IFF Announces Agreement With Sachem Head
08 Mars 2021 - 12:55PM
Business Wire
IFF (NYSE: IFF) today announced that it has reached an agreement
with Sachem Head Capital Management LP (“Sachem Head”), under which
Sachem Head will have the option for Managing Partner Scott
Ferguson to join IFF’s Board of Directors between September 10,
2021 and December 31, 2021. Should Sachem Head choose to have Mr.
Ferguson join the IFF Board, the Board would expand from 13 to 14
directors.
“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,” said IFF Chairman and Chief Executive Officer,
Andreas Fibig. “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.”
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.”
“The IFF Board of Directors values the views and input of our
shareholders,” added Dale Morrison, Lead Independent Director of
IFF. “We believe this agreement is in the best interests of IFF and
its shareholders.”
Pursuant to the agreement, Sachem Head has agreed to certain
standstill and voting provisions. The complete agreement entered
into by IFF and Sachem Head will be included as an exhibit to a
Current Report on Form 8-K filed with the Securities and Exchange
Commission.
About Scott Ferguson
Scott Ferguson is the Founder and Managing Partner of Sachem
Head Capital Management, a value-oriented investment management
firm based in New York which he started in 2012. Prior to starting
Sachem Head, he spent nine years at Pershing Square Capital
Management, which he joined pre-launch as the firm's first
investment professional. Prior to Pershing Square, Ferguson earned
an M.B.A. from Harvard Business School in 2003 and was a Vice
President at American Industrial Partners from 1999 to 2001. He was
also a business analyst at McKinsey & Company from 1996 to
1999. Ferguson graduated from Stanford University with an A.B. in
Public Policy in 1996. He currently serves on the boards of Olin
Corporation, Elanco Animal Health Incorporated, and the Henry
Street Settlement. He is also a member of the Robin Hood Leadership
Council. He is a former director of Autodesk, Inc., a leading
design & engineering software company.
Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food, beverage,
health, biosciences and sensorial experiences, science and
creativity meet to create essential solutions for a better world –
from global icons to unexpected innovations and experiences. With
the beauty of art and the precision of science, we are an
international collective of thinkers who partners with customers to
bring scents, tastes, experiences, ingredients and solutions for
products the world craves. Together, we will do more good for
people and planet. Learn more at iff.com, Twitter , Facebook,
Instagram, and LinkedIn.
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Michael DeVeau Chief Investor Relations & Communications
Officer 212.708.7164 Michael.DeVeau@iff.com