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Ingredion Incorporated is a global ingredient solutions provider that transforms grains, fruits, vegetables, and other plant-based materials into value-added ingredients and biomaterials. The company serves diverse industries, including food, beverage, animal nutrition, brewing, pharmaceutical, and industrial markets. Ingredion's product portfolio includes starches, sweeteners, co-products, and specialty ingredients designed to meet customer demands for healthful, sustainable, and innovative solutions.
- Starch Products - Produces food-grade and industrial starches, modified and specialty starches, biomaterials, and starch-based pharmaceutical excipients.
- Sweetener Products - Offers glucose syrups, high maltose syrups, high fructose corn syrup, dextrose, polyols, maltodextrins, and syrup solids.
- Co-products and Others - Includes animal feed products, edible corn oil, stevia sweeteners, caramel color, protein fortification ingredients, gum acacia, pea protein, and fruit and vegetable concentrates.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Davida M. Gable Executive | Vice President, Corporate Controller | None | Davida M. Gable joined Ingredion in October 2021 as Vice President, Corporate Controller. She oversees corporate finance, accounting, and reporting functions. | |
Eric Seip Executive | Senior Vice President, Global Operations, and Chief Supply Chain Officer | None | Eric Seip joined Ingredion in January 2021. He previously held senior supply chain roles at ChampionX Holding Inc. and Ecolab. | |
James D. Gray Executive | Executive Vice President and Chief Financial Officer | None | James D. Gray has served as the CFO of Ingredion since March 2017. His role was confirmed as ongoing as of February 2025. | |
James P. Zallie Executive | President and Chief Executive Officer | Director of Sylvamo Corporation; Director of Northwestern Medicine North Region | James P. Zallie has been the President and CEO of Ingredion since January 1, 2018. He previously held various executive roles within Ingredion and was the CEO of National Starch LLC before its acquisition by Ingredion. | View Report → |
Jeremy Xu Executive | Senior Vice President, Chief Innovation Officer, and President, Global Healthful Solutions | None | Jeremy Xu joined Ingredion in October 2020 and has been leading innovation and strategic growth platforms. He will resign effective April 8, 2024. | |
Larry Fernandes Executive | Senior Vice President and Chief Commercial and Sustainability Officer | None | Larry Fernandes joined Ingredion in January 2014 and has been leading commercial and sustainability strategies since 2018. | |
Michael O'Riordan Executive | Senior Vice President, Texture & Healthful Solutions, EMEA and Asia-Pacific | Board Chairman, Rafhan Maize Ltd. | Michael O'Riordan has held leadership roles at Ingredion since July 2016, including Regional President, EMEA. | |
Nancy Wolfe Executive | Senior Vice President and Chief Human Resources Officer | None | Nancy Wolfe joined Ingredion in January 2022. She was previously Senior Vice President, Human Resources at Bayer Crop Science. | |
Rob Ritchie Executive | Senior Vice President, Food & Industrial Ingredients, LATAM and U.S./Canada | None | Rob Ritchie has been with Ingredion for 26 years and currently oversees operations in LATAM and U.S./Canada. | |
Tanya Jaeger de Foras Executive | Senior Vice President, Chief Legal Officer, Corporate Secretary, and Chief Compliance Officer | None | Tanya Jaeger de Foras joined Ingredion in November 2021. She previously held roles at Whirlpool Corporation, including Deputy General Counsel and Chief Compliance Officer. | |
Valdirene Evans Executive | Senior Vice President and President, Global Texture Solutions | None | Valdirene Evans joined Ingredion in March 2018 and has held various leadership roles, including President, Asia-Pacific. | |
Jorge A. Uribe Board | Director | Director of General Mills, Inc.; Director of Grupo Argos, S.A.; Director of Carvajal S.A. | Jorge A. Uribe has been a Director at Ingredion since July 2015. He previously held senior roles at Procter & Gamble. | |
Stephan B. Tanda Board | Director | President and CEO of AptarGroup, Inc.; Member of the Executive Education Board of The Wharton School | Stephan B. Tanda has been a Director at Ingredion since August 2019. He is also the President and CEO of AptarGroup, Inc. |
- The protein fortification business remains loss-making despite anticipated improvements; can you provide specific details on your turnaround plan over the next 1 to 3 years and the key milestones you expect to achieve to reach profitability?
- In the Texture and Healthful Solutions segment, while volume growth is strong, there's a notable decline in price/mix; are you lowering prices to drive volume, and how sustainable is this strategy for your margins in the long term?
- With 2025 sweetener contracting moving slower and corn prices fluctuating, how confident are you in maintaining or improving pricing, and what risks do you foresee that could impact your margins in this area?
- You've attributed earnings improvement to structural changes from your global operating model; can you quantify the savings realized so far and elaborate on how much additional improvement you expect in the coming years?
- Given your strong cash flow and balance sheet, are you considering larger, transformative acquisitions to accelerate growth in Texture and Healthful Solutions, and how do you reconcile this with your commitment to return cash to shareholders?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
PureCircle Limited | 2024 | Ingredion increased its stake to 98% by purchasing minority shareholders’ shares for a total of $40 million through two transactions (one in Q2 and a year-to-date transaction) to bolster its sugar reduction business with leading stevia sweetener capabilities. |
Amishi Drugs and Chemicals Private Limited | 2022 | Ingredion acquired Amishi on August 1, 2022, for $7 million, which added $2 million of goodwill and intangible assets to its financials while enhancing its Asia-Pacific presence with capabilities in chemically modified starch-based pharmaceutical excipients. |
Recent press releases and 8-K filings for INGR.
- EPS performance: Q1 reported EPS of $3.00 and adjusted EPS of $2.97 demonstrating robust earnings performance.
- Operating income growth: Operating income increased to $276 million (up 30%) with adjusted income rising 26%, including a 34% boost in the Texture and Healthful Solutions segment.
- Guidance update: Full-year outlook raised with adjusted EPS guidance of $10.90–$11.60 (reported EPS guidance $10.93–$11.63) and a share repurchase target of $100 million, reflecting cautious optimism amid macro uncertainties.
- Financial highlights: Net sales reached $1.8 billion (down 4% YoY) due to effective cost management and operational execution.
- On May 2, 2025, Ingredion’s majority-owned affiliate in Pakistan, Rafhan Maize Products, filed a required notice indicating that the company is exploring the sale of its majority control.
- Ingredion confirmed it has received three non-binding offers regarding Rafhan Maize.
- The filing also includes forward-looking statements outlining potential impacts and risks associated with these strategic alternatives.