NEW YORK (STL.News) IFF (NYSE: IFF) today announced that it had 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.”
Under the agreement, Sachem Head has agreed to a 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.