Milwaukee-based Sensient Technologies Corp. today named Paul Manning chairman of its board of directors, effective April 21.
Manning is currently president and chief executive officer of the company, which makes and markets colors, flavors and fragrances on a global scale. He succeeds his father, Kenneth Manning, who will retire from the board in April.
Kenneth has served as chairman since 1997, during which time he transformed Sensient from a food products producer into a developer of advanced food and beverage colors and flavors, inkjet inks, pharmaceutical excipients and cosmetic ingredients. During his tenure, the company’s value grew about 240 percent.
Paul joined Sensient in 2009 as general manager, Food Colors North America. He was appointed president of the Color Group in 2010 and was promoted to president and chief operating officer, as well as a board member, in October 2012. In February 2014, Paul became chief executive officer. He holds a bachelor’s in chemistry from Stanford University and an MBA from Northwestern University.
Under Paul’s leadership, the company has undergone a restructuring aimed at eliminating underperforming operations, consolidating manufacturing facilities and improving operational efficiencies.
“The entire board wants to thank Ken for all he has done for Sensient. His contribution to the company is immeasurable,” said Dr. Elaine Wedral, board member and Sensient’s lead director. “We are very excited about Paul’s election to the chairmanship. His talents, vision and leadership will be of great benefit to Sensient and its shareholders in the coming years.”
Fourth quarter down on restructuring charges
Sensient also today reported a 24.2 percent decrease in its fourth quarter profit due to the cost of its ongoing restructuring program.
[caption id="attachment_132177" align="alignright" width="300"] The Sensient Technologies' headquarters is in the U.S. Bank Center in downtown Milwaukee.[/caption]
The company recorded net income of $19.2 million, or 43 cents per share, down from $25.4 million, or 53 cents per share, in the fourth quarter of 2014.
Operating income was $31.6 million, down from $36.2 million in the same period a year ago. During the quarter, Sensient’s pre-tax restructuring and other charges totaled $15.1 million.
Revenue totaled $339.2 million in the fourth quarter, down from $342.8 million in the fourth quarter of 2014.
For the full year, Sensient reported net income of $106.8 million, up 45 percent from $73.6 million in 2014. The company dramatically reduced its loss from discontinued operations during the year, from $8.1 million in 2014 to $462,000 in 2015.
Operating income was $166.3 million in 2015, up 27.3 percent from $130.7 million a year ago. The company reduced its selling and administrative expenses by 19.5 percent during the year. It also had $43.6 million in pre-tax restructuring and other charges.
Revenue totaled $1.4 billion for the year, flat from 2014 revenue.