Signals

Int’l Flavors & Fragrances Chairman & CEO Andreas Fibig (59) has announced that he is leaving IFF once a replacement is found. CEO Fibig has succeeded in making IFF a bigger entity, mostly via acquisitions, but we don't think that acquisitiveness has translated into increased intrinsic value for shareholders. New CFO Glenn Richter (59) started last month and will be in the hot seat for the year ahead as he is only the most recent of 4 CFOs at the firm in 5 years. We worry management's execution may suffer from all the management changes in recent years.

After recommending iShares US Oil & Gas Exploration & Production ETF (ticker IEO) in June, IEO has significantly outperformed the market but is now rated 1 (strong sell) by ValuEngine. For those looking to utilize profits taken in Energy ETFs, Blank recommends taking a long look at Utilities Sector ETFs.

Axiomatic Data, the Form 5500 Information Company, announced today the release of new ESG metrics to its database covering over 700,000 US public and private companies. Using information extracted from Form 5500 filings, Axiomatic Data has developed three new attributes that measure the Social or “S” component of Environmental, Social, and Governance criteria.

Carol Tomé is UPS' 12th CEO in the company’s nearly 114-year history and we like her focus on making the firm's capital allocation more efficient and leaving pure volume strategies behind. The CEO's solid execution in her first 18 months, despite pandemic related turmoil, is partly because of her familiarity with UPS as a long-time Director (since 2003).