Sensient Technologies Corp. said Monday that Chairman and CEO Kenneth Manning is becoming the company's president, and it extended his contract by another year, through Dec. 31, 2013.
Sensient makes colors, flavors and scents for food, cosmetics and ink. The company said Manning will become president and assume the duties of chief operating officer.
The company said COO Douglas Pepper has been offered another position with Sensient that it did not specify.
Manning's employment contract had been scheduled to expire Jan. 1, 2013. The company said the extension "expresses a mutual intention" that Manning will stay as company chairman through Dec. 31, 2015, after the term of his employment. He has been the company's CEO since October 1996 and chairman since April 1997.
Shares of Sentient rose 65 cents to $34.72 in Monday trading.