IFF announce plan for Goldstein successor
The Company’s Board of Directors has retained the executive search firm of Spencer Stuart to assist in identifying Mr. Goldstein’s successor.
Mr. Goldstein plans to retire following this year’s Annual Shareholder Meeting, scheduled for May 9, 2006. Mr. Goldstein, 64, has served as Chairman and Chief Executive Officer of the Company since June 2000. Prior to that, he was President and Chief Executive Officer of Unilever United States, Inc.
The Company’s Board of Directors has retained the executive search firm of Spencer Stuart to assist in identifying Mr. Goldstein’s successor.
Earlier this month IFF announced plans to eliminate approximately 300 positions, principally in its European and North American operating regions earlier this month. The reductions represent 6% of the Company’s workforce. As a result of these actions, the Company anticipates recording pre-tax restructuring charges of $25 million to $30 million, the majority of which will be recognized in the fourth quarter 2005; the remaining charges are expected to be recognized in the first half of 2006.
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