THE WHAT? Flavors and fragrance company Symrise has unveiled a slew of executive changes while also announcing the merger of two of its Flavors and Nutrition divisions.
THE DETAILS Achim Daub, President of Scent & Care, has tended his resignation to ‘pursue new professional opportunities’ while Heinrich Schaper, President of the Flavor segment, is set to enter retirement.
With Daub leaving the company effective 31st March, the search for a successor underway and Heinz-Jürgen Bertram, Symrise CEO, heading up the division in the meantime.
The company is also set to combine its Flavors and Nutrition arms, which will be headed up by Dr Jean-Yves Parisot as of 1st April.
Michael König, Chairman of the Supervisory Board, said, “With Heinrich Schaper and Achim Daub, we are saying goodbye to two very committed leaders who have significantly shaped Symrise strong position. Heinrich Schaper served Symrise and its predecessor companies for more than four decades.”
THE WHY? The company is looking to differentiate itself in the market with the merging of the two divisions, however, a research note by Jeffries analysts Ryan Tomkins and Martin Deboo raised questions about further executive changes, while also questioning “how the division merge will affect the potential for asset integration, as well as reporting disclosures, especially for the pet food business.”
König continued, “By combining the two activities, Symrise will be able to leverage the strengths of the new Flavor & Nutrition segment even more effectively, increase customer penetration and further differentiate itself in the market. We wish Dr Jean-Yves Parisot great success and look forward to continuing our good collaboration. Planning for the leadership succession in the Scent & Care segment has already been initiated and will be announced in due course.”