Leadership & Pay ·
IFF approves $2.1M transaction incentive awards for executives tied to Food Ingredients sale
IFFInternational Flavors & Fragrances Inc
The Board of Directors approved one-time equity and cash Transaction Incentive Awards totaling approximately $2.1 million for key members of the executive leadership team, including CEO J. Erik Fyrwald. The awards are contingent on the successful closing of the previously announced sale of the company's Food Ingredients business. CEO Fyrwald received $700,000 in restricted stock units with three-year cliff vesting, while CFO Michael DeVeau and President Leticia Gonçalves Lourenço each received $700,000 in cash awards, and President Yuvraj Arora received $350,000. All awards are forfeited if the transaction is terminated or executives leave before payment. The company also adopted amended bylaws to permit stockholder meetings via remote communication. International Flavors & Fragrances Inc. develops and manufactures flavors, fragrances, and food ingredients.