Sensient also announced that, beginning in December 2014, 100% of the equity grants to company officers under its long-term equity incentive compensation plan, as outlined in the 2007 Stock Plan, will be performance-based in accordance with performance requirements established by the Board’s Compensation and Development Committee. Previously, 50% of equity grants were performance-based.
“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.”
“I am pleased to be taking on this additional role while continuing to work with the Board and management team to achieve the company’s strategic goals and deliver sustainable long-term value to shareholders,” Dr. Wedral said.
In her new role, Dr. Wedral will, among other responsibilities, coordinate the activities of the independent and non-management directors, serve as principal liaison between the chairman and the independent directors and review all information sent to the Board.
Dr. Wedral has served as president of the International Life Sciences Institute-North America, an organization that provides a forum for academic, government and industry scientists to identify important nutrition and food safety issues and work toward solutions. From 1972 to 2006, Dr. Wedral served in key R&D capacities with the Nestle Company, including as president of Nestle R&D Center, Inc. and director of Nestle R&D Food Service Systems Worldwide from 2000 to 2006 and as president of all Nestle U.S. R&D Centers from 1988 to 1999.
Dr. Wedral holds more than 38 U.S. and European patents in food science, chemistry and foodservice systems to deliver foods and beverages, most related to food flavors and colors and food fortifications. She has a B.S. degree in biochemistry from Purdue University, where she graduated with honors, and an M.S. degree in Microbiology and a Ph.D. in food chemistry, both from Cornell University.