International Flavors & Fragrances Inc. (IFF) said Chairman
Douglas D. Tough will become the company's chief executive March 1,
leaving the same post at protective-clothing maker Ansell Ltd.
(ANSL, ANN.AU).
The move was expected to occur this quarter. Tough became
nonexecutive chairman of the maker of artificial flavors and aromas
as the start of October after former Chairman and CEO Robert Amen
resigned without explanation in September after three years at the
helm.
Before his six-year stint as Ansell's CEO, Tough worked at
Cadbury Schweppes PLC in various positions over 17 years.
Tough said Wednesday he was excited to lead International
Flavors and grateful for the focus displayed by the leadership team
and the company's workers during the management adjustment.
"They were able to make fundamental enhancements that drove
improved performance over the second half of 2009," he said.
Earlier this month, the company reported a small drop in profit for
the fourth quarter after a slightly bigger decline in the previous
quarter. However, sales grew in the most recent period and the
profit was better than expected.
International Flavors shares closed Tuesday at $42 and weren't
active premarket. The stock has risen by more than half in the past
year.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com