IFF Appoints Glenn Richter as Executive Vice President and Chief Financial Officer
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%.
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