Report of the Supervisory Board
The Supervisory Board supervises and advises the Board of Management and Executive Committee in performing their management tasks and setting the direction of the business of Corbion. In performing its duties, the Supervisory Board is guided by the interests of the company and our stakeholders. The Rules of the Supervisory Board are available on Corbion’s website.
Overview 2023
The General Meeting of Shareholders, which was held on 17 May 2023, reappointed Olivier Rigaud as member of the Board of Management (with the title of Chief Executive Officer) for a second term of four years (2023–2027). During the same meeting, Mathieu Vrijsen and Liz Doherty were reappointed as Supervisory Board members for a period of two years (2023–2025).
In January 2024, the divestment of the non-core emulsifier business to Kingswood Capital Management was announced. We want to thank our colleagues who have worked hard to develop our emulsifier business for many years, and we wish them great success in the years ahead.
At the Capital Markets Update in January 2024, Corbion management presented a review of the ‘Advance 2025’ strategy development and introduced updated targets for the 2024–2025 period. We announced a simplified business structure (two instead of three business units: Health & Nutrition and Functional Ingredients & Solutions) to reduce complexity, enhance focus, and expedite decision-making. We also shared our restructuring program which is designed to achieve significant free cash flow delivery and enable leverage reduction.
From a financial perspective, we reported over 2023 organic growth in both Sales and Adjusted EBITDA whilst facing a challenging geopolitical and macro-economic environment. We delivered a significantly positive free cash flow in the second half of the year due to our focus on operational efficiencies, optimizing working capital and capex discipline.
Especially in such a challenging year, the Supervisory Board would like to thank the Executive Committee and all Corbion employees around the world for their care, commitment, resilience, and hard work in 2023.