RTTNews | Oct 1, 2021 10:33AM EDT

10:33 Friday, October 1, 2021 (RTTNews.com) - New York-based cosmetics company International Flavors & Fragrances Inc. (IFF) is trading 7% higher in the morning trades on Friday. The company has not reported any stock-specific news to boost the stock. IFF said on Thursday that Andreas Fibig, the Chairman and CEO of the company, will retire ending his ten-year tenure with the company. However, the company is yet to name his replacement and said that Fibig will continue with his role until the appointment and watch over a seamless transition. Following his departure, he will also step down from his chair in the board of directors. He has been in the leadership role for seven years. The shares of the company are currently trading at $143.05, up $9.33 or 6.98% since the previous close at $133.72 On Thursday. The stock opened at $134.66. In the 52-week period, the shares have ranged between $99.54 and $157.08.

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