Fragrance firm IFF is devising a new leadership strategy as Doug Tough steps down as CEO in September this year and Andreas Fibig, Senior Bayer Executive and IFF Board Member, will assume the role.
Tough, 64, will continue to serve as Chairman of IFF’s Board of Directors, while Fibig, 52, joins from Bayer, and also has experience working mainly in the pharmaceutical industry.
“I am deeply honored to have been chosen to succeed Doug and to take the reins at this exciting time in IFF’s history,” comments Fibig.
“With its global reach, strong innovation pipeline and market position, IFF has established an enviable track record and is well-positioned for the future.”
Tough served as Chairman and CEO since March 2010, having previously served as CEO and Managing Director of Ansell Limited, a global leader in healthcare barrier protection, from 2004 until March 2010.
“The Board and I are delighted that Andreas will become IFF’s next CEO,” he says. “He brings the right combination of experience and skills to lead IFF’s continued growth and build on our success in leveraging our geographic reach, strengthening our innovation platform and maximizing our business portfolio.”
“He has led businesses with an international footprint similar to ours, has firsthand experience in key emerging markets where we see further opportunity, and understands the critical importance of science-based research in driving innovation and competitiveness.”
IFF’s Lead Director, Arthur Martinez, was full of praise for the outgoing Tough, commending him for the work he has done at a critical time in the company’s 125 year history.
“During his tenure, the Company has sharpened its strategic focus and achieved remarkable results, expanding its business base, delivering top-line growth and increased profitability, and generating strong shareholder returns,” says Martinez.
“In fact, since 2010, the Company’s annual net income has increased by a compound annual growth rate of 11% on average annual local currency sales growth of 4% to 6%, in line with our long-term targets; while total return to shareholders has increased by approximately 125%.”