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International Flavors Gains on Report Icahn Owns 4% Stake -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – International Flavors & Fragrances stock (NYSE:) was up 2% Thursday after CNBC reported that Carl Icahn owns 4% stake in the New York-based fragrance company.

Icahn Enterprises founder, majority shareholder, has been an active investor since its inception. Icahn has been a long-standing activist investor who won many battles against boards and executives to increase shareholder returns over the years. Icahn, who took a large stake in Questar Pipeline and Southwest Gas (NYSE): to stop its purchase of the company was pushing Southwest Gas (NYSE).

Separately, IFF announced today that Frank Clyburn, chief executive officer of IFF, will replace Andreas Fibig, who is a board member, with effect from February 14.

Clyburn, who previously served as Merck’s executive vice president and president for Human Health, joins IFF, according to IFF.

IFF announced that it had decided to seperate the CEO and chairman roles. Dale Morrison will be taking over as non-executive chairman on the board, replacing the long-serving IFF Director.

In November, the company released its third quarter numbers. The September quarter net sales were at 3 billion dollars, an increase of 142%. Net profit increased by 142% to $194million. However, adjusted profit per share rose only one cent to 76cents due to the more than doubling in outstanding shares.

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