Milwaukee-based color, flavor and fragrance manufacturer Sensient Technologies Corp. has created the position of independent lead director.
The company has named existing board member Dr. Elaine R. Wedral to the post. She will be responsible for coordinating the independent and non-management directors’ activities, and serve as the main liaison between them and the chairman.
Sensient also plans in December to change its long-term equity incentive compensation plan for company officers to 100 percent performance-based, versus the 50 percent performance-based model currently in place.
“Today’s actions are important additional steps in our ongoing efforts to enhance our corporate governance practices,” said Kenneth P. Manning, chairman of the board. “We are pleased to appoint Dr. Wedral, a valuable contributor to the board with diverse, relevant experience, to the important new role of independent lead director. In addition, the changes we are making to our pay practices create an industry-leading long-term incentive compensation plan and further align the interests of our officers with our shareholders and the long-term success of the company.”
Earlier this week, the company announced a restructuring plan to eliminate underperforming operations, improve efficiencies and consolidate manufacturing facilities.
All of the changes follow a hostile board takeover attempt by Greenwich, Conn.-based hedge fund FrontFour Master Fund Ltd. Last month, FrontFour indicated that it plans to nominate four people to Sensient’s board of directors at the next annual meeting of shareholders.
