Sensient Technologies Corp. has named Paul Manning president and CEO, effective February 2. Manning is currently serving as president, COO and director of the Milwaukee-based global color, flavor and fragrance manufacturer.
Kenneth Manning, current CEO, will retire Feb. 1 after 18 years in the position. He led the company's growth from a commodity food product manufacturer to a technologically advanced manufacturer of food and beverage colors and flavors, inkjet inks, pharmaceutical excipients, and cosmetic ingredients with a global presence.
Kenneth will stay on as a non-employee chairman of the board and advisor until Dec. 31, 2015.
Paul was hired in 2009 as general manager, Food Colors North America. He was named president of the Color Group in 2010 and president and CEO of the company in 2012. He led the Color Group to record operating profits by focusing on value added products and new technologies. Paul holds a bachelor's of science in chemistry from Stanford University and an MBA from Northwestern University.
Sensient also released its quarterly report Thursday. The company reported net earnings of $32.2 million, or 65 cents per share, in the second quarter, down from $34.9 million, or 70 cents per share, in the same period a year ago.
Quarterly revenue was $378.8 million, up 3 percent from $367.7 million in the second quarter of 2012.
Earnings per share took a 9 cent hit due to the company's broad and strategic restructuring plan, announced earlier this year. The Flavors and Fragrances Group headquarters is being relocated from Indianapolis to Chicago, several facilities are being consolidated in Europe and North America and the total headcount is being reduced.
"Sensient delivered solid results in the second quarter," said Kenneth Manning, chairman and CEO of Sensient. "We continue to see opportunities for growth in all of our Groups, and I remain very optimistic about the Company's future."
Sensient has narrowed its guidance for the full-year diluted earnings per share, to between $2.68 and $2.73, excluding the restructuring charge. The previous guidance was $2.66 to $2.73 per share.