reported basis.
For the full year the company said that reported sales were up 13 percent to $2.6bn, a figure that was not impacted by currency fluctuations, which meant that local sales were also up by 13 percent. Net income increased 35 percent to $263.56m.
